<![CDATA[Emerging Market Skeptic]]>https://emergingmarketskeptic.substack.comhttps://substackcdn.com/image/fetch/$s_!8qjr!,w_256,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fd778ad5b-c29e-4aca-97a8-3ad61c888edd_127x127.pngEmerging Market Skeptichttps://emergingmarketskeptic.substack.comSubstackFri, 17 Jul 2026 07:40:43 GMT<![CDATA[Emerging Market Links + The Week Ahead (July 13, 2026)]]>https://emergingmarketskeptic.substack.com/p/emerging-markets-week-july-13-2026https://emergingmarketskeptic.substack.com/p/emerging-markets-week-july-13-2026Mon, 13 Jul 2026 17:18:34 GMTIn case you are wondering whether we have reached peak AI-data center mania, this headline shows we must be getting close:

💻 Penang Chicken Hot Pot Chain Lands RM204 Million Data Centre Services Deal (Says) July 2026

  • A Penang-based company best known for operating the Chicken Claypot House restaurant chain has landed a USD50 million contract to provide maintenance and support services for data centres in Malaysia

  • According to The Edge, Nasdaq-listed CCH Holdings Ltd (NASDAQ: CCHH) announced that its wholly owned subsidiary had signed a three-year sales and service agreement with several clients, although their identities were not disclosed due to non-disclosure agreements (NDAs).

Per Chicken Claypot House’s website:

At Chicken Claypot House, diners first savour our diverse chicken pots. Post this, the transformative dining kicks in – adding stock transforms the claypot into a steamy hotpot…

I’ve never heard of the chain until their Nasdaq debut last year. I can get clay pot anything from a dozen hawkers/restaurants that I frequent in my Kuala Lumpur neighbourhood (usually ready surprisingly fast…) and generally don’t have the time or patience for hot pot… And frankly, who has the time to wait on combining two of the potentially slowest possible cooking methods and how do they make money doing it?!! (They probably have to keep the clay pots hot along with the broth ready to go so a handful of diners aren’t spending the whole evening in the restaurants…)

Needless to say, there are some local jokers on Facebook who don’t need to be familiar with the wild west pump-and-dump world of American penny stocks who are a little sceptical about a local claypot-hotpot chicken chain venturing into data centers:

Finally, ZeroHedge among others have noted the Strongest El Nino In 75 Years Sets Off Food Supply-Chain Alarm Bells. The last El Nino meant regular (costly) pumping of the almond orchard I planted on my parent’s property in California and hit everyone’s almond yields/quality BUT it also meant higher prices. This helped the industry get out of and recover faster from the glut caused by a massive 2020 crop and subsequent COVID supply chain disruptions (the same could be happening with cocoa: Cocoa Prices Rally As Jefferies Warns Of “Perfect Storm” In West Africa).

For those of you without almond orchards, farms of any kind or agricultural stocks, TheOldEconomy Substack has other ways to profit:

The Panama Canal Trade: How to Bet on a Strong El Niño

Here is the Panama Canal tradе in a nutshell:

Strong El Niño → Gatun Lake drought → VLGCs diverting through COGH → increased “mile” demand coupled with robust “tonne” demand → higher earnings → higher asset values → higher stock prices

🔬 Emerging Market Fund Stock Picks + Stock Pick Tear Sheets

$ = behind a paywall

📰🔬 Emerging Market Stock Picks / Stock Research

$ = Behind a paywall / 🗃️ = Link to an archived article (Note: Seeking Alpha earnings/conference etc. presentations are typically not paywalled) / ⛔ = Article archiving may not be working properly

🌏 Asia

🌏 Asia equities outperforming amid global AI trend (The Asset) 🗃️

  • Asset managers continue to hold tech stocks despite high valuations, with some Halo, non-gold diversification

  • South Korea and Taiwan, in particular, are attracting significant attention for their AI hardware capabilities, while China is concurrently developing its own AI value chain, bolstered by its broader economic scale.

🇯🇵 Worse Than Kodak: The Inside Story of Toshiba’s Self-Inflicted Extinction (KonichiValue Japan)

  • It takes a special kind of incompetence to spin off your best asset right before it becomes Japan’s most valuable company

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 China Overhauls Stock Trading Rules to Boost Efficiency, Curb Speculation (Caixin) $

  • China’s stock exchanges implemented new trading rules Monday to improve pricing efficiency, accelerate the exit of poorly performing companies and expand after-hours trading to help institutions manage portfolio adjustments.

  • A key measure has doubled the daily price limit for risk-warned shares — designated as ST or *ST — to 10% from 5%. Meanwhile, the abnormal price fluctuation threshold for these shares over three consecutive trading days has risen to 20%, aligning with standard main-board equities.

🇨🇳 U.S. Firm Sues Over $100 Million Insider Trading Tied to China Brokerage Crackdown (Caixin) $

  • U.S. options market maker Susquehanna International Group (SIG) has sued unidentified traders in a Manhattan federal court, alleging they used leaked Chinese regulatory information to reap more than $100 million in illicit profits.

  • Between May 7 and May 21, the defendants allegedly spent $12 million on short-term put options on Chinese online brokerages Futu Holdings Ltd. and UP Fintech Holding Ltd.

🇨🇳 Citadel Securities Joins U.S. Insider Trading Suit Over China’s Broker Crackdown (Caixin) $

  • Citadel Securities has joined a federal lawsuit in New York, alleging it lost about $28 million to unidentified traders who used leaked information about a Chinese regulatory crackdown to make highly profitable options trades.

  • The move follows a June 29 lawsuit by a Susquehanna International unit, which claimed it lost $71.4 million to similar trades.

🇨🇳 China gives its investors more access to bonds in Hong Kong (FT) $ 🗃️

  • Authorities raise quota for offshore ‘connect’ scheme in bid to boost international use of renminbi

  • The Bond Connect scheme, which allows mainland Chinese investors to buy offshore bonds in Hong Kong, will increase its annual quota to Rmb800bn ($117bn) from Rmb500bn, said Pan Gongsheng, China’s central bank governor, on Tuesday.

🇨🇳 China cracks down on top ratings for corporate bonds (FT) $ 🗃️

  • Regulators pressure agencies to limit triple-A designations for higher-interest borrowers

  • The People’s Bank of China told domestic agencies in April to review high credit ratings, especially for bonds with much higher yields than government debt, according to three people familiar with the instruction.

🇨🇳 China Targets Inflated AAA Bond Ratings in Sweeping Cleanup

  • A sweeping regulatory crackdown on credit rating inflation in China’s bond market has triggered a wave of downgrades and rating terminations, with authorities zeroing in on unjustified AAA grades, sources familiar with the matter told Caixin.

  • The campaign, which intensified last month, pressures domestic rating agencies to enforce stricter evaluation standards, the sources said.

🇨🇳 In Depth: China Tech Giants Battle to Build the Ultimate AI Concierge (Caixin) $

  • WeChat’s long-awaited artificial intelligence (AI) agent has arrived with little fanfare but sweeping implications for China’s consumer internet.

  • In late June, select users of Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY)’s dominant messaging and services app noticed two green dots in the upper-left corner of their screens. Tapping them opened an AI chat window dubbed “Xiaowei,” or “Little WeChat.”

🇨🇳 Alibaba: Agentic AI Could Be Another Headwind To Growth (Seeking Alpha) $⛔

🇨🇳 Alibaba Is Cheap For No Good Reason (Seeking Alpha) $⛔

🇨🇳 Alibaba: Narrowing Quick Commerce Losses To Trigger Upward EPS Revision And Re-Rating Cycle (Seeking Alpha) $⛔

🇨🇳 Hangzhou Alibaba field trip. Five AI business products. Who will stand? (AI Proem)

  • ecomm, agents, supplier mgmt, smart cockpit, and more

  • As I was prepping for my day trip from Shanghai, I was dreading the hour-long taxi ride from the bullet train station to Alibaba (NYSE: BABA)’s Xixi campus that I used to have to take during my stay there. But to my surprise, a former colleague told me that there is now a new bullet train station, Hangzhou West, conveniently located near Alibaba’s main campus. Trimming down that hour-long taxi ride to 10 mins.

  • “Oh no, no”, he said, only a few are buying up luxury apartments, but they work for semi companies. He added that he heard kids working in AI are making 2 to 3 million RMB a year, which seemed like a crazy number to him. But those kids working in AI are so tired that they get into his car and pass out, and he has to wake them up at their stop. In awe of their talent, but also worried about their health, as one would expect a typical Chinese uncle to be.

  • Now, I was flabbergasted at the response from this uncle, frankly, who could barely speak Putonghua clearly, but had the sophistication to know that only the semi companies, their investors, and everyone along that supply chain have made a lot of money this year, and that the rest of tech and AI is still mostly waiting for its turn.

🇨🇳 JD.com: Add To Cart While China’s On Sale (Seeking Alpha) $⛔

  • 🌐 JD.com (NASDAQ: JD / SGX: HJDD) - Supply chain-based technology & service provider. One of the 3 largest eCommerce platforms in China. 🇼 🏷️

🇨🇳 Sohu: Limited Share Price Upside Due To Continued Losses (Seeking Alpha) $⛔

🇨🇳 Lenovo Group Limited (LNVGY) Analyst/Investor Day - Slideshow (Seeking Alpha)

  • 🌐 Lenovo Group (HKG: 0992 / FRA: LHL / LHL1 / OTCMKTS: LNVGY / LNVGF) 🇭🇰 - Designing, manufacturing & marketing consumer electronics, PCs, software, servers, converged & hyperconverged infrastructure solutions, etc. 🇼 🏷️

🇨🇳 VNET Group: A Data Center Utility Priced For AI Perfection (Seeking Alpha) $⛔

🇨🇳 Aequitas: Zhipu Placement - Well Flagged US$4.3bn Raising, but Not Cheap by Any Measure (Smartkarma) $

  • Knowledge Atlas Technology JSC Ltd (HKG: 2513) (Zhipu) is looking to raise around US$4.3bn via a primary placement.

  • Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.

  • In this note, we will talk about the placement and run the deal through our ECM framework.

🇨🇳 Knowledge Atlas (2513 HK): Best Domestic AI Model to Benefit from Claude Ban (Smartkarma) $

  • Ministry of Industry and Information Technology (MIIT) issued a high-risk warning targeting Claude Code.

  • Knowledge Atlas Technology JSC Ltd (HKG: 2513)’ GLM-5.2 ranks No. 1 in China in terms of intelligence and speed.

  • However, another batch of restricted stock, accounting for 40% of total shares, is scheduled to unlock in January 2027.

🇨🇳 Yangtze Optical Fibre (6869 HK) — Buying the Glass Behind the GPU After a 46% Crash (Smartkarma) $

[Yangtze Optical Fibre and Cable JSC Ltd (SHA: 601869 / HKG: 6869 / FRA: 1YO / OTCMKTS: YZOFF)]

  • The only fibre maker running all preform processes, with top global share, being repriced from a telecom cyclical to AI infrastructure — 1Q26 operating margin tripled to 22% from 8%.

  • After a ~46% de-rating from HK$282 (22 Jun) to HK$151.90, spot implies just a ~13x FY2030E EV/EBITDA exit multiple — under half the peer average, pricing in near-distressed terminal economics.

  • We initiate BUY, TP HK$170 (+12%), on a DCF-led blend (60/20/20). Even a deliberately conservative HK$150 DCF anchors the call; probability-weighted EV is HK$180 (+18%).

🇨🇳 Zhipu & MiniMax. Six Months Into Their HK Listings, China’s AI Tiger Cubs Are Yin & Yang (Smartkarma) $

  • Zhipu & MiniMax Group (HKG: 0100 / FRA: E5A) both IPO’d on the Hang Seng within a single day of each other back in January & both exited their lockup expiry dates earlier this week

  • Zhipu (Knowledge Atlas Technology JSC Ltd (HKG: 2513 / OTCMKTS: KATJF)) now trades at HK$1,884 compared to its IPO price of HK$116 while MiniMax now trades at HK$259 as compared to its IPO price of HK$165

  • Zhipu placed up to 19,780,000 new H shares at HK$1,588 (~13% discount) each on July 9, raising an expected gross proceeds of approximately HK$31.41 billion. Smart move.

🇨🇳 CXMT IPO Valuation Analysis (Douglas Research Insights) $

  • My base case valuation of Changxin Memory Technologies (CXMT) is market cap of 835.8 billion RMB (P/E of 5.9x using my base case estimated net profit of 140.9 billion RMB in 2026).

  • The target P/E of 5.9x is based on a 30% discount to the comps’ P/E valuation in 2026.

  • If CXMT achieves market cap of about 836 billion RMB (US$123 billion), this would represent about 12% of SK Hynix (KRX: 000660 / NASDAQ: SKHY)’s market cap of 1,558 trillion KRW (US$1.03 trillion).

🇨🇳 CXMT Corporation (长鑫科技) Pre-IPO: Key Investment Thesis (Smartkarma) $

  • Changxin Memory Technologies (CXMT) (1726722D CH) aims to raise Rmb29.5bn in its IPO in the A-share STAR market. It is rapidly gaining global market share, which is its key attractiveness.

  • It is a beneficiary of a solid industry and demand outlook. It has a leadership position in China’s DRAM market and high competitiveness built on its technological strength.

  • At just 2.8x PER for FY26, based on 10% share capital enlargement, our initial assessment is that it is priced cheaper than global peers.

🇨🇳 Nexchip (晶合集成) IPO Trading (Smartkarma) $

  • Nexchip Semiconductor Corp (SHA: 688249 / HKG: 2249), an IC foundry, raised HKD 6,779m (USD 871m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, 10 Jul 2026.

  • In our previous notes, we looked at the company’s fundamentals and the deal terms.

  • In this note, we provide an update for the IPO before its trading debut.

🇨🇳 Kinwong runs hot on AI boom, cold on plunging margins (Bamboo Works)

  • The PCB maker’s Hong Kong IPO looks aimed at tapping demand for AI concept stocks, even though related high-end products make up a relatively low proportion of its revenue

  • Shenzhen Kinwong Electronic Co Ltd (SHA: 603228) has filed for a Hong Kong IPO, reporting its gross margin fell from 23.2% in 2023 to 18.7% in the first four months of this year

  • The PCB maker’s revenue grew 18% in the first four months of this year, but its profit declined by 25%

🇨🇳 Han’s CNC etches out triple-digit growth on AI infrastructure boom (Bamboo Works)

  • The leading specialized PCB equipment maker said its revenue more than doubled in the first half of this year, while its profit rose by up to 280%

  • Shenzhen Han’s CNC Technology Co Ltd (SHE: 301200 / HKG: 3200)’s CNC’s profit rose between 242% and 280% in the first six months of 2026, as the company credited booming demand for AI infrastructure

  • The PCB equipment maker’s gearing ratio rose to 43% by the end of last year from 29% a year earlier, as it spent heavily to upgrade and expand its capacity

🇨🇳 Hesai Group: The Company That Sells the Eyes — and Now the Muscles — of the Robot Age (Substack von Philipp Substack von Philipp)

  • A profitable, 40%-growth LiDAR world leader trading near its lows — the rare place where an AI-and-robotics megatrend meets a sub-1 PEG

  • Every so often I come across a business that sits exactly where I like to invest: a profitable, fast-growing world leader, operating in an obvious future market, that the market has quietly fallen out of love with. Hesai Group (NASDAQ: HSAI) is that stock for me today. I want to walk you through why I bought it — in Hong Kong, for the Haas Invest4 Innovation fund — and why I think it is one of the more asymmetric ideas in my coverage universe right now.

  • Here is the investment case in one breath: Hesai is the world’s largest LiDAR maker, roughly 40% of the global market and over half of China’s long-range automotive segment, growing revenue ~44% this year and ~41% next, already profitable, sitting on net cash of about US$710 million, an Nvidia autonomous-driving partner — and yet it trades at roughly 20× forward earnings with a PEG around 0.6, near its 52-week low. On my Faires-KGV (fair P/E) framework I arrive at a fair multiple of 27, and because earnings are compounding at ~40% a year at that same fair multiple, I see a base case pointing to roughly 50% annualised upside over the next three years. Add the optionality of the robotics and actuator business the company is now building, and the risk/reward is compelling. It is China, so I size it as a modest position — but it is a position.

🇨🇳 DiDi Global: International Growth Still Needs To Become Earnings (Seeking Alpha) $⛔

🇨🇳 Full Truck Alliance: Upgrade To Buy As Valuation Narrative Reaches An Inflection Point (Seeking Alpha) $⛔

  • 🇨🇳 Full Truck Alliance (NYSE: YMM) - Digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights & types.

🇨🇳 BYD’s Growing Exports Meet Cash Flow/Balance Sheet Risks - Growth Pains Persist (Seeking Alpha) $⛔

🇨🇳 XPeng’s Bottom Is Here: Demand Recovery Through New Models And Global Expansion (Seeking Alpha) $⛔

  • 🌐 XPeng (NYSE: XPEV) 🇨🇳 - Designs, develops, manufactures & markets Smart EVs. 🇼 🏷️

🇨🇳 NIO: Delivery Boom Implies Margin Upside (Seeking Alpha) $⛔

🇨🇳 XPeng: Strong June Deliveries Create Upside (Seeking Alpha) $⛔

  • 🌐 XPeng (NYSE: XPEV) 🇨🇳 - Designs, develops, manufactures & markets Smart EVs. 🇼 🏷️

🇨🇳 Kanzhun: AI Risk Looks Too Discounted For This Recruitment Platform (Seeking Alpha) $⛔

🇨🇳 ANTA Sports: Playing The Puma Card To Reach Global Top Three (Seeking Alpha) $⛔

🇨🇳 In Profile: The Man Behind China’s Energy Drink Giant Faces a New Test (Caixin) $

  • A fake AI-generated video accusing the founder of Chinese energy drink-maker Eastroc Beverage Group Co Ltd (SHA: 605499) of refusing to drink his own company’s product wiped more than $1 billion off the company’s market value within days.

  • The video was later confirmed by police to be fabricated, and Eastroc’s Shanghai-listed shares recovered after the company denied the claims and authorities detained a suspect. But the episode highlighted how quickly public concerns over health and food safety can turn into a crisis for consumer brands — especially those built around products high in sugar.

🇨🇳 Jiumaojiu’s Tai Er chain builds momentum after major brand refresh (Bamboo Works)

  • Same-store sales for the ‘sauerkraut fish’ chain rose 6.1% in the second quarter, marking a second quarter of growth after a double-digit decline in 2025

  • Jiumaojiu International Holdings (HKG: 9922 / FRA: 3YU)’s Tai Er restaurant chain posted a second consecutive quarter of same-store sales growth in the second quarter, as its other metrics were also generally positive

  • The chain launched a major brand refresh last year, and has closed about a quarter of its outlets since the end of 2024

🇨🇳 Restructuring hits Want Want’s bottom line, as top line ekes out growth (Bamboo Works)

  • The veteran food giant’s revenue began expanding again in its latest fiscal year, but channel reconstruction, new product promotions and rising costs depressed its profit

  • Want Want China Holdings (HKG: 0151 / FRA: 4HQ / OTCMKTS: WWNTY / WWNTF)’s revenue for its fiscal year through March rose 3.8% to 24.4 billion yuan, but its profit fell by 11.5% to 3.84 billion yuan

  • The food veteran’s distribution costs rose 16.9% as it restructured its sales channels, dragging down its profitability

🇨🇳 Guotai Haitong Becomes First Chinese Brokerage to Trade Offshore Yuan in Shanghai FTZ (Caixin) $

  • Guotai Junan Securities Co Ltd (SHA: 601211 / HKG: 2611 / FRA: 153A / OTCMKTS: GUOSF) has become the first Chinese brokerage approved to trade offshore yuan in the Shanghai Free Trade Zone, expanding a currency market previously restricted to commercial banks.

  • The major Chinese brokerage will begin trading offshore yuan spot and derivatives — including forwards, swaps, and options — on July 6.

  • The approval marks a significant step in China’s incremental financial opening, expanding the offshore yuan market beyond commercial banks to facilitate broader cross-border investment and currency hedging.

🇨🇳 Guotai Haitong proves that in China’s brokerage consolidation, bigger really is better (Bamboo Works)

  • The titan formed through the merger of two large brokerages said its profit surged in the first half of 2026 as it leveraged its massive scale to cultivate high-margin services

  • Guotai Junan Securities Co Ltd (SHA: 601211 / HKG: 2611 / FRA: 153A / OTCMKTS: GUOSF) said it expects to report its recurring net profit soared as much as 171% in the first half of this year

  • The company’s breakout performance shows that mega brokerages formed through a government-led sector consolidation stand to benefit nicely from their super-size

🇨🇳 Gushengtang steps up TCM buying spree, doubling down in Beijing (Bamboo Works)

  • The healthcare company has announced five acquisitions in the past two weeks to shore up growth and fend off competition in the traditional Chinese medicine market

  • Gushengtang Holdings Ltd (HKG: 2273 / FRA: F2P) is buying two more hospitals in Beijing’s Changping district, weeks after closing deals on facilities in Singapore and Tianjin

  • The expansionist moves came as rival provider Beijing Tong Ren Tang Healthcare (HKG: 2667) made its Hong Kong equity market debut

🇨🇳 Drug setback leaves Ascletis with an all-in bet on weight loss (Bamboo Works)

  • The company’s two core hepatitis drugs were dropped from China’s state insurance scheme on July 1, effectively wiping out the remains of its legacy drug sales

  • The company has exited antivirals and is now wagering its future on weight-loss drugs that are just entering overseas trials

  • But a late start and intensifying competition leave Ascletis Pharma (HKG: 1672 / FRA: 2VJ / OTCMKTS: ASCLF) facing steep challenges

🇨🇳 Unitree Robotics (宇树科技) Pre-IPO: Key Investment Thesis (Smartkarma) $

  • Unitree Robotics (UNITREE CH) intends to raise Rmb4.2bn in the A-share STAR market. Given its leadership in humanoid robots, we expect good interests.

  • The key investment thesis includes its global market leadership with proven scale, vertical integration, which creates a moat, and massive AI investment to build the “brain”.

  • We initially estimate its FY26F PER and P/S at 74.5x and 19.3x. The higher-than-peer P/S is justified by its better profit margin.

🇨🇳 Shein wins Chinese approval for long-awaited IPO (FT) $ 🗃️

  • China’s securities regulator grants permission for fast-fashion retailer to list its shares in Hong Kong after years of delays

🇭🇰 China Moves to Deepen Hong Kong’s Bond and Offshore Yuan Markets (Caixin) $

  • China’s central bank announced 11 measures to strengthen Hong Kong’s fixed-income, currency and offshore yuan markets, underscoring Beijing’s push to expand the international use of the yuan through the city’s financial infrastructure.

  • People’s Bank of China (PBOC) Governor Pan Gongsheng unveiled the package at the 2026 Fixed Income and Currency and Bond Connect Summit in Hong Kong on Tuesday. He said the yuan’s global use is moving beyond trade settlement into investment, financing and reserve management.

🇭🇰 Confined to Hong Kong, Lung Fung lacks tonic for growth-hungry investors

  • The city’s leading pharmacy chain reported record revenue and profits in its latest fiscal year, lifting its shares

  • Lung Fung Group Holdings Ltd (HKG: 2290) reported its profit reached HK$269 million in its latest fiscal year through March, up nearly 60% from the previous year

  • The Hong Kong pharmacy operator’s stock has lost more than 50% of its value just a month after its IPO

🇲🇴 Macau logged nearly 21mln visitor arrivals in 1H 2026, up 9pct y-o-y: police (GGRAsia)

  • Macau recorded an aggregate of 20.94 million visitor arrivals during the first half this year, up circa 9 percent on the nearly 19.22 million confirmed for first-half 2025. The latest unofficial data are according to reports of commentary from the city’s Public Security Police, the agency responsible for immigration clearance.

  • Per local Chinese-language media reports, the latest figures were mentioned during a Tuesday meeting between a community consultative committee and the police, about boosting traveller-throughput at the city’s checkpoints. The busiest of them link directly to Zhuhai in the neighbouring Chinese-mainland province of Guangdong.

🇲🇴 Macau gaming tax revenue at US$6.34bn in 1H2026 (GGRAsia)

  • The Macau government collected approximately MOP8.67 billion (US$1.07 billion) in fiscal revenue from gaming in June, according to the latest data released by the city’s Financial Services Bureau.

  • The figure was up 13.3 percent from the MOP7.65 billion recorded in May, the data showed.

  • For the first half of 2026, the gaming tax tally reached MOP51.19 billion, a 13.1-percent increase from a year earlier.

  • Under Macau’s 10-year gaming concession system, which came into effect on January 1, 2023, the effective tax on casino GGR is 40 percent.

🇲🇴 2Q likely toughest trading for Macau casinos in post-pandemic era amid FIFA World Cup, poor hold rates: Citi (GGRAsia)

  • The three months to June 30 were “arguably Macau’s toughest quarter since reopening” of normal tourism business in January 2023 after the Covid-19 pandemic, says banking group Citi in fresh commentary on the city’s casino sector.

  • Gross gaming revenue (GGR) was “impacted by both the global soccer tournament and some extremely unfavourable hold rates” on gaming business, stated analysts George Choi and Timothy Chau. April was in likelihood the worst month of the quarter in terms specifically of VIP hold, they added.

  • They were referring first to the ongoing FIFA World Cup 2026 in North America, which a number of analysts has said diverted consumer attention away from Macau casino gambling. The final of the football tournament is due in the United States on July 19.

🇹🇼 Taiwan

🇹🇼 United Microelectronics: Encouraging News, But Price Gains Already Baked In (Seeking Alpha) $⛔

🇹🇼 ASE Technology: When The Future Is Already Fully Priced In (Seeking Alpha) $⛔

🇰🇷 Korea

🇰🇷 POSCO Holdings Inc. (PKX) Analyst/Investor Day - Slideshow (Seeking Alpha)

  • 🌐 POSCO Holdings (NYSE: PKX) - Integrated steel producer. 6 segments: Steel, Trading, Construction, Logistics & Others, Green Materials & Energy & Others. 🇼 🏷️

🇰🇷 Woori Financial: Assessing Potential Interest Rate And AI Tailwinds (Seeking Alpha) $⛔

🇰🇷 KB Financial: Eyes On Non-Banking Diversification And Capital Distributions (Seeking Alpha) $⛔

🇰🇷 Priced Beyond Perfection: Samsung Electronics Tumbles As Soaring Profit Not Good Enough (ZeroHedge)

  • The memory bubble appears to be rapidly deflating.

  • After the semiconductor/memory sector was walloped in Monday US trading without any clear negative catalyst, the semiconductor-chasing world was eagerly waiting to hear what Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) - the world’s largest memory maker - would report in its preliminary Q2 earnings report as investors sought to justify sky-high investments and valuations around AI. In the end, it was not good enough, and the stock is down 5% at last check.

  • Samsung Electronics’s quarterly profit surged 19-fold due to relentless demand for memory chips needed in AI data centers. For the 3 months ended June 30, the company reported preliminary operating income of 89.4 trillion won ($58 billion) not only beating the median analyst estimate of 84.2 trillion won, but dwarfing its performance for all of 2025. Revenue more than doubled to 171 trillion won, also modestly beating expectations (Samsung will release a full financial statement, including net income and divisional breakdowns, around the end of the month).

🇰🇷 Samsung Electronics 2Q26 Earnings & Watch Out for SK Hynix Underperforming Samsung by 20%+ (Douglas Research Insights) $

  • Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) reported sales of 171 trillion won (up 129.3% YoY, 2% lower than consensus) and OP of 89.4 trillion won (up 1,810% YoY, 5.4% higher than consensus) in 2Q26.

  • Despite the better than expected performance in terms of operating profit, Samsung Electronics missed the consensus sales estimate by 2% in 2Q 2026.

  • If Samsung Electronics outperforms SK Hynix (KRX: 000660 / NASDAQ: SKHY) by 20%-25% or more in the coming months, this could be one of the signs of a potential slowdown in the semiconductor sector.

🇰🇷 Hedge fund run by ex-OpenAI researcher bets on SK Hynix’s US IPO (FT) $ 🗃️

  • Situational Awareness joins UK investor Baillie Gifford backing the South Korean memory maker’s American debut

🇰🇷 SK Hynix: What If Too Many Investors Are Gearing Up for the Buy ADR/Sell Local Shares Trade? (Douglas Research Insights) $

  • With the listing of SK Hynix (KRX: 000660 / NASDAQ: SKHY) ADR on NASDAQ on 10 July, many investors are considering various trading strategies, including just buying the ADR or putting on a long-short trade.

  • In this insight, I highlight how too many investors may be gearing up on the latter trade (buying the ADR and shorting the local shares).

  • The premium for SK Hynix ADR versus local shares could potentially be as high as 12-17% initially after the ADR trading but could decline gradually in the months ahead.

🇰🇷 Launch of SK Hynix ADR Based 2x Leveraged ETFs in the US (Douglas Research Insights) $

  • Following SK Hynix (KRX: 000660 / NASDAQ: SKHY) ADR listing on NASDAQ on 10 July, it is expected that numerous 2x leveraged ETFs based on SK Hynix ADR shares will be launched in the U.S.

  • On 13 July (Monday), the “T-REX 2X Long SK Hynix Daily Target” ETF will be launched in the U.S. The ticker for this 2x leveraged ETF will be HYNX.

  • At least 10 fund managers have filed registrations to list single-stock ‌exchange-traded funds tracking SK Hynix ADRs soon after it starts trading on 10 July.

🇰🇷 SK Hynix (SKHY): AI Memory Leader Delivers: SK Hynix Climbs Double Digits in U.S. Debut (Smartkarma) $

  • SK Hynix (KRX: 000660 / NASDAQ: SKHY) delivered a strong debut, opening 14.1% above its IPO price before finishing up 13.1%, validating exceptional institutional demand.

  • The offering was reportedly more than 7x oversubscribed, with cornerstone investors receiving reduced allocations despite the transaction’s record size.

  • We believe AI memory demand, attractive valuation versus peers, and HBM leadership could provide continued upside over the short to medium term.

🇰🇷 Korea Small Cap Gem #65: Korea Airport Service (Douglas Research Insights) $

  • Korea Airport Service Co Ltd (KRX: 005430) commands a dominant market share in domestic aircraft ground handling, air cargo processing, aircraft fueling, and line maintenance services in Korea.

  • The completed merger between Korean Air (KRX: 003490 / 003495) and Asiana Airlines (KRX: 020560) is likely to result in higher sales and profits for Korea Airport Service which is 59.5% owned by Korean Air Lines.

  • Third, there has been a noticeable increase in foreign visitors to South Korea, led by Chinese tourists in 2026. Valuations are cheap with P/E of 5.4x and EV/EBITDA of 2.5x.

🇰🇷 Hoban Group Raises Stake in Hanjin Kal to More than 20%: Next Step (A Partnership with a Major PE?) (Douglas Research Insights) $

  • In the past several days, it has been reported that Hoban Group has raised its stake in Hanjin Kal (KRX: 180640) to more than 20%.

  • Now, Hoban Group’s stake in Hanjin Kal is less than 1% than the controlling shareholding entities led by Walter Cho (Chairman of the Hanjin Group).

  • My base case valuation of Hanjin Kal suggests implied NAV per share of 104,060 won per share which is 21% lower than its current share price.

🌏 SE Asia

🌏 Japanese funds look to Southeast Asia to expand AI value chain (The Asset) 🗃️

  • Investors move beyond domestic chip sector to tap opportunities in the region’s rapidly developing software ecosystem

  • Amid the global artificial intelligence ( AI ) frenzy, Japan has emerged as an undisputed powerhouse in the hardware sector. But while the domestic market focuses heavily on physical infrastructure, Japanese investment funds are increasingly looking outwards.

  • Southeast Asia has rapidly become a prime destination for software-driven AI investments, as Japanese firms seek innovative solutions to deploy back home.

🇰🇭 NagaCorp adjusted revenue to grow up to 8pct in 2026-2027: S&P (GGRAsia)

  • S&P Global Ratings said in a recent memo that it expects Hong Kong-listed Cambodian casino operator NagaCorp (HKG: 3918 / FRA: N9J / OTCMKTS: NGCRF) to achieve “3 percent to 8 percent growth in adjusted revenue for 2026-2027”. In a May commentary, the ratings agency had said it expected the firm’s earnings to rise by about 5 percent to 6 percent over the same period.

  • The financial institution stated in its latest note that the casino company remains at the upper end of the speculative-grade category, with a ‘B+/Stable/–’ assessment. Its fresh memo did not constitute a rating action, it added.

  • It nonetheless viewed NagaCorp as “vulnerable” for business risk, and “intermediate” for financial risk.

🇮🇩 Tokopedia Downsizing Sparks Indonesian Government Concerns Over Mass Layoffs (Caixin) $

[GoTo Gojek Tokopedia Tbk PT (IDX: GOTO / FRA: CK8 / OTCMKTS: GTOFF)]

  • Indonesian authorities have met with representatives of e-commerce platform Tokopedia and its majority owner TikTok, after news of downsizing at the local tech giant sparked fears of mass layoffs.

  • Rumors surfaced on social media in early July claiming that ByteDance Ltd., the Chinese owner of TikTok, was planning to lay off 90% of Tokopedia’s workforce following the launch of Tokopedia Lite, triggering a swift response from the Indonesian government, who summoned company representatives for questioning.

🇲🇾 Top Glove Corporation Bhd. 2026 Q3 - Results - Earnings Call Presentation (Seeking Alpha)

  • 🌐 Top Glove Corporation (KLSE: TOPGLOV / SGX: BVA / OTCMKTS: TPGVF) - World’s largest manufacturer of gloves. Manufacturing operations in Malaysia, Thailand, Vietnam & China + marketing offices in these countries, USA, Germany & Brazil. 🇼 🏷️

🇲🇾 Genting Americas in new US$2bln bank facility to refinance debt, fund second phase of N.Y. casino (GGRAsia)

  • Genting Americas Inc, a wholly-owned subsidiary of international casino developer Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF), has secured a new US$2-billion bank facility. Part of it is intended to fund the second phase of the Genting group’s casino in downstate New York (pictured), with construction scheduled to begin in 2027.

  • The information was disclosed by S&P Global Ratings in a ratings action published on Wednesday. The institution reaffirmed its ‘BB+’ notes rating for Genting New York LLC, one notch below investment grade. The latter firm is also a subsidiary of Genting Malaysia.

🇸🇬 Top Stock Market Highlights of the Week: Frasers Centrepoint Trust, Sentosa Development Corporation, Foundation Healthcare and Temasek Holdings (The Smart Investor)

  • We look at a major retail divestment by a suburban mall REIT, an ambitious island transformation plan, a healthcare IPO that drew strong demand, and record numbers from a global investment company.

    • FCT sheds its smallest mall to cut leverage

      • Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF), or FCT, announced on 1 July 2026 that it will divest White Sands mall for S$467 million (US$360 million), with the sale to an unrelated third party expected to complete around 30 September.

      • White Sands, located in Pasir Ris, is the smallest mall in FCT’s portfolio and has performed well since it was acquired in 2020, according to Richard Ng, chief executive officer of Frasers Centrepoint Asset Management, the REIT’s manager.

    • Sentosa unveils a two-decade transformation of Singapore’s island playground

      • Sentosa Development Corporation (SDC) unveiled the next chapter of the Greater Sentosa Master Plan (GSMP) on 3 July 2026, a long-term transformation that will integrate Sentosa with the 120-hectare Brani island and progressively expand the leisure destination over the next two decades.

    • Foundation Healthcare draws robust demand for its mainboard listing

      • Foundation Healthcare Holdings Limited (SGX: FHH), an integrated private healthcare platform in Singapore, announced on 7 July 2026 the balloting results of its initial public offering (IPO) following the close of its Singapore Public Offer.

    • Temasek’s net portfolio value hits a record on local blue-chip strength

      • Temasek Holdings reported a record net portfolio value (NPV) of S$518 billion for the financial year ended 31 March 2026, released on 8 July 2026 at the launch of its annual Temasek Review.

🇸🇬 SATS: Kudos for Flying High (Corporate Monitor)

🇸🇬 Rising Oil Prices: What It Means for Singapore Retiree Investors (The Smart Investor)

  • Higher oil prices can affect everything from transport costs to inflation and dividends. Here’s what Singapore retirees and income investors should know when energy prices surge.

    • The Lag: Why the Worst is Only Beginning to Unfold

      • It’s no secret that Singapore imports almost all its essential resources, from sand for land reclamation to natural gas for power generation.

      • Here’s the hard truth: 95% of the city-state’s electricity is powered by imported natural gas.

    • The Winners

      • Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF): Having locked in about 79% of its Singapore gas-fired power portfolio into long-term contracts of at least five years, Sembcorp’s long-term earnings visibility is significant, despite near-term margin compressions in its Gas and Related Services segment.

      • Moreover, it’s benefiting from the energy-intensive demands of the digital economy, having secured a 150MW contract from Micron (NASDAQ: MU).

      • DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF): With wealth management fees hitting new highs, it provides an enviable non-interest income engine to guard against potential interest rate headwinds for the World’s Best Private Bank.

      • Its corporate treasury segment also benefits from the volatility by selling more hedging products.

      • Seatrium Ltd (SGX: SE2 / FRA: S8N / OTCMKTS: SMBMF): High oil prices are providing a highly supportive environment for the offshore energy specialist.

      • This is evident in the group’s massive S$15.5 billion net order book slated for deliveries all the way to 2033.

    • The Losers

      • Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF), or SIA: With jet prices accounting for close to one-third of SIA’s operating costs, it’s hardly surprising that SIA is one of the clearest losers as fuel prices more than doubled in early 2026.

      • Crucially, we have not seen the worst of SIA, as the group’s already high fuel prices are priced on a lag.

      • SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF): While the aviation solutions provider achieved revenue growth of 9.8% to S$1.62 billion for the fourth quarter ended 31 March 2026 (FY2026), EBITDA grew just 3.9% to S$267.5 million, due to the Middle East conflict – a squeeze on margins even as net profit rose 31%.

    • A Growing Yield Matters More Than Absolute Yield

    • Get Smart: Fortify Your Golden Years

🇸🇬 5 Core Singapore Dividend Stocks to Buy and Hold (The Smart Investor)

  • Building a reliable dividend portfolio starts with owning quality businesses. These five Singapore dividend stocks have the characteristics long-term income investors should look for.

    • DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF)

      • As Singapore’s largest bank by assets, DBS Group forms a rock-solid foundation for income portfolios.

    • Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering

      • Singapore Technologies Engineering (STE) is a highly diversified global technology, defence, and engineering conglomerate operating across more than 100 countries.

    • Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY)

      • As Singapore’s sole stock market operator, Singapore Exchange (SGX) enjoys a natural monopoly and an asset-light business model with strong cash generation.

    • Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF)

      • Sheng Siong is one of Singapore’s largest supermarket operators, managing a defensive consumer staples network of 87 local stores and six outlets in China.

    • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF)

      • CapitaLand Integrated Commercial Trust (CICT) is Singapore’s largest listed real estate investment trust (REIT), managing a premier portfolio of retail, office, and integrated properties.

    • Get Smart: Build Your Portfolio Around Quality

🇸🇬 1H 2026: 4 Billionaire SGX Stocks Delivered 100% Returns (or More!) (The Smart Investor)

  • The STI rose 13% in 1H 2026, but AEM, UMS, Nanofilm and Frencken surged over 100%. Discover what’s driving Singapore’s semiconductor rally.

    • Which company had the clearest recovery?

      • UMS Integration Ltd (SGX: 558 / OTCMKTS: UMSSF) or UMS Holdings supplies equipment manufacturing and engineering services to semiconductor OEMs.

      • The manufacturing firm’s quarter told a similar story with a wrinkle.

    • Did the recovery show up beyond AEM Holdings (SGX: AWX)?

      • UMS Integration supplies equipment manufacturing and engineering services to semiconductor OEMs.

      • The manufacturing firm’s quarter told a similar story with a wrinkle.

    • Why did Frencken Group Ltd (SGX: E28) rise when its earnings fell?

      • Frencken Group is the puzzle.

      • The mechatronics firm’s share price more than doubled while its first-quarter numbers went the other way.

    • Get Smart: One theme, four winners

🇸🇬 Banks Share Prices At Record Highs: What Long-Term Investors Should Consider Now (The Smart Investor)

  • Singapore bank shares are trading near record highs, prompting many investors to wonder whether they have missed the opportunity. Here's what long-term investors should focus on before making their next move.

  • It has been fruitful being an investor in Singapore banks with DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF), Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) and United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF) climbing sharply over the last five years.

  • In fact, both DBS and UOB just smashed through to new all-time highs yesterday (9 July 2026), touching S$70.27 and S$44.19 respectively.

  • The rally, however, has left valuations looking far less compelling than before.

    • Why Singapore Banks Have Rallied

    • Why Share Price Alone Doesn’t Tell the Whole Story

    • What Long-Term Investors Should Focus On

    • The Biggest Risk: Falling Interest Rates?

    • Comparing the Three Banks

    • Valuation: Are Banks Still Reasonably Priced?

    • Should Investors Wait for a Pullback?

    • Common Mistakes Investors Make

    • Get Smart: Buy Great Businesses, Not Cheap Headlines

🇸🇬 DBS, OCBC and UOB Beat the STI in 1H 2026: Here’s What Drove the Rally (The Smart Investor)

🇸🇬 Is Genting Singapore’s Almost 7% Dividend Yield Sustainable? (The Smart Investor)

  • Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY)’s dividend yield has climbed close to 7%, making it one of the more attractive income plays on the SGX. But can the casino operator continue paying such generous dividends?

    • Why Genting Singapore’s Dividend Yield Looks So Attractive

    • Understanding Genting Singapore’s Business Model

      • Resorts World Sentosa (RWS) is at the heart of Genting Singapore’s business. Other than RWS’s casino operations, the Singapore tourism landmark also offers hotels, attractions (such as the Oceanarium and Universal Studios Singapore), and retail outlets.

    • The Case for Dividend Sustainability

    • Key Financial Metrics Investors Should Examine

    • What Could Threaten the Dividend?

    • How Genting Compares with Other Income Stocks

    • What Type of Investor Might Like Genting Singapore?

    • What Investors Should Watch in Upcoming Results

    • Get Smart: Is the Yield Too Good to Ignore?

🇸🇬 Hunting for Cash? These SGX Underdog Stocks Just Paid Out Big (The Smart Investor)

  • Three SGX companies raised their dividends this year — but only some of that income is built to last. Here's how to tell which payout repeats and which was a one-off.

  • Credit Bureau Asia Ltd (SGX: TCU), or CBA

    • CBA supplies credit and risk information to banks, financial institutions and government bodies across Southeast Asia.

    • It runs credit bureaus in Singapore, Cambodia and Myanmar, and sells commercial risk and business information through a partnership with Dun & Bradstreet.

  • Valuetronics Holdings (SGX: BN2 / FRA: GJ7)

    • Valuetronics is an electronics manufacturing services provider, handling everything from design to production for consumer and industrial customers out of China and Vietnam.

    • The headline payout move here is the biggest of the three.

  • Old Chang Kee (SGX: 5ML), or OCK

    • The curry puff maker sells its snacks through retail outlets at high-traffic spots and through delivery, catering and business supply.

  • Get Smart: A rising payout is not the same as a lasting one

🇸🇬 On Our Radar: 3 Cash-Rich Dividend Stocks Outperforming CPF OA Rates (The Smart Investor)

  • CPF OA offers a safe and guaranteed 2.5% return, but some Singapore stocks are generating significantly higher yields while sitting on strong cash reserves.

  • Why Cash Matters More Than Ever

  • Why Compare Dividend Stocks with CPF OA?

  • Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF) — The Cash-Rich Blue Chip

    • Venture Corporation is a global heavyweight in electronics manufacturing and technology services.

    • Because the company focuses on high-value and capital-light manufacturing, it converts a massive chunk of profits directly into free cash flow (FCF).

  • DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) — The Dividend Growth Compounder

    • While changing interest rates have slowed down net interest income growth, DBS has cushioned the drag through its wealth management engine.

  • Haw Par Corporation (SGX: H02 / OTCMKTS: HAWPF) — The Defensive Income Generator

    • Best known as the custodian of the iconic Tiger Balm brand, Haw Par is built like a financial fortress.

    • And together with its strategic stake in UOB (SGX: U11), Haw Par is granted strong earnings resilience.

  • What Investors Should Watch Before Buying

  • Why These Stocks Could Remain Attractive Through 2026

  • Get Smart: Yield Is Good, But Financial Strength Is Better

🇸🇬 1H 2026: 3 Blue-Chip SGX Stocks that Outpaced the STI by 12% or More (The Smart Investor)

  • The STI ETF returned 13.1% in 1H2026. Three blue-chips more than doubled that. Here is what sets them apart from the other 27.

  • Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) returned 42.8% over the same period.

  • Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) returned 28.2%.

  • Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering returned 25.3%.

    • Why did SGX lead the field?

      • SGX runs Singapore’s only stock market.

    • What drove OCBC’s climb?

      • OCBC is Singapore’s second-largest banking group.

      • Lower rates were meant to squeeze it.

      • The bank found another way.

    • How did ST Engineering earn its spot?

      • ST Engineering builds for defence, aerospace and urban markets in more than 100 countries.

      • Demand across all three showed up in the numbers.

    • Get Smart: strong returns are backward-looking

🇸🇬 S$1,000 Every Month: 4 Singapore REITs to Build a Reliable Passive Income Stream (The Smart Investor)

  • A monthly passive income stream of S$1,000 may sound ambitious, but it becomes far more achievable when broken down into a clear investing plan.

  • What Does It Take to Generate S$1,000 a Month?

  • What Makes a REIT Suitable for Long-Term Income

  • Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF), or FCT – The Retail Income Anchor

    • FCT’s large exposure to essential retail malls in Singapore makes this REIT an attractive cornerstone for any income portfolio.

  • Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF), or MLT – The Industrial / Logistics Income Generator

    • As of 31 March 2026, MLT boasts 175 logistics properties, spanning Singapore, Australia, China and several other countries in Asia.

    • This geographical diversification is supported by a tenant base of blue-chip companies, with the largest gross revenue contribution from a single tenant siting at only 3.7%.

  • Parkway Life Real Estate Investment Trust (SGX: C2PU), or Parkway Life – The Healthcare REIT

    • Another solid defensive REIT for your consideration is the healthcare specialist, Parkway Life REIT, which owns hospitals and nursing homes.

  • Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF), or KDCREIT – The Growth-Oriented REIT

    • Our last REIT is one that boasts attractive growth prospects through its portfolio of data centres: KDCREIT.

  • How to Build Towards S$1,000 a Month

  • What Investors Should Watch

  • Get Smart: Passive Income Is a Marathon, Not a Sprint

🇸🇬 Opportunity? 3 Blue-Chip REITs That Lagged the STI by 18% or More in 1H 2026 (The Smart Investor)

  • Three blue-chip Singapore REITs fell well behind the STI in 1H 2026, but a closer look at their businesses reveals what really matters.

  • Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF), or MLT, delivered -4.9% in total returns.

  • CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF), or CLAR, came in at -8.1%.

  • Mapletree Pan Asia Commercial Trust (SGX: N2IU / OTCMKTS: MPCMF), or MPACT, posted -9.7%.

  • Are these REITs broken, or simply out of favour?

  • The answer starts by reading past the headlines.

    • Why did MLT’s DPU fall 7%?

    • Is CLAR’s silence on DPU a warning?

    • Why is MPACT’s revenue shrinking?

    • Get Smart: The market is pricing the headline, not the operations

🇸🇬 Beyond NVIDIA: 3 Singapore Stocks Powering the AI Revolution (The Smart Investor)

  • Singapore's role in the AI revolution goes beyond software, with these three stocks supporting the hardware and infrastructure powering AI growth.

    • AEM Holdings (SGX: AWX): The Gatekeeper of High-Performance Silicon Viability

      • In 2025, AEM’s revenue increased 5% to S$399.3 million, driving profit before tax up 51% to S$21.3 million, supported by the ramp-up to high-volume manufacturing by its major AI/High-Performance Computing customers.

    • Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF): Fuelling the Insatiable Appetite of the Digital Grid

      • With a portfolio that accounts for one-third of the power needs of Singapore’s data centres, Sembcorp Industries is a key power utility backbone providing reliable, high-capacity energy supplies to the country.

    • UMS Integration Ltd (SGX: 558 / OTCMKTS: UMSSF) or UMS Holdings: The Precision Components Behind Chip-Fabrication Giants

      • UMS supplies critical precision components used by Applied Materials (NASDAQ: AMAT) to build advanced chip fabrication equipment.

  • Get Smart: The Critical Infrastructure Powering Global AI

🇸🇬 3 Small-Cap SGX Stocks to Fund Your Retirement (The Smart Investor)

  • Not all dividend payouts are equal, and these three SGX small-cap stocks show what income investors can rely on for retirement.

    • Credit Bureau Asia Ltd (SGX: TCU)

      • Credit Bureau Asia (CBA) supplies credit and risk information to banks, financial institutions and government bodies across Southeast Asia.

      • It runs credit bureaus in Singapore, Cambodia and Myanmar.

      • It also sells commercial risk and business information through a partnership with Dun & Bradstreet.

    • Valuetronics Holdings (SGX: BN2 / FRA: GJ7)

      • Valuetronics is an electronics manufacturing services provider that handles design through to production for consumer and industrial customers out of China and Vietnam.

      • The payout move here is the biggest of the three.

    • Old Chang Kee (SGX: 5ML)

      • Old Chang Kee, the curry puff maker, sells its snacks through retail outlets at high-traffic spots and through delivery, catering and business supply.

    • Get Smart: A cash return is not the same as an income stream

🇸🇬 Buy or Sell? 3 Blue-Chip Stocks that Lagged the STI by 8.6% or More for June 2026 (The Smart Investor)

  • Despite decent earnings, these three Singapore blue-chip stocks significantly underperformed the STI in June 2026, prompting a closer look at their outlook.

    • Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering: Why did a record order book not lift the shares?

      • Start with the strongest business of the three.

    • Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF): Was the turnaround too slow for the market?

      • Venture handed investors a turnaround quarter.

      • The question is whether it turned fast enough.

    • City Developments Limited (SGX: C09 / FRA: CDE / OTCMKTS: CDEVY): Can profit that tripled sit beside negative cash flow?

      • City Developments (CDL) is the most nuanced case.

      • The headline looked strong, but the cash flow read differently.

    • Get Smart: A lagging share price is not the same as a failing business

🇸🇬 3 Dividend Stocks to Boost Your Savings Account (The Smart Investor)

  • Savings accounts offer stability, but inflation can quietly erode purchasing power over time. These three dividend stocks stand out for their resilient cash flow, dependable payouts, and long-term wealth-building potential.

    • Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering – A Defensive Dividend Anchor

      • When it comes to reliable income, consistency matters.

      • That is what makes ST Engineering a defensive dividend stock.

    • Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) – A Cash-Rich Compounder

      • Companies with strong balance sheets are generally in a better position to withstand unexpected shocks and downturns.

      • The Singapore Exchange (SGX) runs a light-asset business model that produces large cash flow while not utilising much capital to grow.

    • Vicom Ltd (SGX: WJP) – The Yield Tollbooth

      • Operating like a regulatory tollbooth on Singapore’s roads, VICOM Ltd (SGX: WJP) – a subsidiary of ComfortDelGro Corporation (SGX: C52 / FRA: VZ1 / VZ10 / OTCMKTS: CDGLF / CDGLY) – is a prime example of a resilient income provider.

      • The inspection player delivered strong results for 1Q2026, with net profit jumping 33.6% YoY to S$10.0 million.

    • How Dividend Stocks and Savings Can Work Together

    • Get Smart: Real Wealth Is About Building Over Time

🇹🇭 Thailand to invest US$1.99 billion in next-wave high-tech (The Asset) 🗃️

  • Sectors include AI, advanced electronics, aviation, clean energy, supply chains across Southeast Asia

  • Thailand has approved nine major investment projects worth a combined US$1.99 billion ( 66.3 billion baht ) in high-value sectors, including artificial intelligence ( AI ), advanced electronics, aviation, clean energy and food as global manufacturers reposition their supply chains across Southeast Asia.

  • The approvals, cleared during a meeting of the Thailand Board of Investment ( BoI ) chaired by Ekniti Nitithanprapas, deputy prime minister and Minister of Finance, highlight the country’s appeal to multinational corporations seeking reliable production hubs.

🇹🇭 The Greatest Global Investment Mania in modern History (Gloom, Doom & Boom)

  • My first recommendation, therefore, is to avoid the currently most popular sectors of the equity markets which include technology, social media and semiconductors.

  • More recently, with the improvement in the bond market, I also observed an improvement in interest rate sensitive stocks around the world including financials, home builders, real estate developers, utilities and REITs. I am still holding a large portfolio of Hong Kong and Singapore property stocks and REITs, and I am accumulating Thai property and related stocks such as Land and Houses PCL (SET: LH / LH-R / FRA: NVAH.F / LHOG.F), Supalai PCL (BKK: SPALI / SPALI-F / FRA: NYVL / OTCMKTS: SUPCF), Home Product Center PCL (BKK: HMPRO / HMPRO-F / OTCMKTS: HPCRF), etc.

  • As I repeatedly explained over the last year, I have also a large exposure to Thai banks including Bangkok Bank PCL (BKK: BBL / BBL-R / OTCMKTS: BKKLY / BKKPF), SCB X PCL (BKK: SCB / SCB-F / FRA: OU80 / OU8) or Siam Commercial Bank, Kasikornbank PCL (BKK: KBANK / SGX: TKKD / FRA: TFBF / OTCMKTS: KPCPY / KPCPF), Krung Thai Bank PCL (BKK: KTB / FRA: KTB1 / OTCMKTS: KGTFF / KTHAF / KGTFY) or KTB, etc. Even failed states can enter bull markets once foreign fund managers have liquidated their positions. The Thai stock market is up year-to-date 18% in US dollar terms. I continue to believe that a bull market is underway, which could lift stocks by another 50% over the next two years

🇹🇭 Thailand’s stimulus package (Asian Century Stocks) $

  • The Bhumjaithai Party’s impact on economic growth and Thai equities

  • In his latest Gloom, Doom & Boom report, Marc Faber revealed that he is accumulating Thai property stocks, which tend to be sensitive to the credit cycle.

  • Thailand has been suffering from a multi-year downturn in credit growth:

  • However, there are signs that the credit cycle is finally turning. The new Bhumjaithai government is pushing for a THB 400 billion stimulus package. And loan growth finally turned positive in the first quarter of 2026.

  • I’ll discuss the Thai macro backdrop, why the cycle might be turning and what type of companies might be benefitting from a turnaround.

🇮🇳 India / South Asia / Central Asia

🇮🇳 ICICI Bank: Staying Positive After Policy Tailwind And Optimistic Q1 Outlook (Seeking Alpha) $⛔

  • 🌐 ICICI Bank (NYSE: IBN) - MNC bank & financial services. Wide range of banking & financial services for corporate & retail customers. 🇼 🏷️

🇮🇳 Wipro: Spotlight On Buybacks And Peer Read-Across (Seeking Alpha) $⛔

🇮🇳 Genpact Limited: Great Value At Current Price (Seeking Alpha) $⛔

  • 🌐 Genpact (NYSE: G) 🇧🇲 - IT services, consulting & outsourcing. NYC HQ. 🇼

🇮🇳 BlackBuck Ltd.: From Trucker’s App to Platform Profit Machine (Smartkarma) $

  • Blackbuck Ltd (NSE: BLACKBUCK / BOM: 544288) is India’s largest digital trucking platform. In FY26, revenue grew 53% to INR 651.9 crore and PAT turned positive at INR 160.3 crore.

  • The platform serves 8.18 lakh monthly truckers, with INR 25,905 crore tolling GTV. High-margin operations and cross-sell deepen the platform advantage.

  • BlackBuck has moved from turnaround to profitable scale-up. The next test is whether SuperLoads and vehicle finance can become meaningful standalone growth engines.

🇮🇳 Swiggy: Discipline Over Discounting Becomes the Real Story (Smartkarma) $

  • Swiggy Ltd (NSE: SWIGGY / BOM: 544285)’s management reiterated that durable competitive advantage will come from differentiated propositions, not aggressive price-led customer acquisition.

  • The debate is shifting from pure order growth to quality of growth - retention, basket size, monetization, and network utilization.

  • The key swing factor is whether quick commerce can move from cash-consuming scale-up to contribution breakeven without losing relevance.

🇮🇳 Knack Packaging IPO: Inside the Growth Story of a PLWPP Packaging Manufacturer (Smartkarma) $

[Knack Packaging Ltd (NSE: KNACK / BOM: 544814)]

  • The Rs. 439.5 crore IPO closed with heavy demand. Overall subscription was reported at ~83.3x, led by QIB and NII demand.

  • Knack sits in the branded bulk packaging shift: PLWPP bags, export customers, integrated manufacturing, and an estimated 10.1% share in India’s flexible bulk PLWPP market.

  • The IPO is not a deep-value issue at ~22.4x FY26 earnings, so future performance will depend on how efficiently the company scales capacity, manages working capital, and sustains margins.

🇮🇳 Datamatics Global Services: From BPM Legacy to AI-Led Transformation (Smartkarma) $

  • Datamatics Global Services Ltd (NSE: DATAMATICS / BOM: 532528) is a Mumbai-based digital technologies, operations and experiences company. FY26 revenue grew 15.3% to INR 1,987.2 crore, EBITDA margin touched 18.7%.

  • The business is shifting toward AI-led automation, content workflows, underwriting, enterprise transformation and Lumina/TNQ synergies, improving platform depth and margin profile.

  • The key test is durability: sustained organic growth, high-teens margins, AI monetisation, cash conversion and clean earnings conversion will decide the re-rating case.

🇮🇳 MosChip Technologies: Building India’s Semiconductor Design Engine (Smartkarma) $

  • Moschip Technologies Ltd (NSE: MOSCHIP / BOM: 532407), a semiconductor and product engineering company, reported FY26 revenue of INR 585.15 crore, up 25.34% YoY, led by silicon engineering momentum.

  • The company is scaling across ASIC design, product engineering, AI/ML, FPGA and validation services, aligning with India’s growing semiconductor design opportunity.

  • Growth visibility is improving, but margin recovery, working-capital discipline and Smart Energy Meter IC milestones remain key monitorables for FY27.

🇰🇿 Kaspi.kz: Building The Future Of Digital Commerce (Seeking Alpha) $⛔

  • 🇰🇿 KASPI (NASDAQ: KSPI / LON: 80TE / FRA: KKS) - Payments Platform, Marketplace Platform & Fintech Platform. 🇼

🇰🇿 The Ultimate Value Proposition: Kaspi (TheCatalyst)

  • KASPI (NASDAQ: KSPI / LON: 80TE / FRA: KKS) is a one of a kind company. I can’t think of another business that provides more value for its users. Here is how they do it and capture it and maintain it and how it could be disrupted.

  • Verdict

    • Kaspi has an insane value prop for its users and the business risks don’t seem to be a big deal in my opinion. The biggest risks are simply the regulatory environment they operate in and the risks of inflation and recessions in Kazakhstan and Türkiye. The question is can the quality of the business outweigh the risks of the macro environment. In another article I will go more in depth on the business, management, and valuation. NFA.

🇰🇿 Yellow Cake: Great Value And The Company Is Finally Buying Back Its Shares (Seeking Alpha) $⛔

  • 🇰🇿 Yellow Cake PLC (LON: YCA / FRA: 0LZ / OTCMKTS: YLLXF) - Physical holding of uranium oxide concentrate (U3O8) & uranium-related commercial activities.

🌍 Middle East

🇮🇱 Teva Pharmaceutical Industries Limited (TEVA) Discusses Anti-IL-15 Antibody Phase Ib 24-Week Efficacy Results in Vitiligo and Planned Advancement to Phase 2b - Slideshow (Seeking Alpha)

🇮🇱 Mobileye: Waiting For The 2027 Inflection Point (Seeking Alpha) $⛔

  • 🌐 Mobileye Global (NASDAQ: MBLY) - Advanced driver assistance systems (ADAS) & autonomous driving technologies. 🇼

🇸🇦 🇦🇪 Saudi Arabia blocking payments to UAE accounts, businesses say (FT) $ 🗃️

  • Transfers from kingdom to companies and individuals in Dubai repeatedly returned or delayed in a sign of economic tension

  • Multiple people told the FT that payments from Saudi entities to the UAE accounts of companies and individuals based in Dubai had since May either been returned or delayed by the kingdom’s banks, without any clear explanation.

🌍 Africa

🌍 Cocoa Prices Rally As Jefferies Warns Of “Perfect Storm” In West Africa (ZeroHedge)

  • Cocoa futures in New York have doubled since the start of March and have now climbed back toward levels not seen since late 2025, around $6,000 a ton, as Jefferies analysts warn that a "perfect storm's a-brewing" across West Africa, the world's top cocoa-farming region.

  • Jefferies analyst Scott Marks wrote in a note on Tuesday that new weather concerns center on Ivory Coast and Ghana, the world's top cocoa-growing regions.

🇿🇦 🇸🇬 Karooooo: Why I own an expensive stock (Gustav)

  • From South Africa to the world. Hard to spell, even harder to ignore. My rulebreaker.

  • Karooooo (NASDAQ: KARO / JSE: KRO) is the market leader in South Africa (+40% market share). It is a tech company, so things can change, but the market structure in fleet management/telematics seems likely to end up being oligopolistic with a few big players, as in South Africa today. South Africa is a mature market, but there is still a good amount of growth left. The bigger long-term growth engine, however, is ASEAN.

  • Their simple plan is to replicate the South African success in ASEAN. And they could do it. Not many global companies focus on this area. Most focus on the US and to a lesser extent Europe. Karooooo is also a vertically integrated low-cost provider, which is another thing that makes them different. They have a good chance of succeeding because they are focused, early, and own the customer. Growth will also come from Europe and South Africa, but ASEAN is clearly most important in the long term.

🌍 Eastern Europe & Emerging Europe

🇵🇱 LPP SA 2027 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

  • 🌍 LPP SA (WSE: LPP / FRA: 1RY) - Polish family company that dresses customers in nearly 40 global markets. Largest fashion company in Central & Eastern Europe. 5 clothing brands: Reserved, Cropp, House, Mohito & Sinsay. 🇼 🏷️

🇷🇺 Eurasia Mining – 20-100x if Trump vies for Russian Arctic minerals? (Undervalued Shares)

  • In November 2025, I published an in-depth article about London-listed Eurasia Mining PLC (LON: EUA / FRA: EUH) [Eurasia Mining – 1,000% from selling Russian assets?].

  • The British company owns mining assets in Russia. The PLC itself is not an entity connected to Russia according to UK rules and regulations, and it is not subject to sanctions. However, its Russian operations are naturally affected by the sanctions regime against Russia, and the stock is affected by geopolitics.

  • Few London-listed stocks have been as volatile. It lost 98% on decades-long exploration lead time, then rose quickly by 90x on successful production start and plans to sell the assets, only to lose 97% again on extreme fear due to geopolitics.

  • At the time, I didn’t have a strong view on the stock, but suggested taking a closer look should the share price ever fall back to 2 pence.

  • It’s now returned to 2.4 pence – almost at that level.

🌎 Latin America

🌎 First Quantum Minerals: The Political Scar Is Becoming A Re-Rating Option (Seeking Alpha) $⛔

  • 🌐 First Quantum Minerals Ltd (TSE: FM / FRA: IZ1 / OTCMKTS: FQVLF) - High-quality, low-cost copper mines. Kansanshi (Africa) & Cobre Panama. Copper & nickel projects in Africa & Australia. Gold, zinc & cobalt. 🇼

🌎 MercadoLibre: Near-Term Margin Pressure Creates A Buying Opportunity (Seeking Alpha) $⛔

🌎 Why I Made MercadoLibre My Third Largest Position (Seeking Alpha) $⛔

🌎 MercadoLibre Deep Dive: One of the Best Ecosystems in the Market

  • Why MercadoLibre (NASDAQ: MELI) is much more than the “Amazon of Latin America”

  • When most people hear MercadoLibre, they probably think of it as the Amazon of Latin America. That is how I thought about the company too, but after digging deeper, that description feels way too simple.

  • The marketplace is the part everyone knows, but MercadoLibre has built so much around it. The company now has its own payment platform, delivery network, credit cards, loans, advertising tools, and membership program. It is not only a place where people shop. For a lot of customers and businesses, MercadoLibre is becoming part of how they pay, get paid, borrow money, ship products, and grow.

🌎 Is insider buying a signal if the insiders are always wrong? (Yet Another Value Blog)

  • So, try as I might, I just couldn’t hold off on writing about the current quirky situation that’s happening over at Liberty Latin America Ltd (NASDAQ: LILA / LILAK). It’s just too fascinating not to! The setup involves an abandoned related party deal, a distribution of preferred stock, some massive insider buying.... and an eerie rhyme with a Malone deal that just ended in bankruptcy court. On top of the fascinating setup, I think the LILAK situation raises some interesting questions. Namely, if insiders have been consistently bullish and wrong for years, is there ever a time you can trust their bullish signals?

  • But I’m getting ahead of myself with that question. Let’s rewind and set the stage for the situation.

🇦🇷 Adecoagro: The Harvest Is Over, Now It’s Time For Patience (Rating Upgrade) (Seeking Alpha) $⛔

  • 🇦🇷 🇧🇷 🇺🇾 Adecoagro Sa (NYSE: AGRO) - Luxembourg HQ’s agro industrial company that produces & manufactures food & renewable energy. 3 segments: Farming; Sugar, Ethanol & Energy; & Land Transformation. 🏷️

🇧🇷 Vale’s corporate governance battle intensifies as chair steps down (FT) $ 🗃️

  • Daniel Stieler leaves Brazilian mining group amid warnings of possible political interference in boardroom process

  • Vale (NYSE: VALE)’s chair Daniel Stieler resigned with immediate effect on Monday, just weeks after the board rejected a proposal to replace him by the group’s largest domestic investor, the pension fund Previ.

🇧🇷 Sigma Lithium: A Low-Cost Producer About To Triple Production By 2027 (Seeking Alpha) $⛔

🇧🇷 Banco Santander (Brasil): It’s Not Time To Buy Yet! (Seeking Alpha) $⛔

🇧🇷 Nu Holdings: The Growth Runway Is Huge, The Risks Are Real (Seeking Alpha) $⛔

🇧🇷 Nu Holdings: Soaring NII Growth, Profitable And Cheap (Seeking Alpha) $⛔

🇧🇷 Nu Holdings: Cheap For No Good Reason (Seeking Alpha) $⛔

🇧🇷 Sabesp: Still One Of Brazil’s Best Execution Stories (Seeking Alpha) $⛔

🇨🇱 Antofagasta: The Market Is Underpricing The Copper NAV Conversion (Seeking Alpha) $⛔

🇲🇽 Volaris: A Discounted Airline With Turnaround Potential (Seeking Alpha) $⛔

🇵🇪 Does Keiko Fujimori make it through her term? (Latin America Risk Report)

  • The new president’s biggest advantage is that Keiko Fujimori isn’t conspiring to remove her from office.

  • The short answer to whether Peru’s new president is removed early comes down to which of the following two statements is correct:

    • Fujimori is forced out like every other Peruvian president.

    • Fujimori makes it through her term because she is the exception due to her control of the legislature and political system.

    Variables playing against Fujimori’s stability:

🌐 Global

🌐 Strongest El Nino In 75 Years Sets Off Food Supply-Chain Alarm Bells (ZeroHedge)

  • The US Climate Prediction Center has warned that the weather phenomenon El Niño, which only recently emerged across the Pacific, could become the most powerful in more than 75 years. This raises the risk of adverse weather conditions across the US, Asia, Australia, and South America. The stronger the weather event becomes, the greater the threat to critical food supply chains, which are already vulnerable to drought, flooding, export restrictions, and rising protectionism.

  • The CPC, a NOAA/National Weather Service unit that issues official US government climate outlooks, wrote in its report that sea-surface temperatures at least 1C above normal have spread across the central and eastern equatorial Pacific, with an 81% chance the event becomes “very strong” and ranks among the largest on record since 1950. Some parts of the Pacific were 2.7C above normal last week.

🌐 The Panama Canal Trade: How to Bet on a Strong El Niño (TheOldEconomy Substack)

  • Here is the Panama Canal tradе in a nutshell:

Strong El Niño → Gatun Lake drought → VLGCs diverting through COGH → increased “mile” demand coupled with robust “tonne” demand → higher earnings → higher asset values → higher stock prices

  • But why exactly VLGCs and not, for example, Capesize bulkers?

  • Not all ships are created equal, even within a single category.

🌐 Nebius Is Quietly Dominating CoreWeave And IREN: Here’s Why (Seeking Alpha) $⛔

🌐 Nebius: Staying Positive Despite Recent Weakness (Seeking Alpha) $⛔

🌐 Nebius: Why I’m Buying The Meta Compute Panic (Seeking Alpha) $⛔

🌐 Nebius: Why The Meta Selloff Is A Massive Misunderstanding (Seeking Alpha) $⛔

🌐 Nebius: Meta Anxiety Gift (Seeking Alpha) $⛔

🌐 Nebius’ Explosive Growth May Be A Massive Trap: $20B+ Capex, Dilution, And AI Deflation Incoming (Sell) (Seeking Alpha) $⛔

  • 🌐 Nebius Group NV (NASDAQ: NBIS) - AI-centric cloud platform built for intensive AI workloads. Sold Yandex to a consortium of Russian investors. Retains several businesses outside of Russia. 🇼 🏷️

🌐 The 2026 Nebius ($NBIS) AI Discovery Award: Who Won, and Why It Matters to Investors (The Macro and Equity Notes)

  • If you’ve been tracking Nebius Group NV (NASDAQ: NBIS) mainly as a GPU-cloud story, you might have missed a smaller but telling data point from this week: on July 1st, the company handed out its second annual AI Discovery Award in London, recognizing 20 companies building AI products across biopharma, genomics, digital health, medical devices, and medical imaging. It’s not a headline-moving event for the stock, but it’s a useful window into where AI-driven healthcare innovation and Nebius’s own customer pipeline is heading. AKA who are the early adaptors of AI and will benefit once the pics and shovels trade is over.

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📅 Earnings Calendar

Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):

World Map

📅 Economic Calendar

Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).

🗳️ Election Calendar

Frontier and emerging market highlights (from IFES’s Election Guide calendar):

📅 Emerging Market IPO Calendar/Pipeline

Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):

Ticketplus TP Bancroft Capital/Roth Capital/MDB Capital Group, 1.8M Shares, $13.00-15.00, $25.0 mil, 7/13/2026 Week of

(Incorporated in the Cayman Islands)
We are a Latin American marketplace for live event tickets and we also provide event software. We provide a full-stack event platform for the live entertainment industry in Latin America.
We are a technology company focused on powering the live entertainment industry across Latin America. We provide a proprietary, full-stack event platform that supports event discovery, primary ticketing, access control, payments, analytics, and post-event insights for promoters, venues, sports organizations, and ticketing companies. Since our founding in 2014 in Chile, we have expanded through a dual business model strategy: (1) a full-operations model in Chile, our home market, where we act as the primary ticketing platform and deliver end-to-end infrastructure and services and (2) a white-label software-as-a-service, or SaaS, model where we license our platform to regional ticketing companies, venues, and promoters who operate under their own brands while using our technology. Our platform is designed to increase attendance and maximize revenue for our clients by combining reliable transaction processing with data-driven pricing, personalization, and conversion-optimized experiences.
We believe the Latin American live events market represents one of the most attractive growth opportunities globally, with smart ticketing (as defined below) adoption outpacing global averages and a market structure that remains highly fragmented versus North America and Europe. We believe our technology, localized operating expertise, and flexible commercial models position us to capture a greater share of the region’s expanding value, while our capital-light white-label business will enable rapid, margin-accretive expansion.
The term “smart ticketing” refers to the integration of digital technology platforms across the full lifecycle of live event management, from event creation, inventory management, and dynamic pricing through distribution, transaction processing, real-time access control, cashless payments, and post-event analytics. Unlike traditional ticketing systems, which rely on physical tickets or basic online distribution with limited data capture and minimal operational integration, smart ticketing platforms are built on cloud infrastructure with mobile-first interfaces, QR code or NFC validation, multi-channel payment processing, AI-driven demand forecasting, and integrated operational tools that provide end-to-end event management capabilities. We use the term “smart ticketing market” to describe the segment of the broader live events industry that has adopted or is transitioning to these technology-enabled, data-driven platform solutions.
We do not compete on scale alone, but on adaptability and infrastructure depth. The Company’s model is designed to operate where global incumbents face structural limitations, combining global-grade technology with local market understanding and operational flexibility. Ticketplus seeks to position itself as the underlying infrastructure of the live entertainment industry in Latin America, with the ambition to extend this role globally. The Company’s expansion strategy is designed to begin leveraging its existing white-label ecosystem to identify consolidation and acquisition opportunities among operators already running on its platform. This approach is intended to significantly reduce integration and diligence risk, while reinforcing capital efficiency and scalability.
We believe with our robust technological foundation, proven scalability, and a growing data-driven ecosystem, we are positioned to become one of the leading technology platforms emerging from Latin America in the global capital markets—representing the convergence of engineering, live entertainment, and digital transformation.
Note: Revenue is for the 12 months that ended March 31, 2026.

Tarsier Pharma TARX Konik Capital Partners (A Division of T.R. Winston), 5.0M Shares, $8.00-10.00, $45.0 mil, 7/15/2026 Wednesday

(Incorporated in Israel)
We are a Phase 3 biotech developing steroid-free therapies to treat autoimmune and inflammatory eye diseases that can cause blindness. We are based in Israel.
Our leading drug candidates are based on dazdotuftide to treat non-infectious anterior uveitis without using steroids, which can increase the risk of glaucoma. We are developing an eye drop, known as TRS01, and an injectable drug, known as TRS02, to decrease inflammation without risking the side effects of steroids.
Ocular inflammations are a group of diseases affecting the front and back of the eye. Non-infectious anterior and posterior uveitis are the most known ocular inflammatory diseases. However, ocular inflammation is a critical underlying mechanism in the pathology of other inflammatory eye diseases, such as non-evaporative dry eye, diabetic macular edema (DME), and dry age-related macular degeneration (AMD). Hundreds of millions of people in all age groups are suffering from ocular inflammatory diseases worldwide, conditions that pose severe risks of vision loss and blindness.
(Note: Tarsier Pharma disclosed the terms for its small IPO on May 18, 2026, in an F-1/A filing: 5 million shares at a price range of $8.00 to $10.00 to raise $45 million. This is an NYSE-American Exchange listing.)

MetaOptics (Uplisting) MOT Roth Capital Partners/The Benchmark Company, 3.0M Shares, $5.00-7.00, $18.0 mil, 7/20/2026 Week of

Note: This is NOT an IPO. This is a NASDAQ Uplisting – a public offering – from the Singapore Stock Exchange, where MetaOptics’ ordinary shares have been listed on the Catalist of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) since Sept. 9, 2025, under the ticker symbol “9MT” – according to the prospectus.
(Incorporated in the Cayman Islands)
We are a Singapore-based company that designs and manufactures metalenses – ultra-thin flat optical lenses that are smaller, lighter and more power efficient than traditional curved lenses.
Making Miniaturization Possible is our mission.
Note: MetaOptics says its metalens technology accommodates the demand for smaller and lighter lenses in smartphones, automotive technology and other uses.
From the prospectus:
We are a vertically integrated metalens technology company, combining core competencies across metalens equipment, foundry, products, and metaoptics artificial intelligence (“AI”). We conduct our operations through our wholly-owned subsidiaries in Singapore and the United States.
Metalenses are ultra-thin flat-surface lenses which are smaller, lighter, consume less power, and offer a wider field of view, compared to conventional optical lenses. The unique flatness of metalenses enables the correction of optical defects, delivering reasonable quality color images. Leveraging our AI-based algorithm and processing software, which incorporates several advanced algorithms to enhance the optical design and image processing, our metalens technology can further sharpen the images to achieve higher resolution and enhanced image quality, and allow users to manipulate the individual red, green and blue (“RGB”) channels to edit the color images through computational reconstruction. We believe that our innovations have transformative potential in shaping next-generation optical systems.
Our operations are centered on the design and manufacture of metalenses and metalens prototypes, and to demonstrate the viability, efficacy, applications and use cases of our metalenses, we have expanded our operations to include the development of metalens camera modules and metalens Internet of Things (“IoT”) products, such as infrared metalens cameras, pico projectors, and IoT metalens color cameras. Our metalenses have also been integrated into a wide range of applications by our customers, including fifth generation (“5G”) smartphones, contactless three-dimensional (“3D”) biometric modules, projectors, and for industrial applications such as IoT devices, light detection and ranging (“LiDAR”) devices and heads-up displays (“HUDs”) for planes and self-driving cars, and augmented reality/virtual reality (“AR/VR”) devices. To date, although we have achieved mass production capabilities for our metalens prototypes (“mass production” in our perspective refers to the shipment of one million metalens units per year), we have not yet received a critical mass of purchase orders from our customers necessitating mass production of our metalenses.
To facilitate small-scale production of our metalenses to fulfil purchase orders, reduce concentration risk and diversify our supply chain, and to demonstrate the manufacturing capabilities for our metalenses, we also design and produce equipment for the manufacture of metalenses, in particular 4-inch direct laser writers (“DLWs”). Our 4-inch DLWs enable our customers to revise specifications and design of metalenses directly, reducing the lead time and providing for a shorter turnaround time from prototyping to testing and deployment into end products. In addition, our metalens equipment offerings have grown to include the design and production of metalens automatic testers, for use by our customers to ensure quality control of metalenses prior to shipment. These capabilities enable us to serve as a one-stop provider of metalens and metalens IoT products, offer customers comprehensive end-to-end services, and preserve and grow our competitive advantage in the industry.
We offer our products to manufacturers of automotives, AR/VR devices, consumer electronic appliances, end-customers, and traders for the distribution of such products. While we offer our products worldwide, our existing customers for metalens equipment, metalenses and IoT products are mainly located in Singapore, Japan, South Korea, China, Taiwan, the United States, and several countries in Europe.
We intend to use the net proceeds from this offering primarily to support our expansion plans in the United States. See “Use of Proceeds.”
Note: Net loss and revenue are in U.S. dollars (converted from Singapore dollars) for the year that ended Dec. 31, 2025.
(Note: MetaOptics cut its NASDAQ Uplisting deal’s size to 3 million American Depositary Shares (ADS) – down from 4 million ADS – and disclosed a price range of $5.00 to $7.00 – a change from the assumed price of $8.15 per share – to raise $18 million, according to an F-1/A filing dated June 10, 2026. Each ADS equals 12 ordinary shares.)
(Background: MetaOptics disclosed the terms for its NASDAQ Uplisting – a small public offering – on May 18, 2026, in an F-1/A filing: 4 million ADS at an assumed price of $8.15 to raise $32.6 million. The price – $8.15 – is the as-converted last price of MetaOptics’ shares on May 15, 2026, on the Singapore Exchange. Initial Filing: MetaOptics filed its F-1 for its uplisting to the NASDAQ – an offering that MetaOptics calls its IPO – on May, 4, 2026, without disclosing the terms. MetaOptics’ stock is listed on the Singapore Stock Exchange under the ticker “9MT” – according to the prospectus. Estimated proceeds for the NASDAQ uplisting – public offering – were up to $23 million.)

Web3Labs Global Inc. MDAT Eddid Securities USA, 6.3M Shares, $4.00-5.00, $28.1 mil, 7/27/2026 Week of

(Incorporated in the Cayman Islands)
We are a Hong Kong-based company that provides Web3-related business services to support blockchain companies and decentralized tech enterprises, including start-ups.
We aim to create a Web3 entrepreneurial platform through diverse services, investment acceleration, and technical collaboration.
We are an innovative Hong Kong-based Web3 service provider dedicated to empowering enterprises including start-ups in the blockchain space through comprehensive, tailored support. Web3 ecosystem refers to industries focused on the decentralized evolution of the internet, powered by blockchain technology, enabling user-owned data, peer-to-peer transactions, and trustless systems without intermediaries. We seek to promote the adoption of and commercialization of decentralized solutions by facilitating a robust ecosystem of resources, expertise, and opportunities. Since our inception, we have supported many enterprises in Web3 including many start-ups with incubation, consultation and operational services, and are working to establish an active presence through regional hubs in Asia. By fostering innovation, collaboration, and compliance, we seek to serve as a catalyst for the growth of the blockchain industry in Asia, helping enterprises transform forward-thinking ideas into scalable realities.
Our comprehensive service offerings in the Web3 ecosystem primarily include (i) strategic consulting services (such as producing feasibility reports and consultation regarding business models in the Web3 industry), (ii) acceleration program management services, where we bridge early-stage companies to blockchain infrastructures, bolstering the companies’ development in their applications including decentralized solutions and their commercialization through token generation events and market integration, and (iii) general business services including marketing, market research and other business consulting services provided to third-party startup entities (such as market trend analysis and marketing strategy support, coordination of collaboration opportunities, which serve to facilitate such early-stage companies in accessing infrastructure, industry resources, and applicable policies). We provide companies with services from the formation of a start-up through later stages of corporate development, and we are dedicated to helping companies establish their presence in Hong Kong.
As of the date of this prospectus, we have established relationships with eight public blockchains (a decentralized and open network that allows anyone to participate, read, and write data without requiring permission from a central authority) and an affiliate of another public blockchain in the Web3 ecosystem, including Neo, Zetrix, Ton, Mango, and Plume.
In addition, we aim to create a dynamic ecosystem that connects enterprises, investors, and regulators through venues including policy forums (such as the co-hosted real-world assets (“RWA”) policy forum) and advisory reports, aiming to promote the integration of decentralized technologies with traditional industries. This vision drives our efforts to foster sustainable growth and global connectivity for Web3 enterprises.
In the face of global technological competition in the cryptocurrency ecosystem, we strive to stay at the forefront of the market and have a deep understanding of the needs and challenges of entrepreneurs in the Web3 ecosystem. We are dedicated to facilitating a legitimate, comprehensive, professional, and in-depth entrepreneurial environment in the Web3 economy.
Note: Revenue is in U.S. dollars for the 12 months that ended Dec. 31, 2025.
(Note: Web3Labs Global Inc. filed its F-1 on May 13, 2026, for its IPO and disclosed the terms: 6.25 million shares at a price range of $4.00 to $5.00 to raise $28.13 million, if priced at the $4.50 mid-point of its range.)

🏁 Emerging Market ETF Launches

Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:

🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).

I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.

Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.

Emerging Market Links + The Week Ahead (July 13, 2026) was also published on our website under the Newsletter category.

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]]><![CDATA[EM Fund Stock Picks & Country Commentaries (July 12, 2026)]]>https://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-commentary-july-12-2026https://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-commentary-july-12-2026Sun, 12 Jul 2026 16:48:02 GMTAs of mid July, some June/Q2 fund updates (our continuously updated post containing all funds is here) have become available along with new emerging market research starting with some non-EM pieces:

🗄️ Fund documents / updates; ⚠️ Disclosures or restricted access e.g. based on your location, investor status, etc.; 🇼 Wikipedia page; 🔬 Research analysis (including articles/blog posts from fund managers, etc.); 🎥 Video; 🎙️ Podcast; 🎬 Webinar; 📝 Transcript; 📰 Newspaper/magazine article; 📯 Press release; 💻 Substack/blog/website article; ✅ Our own posts; 🗃️ Linked archived article; ⏰ Upcoming webinar or event.
📈 Contributors; 📉 Detractors; 🏧 Transactions; 🚩Discusses/mentions stocks by name.
Disclaimer: We usually use Deepseek to summarize or extract stock names and assign performance emojis. Like all AI, Deepseek is not perfect and regularly adjusts their model which can lead to mistakes/misunderstandings/misinterpretations of the data its given. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content.

🌏 New Asia Fund Documents & Research

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]]><![CDATA[EM Fund Stock Picks & Country Commentaries (Africa Funds)]]>https://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-and-country-commentaries-africa-fundshttps://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-and-country-commentaries-africa-fundsSun, 12 Jul 2026 10:00:48 GMTThis post covers the Africa Funds section for our EM Fund Stock Picks & Country Commentaries posts emailed weekly and the main evergreen post for that containing the full table of contents.

Note: On February 16, 2025, the original evergreen post got hopelessly trapped in a savings loop while editing after (likely) hitting a Substack character, length, or memory limit. The post had to be copied, unpublished/deleted, edited with fewer words/characters/imbeds, and then republished... The following week, the save limit was hit again BUT with a warning - forcing the splitting up of the main post into separate posts while the ensuring links in the main evergreen post’s table of contents go to the right post and section…:

And as always, this post is provided for informational purposes only (and to make your life easier…). It does not constitute investment advice and/or a recommendation…

Note that a ⚠️ symbol indicates a fund or fund website might be restricted to certain types of investors or investors in specific locations - please be mindful of any disclosure popups or restrictions if you click on a link going to their homepages. We also avoid directly quoting from fund literature or directly linking to PDF, etc. type files where there might not be a disclosure popup that otherwise would appear when accessing the rest of the website.

Contents of this Post

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]]><![CDATA[EM Fund Stock Picks & Country Commentaries (Frontier Market Funds)]]>https://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-and-country-commentaries-frontier-market-fundshttps://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-and-country-commentaries-frontier-market-fundsFri, 10 Jul 2026 17:50:40 GMTThis post covers the Various Frontier Market Focused Funds section for our EM Fund Stock Picks & Country Commentaries posts emailed weekly and the main evergreen post for that containing the full table of contents.

Note: On February 16, 2025, the original evergreen post got hopelessly trapped in a savings loop while editing after (likely) hitting a Substack character, length, or memory limit. The post had to be copied, unpublished/deleted, edited with fewer words/characters/imbeds, and then republished... The following week, the save limit was hit again BUT with a warning - forcing the splitting up of the main post into separate posts while the ensuring links in the main evergreen post’s table of contents go to the right post and section…:

And as always, this post is provided for informational purposes only (and to make your life easier…). It does not constitute investment advice and/or a recommendation…

Note that a ⚠️ symbol indicates a fund or fund website might be restricted to certain types of investors or investors in specific locations - please be mindful of any disclosure popups or restrictions if you click on a link going to their homepages. We also avoid directly quoting from fund literature or directly linking to PDF, etc. type files where there might not be a disclosure popup that otherwise would appear when accessing the rest of the website.

Contents

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]]><![CDATA[EM Fund Stock Picks & Country Commentaries (Emerging Market Funds)]]>https://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-and-country-commentaries-emerging-frontier-market-fundshttps://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-and-country-commentaries-emerging-frontier-market-fundsFri, 10 Jul 2026 10:17:00 GMTThis post covers the Various Emerging Market Focused Funds section for our EM Fund Stock Picks & Country Commentaries posts emailed weekly and the main evergreen post for that containing the full table of contents.

Note: On February 16, 2025, the original evergreen post got hopelessly trapped in a savings loop while editing after (likely) hitting a Substack character, length, or memory limit. The post had to be copied, unpublished/deleted, edited with fewer words/characters/imbeds, and then republished... The following week, the save limit was hit again BUT with a warning - forcing the splitting up of the main post into separate posts while the ensuring links in the main evergreen post’s table of contents go to the right post and section…:

And as always, this post is provided for informational purposes only (and to make your life easier…). It does not constitute investment advice and/or a recommendation…

Note that a ⚠️ symbol indicates a fund or fund website might be restricted to certain types of investors or investors in specific locations - please be mindful of any disclosure popups or restrictions if you click on a link going to their homepages. We also avoid directly quoting from fund literature or directly linking to PDF, etc. type files where there might not be a disclosure popup that otherwise would appear when accessing the rest of the website.

Contents

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]]><![CDATA[Emerging Market Links + The Week Ahead (July 6, 2026)]]>https://emergingmarketskeptic.substack.com/p/emerging-markets-week-july-6-2026https://emergingmarketskeptic.substack.com/p/emerging-markets-week-july-6-2026Mon, 06 Jul 2026 17:03:27 GMTThe AI bubble is increasingly swallowing whole sectors and financial markets around the world as Caixin has reported that China’s AI Frenzy Drives Massive Chasm in Mutual Fund Returns and the AI Frenzy Crowns Electronics as China’s Biggest Stock Sector:

  • A historic pivot toward computing power in China’s equity markets has created a stark divide, with top artificial intelligence-focused mutual funds outperforming traditional portfolios in returns by more than 200 percentage points during the first half of the year.

  • The tech-heavy STAR 50 Index surged 64% as AI euphoria reshaped market hierarchies. The electronics sector eclipsed banks to become the largest in the Chinese mainland market by total capitalization.

In addition, China Financial Stocks Slump Despite Massive Dividend Payout:

  • Chinese mainland-listed financial companies have earmarked more than 800 billion yuan ($118 billion) in cash dividends for 2025, but the sector continues to slump as the technology industry siphons off market liquidity.

  • The stark divergence underscores deep investor apathy toward traditional stocks. Despite the massive payouts, mainland-listed banks have dropped an average of about 9% this year, while four of the five listed insurers have plunged more than 20%.

Anybody who remembers the dot.com bubble (or has read about the tulip, railroad, Florida land, US housing, etc. bubbles in the distant past) knows how this will eventually end. And with China still grappling with the fallout from the property bubble, the last thing the country needs is an AI bubble on top of it…

🔬 Emerging Market Fund Stock Picks + Stock Pick Tear Sheets

$ = behind a paywall

📰🔬 Emerging Market Stock Picks / Stock Research

$ = Behind a paywall / 🗃️ = Link to an archived article (Note: Seeking Alpha earnings/conference etc. presentations are typically not paywalled) / ⛔ = Article archiving may not be working properly

🌏 Asia

🌏 Fuel prices, Middle-East conflict are macro challenges for Asia-Pacific gaming in next 12 months: S&P Global (GGRAsia)

  • The Asia-Pacific gaming sector is likely to experience “moderate demand amid macro challenges” over the next 12 months, says credit specialist S&P Global in a third-quarter roundup of industrial sectors in the region.

  • “If high oil prices persist, travel demand may soften as consumers cut discretionary leisure spending,” suggested the sectoral summary from primary credit analyst Flora Chang, based in Hong Kong.

  • She added: “Gaming demand from the more price-sensitive base mass players would be more affected than premium mass or VIP.”

  • She further noted that Wynn Resorts Ltd (NASDAQ: WYNN) could also be affected by geopolitics: “If regional conflicts continue, it could delay projects or raise doubt on long-term operational safety in its United Arab Emirates (UAE) property.”

🌏 GGR in Asia to grow around 5pct over next 18 months, but with variations from market to market: Moody’s (GGRAsia)

  • Moody’s Ratings expects gaming revenue across Asia to grow by around 5 percent to 6 percent over the next 12 to 18 months. However, the ratings agency warns that the pace of expansion is likely to vary by market, depending on the sensitivity of each market’s core customers to fuel-price changes.

  • “Gaming revenue will continue to grow moderately, though uncertainty over fuel prices will have a lesser impact on demand within Macau than in Southeast Asia,” Moody’s said in a sector in-depth report on the region’s casino gaming industry, released on Tuesday.

  • The ratings agency forecast that Macau’s casino sector would lead regional growth, “while Southeast Asia’s growth will moderate”.

🌏 Vietnam, Macau to lead Asia-Pacific tourist arrival growth in period up 2027: PATA (GGRAsia)

  • Vietnam and Macau – two jurisdictions boasting sizeable casino industries – are expected to post the fastest growth in tourist arrivals in the Asia-Pacific region across the period from 2025 to 2027.

  • That is according to the “PATA Asia Pacific Visitor Forecasts 2026-2028: Mid-Year Update”. The report was produced by the Pacific Asia Travel Association (PATA) in collaboration with the Research Centre for Digital Transformation of Tourism at the School of Hotel and Tourism Management of The Hong Kong Polytechnic University.

  • One of the report’s findings is the growing divergence in tourist-destination performance across Asia Pacific. The organisation said that while the industry region-wide was “expanding”, some destinations “are significantly outperforming others in terms of growth and recovery” in the post-Covid-19 period. That was per a PATA press release issued this week.

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 Wall Street banks recover in China amid trading boom (FT) $ 🗃️

  • China securities units of Goldman Sachs, Morgan Stanley and JPMorgan posted record profits last year

  • The Wall Street recovery stands in contrast with European rivals such as HSBC and Deutsche Bank, whose onshore China securities units continued to underperform.

🇨🇳 China’s AI Frenzy Drives Massive Chasm in Mutual Fund Returns (Caixin) $

  • A historic pivot toward computing power in China’s equity markets has created a stark divide, with top artificial intelligence-focused mutual funds outperforming traditional portfolios in returns by more than 200 percentage points during the first half of the year.

  • The tech-heavy STAR 50 Index surged 64% as AI euphoria reshaped market hierarchies. The electronics sector eclipsed banks to become the largest in the Chinese mainland market by total capitalization.

🇨🇳 AI Frenzy Crowns Electronics as China’s Biggest Stock Sector (Caixin) $

  • An explosive AI rally propelled electronics past banking to become the largest sector in the Chinese mainland’s stock market in the first half of the year, underscoring a stark investment divide amid sluggish domestic demand.

  • Valued at 27.6 trillion yuan ($4.1 trillion) by the end of June, the electronics sector almost doubled the banking industry’s shrinking market capitalization of 14.6 trillion yuan.

🇨🇳 Analysis: China’s Accelerated IPO Clearances Highlight Focus on Tech (Caixin) $

  • China is accelerating the review and registration process for IPOs in strategic technology sectors, capitalizing on a booming secondary market to channel capital toward AI, robotics and semiconductors.

  • The accelerated pace was highlighted this week when the China Securities Regulatory Commission (CSRC) cleared the IPO registration for Unitree Robotics, also known as Yushu Technology Co. Ltd., just 73 days after its application was accepted. The turnaround beats the previous record of 88 days on Shanghai’s tech-heavy STAR Market set by Moore Threads Technology Co. Ltd.

🇨🇳 Alibaba: Buybacks Overpower Anthropic Spat (Seeking Alpha) $ 🗃️

🇨🇳 Tencent: Take Advantage Of This Opportunity (Seeking Alpha) $ 🗃️

🇨🇳 Baidu: Deeply Mispriced As The AI Pivot Accelerates (Seeking Alpha) $ 🗃️

  • 🇨🇳 Baidu (NASDAQ: BIDU) 🇰🇾 - Internet-related services, products & AI. Chinese search engine, Baidu Maps, etc. 🇼 🏷️

🇨🇳 JD: A Deeply Undervalued Big Tech Play (Seeking Alpha) $ 🗃️

  • 🌐 JD.com (NASDAQ: JD / SGX: HJDD) - Supply chain-based technology & service provider. One of the 3 largest eCommerce platforms in China. 🇼 🏷️

🇨🇳 NetEase: Primary Conversion and Connect Inclusion Analysis (Smartkarma) $

  • NetEase (NASDAQ: NTES) announced on 26 Jun 2026 that its HK primary conversion will be effective on 30 Jun 2026. This note assesses the Connect eligibility path and inclusion timeline.

  • NetEase has no WVR, but Alibaba (NYSE: BABA) ’s recent regular-cycle ADD keeps September as the base case.

  • Prior Connect ADD cases show southbound inflows after ADD and positive returns post inclusion.

🇨🇳 In Profile: The Man Behind China’s Leading Memory Chipmaker (Caixin)

  • China’s securities regulator approved memory chipmaker Changxin Memory Technologies (CXMT)’s IPO registration on June 12, clearing the way for what would be the largest-ever listing on Shanghai’s tech-focused STAR Market.

  • Many investors see CXMT, a leading producer of dynamic random-access memory (DRAM), as central to driving the current bull run in domestic technology stocks, with a shortage-fueled financial turnaround boosting expectations that its market value could reach into the trillions of yuan.

  • Behind the company — now the world’s fourth-largest DRAM-maker by sales — is serial entrepreneur Zhu Yiming who has spent two decades navigating the capital-intensive, high-stakes memory chip industry.

🇨🇳 Ubtech charms investors with companion robots – until reality sinks in (Bamboo Works)

  • The humanoid robot maker’s stock jumped as much as 18% the day it unveiled a new line of companion models, only to give back all the gains the next trading day

  • Ubtech Robotics Corp Ltd (HKG: 9880) has unveiled a new line of companion robots aimed at the elderly and lonely, complementing its existing line of industrial-use humanoid models

  • The company’s robot sales soared last year as its industrial-use robots went into mass production, but its models are generally more expensive than rival products

🇨🇳 The Debt-Fueled Collapse of China’s Top Machine Tool Maker (Asianomety) 37:33 Minutes

  • In December 2012, Guan Xiyou, Chairman of Shenyang Machine Tool Group, was honored by Chinese state media CCTV as one of its 2012 China Economic People of the Year. Guan received the award for taking control of a failing machine tool company and turning them around into a $2.8 billion giant. Or so it seems. Even as Guan received this award, his company was on the decline and eventually fall into insolvency. In today’s video, we profile the debt-fueled fall of a Chinese machine tool giant.

🇨🇳 Luxshare Precision (2475 HK): Index Inclusion Timeline for US$3.6bn Offering; Tighter H/A Discount (Smartkarma) $

  • Luxshare Precision Industry (SHE: 002475) could raise up to HK$27.9bn (US$3.6bn) in its H-share offering if the Overallotment Option is exercised.

  • The cornerstone investor allocation will be around 42% of the maximum offering size and those shares will be locked up for 6 months. Fast entry index inclusion probability is small.

  • The H-shares are priced at a 17.2% discount to the A-shares last close and that is tighter than other large issues. Stock Connect from the open on 6 August.

🇨🇳 Guangdong DTech IPO: Focus On High-End Products, Capacity Expansion Plans Will See This Through (Smartkarma) $

  • Guangdong Dtech Technology Co Ltd (SHE: 301377) launched Hongkong IPO to raise nearly HK$4.7B. They provide precision manufacturing solutions, bringing together tools, materials and intelligent equipment for key process segments of PCB fabrication value chain.

  • Company intends to use the proceeds for enhancing production capacity, for technology R&D, for strategic acquisition/investment, for enterprise-wide digitalization and working capital.

  • The valuation that Guangdong DTech is seeking through this issue seems relatively premium, but that’s justifiable given the company’s market leadership position.

🇨🇳 BYD: Export Cheer, Domestic Despair (Seeking Alpha) $ 🗃️

🇨🇳 Li Auto: Growth And Margin Challenged (Seeking Alpha) $ 🗃️

🇨🇳 Li Auto Breaches Historical Floor; Reversal Hinges On L Series Execution (Seeking Alpha) $ 🗃️

  • 🌐 Li Auto (NASDAQ: LI) 🇰🇾 - Designs, develops, manufactures & sells premium smart electric vehicles. 🇼 🏷️

🇨🇳 XPeng: Waiting For The Robotaxi (Downgrade To Hold) (Seeking Alpha) $ 🗃️

🇨🇳 Trip.com: Regulatory Scrutiny Leaves A Sour Aftertaste; Downgrade To Hold (Seeking Alpha) $ 🗃️

🇨🇳 Trademark tussle could further dilute Helen’s incredible shrinking bar tab (Bamboo Works)

  • The operator of China’s largest bar chain lost a key trademark court battle, as it brought in two new co-CEOs to try to revive its sinking business

  • Helens International Holdings Co Ltd (HKG: 9869 / FRA: 5ZW) replaced founder Xu Bingzhong with two new co-CEOs days after the company lost a case involving its namesake trademark

  • The bar chain operator’s revenue fell 28% last year, while its adjusted profit was mostly stagnant

🇨🇳 Lululemon’s latest struggle: slowing sales in key China market (FT) $ 🗃️

  • Growth in second-largest economy has helped activewear maker offset series of other troubles but now faces new challenges

🇨🇳 Regina Miracle gets a profit uplift as Victoria’s Secret partner (Bamboo Works)

[Regina Miracle International (Holdings) Limited (HKG: 2199 / FRA: RMT)]

  • The underwear maker defied a challenging market to post higher net profits, thanks to a tie-up with the U.S. underwear brand, but its overall business was under pressure

  • The firm’s annual revenue slipped and operating profit tumbled, as garment orders were hit by trade frictions and weakening consumer demand

  • Victoria’s Secret China enjoyed rising sales, but the overall underwear segment was still sluggish

🇨🇳 China’s baby bust drives Kidswant pivot to scalp care (Bamboo Works)

  • The company has filed for a Hong Kong IPO, cultivating a second growth curve in high-margin areas like scalp care, as its core maternal and infant products business stagnates

  • Kidswant Digital Technology Co Ltd (SHE: 301078) has filed to list in Hong Kong, reporting its revenue rose above 10 billion yuan last year, even as growth for its core maternal and infant business slows

  • The company is looking for new growth engines in high-margin businesses such as scalp care and marketing services

🇨🇳 China Financial Stocks Slump Despite Massive Dividend Payout (Caixin) $

  • Chinese mainland-listed financial companies have earmarked more than 800 billion yuan ($118 billion) in cash dividends for 2025, but the sector continues to slump as the technology industry siphons off market liquidity.

  • The stark divergence underscores deep investor apathy toward traditional stocks. Despite the massive payouts, mainland-listed banks have dropped an average of about 9% this year, while four of the five listed insurers have plunged more than 20%.

🇨🇳 China’s Giant Insurers Boost Dividends as Smaller Peers Hoard Cash (Caixin) $

  • China’s top listed insurers are doling out fatter dividends following a banner year for investment returns, diverging sharply from smaller rivals forced to hoard cash to weather a low-interest-rate environment.

  • The “Big Five” Chinese mainland-listed giants — including China Life Insurance (SHA: 601628 / HKG: 2628 / OTCMKTS: CILJF) and Ping An Insurance (SHA: 601318 / HKG: 2318 / SGX: HPAD / OTCMKTS: PNGAY) — reported a combined 2025 net profit of 425.3 billion yuan ($60 billion), up 22.4%.

🇨🇳 Citic Bank breezes into China’s insular tobacco sector with new investment (Bamboo Works)

  • The bank seized on a local government debt crunch to buy a stake in regional lender Hongta Bank, providing a conduit into China’s recession-proof cigarette monopoly

  • China CITIC Bank (SHA: 601998 / HKG: 0998 / OTCMKTS: CHCJY / CHBJF) will acquire 14.5% of Yunnan Hongta Bank, which is closely connected to China’s tobacco monopoly

  • The move could give Citic Bank, one of China’s more entrepreneurial national lenders, a conduit into supply chain finance across the country’s vast tobacco ecosystem

🇨🇳 Futu Holdings: ECM And Enterprise Services Primed To Defy Regulatory Drag (Seeking Alpha) $ 🗃️

🇨🇳 China Resources New Energy Soars 137% in Shenzhen Debut After Record IPO (Caixin) $

  • Shares of China Resources New Energy Holdings (SHE: 001248) more than doubled in their Shenzhen trading debut on Thursday after the state-owned clean energy producer raised a record 24.5 billion yuan ($3.6 billion) in its initial public offering.

  • The spinoff from Hong Kong listed CR Power (HKG: 0836 / FRA: CRP / CRP0 / OTCMKTS: CRPJY / CRPJF) surged 137% to close at 23.95 yuan, giving the wind and solar operator a market capitalization exceeding 300 billion yuan.

🇨🇳 JBM Healthcare gets bitter pill from investors on anemic performance (Bamboo Works)

  • Shares of the over-the-counter traditional Chinese medicine company tumbled after it reported sequential revenue and profit declines in the second half of its fiscal year

  • Jbm (Healthcare) Ltd (HKG: 2161)’s profit edged up 1.9% in its latest fiscal year through March

  • The over-the-counter traditional Chinese medicine company’s full-year dividend payout ratio reached a generous 70%.

🇨🇳 Alebund soars in Hong Kong debut on kidney treatment hopes (Bamboo Works)

  • The drug developer stood out from the IPO crowd of unprofitable biotechs due to its existing revenue stream and a focus on novel remedies for renal disease

  • Alebund Pharmaceuticals (Jiangsu) Ltd (HKG: 9637) plans to prioritize getting Chinese approval next year for its core product and is aiming for a U.S. launch in 2029

  • The IPO drew 11 cornerstone backers including prominent names in global finance and biopharma investment

🇨🇳 Legend Biotech’s In Vivo CAR-T Pipeline: Could BCMA And GPRC5D Reset The Story? (Smartkarma) $

  • Legend Biotech (NASDAQ: LEGN) reported its first quarter of 2026 financial and operational results marked by continued commercial expansion of its lead product, CARVYKTI, and advancing development of its broader pipeline, including several in vivo CAR-T therapy programs.

  • During the quarter, CARVYKTI generated approximately $597 million in net trade sales, representing a 52% year-over-year increase.

  • Growth drivers included a 36% increase in U.S. sales and over 200% growth internationally, with availability now expanded across 18 markets and more than 300 treatment sites globally.

🇭🇰 PwC Lifts Hong Kong IPO Proceeds Forecast to $49 Billion for 2026 (Caixin) $

  • PricewaterhouseCoopers (PwC) expects initial public offering proceeds in Hong Kong to reach at least HK$380 billion ($48.5 billion) in 2026, the most bullish forecast among global leading accounting firms, as the city draws mega-listings and overseas issuers despite market headwinds.

  • The forecast, released July 2, marks a sharp upgrade from PwC’s January estimate of HK$320 billion to HK$350 billion and would keep Hong Kong among the world’s top three listing venues by fundraising.

🇭🇰 HKEX Moves to Lower Stock-Trading Entry Barriers (Caixin) $

  • Hong Kong Exchanges and Clearing will cut the minimum value guideline for stock trading lots by half and standardize board-lot sizes, in a move aimed at making the city’s equity market easier for smaller investors to access.

  • The exchange said on June 30 that the lower guideline will take effect from July 2, 2026, reducing the minimum board-lot value to HK$1,000 ($128) from HK$2,000. For stocks with board lots of more than 100 shares, HKEX will also introduce a maximum board-lot value guideline of HK$50,000.

🇭🇰 Analysis: How Hong Kong’s New Tax Rules Will Transform Cross-Border Wealth Management (Caixin) $

  • Hong Kong is moving to implement a major overhaul of its global tax reporting rules, known as the Common Reporting Standard 2.0 (CRS 2.0). This revised framework, designed by the OECD to combat cross-border tax evasion, expands the scope of information that banks and other financial institutions must report to tax authorities.

  • On April 1, Hong Kong submitted the “Inland Revenue (Amendment) (Automatic Exchange of Information) Bill 2026” to its Legislative Council, paving the way for the full implementation of CRS 2.0 by 2028. Singapore plans to implement the framework in 2027, while the British Virgin Islands and the Cayman Islands have rolled it out this year.

🇭🇰 Far East Consortium International Limited 2026 Q4 - Results - Earnings Call Presentation (Seeking Alpha)

🇲🇴 Macau’s June casino GGR down 12.1pct y-o-y to US$2.29bln: govt (GGRAsia)

  • Casino gross gaming revenue (GGR) in Macau fell 12.1 percent year-on-year in June, to MOP18.52 billion (US$2.29 billion), showed data released on Wednesday by the city’s Gaming Inspection and Coordination Bureau.

  • June GGR was 18.1 percent down on May’s MOP22.61 billion.

  • A number of investment analysts had mentioned in June commentary that the FIFA World Cup 2026 football tournament co-hosted by the United States, Canada and Mexico – from June 11 to July 19 – might depress demand for Macau casino gambling during that period.

🇲🇴 FIFA World Cup to drag Macau GGR during July, but concert-led recovery expected at month-end: Citi (GGRAsia)

  • Banking group Citi says it expects the ongoing FIFA World Cup 2026 football tournament to “continue to drag” Macau gross gaming revenue (GGR) until the final match on July 19.

  • Nonetheless, the institution anticipated a recovery in the city’s daily GGR rate in the latter part of July, as high-profile concerts were expected to draw gamblers to the city’s casino resorts.

  • Citi gave the comment in a Wednesday memo, after Macau officially released its June gaming data. The data showed that GGR fell 12.1 percent year-on-year and was 18.1 percent down sequentially on May’s tally.

🇲🇴 Mainland Chinese patrons keep travel plans, gaming budgets intact, supporting ‘steady’ Macau GGR outlook: CLSA survey (GGRAsia)

  • Macau’s casino industry is set for a “steady” gaming revenue performance in the near term, according to brokerage CLSA Ltd, whose latest survey of mainland Chinese consumers suggests that demand for visits to the city remains resilient.

  • The survey found that most respondents intended to maintain both their travel and gaming budgets for trips to Macau over the next 12 months.

  • A “healthy majority” of respondents – 79 percent – said they planned to visit Macau during the coming 12 months, with 27 percent of the total saying they expected to make multiple trips to the city, CLSA said.

🇲🇴 Jay Chun ups stake in Paradise Ent to 65pct after series of share purchases since late March (GGRAsia)

  • Jay Chun, chairman and managing director of Hong Kong-listed Paradise Entertainment Ltd (HKG: 1180 / FRA: LIL3 / OTCMKTS: PDSSF), now owns 65.36 percent of the casino technology firm’s shares following a series of share purchases since late March and up to last week. That is according to share disclosure records filed with the Hong Kong bourse.

  • Paradise Entertainment is the parent of Macau-based electronic casino games specialist LT Game Ltd

🇲🇴 Paradise Ent boss Jay Chun says upping his stake as stock value ‘underappreciated’ (GGRAsia)

  • Jay Chun, chairman and managing director of Hong Kong-listed gaming technology group Paradise Entertainment Ltd (HKG: 1180 / FRA: LIL3 / OTCMKTS: PDSSF), told GGRAsia he has been increasing his stake in the firm because he thinks its current stock valuation is “underappreciated” relative to the entity’s growth potential.

  • The group intends to capitalise on demand for “new and replacement” live multi-game (LMG) systems and machines in Macau, while exploring overseas demand for this line of products, Mr Chun stated in the firm’s 2025 annual report, filed in late April.

🇲🇴 Moody’s reduces Wynn group credit outlook from ‘positive’ to ‘stable’ as leverage remains elevated (GGRAsia)

  • Moody’s Ratings has adjusted its outlook on three Wynn group entities, including Wynn Macau Ltd (HKG: 1128 / FRA: 8WY / OTCMKTS: WYNMY / WYNMF), the Macau casino operating unit, from ‘positive’ to ‘stable’.

  • The other units given that assessment are Wynn Resorts Finance LLC and Wynn Las Vegas LLC.

  • The stable outlooks reflect the fact that the Wynn group “has not reduced leverage to well below 6 times,” stated Moody’s in a Thursday note.

  • The institution added: “While Wynn’s performance has improved since 2025, leverage still remains elevated as compared to our prior expectations.”

  • Moody’s nonetheless affirmed the ‘B1’ corporate family credit rating of Wynn Resorts Finance, as well as Wynn Macau Ltd’s and Wynn Las Vegas LLC’s respective ‘B1’ senior unsecured notes ratings.

🇲🇴 MGM China acquires Diaoyutai MGM Hospitality business from parent MGM Resorts for US$20 million (GGRAsia)

  • Macau-based casino operator MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY) has acquired the interest held by parent company MGM Resorts International (NYSE: MGM) in Diaoyutai MGM Hospitality, a mainland-China business, in a US$20 million deal.

  • The news was confirmed by Hong Kong-listed MGM China in a filing to the bourse on Tuesday.

  • MGM Asia Pacific focuses on “light-asset hospitality management”. It operates through MGM Hospitality Group (Asia Pacific), formerly known as Diaoyutai MGM Hospitality. The platform has been “developed over approximately 19 years as an independently operated hospitality platform for MGM-branded projects in mainland China,” the filing stated.

🇹🇼 Taiwan

🇹🇼 TSMC: Even In CapEx Normalization, The Messiah Of Manufacturing Rules (Seeking Alpha) $ 🗃️

🇹🇼 ChipMOS Technologies: A Hidden Memory Supercycle Play (Seeking Alpha) $ 🗃️

  • 🌐 ChipMOS Technologies (TPE: 8150 / NASDAQ: IMOS) - High-integration & high-precision integrated circuits + related assembly & testing services.

🇰🇷 Korea

🇰🇷 2X Single Stock Leveraged ETFs Now Account for More than 25% of All ETF Trading Value in Korea (Douglas Research Insights) $

  • It has been reported that the 2x single stock leveraged ETFs for Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) and SK Hynix (KRX: 000660) now account for more than 25% of all ETF trading value in Korea.

  • High demand for the 2x single stock leveraged products has been one of the key reasons for the higher volatility in the Korean stock market in the past several weeks.

  • The 2x single stock leveraged products have significantly UNDERPERFORMED both Samsung Electronics and SK Hynix from 27 May to 3 July.

🇰🇷 June casino sales at Jeju Dream Tower up 36pct y-o-y to US$31mln as table-game hold, foot traffic improved (GGRAsia)

  • June casino sales for South Korea’s Lotte Tour Development (KRX: 032350) grew 36.1 percent year-on-year to KRW48.72 billion (US$31.3 million) as its foreigner-only casino at the company’s Jeju Dream Tower resort (pictured) saw improved table-game hold rate and higher visitor traffic.

  • That is according to a Wednesday filing with the Korea Exchange, and supplementary business data.

  • Judged sequentially, Lotte Tour’s June casino sales were down 1.4 percent from May’s KRW49.42 billion. The May casino-sales tally had been the best monthly performance in first-half 2026.

🇰🇷 GKL, Paradise Co see sharp m-o-m dips in casino sales for June (GGRAsia)

  • South Korea’s Grand Korea Leisure Co Ltd (KRX: 114090) and market rival Paradise Co Ltd (KOSDAQ: 034230) both reported month-on-month declines in casino sales for June. However, the two companies recorded single-digit year-on-year growth in first-half 2026 sales.

  • That is according to Thursday filings to the Korea Exchange.

🇰🇷 Update: Saramin (143240 KS) (Asian Century Stocks) $

  • South Korea’s leading HR-tech company

  • South Korean online recruitment platform Saramin Co Ltd (KOSDAQ: 143240) is highly unusual. It operates in an oligopoly together with private equity-owned JobKorea. It has high margins and a high return on capital.

  • Despite all this, Saramin trades at a discount to its net cash position. This will be the subject of today’s post.

  • Saramin runs the largest online job board in Korea, with 2.5 million monthly active users. Users upload their resumes to the database, and employers use the search engine or matching algorithms to find potential hires. Its business model is very similar to Japan’s Recruit or Australia’s Seek.

  • On the saramin.co.kr website, you can search for jobs via profession, region, through personality-based AI matching, etc. You can also find graduate events and intakes. You can also find company reviews, anonymous salary information and a community where you can ask career-related questions.

🇰🇷 Ecopro BM: Rights Offering of 1.2 Trillion Won (Douglas Research Insights) $

  • On 30 June, Ecopro BM Co Ltd (KOSDAQ: 247540) announced that it will conduct a rights offering capital raise worth 1.2 trillion won.

  • The planned issue price for the rights offering is 121,200 won, and the final issue price will be determined on October 12.

  • Despite its expected better sales and profits in 2027, the company’s valuation multiples are unattractive. It is trading at P/E of 143.6x in 2027 and 75.6x in 2028.

🇰🇷 SK Hynix: Details of F-6 Filing and Key Investment Risks (Douglas Research Insights) $

  • On 3 July, it was reported that Blackstone-owned QTS has abandoned the construction project for world’s largest data center (2,100 acre Virginia Digital Gateway) mainly due to concerns about lawsuits.

  • My overall assessment of SK Hynix (KRX: 000660) over the next 3 months is that the positives outweigh the negatives.

  • Cancellations of AI data centers construction in the U.S. and Apple potentially using China’s CXMT/YMTC memory chips pose real concerns for SK Hynix.

🇰🇷 SK Telecom/SK Group: 1,000 Trillion Won Investment in AI Data Centers by 2035 (Douglas Research Insights) $

  • SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA)/SK Group announced plans to invest 1,000 trillion won in AI data centers in Korea by 2035.

  • U.S. data center capacity could reach 78GW by 2035. If SK Telecom/SK Group could reach 15GW of AIDC capacity by 2035, this would represent 19% of U.S. AIDC capacity.

  • Major risk factors include stable electricity, large-scale financing, technology (rapid improvements in AI hardware efficiency such as breakthroughs in quantum computing), customer concentration, and international competition.

🌏 SE Asia

🇲🇾 Genting Malaysia shelves Empire Resorts’ recapitalisation after repayment of US$300mln notes (GGRAsia)

  • Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF) says it has shelved plans to recapitalise its U.S.-based subsidiary Empire Resorts Inc after the latter repaid the debt that had formed the basis of the proposed restructuring.

  • In a filing with Bursa Malaysia on Friday, Genting Malaysia said Empire Resorts had redeemed the full principal amount of its US$300-million 7.75-percent senior secured notes due on November 1, 2026. The redemption was completed on July 2.

  • Empire Resorts owns three businesses in the U.S. state of New York: the upstate casino complex Resorts World Catskills (pictured in a file photo); Resorts World Hudson, a casino offering video lottery terminals; and the mobile sports betting operation Resorts World Bet.

  • The repayment of the notes removed the debt underpinning the capital-enhancement proposal first announced by Genting Malaysia in August last year.

🇸🇬 Grab Holdings: Southeast Asia’s Super-App Is Getting Stronger (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇸🇬 Top Stock Market Highlights of the Week: Singapore Electricity Tariffs, Foundation Healthcare IPO and Tesla (The Smart Investor)

  • We look at the latest utility price hike hitting Singapore households, a Temasek-backed healthcare listing on the SGX, and a puzzling sell-off in one of the world's best-known electric vehicle makers.

    • Higher fuel costs push power and gas bills up for households

    • Temasek-backed specialist network heads for a S$1 billion SGX debut

      • Foundation Healthcare Holdings, a private healthcare group backed by Temasek’s SeaTown, lodged a preliminary prospectus for a mainboard listing on the Singapore Exchange and has since priced its offering.

      • The company priced its IPO at S$0.76 a share, the floor of its S$0.76 to S$0.92 range, raising around S$242 million and valuing the group near S$1 billion — the largest healthcare IPO since IHH Healthcare Bhd (KLSE: IHH / SGX: Q0F / OTCMKTS: IHHHF) 2012 dual-listing.

      • Trading is expected to begin on 8 July 2026.

🇸🇬 Beyond the STI: 3 SGX Stocks to Watch in July 2026 (The Smart Investor)

  • Lower headline figures grabbed attention, but these three SGX stocks may offer stronger stories beneath the surface this July.

    • Elite UK REIT (SGX: MXNU)

      • Elite UK REIT owns 147 commercial assets across the UK.

      • Most are leased to the UK government on triple net terms.

    • First Real Estate Investment Trust (SGX: AW9U / OTCMKTS: FESNF)

      • First REIT is Singapore’s first healthcare REIT.

      • It holds 31 properties worth S$1.02 billion across Indonesia, Japan and Singapore.

      • Its latest quarter delivered the sharpest headline drop of the three – DPU fell 13.8% YoY to S$0.00500.

    • United Overseas Insurance (SGX: U13 / FRA: IZB)

      • United Overseas Insurance, or UOI, sits within the UOB Group.

      • It underwrites general insurance across retail and commercial segments and runs a reinsurance arm.

      • It is the most cautionary of the three.

    • Get Smart: Read past the headline

🇸🇬 Hold or Sell? 3 Blue-Chip Stocks that Lagged the STI by 20% or More for 1H 2026 (The Smart Investor)

  • The STI returned 13.1% in the first half of 2026. These three stocks went the other way — and the reasons behind each decline are not the same.

  • Three names went the other way.

  • Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY) delivered negative 13.4% in total returns over the half.

  • Mapletree Pan Asia Commercial Trust (SGX: N2IU / OTCMKTS: MPCMF), or MPACT, returned negative 9.7%.

  • CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF), or CLAR, came in at negative 8.1%.

    • Is Genting’s earnings drop the whole story?

      • Genting Singapore owns and operates Resorts World Sentosa, home to Universal Studios Singapore, the Singapore Oceanarium, hotels, dining, and one of Singapore’s two licensed casinos.

    • Did MPACT’s headline numbers tell the truth?

      • MPACT holds 15 commercial properties across Singapore, Hong Kong, Mainland China, Japan, and South Korea, with assets under management (AUM) of S$15.2 billion.

    • Why did CLAR fall when its numbers held firm?

      • CLAR is Singapore’s oldest industrial REIT, with 229 properties across Singapore, the US, Australia, and the UK/Europe, and AUM of S$18.6 billion as at 31 March 2026.

    • Get Smart: The market’s verdict is not always the final word

🇸🇬 3 SGX Blue-Chip Rewarding Investors with Bonus Dividends (The Smart Investor)

  • Special dividends can boost yields, but these three Singapore blue chips show why recurring payouts matter more for income investors.

  • Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel, Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering and Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF) each added a special or value-realisation dividend on top of their ordinary payout this cycle.

    • Singtel: A Core You Can Plan Around

    • ST Engineering: Strong Order Book, But A Special You Should Not Bank On

    • Singapore Airlines: Don’t Count On The Special Dividend

      • Singapore Airlines (SIA) needs the most care.

    • Get Smart: Retiring On Dividends

🇸🇬 Singapore’s Next 50: 3 Cash-Rich Billionaire Stocks That Hiked Their Dividends (The Smart Investor)

  • Three SGX-listed companies raised their dividends while holding net cash, but the cash behind each raise tells a very different story.

    • Which company funded its raise from rising cash?

      • Hong Leong Asia Ltd (SGX: H22 / FRA: HOM) is an investment holding company with two main units.

      • Yuchai makes engines and brings in around 86% of group revenue, while the building materials arm produces cement, concrete and quarry products.

      • The balance sheet did the heavy lifting here.

    • Can a bigger raise rest on a smaller cash flow?

      • SIA Engineering Company (SGX: S59 / FRA: O3H / OTCMKTS: SEGSF), or SIAEC, is a maintenance, repair and overhaul specialist serving airlines across Asia-Pacific.

      • Its balance sheet is the cleanest of the three.

    • What does an 84% payout tell us?

      • Raffles Medical Group (SGX: BSL / FRA: 02M1 / OTCMKTS: RAFLF), or RMG, runs four hospitals and over 100 clinics across Singapore, China, Vietnam, Cambodia and Japan.

      • It carries the most debt of the three, though cash still covers it several times over.

    • Get Smart: A raise is only as good as the cash behind it

🇸🇬 3 Blue Chip SGX Stocks That Outran The Market by 7.8% or more (The Smart Investor)

  • The STI barely moved in June. So how did these three blue chips leave it behind?

  • SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) led with a total return of 14.7%, and Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF) followed at 13.1%.

  • Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) came in at 9.6%.

    • Why did SATS climb the most?

      • SATS closed its fiscal year 2026 (FY2026) with a record set of numbers.

      • The engine was Gateway Services – revenue there grew 10.8% year on year (YoY) to S$5.0 billion.

    • Why did SIA rise despite a profit plunge?

      • Singapore Airlines reported a 57.4% drop in net profit for the year ending 31 March 2026.

      • The share price still rose over the month.

      • The headline hid the real story.

    • Why did SGX join the leaders?

      • Singapore Exchange runs the country’s only stock market.

      • That gives it a steady, toll-booth quality, and its first-half numbers showed it working.

    • What did the three have in common?

    • Get Smart: read past the headline

🇸🇬 3 SGX Stocks that Delivered Twice the STI’s Returns for 1H 2026 (The Smart Investor)

  • The STI ETF returned 13.1% in the first half. These three SGX small-caps did at least twice as well. Here is what pushed them ahead, and what could still trip them up.

  • Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF) delivered 78.1% in total returns over the same period.

  • Civmec Ltd (SGX: P9D / ASX: CVL / FRA: 1CV) returned 52.5%, while Valuetronics Holdings (SGX: BN2 / FRA: GJ7) came in at 26.7%.

    • Why did a semiconductor tools supplier double?

      • Micro-Mechanics designs and makes consumable tools and parts used in critical semiconductor processing.

      • The business runs on chip demand, and chip demand is running hot.

    • How did Civmec rise while earnings fell?

      • This is the odd one.

      • Civmec’s share price rose 52.5% even as its results weakened.

      • The integrated construction and engineering group serving the energy, resources, infrastructure, and marine & defence sectors saw revenue fall 24.3% YoY to A$380.4 million in its first half of the fiscal year ended 31 December 2025 (1H2026).

    • What is driving Valuetronics’ re-rating?

      • Valuetronics is an electronics manufacturing services provider running two segments, Consumer Electronics and Industrial and Commercial Electronics, from plants in China and Vietnam.

      • Net profit dropped 33.1% to HK$111.4 million, dragged by a HK$48.4 million net loss tied to its Trio AI investment.

      • Strip out Trio AI and adjusted net profit was HK$159.9 million.

    • Get Smart: One theme, three routes

🇸🇬 Singapore REITs Sector – Return ON Capital or Return OF Capital? (Corporate Monitor)

🇸🇬 June 2026: 3 Blue Chip SGX REITs That Pipped the Market (The Smart Investor)

  • Three SGX blue-chip REITs beat the index in June 2026. The reasons behind the run say more than the returns.

  • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF) led the pack with a 3.9% total return.

  • Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF) followed at 2.5%.

  • Mapletree Pan Asia Commercial Trust (SGX: N2IU / OTCMKTS: MPCMF) returned 2.4%

    • Did CICT earn its lead?

      • Net property income (NPI) rose 7.9% to S$314.4 million.

      • The lift came from taking full ownership of CapitaSpring in August 2025 and a first income contribution from Gallileo.

    • Why did MLT rise on a weaker headline?

    • Can MPACT sustain its turn?

      • What about Mapletree Pan Asia Commercial Trust (MPACT)?

      • It is the most nuanced of the three.

    • Get Smart: One month rarely settles anything

🇸🇬 REITs vs. Rental Property: Why Your First “Investment Home” Should Be a CapitaLand REIT (The Smart Investor)

  • Many Singaporeans dream of owning an investment property to generate rental income. But investors may want to consider a simpler and more accessible alternative: owning a CapitaLand-backed REIT.

  • For investors who want property exposure without becoming landlords, a CapitaLand-backed REIT offers a smoother first step.

    • The Appeal of Owning a Rental Property

    • The Hidden Challenges of Rental Property Investing

    • Enter the REIT Alternative

    • Comparing REITs and Rental Properties

    • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT – A Better First Step

      • It is one of Singapore’s largest REITs with a diversified portfolio of retail malls, offices, and integrated developments, giving investors property exposure without having to buy an actual unit.

    • But REITs Are Not Perfect Either

    • Who Should Consider Each Option?

    • The Bigger Lesson: Invest Before You Upgrade

    • Get Smart: You Don’t Need a Second Property to Become a Property Investor

🇸🇬 3 Industrial S-REITs Paying Above 6% (The Smart Investor)

  • Industrial REITs continue to offer attractive yields despite higher interest rates. Here are three S-REITs yielding above 6% that income investors may want to watch.

    • CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF)

      • CapitaLand Ascendas REIT (CLAR) stands as Singapore’s largest industrial and life science S-REIT, managing a highly diversified global portfolio across Singapore, Australia, the US, and Europe.

    • Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF)

      • Mapletree Industrial Trust (MIT) has reshaped its portfolio to ride on long-term digital structural growth trends.

      • Data centres now account for a significant portion of its total assets under management, distributed across Singapore and North America.

    • AIMS APAC REIT (SGX: O5RU / OTCMKTS: ACIRF)

      • AIMS APAC REIT (AAREIT) is a mid-cap industrial player specialising in premium logistics warehouses, industrial business parks, and high-specification manufacturing facilities across Singapore and Australia.

    • Get Smart: Yield Is Only the Starting Point

🇸🇬 Why Singapore Banks Remain the Market’s Shock-Proof Income Engine (The Smart Investor)

  • Discover why resilient Singapore banks consistently deliver stable profits and attractive dividends, making them the ultimate defensive income engine for your investment portfolio.

    • What Makes Singapore Banks Different?

    • How Banks Survive Economic Shocks

    • Why Singapore Banks Have Become Income Machines

    • The Three Key Drivers Investors Should Watch

    • Are Singapore Banks Truly “Shock-Proof”?

    • Why Many Long-Term Investors Still Prefer Banks

    • Common Misconceptions About Bank Stocks

    • Get Smart: Resilience Makes Banks Special

🇸🇬 Blue-Chip Stocks in Singapore: What Investors Should Watch Now (The Smart Investor)

  • Singapore's blue-chip stocks have long been favourites among income and long-term investors. But with changing interest rates, shifting economic conditions, and new growth opportunities emerging, what should investors be paying attention to today?

    • The Key Trends Shaping Singapore Blue Chips

    • United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF), or UOB

      • Part of the trio of local banks, UOB has been under investors’ spotlight in the last year, given the surprising increase in pre-emptive credit allowances in the quarter ending 30 September 2025 (3Q2025), sending net profits down by a startling 72% to S$443 million.

      • Since then, UOB has steadied its ship.

    • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT

      • CICT owns a well-diversified portfolio that includes prime office space (CapitaSpring), popular shopping malls (Tampines Mall), and integrated developments like Plaza Singapura.

    • DFI Retail Group (SGX: D01 / FRA: DFA1 / OTCMKTS: DFIHY), or DFI Retail

      • Finally, DFI Retail stands out, being the operator of popular consumer brands such as Guardian, 7-Eleven, and IKEA.

      • Since 2021, overall turnover has been stable as DFI retail adjusts its portfolio of brands.

    • What Makes a Blue-Chip Stock Attractive Today?

    • Common Mistakes Investors Make

    • Building a Blue-Chip Portfolio for the Future

    • Get Smart: Blue Chips Still Deserve a Place in Your Portfolio

🇸🇬 Still a Bargain: 3 Quality Dividend Stocks That Haven’t Skyrocketed Yet (The Smart Investor)

  • Many dividend stocks have rallied lately, which makes hunting for good deals tougher. But a few solid companies paying steady dividends are still flying under the radar. These overlooked picks might deserve a second look if you’re after both income and value.

    • What Makes a Dividend Stock a Bargain?

    • NetLink NBN Trust (SGX: CJLU / OTCMKTS: NETLF), or NetLink

      • NetLink owns the backbone of Singapore’s broadband – the passive fibre network infrastructure that keeps the nation online.

      • NetLink isn’t in the business of explosive tech growth. Even though it’s central to Singapore’s digital foundation, it’s more of a stable workhorse than a rocket ship.

    • Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY)

      • OCBC is one of Singapore’s three major banks, covering everything from consumer and corporate banking to wealth management and insurance.

      • Still, OCBC’s fundamentals remain strong.

    • Parkway Life Real Estate Investment Trust (SGX: C2PU), or PLife REIT

      • PLife REIT owns healthcare properties, such as hospitals, medical centres, and nursing homes, across Singapore, Japan, and France.

      • Its portfolio is defensive because demand for healthcare services tends to be resilient across economic cycles.

    • Comparing the Three Opportunities

    • What Could Go Wrong?

    • Get Smart: Sometimes the Best Opportunities Are Hiding in Plain Sight

🇸🇬 Which Singapore Marine Stock Is a Better Buy: Yangzijiang or Seatrium? (The Smart Investor)

  • Both Yangzijiang Shipbuilding Holdings (SGX: BS6 / FRA: B8O / OTCMKTS: YSHLF) and Seatrium Ltd (SGX: SE2 / FRA: S8N / OTCMKTS: SMBMF) stand to benefit from a marine and offshore recovery, but their business models, profitability, and risk profiles are very different.

    • A Quick Look at the Businesses

      • YZJ is one of the largest private shipbuilders in China.

      • The company’s shipbuilding segment focuses mainly on large and medium-sized commercial vessels such as container ships, bulk carriers, and oil tankers.

      • Meanwhile, Seatrium is more focused on offshore and marine engineering; it is similar to YZJ in that it has a shipbuilding segment as well, but Seatrium mainly produces vessels suitable for offshore energy needs (oil and gas, alongside offshore wind).

      • The company’s order book is strong, last valued at S$15.5 billion as of 31 March 2026 (1Q2026).

      • Seatrium also provides services relating to repairs and upgrades, and the conversion of vessels.

      • In sum, YZJ is more tied to the shipbuilding and chartering cycles, while Seatrium’s performance is more closely linked to energy investment cycles.

    • The Industry Tailwinds Supporting Both Stocks

    • Why Investors Like Yangzijiang

    • Why Investors Like Seatrium

    • The Risks Investors Should Consider

    • Valuation: Which Stock Looks More Attractive?

    • Which Stock Fits Different Investors?

    • Could Investors Own Both?

    • Get Smart: Which Marine Stock Comes Out Ahead?

🇸🇬 Get Smart: I Visited a Fintech Office. Here’s What its Balance Sheet Couldn’t Tell Me. (The Smart Investor)

  • The best businesses don't just meet your expectations. They surprise you on the upside — in ways no spreadsheet could have predicted.

  • The company is iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF).

    • The things you learn by showing up

      • Most people think of iFAST as a brokerage or a fund platform.

      • The surprise?

      • It is also, quietly, a software company that builds and controls its own technology.

    • Surprised on the upside

    • The Sweet Spot of Capital Gains and Dividends

    • Get Smart: Demand quality, not certainty

🇮🇳 India / South Asia / Central Asia

🇮🇳 A Foot In The Future And The Past: Genpact Limited (Seeking Alpha) $ 🗃️

  • 🌐 Genpact (NYSE: G) 🇧🇲 - IT services, consulting & outsourcing. NYC HQ. 🇼

🇮🇳 Vedanta prices largest-ever US dollar Indian corporate bond (The Asset) 🗃️

  • Resource conglomerate’s US$1.75 billion offering comes amid 15% YoY H1 rise in Asian international bond issuance

  • Indian natural resources and mining conglomerate Vedanta Ltd (NSE: VEDL / BOM: 500295)’s has priced the largest-ever US dollar Indian corporate bond and the first-ever triple-tranche high-yield US dollar bond from India with its US$1.75 billion offering.

  • The offering, Vedanta Resources Finance II, is a finance vehicle for the Vedanta Group and a wholly owned subsidiary of Vedanta Resources. The Vedanta Group is a globally diversified natural resource group engaged in exploring, extracting and processing minerals and oil and gas.

  • The group, which has operations in India, Namibia, Ireland, South Africa, Liberia, UAE, Zambia, Japan, South Korea and Taiwan, is primarily engaged in the businesses that involve aluminium, zinc, lead, silver, oil and gas, copper, iron ore, steel and commercial power generation.

🇮🇳 KPIT Tech: Investor Day and Earnings Update (Smartkarma) $

  • KPIT Technologies (NSE: KPITTECH / BOM: 542651) reported a strong Q4FY26 suggesting that the demand is reviving back allaying macroeconomic concerns. Deal wins came in at an all-time high of $349mm.

  • KPIT’s Q4FY26 revenue grew at 1.8% QoQ in constant currency (CC), higher than the 1.5% we projected. Growth was led by off-highway and trucks followed by cloud-based connected services.

  • KPIT has been pivoting towards solutions and products, whose contribution to revenues is expected to grow at 30%+ CAGR. 21% of the total pipeline is already from solutions and products.

🇮🇳 Astral Ltd: Can the Demerger Unlock Value Across Pipes and Chemicals? (Smartkarma) $

  • Astral Ltd (NSE: ASTRAL / BOM: 532830)’s board approved a composite scheme on June 25, 2026, to demerge chemicals into Astral Chemie and merge Al-Aziz Plastics into the parent.

  • FY26 consolidated revenue stood at INR 6,569 crore, with plumbing contributing around 71% and chemicals around 29%. Separate listings can improve business-level valuation clarity.

  • The timing looks strategic. Chemicals reported INR 1,861 crore revenue and INR 192 crore EBITDA, while CPVC integration and DSS specialty chemicals remain key future triggers.

🇮🇳 Heritage Foods Ltd: FY26 Was a Margin Reset, Not a Demand Problem (Smartkarma) $

  • Heritage Foods (NSE: HERITGFOOD / BOM: 519552) crossed Rs. 4,526 crore FY26 revenue, but PAT fell 20% to Rs. 150 crore as 8% higher milk procurement costs pushed Q4 EBITDA margins to a record-low 4.5%.

  • Heritage is betting on premiumization, with Rs. 300 crore capex, Get-A-Way acquisition, and organic milk expansion in Bengaluru to offset dairy supply pressures.

  • FY27 is Heritage’s key test: easing milk costs or premium products must offset margin pressure. At a Rs. 3,058 crore market cap, risk-reward appears balanced.

🇮🇳 Seshaasai Technologies: India’s Quiet Backbone of the Payment Card Economy (Smartkarma) $

  • Seshaasai Technologies Ltd (NSE: STYL / BOM: 544533) listed in September 2025 at Rs. 423/share, raised Rs. 813 crore, and now trades around Rs. 309 still below IPO price, but with Q4FY26 earnings showing stronger momentum.

  • FY26 PAT rose 8% YoY to Rs. 240 crore despite a 1.5% revenue decline, while EBITDA margin expanded to 27.4% showing mix-led margin resilience.

  • High client stickiness, a net-cash post-IPO balance sheet, and faster IoT/CFS contribution make this a recurring-revenue infrastructure story worth tracking closely.

🇮🇳 Genus Power: GIC Exit, HNI Buying and the ₹25,173 Crore Order Book (Smartkarma) $

  • Genus Power Infrastructures Ltd (NSE: GENUSPOWER / BOM: 530343), a smart-metering player, saw GIC affiliate Chiswick sell 11.03% worth INR 955.6 crore on June 30 after a INR 267.5 crore deal, Madhusudan Kela and Akash Bhansali bought.

  • The exit came after Genus’ strongest year: FY26 standalone revenue rose 94%, PAT grew 106%, and its smart-meter order book stood at INR 25,173 crore.

  • Ownership churn, the unresolved Patna ED case and FY27 margin guidance need monitoring before treating Genus as a simple re-rating story.

🇮🇳 GNA Axles Ltd: A Forging Specialist With Global Growth Potential (Smartkarma) $

  • GNA Axles Ltd (NSE: GNA / BOM: 540124), an auto-component maker focused on axle shafts, closed FY26 with INR 1,478.42 crore revenue and INR 116.95 crore PAT, and approved INR 25 crore for GNA Mobility.

  • Profitability remained resilient despite weakness in exports. The US-India tariff truce in February 2026 could support export recovery, especially as the US remains a key growth market.

  • Q4 margins weakened sharply, with a 454 bps sequential contraction. With a large FY27 capex plan ahead, the next two quarters will be critical for execution and margin recovery.

🇬🇪 Lion Finance Group PLC (BDGSF) Analyst/Investor Day - Slideshow (Seeking Alpha)

  • 🇬🇪 🇦🇲 Lion Finance Group PLC (LON: BGEO / FRA: GEB / OTCMKTS: BDGSF) formerly Bank Of Georgia Group Plc - Banking + financial in Georgian & Armenian markets through universal banks. 🇼

🌍 Middle East

🇮🇱 G. Willi-Food: A Kosher Growth Story Worth Watching (Seeking Alpha) $ 🗃️

🇹🇷 TAV Airports: Profitability Still Depressed, But Cycle Is Turning (Seeking Alpha) $ 🗃️

🌍 Africa

🇿🇦 Sasol Limited: Lackluster Outlook For Ethylene Markets Warrants A Sell (Seeking Alpha) $ 🗃️

  • 🌐 Sasol (NYSE: SSL) - Global chemicals & energy company. 3 distinct market-focused businesses, namely: Chemicals, Energy & Sasol ecoFT. 🇼 🏷️

🇿🇦 Valterra Platinum: A Newly Independent Tollgate On A Tightening PGM Market (Seeking Alpha) $ 🗃️

🇿🇦 Sibanye Stillwater: De-Risked And Undervalued (Seeking Alpha) $ 🗃️

  • 🌐 Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) - World’s largest primary producers of platinum, palladium & rhodium & is a top-tier gold producer. Projects & investments across 5 continents. 🇼 🏷️

🇿🇦 Impala Platinum: Flat Production, Higher PGM Prices, Vulnerable To Volatility (Seeking Alpha) $ 🗃️

  • 🌐 Impala Platinum Holdings (JSE: IMP / LON: 0S2J / FRA: IPHB / OTCMKTS: IMPUY / IMPUF) - South African holding company who is a leading producer of platinum group metals (PGMs), structured around 6 mining operations & Impala Refining Services, a toll refining business. 🇼 🏷️

🇿🇦 Naspers Limited 2026 Q4 - Results - Earnings Call Presentation (Seeking Alpha) $

🇿🇦 Gold Fields: Where Long-Term Buyers Could Step In, A Gold-Industry Value (Seeking Alpha) $ 🗃️

  • 🌐 Gold Fields (JSE: GFI / NYSE: GFI) - One of the world’s largest gold mining firms. 9 operating mines in Australia, Peru, South Africa & Ghana (including the Asanko JV) & 2 projects in Canada & Chile. 🇼 🏷️

🇿🇲 ZCCM – is the Zambian mining giant finally awakening? (Undervalued Shares)

  • In June 2022, I published: “Forgotten microcaps (part 1): ZCCM – the secret mining giant of Africa“.

  • As I said back then, even hardened micro-cap investors were unlikely to have heard of ZCCM Investments Holdings PLC (EPA: MLZAM / OTCMKTS: ZCCMF) (ISIN ZM0000000037, Euronext:MLZAM).

  • With a market cap of just EUR 233m (USD 250m) at the time, and only 7% of its shares in free float, this was never a liquid stock that you could easily buy and sell. There was also no conventional analyst coverage.

  • However, the company came with a strong endorsement.

  • When I asked my old friend Axel Krohne of Krohne Capital about the company, he called it “the most undervalued (copper) mine in the world“.

  • ZCCM Investments Holdings traces its origins to the Zambia Consolidated Copper Mines. During the British colonial era, mining operations in the region that today encompasses Zimbabwe, Zambia, Botswana, and parts of South Africa were gradually consolidated.

  • Unusually, ZCCM has long maintained listings on multiple stock exchanges: Lusaka (Zambia), Paris (Euronext), and London.

ZCCM structure

🌎 Latin America

🌎 Revisiting the Strait of Hormuz crisis impact on Latin America three months later (Latin America Risk Report)

🌎 Daniel Zovatto: Why Latin America’s Electoral Pendulum Is Swinging to the Right (Confidencial)

  • Right-wing ideology, public concern over insecurity, and a protest vote against left-wing governments. The “final” will come in October in Brazil: “the mother of all elections.”

🌎 Ternium Looks Like A Bargain Despite Ongoing Economic Uncertainties (Seeking Alpha) $ 🗃️

  • 🌎 Ternium S.A. (NYSE: TX) 🇱🇺 - Manufactures & processes steel products (including for oil & gas) with 18 production centers in Argentina, Brazil, Colombia, United States, Guatemala & Mexico. Subs. of Argentine-Italian conglomerate Techint. 🇼 🏷️

🌎 Mercado Libre’s Margin Compression May Be A New Normal - Potential Technical Bottoming (Seeking Alpha) $ 🗃️

🌎 MercadoLibre: Why Strong Growth Opportunities Make The Capex Worth It (Seeking Alpha) $ 🗃️

🌎 MercadoLibre: The Dip Is Here, But So Is A New Problem (Seeking Alpha) $ 🗃️

🌎 MercadoLibre: Scaling Tremendously Ahead Of A Rotation Trade (Seeking Alpha) $ 🗃️

🌎 DLocal: Wall Street Is Turning More Bullish (Seeking Alpha) $ 🗃️

  • 🌐 Dlocal (NASDAQ: DLO) - Cross-border payment platform for global merchants to get paid & make payments in emerging markets. 🇼

🇦🇷 IRSA: Scarce Hard Assets, A Wide Moat, And A 9% Yield (Seeking Alpha) $ 🗃️

🇧🇷 PagSeguro Digital: Built To Benefit From Brazil’s Next Rate-Cutting Cycle (Seeking Alpha) $ 🗃️

🇧🇷 Embraer: Ready To Take Off Again (Seeking Alpha) $ 🗃️

  • 🌐 Embraer SA (BVMF: EMBR3 / NYSE: ERJ) - The 3rd largest producer of civil aircraft after Boeing & Airbus & the leading provider of regional jets worldwide. 🇼 🏷️

🇧🇷 Telefonica Brasil: That’s Why Starlink Is Not A Threat (Seeking Alpha) $ 🗃️

🇧🇷 Atlas Lithium Corporation: A Speculative Buy As Neves Moves Closer To Production (Seeking Alpha) $ 🗃️

  • 🇧🇷 Atlas Lithium Corporation (NASDAQ: ATLX) - Exploration projects for lithium & other battery minerals in Brazil + nickel, rare earths, titanium, graphite, gold, diamond & industrial sand.

🇧🇷 Bradesco: The ROAE Spread Is Turning Positive Again (Seeking Alpha) $ 🗃️

🇧🇷 Petrobras: Buy This Bargain As Dividends Will Soar (Seeking Alpha) $ 🗃️

🇧🇷 Banco Santander (Brasil): An Ugly Transition With A 9% Yield (Seeking Alpha) $ 🗃️

🇵🇪 Conservative Keiko Fujimori wins knife-edge election in Peru (FT) $ 🗃️

  • Daughter of autocrat vows to boost private investment in mining sector while taking a tough line on crime

🌐 Global

🌐 Nebius: The Meta Cloud Selloff Exposes A Deeper Problem (Seeking Alpha) $ 🗃️

🌐 Nebius: Meta Clouds Signal Hidden AI Demand Surge (Seeking Alpha) $ 🗃️

🌐 Prosus: Proving It’s More Than Just A Tencent Holding Company (Seeking Alpha) $ 🗃️

🌐 Nebius: The $15 Billion Catch That’s Not Priced In (Seeking Alpha) $ 🗃️

🌐 Nebius: A Bigger Question Behind The Growth (Seeking Alpha) $ 🗃️

  • 🌐 Nebius Group NV (NASDAQ: NBIS) - AI-centric cloud platform built for intensive AI workloads. Sold Yandex to a consortium of Russian investors. Retains several businesses outside of Russia. 🇼 🏷️

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📅 Earnings Calendar

Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):

World Map

📅 Economic Calendar

Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).

🗳️ Election Calendar

Frontier and emerging market highlights (from IFES’s Election Guide calendar):

📅 Emerging Market IPO Calendar/Pipeline

Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):

MetaOptics (Uplisting) MOT Roth Capital Partners/The Benchmark Company, 3.0M Shares, $5.00-7.00, $18.0 mil, 7/6/2026 Week of

Note: This is NOT an IPO. This is a NASDAQ Uplisting – a public offering – from the Singapore Stock Exchange, where MetaOptics’ ordinary shares have been listed on the Catalist of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) since Sept. 9, 2025, under the ticker symbol “9MT” – according to the prospectus.
(Incorporated in the Cayman Islands)
We are a Singapore-based company that designs and manufactures metalenses – ultra-thin flat optical lenses that are smaller, lighter and more power efficient than traditional curved lenses.
Making Miniaturization Possible is our mission.
Note: MetaOptics says its metalens technology accommodates the demand for smaller and lighter lenses in smartphones, automotive technology and other uses.
From the prospectus:
We are a vertically integrated metalens technology company, combining core competencies across metalens equipment, foundry, products, and metaoptics artificial intelligence (“AI”). We conduct our operations through our wholly-owned subsidiaries in Singapore and the United States.
Metalenses are ultra-thin flat-surface lenses which are smaller, lighter, consume less power, and offer a wider field of view, compared to conventional optical lenses. The unique flatness of metalenses enables the correction of optical defects, delivering reasonable quality color images. Leveraging our AI-based algorithm and processing software, which incorporates several advanced algorithms to enhance the optical design and image processing, our metalens technology can further sharpen the images to achieve higher resolution and enhanced image quality, and allow users to manipulate the individual red, green and blue (“RGB”) channels to edit the color images through computational reconstruction. We believe that our innovations have transformative potential in shaping next-generation optical systems.
Our operations are centered on the design and manufacture of metalenses and metalens prototypes, and to demonstrate the viability, efficacy, applications and use cases of our metalenses, we have expanded our operations to include the development of metalens camera modules and metalens Internet of Things (“IoT”) products, such as infrared metalens cameras, pico projectors, and IoT metalens color cameras. Our metalenses have also been integrated into a wide range of applications by our customers, including fifth generation (“5G”) smartphones, contactless three-dimensional (“3D”) biometric modules, projectors, and for industrial applications such as IoT devices, light detection and ranging (“LiDAR”) devices and heads-up displays (“HUDs”) for planes and self-driving cars, and augmented reality/virtual reality (“AR/VR”) devices. To date, although we have achieved mass production capabilities for our metalens prototypes (“mass production” in our perspective refers to the shipment of one million metalens units per year), we have not yet received a critical mass of purchase orders from our customers necessitating mass production of our metalenses.
To facilitate small-scale production of our metalenses to fulfil purchase orders, reduce concentration risk and diversify our supply chain, and to demonstrate the manufacturing capabilities for our metalenses, we also design and produce equipment for the manufacture of metalenses, in particular 4-inch direct laser writers (“DLWs”). Our 4-inch DLWs enable our customers to revise specifications and design of metalenses directly, reducing the lead time and providing for a shorter turnaround time from prototyping to testing and deployment into end products. In addition, our metalens equipment offerings have grown to include the design and production of metalens automatic testers, for use by our customers to ensure quality control of metalenses prior to shipment. These capabilities enable us to serve as a one-stop provider of metalens and metalens IoT products, offer customers comprehensive end-to-end services, and preserve and grow our competitive advantage in the industry.
We offer our products to manufacturers of automotives, AR/VR devices, consumer electronic appliances, end-customers, and traders for the distribution of such products. While we offer our products worldwide, our existing customers for metalens equipment, metalenses and IoT products are mainly located in Singapore, Japan, South Korea, China, Taiwan, the United States, and several countries in Europe.
We intend to use the net proceeds from this offering primarily to support our expansion plans in the United States. See “Use of Proceeds.”
Note: Net loss and revenue are in U.S. dollars (converted from Singapore dollars) for the year that ended Dec. 31, 2025.
(Note: MetaOptics cut its NASDAQ Uplisting deal’s size to 3 million American Depositary Shares (ADS) – down from 4 million ADS – and disclosed a price range of $5.00 to $7.00 – a change from the assumed price of $8.15 per share – to raise $18 million, according to an F-1/A filing dated June 10, 2026. Each ADS equals 12 ordinary shares.)
(Background: MetaOptics disclosed the terms for its NASDAQ Uplisting – a small public offering – on May 18, 2026, in an F-1/A filing: 4 million ADS at an assumed price of $8.15 to raise $32.6 million. The price – $8.15 – is the as-converted last price of MetaOptics’ shares on May 15, 2026, on the Singapore Exchange. Initial Filing: MetaOptics filed its F-1 for its uplisting to the NASDAQ – an offering that MetaOptics calls its IPO – on May, 4, 2026, without disclosing the terms. MetaOptics’ stock is listed on the Singapore Stock Exchange under the ticker “9MT” – according to the prospectus. Estimated proceeds for the NASDAQ uplisting – public offering – were up to $23 million.)

Tarsier Pharma TARX Konik Capital Partners (A Division of T.R. Winston), 5.0M Shares, $8.00-10.00, $45.0 mil, 7/9/2026 Thursday

(Incorporated in Israel)
We are a Phase 3 biotech developing steroid-free therapies to treat autoimmune and inflammatory eye diseases that can cause blindness. We are based in Israel.
Our leading drug candidates are based on dazdotuftide to treat non-infectious anterior uveitis without using steroids, which can increase the risk of glaucoma. We are developing an eye drop, known as TRS01, and an injectable drug, known as TRS02, to decrease inflammation without risking the side effects of steroids.
Ocular inflammations are a group of diseases affecting the front and back of the eye. Non-infectious anterior and posterior uveitis are the most known ocular inflammatory diseases. However, ocular inflammation is a critical underlying mechanism in the pathology of other inflammatory eye diseases, such as non-evaporative dry eye, diabetic macular edema (DME), and dry age-related macular degeneration (AMD). Hundreds of millions of people in all age groups are suffering from ocular inflammatory diseases worldwide, conditions that pose severe risks of vision loss and blindness.
(Note: Tarsier Pharma disclosed the terms for its small IPO on May 18, 2026, in an F-1/A filing: 5 million shares at a price range of $8.00 to $10.00 to raise $45 million. This is an NYSE-American Exchange listing.)

SK hynix (NASDAQ Uplisting) SKHY BofA Securities/Citigroup/Goldman Sachs/J.P. Morgan, 0.0M Shares, $0.00-0.00, $29000.0 mil, 7/10/2026 Friday

Note: This is an offering of American Depositary Shares (ADS) on the NASDAQ. Our common shares are listed on the KRX KOSPI Market of the Korea Exchange (the “KRX KOSPI Market”) under the identification code “000660.” (Source: F-1 filing dated June 24, 2026)
(Incorporated in the Republic of Korea)
We are one of the world’s largest memory semiconductor companies and engage in the design, manufacture and sale of advanced memory semiconductors. In the DRAM market that includes HBM, we were ranked second globally based on revenue with a market share of 29.1% in the first quarter of 2026, according to market research conducted by IDC. In the HBM market, we were ranked first globally based on revenue with a market share of 56.4% in the first quarter of 2026, according to IDC. In addition, we were the second largest supplier of NAND flash memory based on revenue, with a worldwide market share of 18.5% in the first quarter of 2026, according to IDC.
Our memory products can be used in virtually all electronic devices, including graphics cards, personal computers (“PCs”), data center servers, mobile devices such as smartphones and tablets, and other consumer electronics products. We also conduct our foundry business through SK hynix system ic Inc. (“SK hynix system ic”) and SK keyfoundry Inc. (“SK keyfoundry”), our wholly-owned subsidiaries.
We sell a wide variety of DRAM and NAND flash memory products with various configuration options, architectures and performance characteristics tailored to meet application- and customer-specific needs. We believe that we are one of the world’s leading companies in developing DRAMs with advanced specifications, particularly those requiring higher density, faster data-processing speed and lower power consumption. We are continually developing higher-density DRAM modules, SSDs and other advanced DRAM and NAND flash memory products that are optimized for our customers’ specific applications. In recent years, we have substantially increased our sales of HBMs. HBMs are advanced memory semiconductors designed to deliver fast data transfers while using less power, making them especially useful in high-performance applications such as GPUs, AI and high-performance computing.
Note: Revenue is in U.S. dollars for the 12 months that ended on March 31, 2026.
Note: The Wall Street Journal reported that SK hynix is “looking to raise 45.453 trillion won, equivalent to $29.65 billion, by issuing American depositary receipts on the Nasdaq market, according to a regulatory filing to the Korea Exchange on Wednesday.” The company has set a trade date of July 10, The WSJ reported.
Note: Bloomberg has estimated that SK hynix could raise about US$29 billion in its public offering of ADS in connection with its uplisting to the NASDAQ.
(Note: SK hynix disclosed its plans to list its stock – American Depositary Shares (ADS) – on the NASDAQ in a NASDAQ Uplisting – a U.S. public offering – in an F-1 filing on June 24, 2026, without disclosing the terms. However, the SK hynix filing said the maximum number of shares would be 17.79 million shares, representing 2.5 percent of its total issued and outstanding common stock on that date. Note: Bloomberg has estimated that SK hynix could raise about US$29 billion (45.45 trillion won) in its public offering of ADS in connection with its uplisting to the NASDAQ. )

🏁 Emerging Market ETF Launches

Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:

🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).

I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.

Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.

Emerging Market Links + The Week Ahead (July 6, 2026) was also published on our website under the Newsletter category.

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]]><![CDATA[EM Fund Stock Picks & Country Commentaries (July 5, 2026)]]>https://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-commentary-july-5-2026https://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-commentary-july-5-2026Sun, 05 Jul 2026 15:28:57 GMTOn Saturday, Badan Warisan Malaysia (The Heritage of Malaysia Trust) had an interesting historical discussion worth noting by emerging and frontier market investors:

💻 BWM Talk Series: Revisiting the Guthrie Dawn Raid by Prof. Nicholas J. White

Malaya (as it was then known) at the time of its independence in 1957 was the world’s largest producer of tin and rubber. However, these industries were mostly foreign (i.e. British) owned. Unlike some developing countries, Malaysia did not seize or nationalise colonial assets by force. Instead, we did it in the most gentlemanly manner possible – we went to the London Stock Exchange to acquire these assets at full market prices!

The Guthrie Dawn Raid in 1981 remains a watershed in Malaysian corporate history. It paved the way for the localisation of and cessation of foreign control in plantation and trading companies which were previously established under colonial rule in Malaya such as Sime Darby, Boustead, Harrisons & Crossfields, Guthrie and many others.

About The Speaker

Prof Nicholas J. White of Liverpool John Moores University, UK will share fascinating insights from his extensive research and work on this topic.

May be an image of text

The Malaysian business press has also done a few stories remembering the raid:

📰 Opinion — The Dawn Raid: How Malaysia outplayed the empire (The Edge Malaysia) 20 Aug 2025 🗃️

  • On the morning of Sept 7, 1981, as London’s financial district stirred to life, something unusual happened. Shares of Guthrie Corporation — a British firm with vast plantations in Malaysia — were being snapped up at lightning speed. Confusion spread. Who was buying? Why?

  • Within two hours, nearly 47% of Guthrie’s shares had been acquired. The Malaysian team, working discreetly through brokers and nominee accounts, had triggered a mandatory general offer. The raid was over before London could react.

  • Malaysia had just reclaimed a colonial crown jewel — without breaking a single rule.

📰 Recalling the Guthrie Dawn Raid (NST Online) 1 Feb 2020 🗃️

  • The Guthrie “Dawn Raid” by Permodalan Nasional Bhd (PNB), 38 years ago, on Sept 7, 1981, needs to be seen against this background. The raid was a fine-tuned and balanced initiative. The following is a brief account of now almost forgotten events, but a vital chapter in our nation’s history.

  • CHRONICLING A VITAL CHAPTER

    • I have been privileged to research and record a major milestone in our nation’s history. It was a long journey of almost four years that took me (together with co-researcher Nick White) to a small English town of Sherborne, Dorset, to interview the former Guthrie chairman, Mark Gent. And again, to Salisbury to talk to the late Sir Donald Hawley, the former British high commissioner to Malaysia when the raid took place.

📰 The Guthrie Dawn Raid remembered (The Star) 12 Sept 2021 🗃️

  • The British investors were caught by surprise when they found themselves no longer in control of some 800sq km of agricultural land in Malaysia – hitherto a valuable and consistent source of revenue. Mark Gent, the Guthrie Corporation chairman, learnt of this acquisition in a news broadcast over the radio.

Guthrie was founded in Singapore in 1821 by Alexander Guthrie as the first British trading company in Southeast Asia who introduced rubber and oil palms to Malaya in 1896 and 1924. The company is often covered in books about the history of Malaysia or autobiographies/histories of “planters” in Malaya who worked for them.

It was also a FTSE 100 company, usually ranking around 65-68 at the time of the “raid,” meaning it was almost the equivalent of the Philippines taking over P&G or another storied American corporate or S&P/Dow name.

However, the British had been “sloppy” about Guthrie’s organization e.g. it was a mess of smaller companies and cross directorships that was forced by the LSE or British government to organize better under a holding company in the 1960s to make it harder for Malaysia to take control of it (ironically, this made it easier to wrestle control via legal means). However and despite PNB (and/or with other Malaysia/Singapore based interests owning smaller chunks) owning or controlling 25% of shares, the British refused to give Malaysians any Board seats with the Board/management still being based in London.

But Malaysia (being a multi-racial country with a parliamentary system/elections) could not simply nationalize foreign owned businesses (like what Indonesia or Burma did). This would have completely destabilized Malaysian society and harmed future investment in a country hungry for investments offering higher returns (as the first Malaysian investment trusts offered to locals proved so successful that there was a danger of running out of local investments that could produce high returns - hence the need to acquire or take control of well managed foreign businesses).

Malaysia had also attempted a share takeover in the past with the sticking point being the share price offered was felt to be too low for British investors (who, at the time, still included many so-called “widows and orphans” rather than large institutions who came to dominate investing…).

For the successful “Guthrie Dawn Raid,” PNB utilized a firm specialized in these sorts of lightening corporate takeovers (e.g. basically using jobbers to quickly buy floating shares after quiet negotiations with other large shareholders) along with the Rothschilds who were much better at secrecy. In fact, only a couple of key people ahead of time knew about the “raid” which was executed within 4 hours of the London market opening - one of the fastest hostile corporate takeovers in history.

PNB also offered £9.01 a share after the Trust representing the “widows and orphans” had indicated they would sell if an offer was made in the £9 range (shares were apparently trading closer to £6 before the takeover). Thus, the previous takeover failure was avoided.

White noted that the “Guthrie Dawn Raid” was not the first occurrence of this sort of hostile takeover strategy on the LSE or resource nationalism that avoided hostile nationalizations (where compensation disagreements would end up in international arbitration courts for years and harm foreign investment) as Afrikaner economic nationalism had led to South Africa and DeBeers to take over LSE listed mining interests using similar methods.

Interestingly enough, Malaysia/PNB had tried to convince Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) to pledge shares prior to the raid and for whatever reason, they refused (the Kuwait investment fund accepted instead). Up until then, Singapore based OCBC was more or less treated as a local bank in Malaysia. However, newly installed Prime Minister Mahathir remembered their refusal and OCBC’s started having a much more difficult time operating in Malaysia…

Another interesting footnote: Had Guthrie’s London-based Board simply transferred control (50.01%) to Malaysia based investors with the Board/HQ being Malaysia-based, Malaysia would have been satisfied and not taken the risk or cost of doing the “raid” for a complete takeover. After all, commodity prices were falling and it was later felt that Malaysia had paid too much for Guthrie.

However, Guthrie’s London-based Board was trying to diversify the Company away from Malaysia and commodities by buying/making unrelated businesses/investments in the USA and UK. Naturally, Malaysia did not like profits being made in Malaysia only to be remitted to London rather than being invested back in the country. These unrelated businesses (which apparently included an investment in a USA airline of all things…) were actually sold off for a profit that more than compensated for the share price Malaysia paid for the company.

A quick look at the 🇲🇾 Malaysia (98) section of our Southeast Asia Stock Index also reveals what could have happened had Guthrie’s London-based Board been a little less “sloppy” (and perhaps less “arrogant”):

These foreign businesses saw the writing on the wall and undertook strategies that turned out to be a win-win for everyone involved and similar listing situations for local MNC units can be found in Indonesia, India, Nigeria, etc.

I should note that the storied Guthrie name does live on (albeit on a much smaller scale) as Sime Darby Bhd (KLSE: SIME / OTCMKTS: SMEBF) [Trading conglomerate. Automotive & industrial equipment brands. 🇼] revived the name in 2024 when they rebranded Sime Darby Plantation:

Otherwise, I’m mainly aware of one remaining “historical” (dating back to the 1870s) London based commodities player in Malaysia, or rather focused almost entirely on “sustainable” Indonesian palm oil now, with one particular British family apparently involved in the company since the 1940s (Note: It came up as a holding of a fund covered in June 21st post and the stock is worth a closer look by funds who have concerns about corporate governance in Indonesia/SE Asia or “sustainability” issues with ag and especially palm oil related investments):

  • 🇮🇩 🇲🇾 MP Evans Group PLC (LON: MPE / FRA: NYP / OTCMKTS: MPEVF) - Palm plantations in Indonesia + investment in a property company in Malaysia.

https://www.mpevans.co.uk/about/assets
https://www.mpevans.co.uk/about/assets/property

Their website also indicates a focus on providing a decent dividend:

  • Price/Book (Current): 1.72

  • Forward P/E: 12.55 / Forward Annual Dividend Yield: 4.03% (Yahoo! Finance)

As of the start of July, more fund updates (our continuously updated post containing all funds is here) along with new emerging market research starting with some non-EM pieces pushing Europe:

  • 🎥🇪🇺 Citywire Big Broadcast: Quality, value and the long game (Citywire via Fidelity) 51:33 Minutes - Marcel Stötzel, Co-Portfolio Manager of Fidelity European Trust PLC, joined Citywire’s Ian Horne to explain why his team is backing European domestic companies for the first time in 17 years. He also shares the key themes shaping his thinking, where he sees value today, and the challenges still facing markets.

  • 🔬🇪🇺 A value-based case for today’s European banks (Robeco) - European bank stocks have enjoyed a multi-year run of strong performance, outpacing the STOXX 50 Index since early 2024 amid increased profitability. Today’s European banks are doing what US banks did from 2013-2019: rebuilding capital, restructuring cost bases, and returning to double-digit returns on equity.

🗄️ Fund documents / updates; ⚠️ Disclosures or restricted access e.g. based on your location, investor status, etc.; 🇼 Wikipedia page; 🔬 Research analysis (including articles/blog posts from fund managers, etc.); 🎥 Video; 🎙️ Podcast; 🎬 Webinar; 📝 Transcript; 📰 Newspaper/magazine article; 📯 Press release; 💻 Substack/blog/website article; ✅ Our own posts; 🗃️ Linked archived article; ⏰ Upcoming webinar or event.
📈 Contributors; 📉 Detractors; 🏧 Transactions; 🚩Discusses/mentions stocks by name.
Disclaimer: We usually use Deepseek to summarize or extract stock names and assign performance emojis. Like all AI, Deepseek is not perfect and regularly adjusts their model which can lead to mistakes/misunderstandings/misinterpretations of the data its given. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content.

🌏 New Asia Fund Documents & Research

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]]><![CDATA[🌐 Emerging Market Stock Picks (2nd Half June 2026)]]>https://emergingmarketskeptic.substack.com/p/emerging-market-stock-picks-2nd-half-june-2026https://emergingmarketskeptic.substack.com/p/emerging-market-stock-picks-2nd-half-june-2026Sun, 05 Jul 2026 15:28:08 GMTIn recent interviews, Martin Armstrong in the the alt-finance news space has talked about a new report by his firm about the potential for a sovereign debt crisis starting in the Middle East:

🔬 Sovereign Debt Crisis & the Middle East (Armstrong Economics) April 2026

Sovereign Debt Crisis Middle East 2026 INDEX

Armstrong’s premise is that Middle East countries borrowed heavily during COVID when energy prices cratered - leaving them exposed as follows (per the report):

  • Country-By-Country Breakdown

    • Saudi Arabia: The Crown Jewel At Risk

    • Iraq: Chinese Debt Colony

    • Kuwait: Wealthy But Exposed

    • Abu Dhabi / UAE: Significant But Manageable

    • Qatar: Gas-Backed (Similar Structure)

    • Oman: Weaker Position

    • Bahrain: Small But Highly Indebted

I have commented in the past that drones and missiles hitting malls/luxury hotels/airports is not a good look for so-called “safe havens” for wealth which has me wondering how exposed Middle East banks are to problems e.g. construction loans to real estate developers (as even if most purchases are cash, the banks would still be financing or on the hook for some construction related loans/financing, etc).

Likewise, the Gulf States will have to do some rebuilding and rerouting of infrastructure away from the Strait of Hormuz. This means less investment for the USA’s AI stock bubble and whatever else they may have promised to invest in the US to appease Trump. They may even need to liquidate some US investments (although they will have to be careful not to anger Trump for the next two years) to pay for the rebuilding plus rearming of militaries (e.g. depleted missile stocks, etc.).

Specific stocks covered in this post (with a focus on some countries or stocks that are hopefully more accessible to retail investors via Interactive Brokers or via a foreign listing - see our first posts - Mid-March 2025, Early April 2025, April 2025, May 2025, June 2025, July 2025, August 2025, September 2025, October 2025, November 2025, December 2025, January 2026, February 2026, 🌏 SE Asia (March 2026), 🌐 March 2026, 🌏 SE Asia (April-May 2026), 🌐 April-May 2026 & H1 June 2026) plus a further DeepSeek summary/analysis of this post:

[Note: On desktop browsers, an autogenerated table of contents will appear on the left side linked to each stock. I will add those links below after publishing/emailing this post…]

Readers can decide whether these DeepSeek insights or summary about these stocks are accurate:

🤖 DeepSeek Summary/Analysis

⚠️ Key Risks to Consider

💎 Summary & Actionable Takeaways

And as always, this post is provided for informational purposes only (and to make your life easier…). It does not constitute investment advice and/or a recommendation…

📈🗄️ Fund documents / updates; ⚠️ Disclosures or restricted access e.g. based on your location, investor status, etc.; 🇼 Wikipedia page; 🔬 Research analysis (including articles/blog posts from fund managers, etc.); 🎥 Video; 🎙️ Podcast; 🎬 Webinar; 📰 Newspaper/magazine article; 📯 Press release; 💻 Substack/blog/website article; ✅ Our own posts; 🗃️ Linked archived article; ⏰ Upcoming webinar or event.

Frontier & Emerging Market Stock Index

Asia

East Asia

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

Note: For more China & Hong Kong stock picks or ideas, see our monthly China & Hong Kong Stock Picks posts…

🇰🇷 Korea

Note: For more Korean stock picks or ideas, see our monthly Korean Stock Picks posts…

🇹🇼 Taiwan

Note: I have note seen any good Twitter/Substack/blog accounts or (free) equity research providers with good coverage of Taiwanese stocks (at least not in English). Please contact me if you know of any…

SE Asia

Note: Various DBS sites (Insights Direct, DBS Treasures, etc.) have good coverage of SE Asia and some Chinese/Hong Kong stocks, but some sites are restricted by geography (need VPN) or are harder to search for new research pieces…

Three implications as the Super El Niño heats up

🔬 DBS Stock Pulse: Three implications as the Super El Niño heats up (DBS Treasures) 29 Jun 2026 ⚠️

🇮🇩 Indonesia

Indonesia Equity Market Reform / Commodity Export Controls / Auto Sales

🔬 Indonesia Equity Market Reform: Navigating MSCI & FTSE Accessibility Challenges (KB Valbury Sekuritas) 23 June 2026 ⚠️

🔬 DSI: Transparency tool or margin-taking gatekeeper? (KB Valbury Sekuritas) 23 June 2026 ⚠️

🔬 May 2026 Automotive Sales: Normalized (Samuel Sekuritas Indonesia) Jun 18, 2026 ⚠️

Bank Negara Indonesia

🔬 BBNI - In-line 5M26, thanks to solid top line and PPoP growth 30 June 2026 ⚠️

Nusantara Sejahtera Raya Tbk PT

🔬 CNMA - Primed for a Box Office Step-Up 30 June 2026 ⚠️

Impack Pratama Industri Tbk PT

🔬 IMPC - Scaling Up on Strong Operational Footing 30 June 2026 ⚠️

  • 🌏 Impack Pratama Industri Tbk PT (IDX: IMPC) - Plastic building materials (roofing, cladding & ceiling, flooring, pipe & utilities, sealant & adhesive). 🏷️

  • Price/Book (Current): 25.48

  • Trailing P/E: 113.28 (no forward P/E) / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

PT Bach Multi Global Tbk

🔬 BACH - Flash IPO: Solid Fundamentals Support Sustainable Long - Term Expansion (Kiwoom Sekuritas Indonesia) June 29, 2026 ⚠️

  • 🇮🇩 PT Bach Multi Global Tbk (IDX: BACH) - Power system solutions & telecommunication infrastructure. 🏷️

  • Price/Book (Current): N/A

  • Forward P/E: N/A / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

VKTR Teknologi Mobilitas Tbk PT

🔬 VKTR: Non-Rated – Electrifying (Samuel Sekuritas Indonesia) Jun 26, 2026 ⚠️

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]]><![CDATA[EM Fund Stock Picks & Country Commentaries]]>https://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-and-country-commentarieshttps://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-and-country-commentariesSun, 05 Jul 2026 13:54:31 GMTThis post will act as a continuously updated “evergreen post” for our EM Fund Stock Picks & Country Commentaries posts emailed weekly. All new weekly fund updates and research will be added here and then emailed out in a separate weekly post under EM Fund Stock Picks. Specific stock names and tickers (linked to an IR page and a quote provider such as Yahoo! Finance) will be kept on this page until there is an update while research pieces will be kept on this page for the current and previous two months or so.

Otherwise, these funds or their fund managers will tend to produce good commentaries about their portfolios and other types of research that would be of interest to investors or help generate new investing ideas.

And as always, this post is provided for informational purposes only (and to make your life easier…). It does not constitute investment advice and/or a recommendation…

Note that a ⚠️ symbol indicates a fund or fund website might be restricted to certain types of investors or investors in specific locations - please be mindful of any disclosure popups or restrictions if you click on a link going to their homepages. We also avoid directly quoting from fund literature or directly linking to PDF, etc. type files where there might not be a disclosure popup that otherwise would appear when accessing the rest of the website.

Note: On February 16, 2025, the original evergreen post got hopelessly trapped in a savings loop while editing after (likely) hitting a Substack character, length, or memory limit. The post had to be copied, unpublished/deleted, edited with fewer words/characters/imbeds, and then republished... The following week, the save limit was hit again BUT with a warning - forcing the splitting up of the main post into separate posts while the ensuring links in the main evergreen post’s table of contents go to the right post and section…:

Contents of this Post

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]]><![CDATA[Emerging Market Links + The Week Ahead (June 29, 2026)]]>https://emergingmarketskeptic.substack.com/p/emerging-markets-week-june-29-2026https://emergingmarketskeptic.substack.com/p/emerging-markets-week-june-29-2026Mon, 29 Jun 2026 16:44:07 GMTThe Asset has reported that the fairly well known CLSA brand is to be retired 🗃️:

  • So, Citic will ditch the CLSA brand in 2027, consigning to history probably the last remaining vestige of the legions of formerly independent British stockbrokers in Hong Kong. Citic clearly believes its target – “to become a leading domestic and internationally-renowned Chinese investment bank, trusted by clients around the world” – no longer needs the imprimatur of a Western brand. That’s probably a fair conclusion in today’s world.

And:

Though CLSA stands for Credit Lyonnais Securities Asia, reflecting its acquisition by the disgraced former French bank, CLSA’s roots go back to the London stockbrokers Alexander, Laing & Cruickshank, one of dozens of UK brokers that set up shop in colonial Hong Kong. A list that includes WI Carr, Vickers da Costa, Rowe & Pitman, James Capel, Hoare Govett, de Zoete & Bevan, Henderson Crosthwaite, Gilbert Elliott and many others; all long since acquired and brands retired.

CLSA has actually only been around for about 40 years. Nevertheless, its still a bit sad when old familiar brands or companies disappear. However, you could say this particular change reflects the growing confidence of Chinese companies/brands to no longer use Western brands as fronts and stand on their own names…

🔬 Emerging Market Fund Stock Picks + Stock Pick Tear Sheets

$ = behind a paywall

📰🔬 Emerging Market Stock Picks / Stock Research

$ = Behind a paywall / 🗃️ = Link to an archived article (Note: Seeking Alpha earnings/conference etc. presentations are typically not paywalled) / ⛔ = Article archiving may not be working properly

🌏 Asia

🇯🇵 Is it time to revisit 7-Eleven (TYO: 3382)? (KonichiValue Japan) $

  • I recently wrote an article stating that Seven & I Holdings Co Ltd (TYO: 3382 / FRA: S6M / OTCMKTS: SVNDF) (7-Eleven’s parent company name) was one of the most likely buyout candidates in Japan. I must reiterate that nobody should ever buy a stock based purely on its buyout potential. If anyone can actually purchase this bloated conglomerate, it will likely be a Japanese company, as we just saw exactly what happens when a foreign entity attempts a hostile takeover.

  • The stock got hammered by the failed Couche-Tard takeover bid, and is now trading around the 1,900 yen mark, or a drop of about 23% from their buyout-fueled peaks.

  • If you ignore this M&A drama, Seven & i is basically a highly profitable Japanese convenience store chain tied to a struggling North American business. The fundamentals look really good, and it is definitely undervalued on today’s earnings, but is the future rosy enough to make this stock a buy?

🇯🇵 Kioxia Targets an ADS Listing in the U.S. In the Spring of 2027 - Implications (Douglas Research Insights) $

  • On 25 June, Kioxia Holdings Corp (TYO: 285A / FRA: KI5 / OTCMKTS: KXHCF) announced that it plans to complete its ADS in the U.S. in the spring (around April to June) of 2027.

  • The company is also considering a stock split on the local shares to make them more accessible to retail investors.

  • Timing of the ADS offering (spring of 2027) suggests Kioxia is highly confident of its outlook next 9-12 months.

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 China’s Fiscal Revenue Rises on Stock Boom but Spending Shrinks (Caixin) $

  • China’s general public budget (GPB) revenue grew 6.6% year-on-year in May, buoyed by rising prices and steady economic growth, but GPB spending shrank for the second consecutive month, official data showed Monday.

🇨🇳 China Auditor Exposes Local Governments Faking Debt Cleanups (Caixin) $

  • Some local governments in China have used deceptive tactics to mask billions of yuan in hidden debt, undermining Beijing’s sweeping campaign to defuse financial risks, the country’s top auditor revealed.

  • While official data show all local governments’ hidden debt balances dropped to 10.5 trillion yuan ($1.5 trillion) by the end of 2024, the audit findings highlight Beijing’s persistent struggle to enforce financial discipline.

🇨🇳 Alibaba: Time To Bet Against Wall Street (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇨🇳 Alibaba Group: Qwen-Robot Triggers Full-Stack Physical AI Inflection Point; Reiterate BUY (Seeking Alpha) $ 🗃️

🇨🇳 Alibaba: Technical Bottom Is Near - Diversified Commerce/Cloud Growth Prospects (Seeking Alpha) $ 🗃️

🇨🇳 China is Cheap: PDD Stock Analysis (TheCatalyst)

  • PDD Holdings (NASDAQ: PDD) or Pinduoduo is a multinational commerce company that owns and operates a portfolio of e-commerce businesses. The company’s mission is to bring more businesses and people into the digital economy, enabling local communities and small businesses to benefit from increased productivity and new opportunities.

  • Instead of selling its own inventory, the company primarily operates as a third party marketplace and generates its revenue by charging merchants for online marketing and transaction services.

  • PDD has its risks but the valuation is pricing it like a dying business and I don’t believe it is. PDD does have a competitive advantage in China but it remains to be seen if it will last. I would like to see the founder still involved but he still remains a big shareholder so that is a plus. It will be interesting to see how PDD evolves from 3P to 1P and if the investments pay off. The China risk is something to keep an eye on but as long as PDD isn’t cooking their books or committing some sort of fraud or gets a beyond terrible ROI on their investments and margins collapse then I don’t see how PDD doesn’t provide market-beating returns. NFA.

🇨🇳 NetEase: Multiples Will Rise As International Business Expands (Seeking Alpha) $ 🗃️

  • 🇨🇳 NetEase (NASDAQ: NTES) 🇰🇾 - Premium online services centered around content creation. Mobile & PC games. Majority-controlled subs. Youdao (NYSE: DAO), technology-focused intelligent learning company; Cloud Music (HKEX: 9899), online music content community; & Yanxuan, private label consumer lifestyle brand. 🇼 🏷️

🇨🇳 iQIYI’s RMB 6.2 Billion Quarter: Can Membership Growth Offset Ad Weakness? (Smartkarma) $

  • iQIYI (NASDAQ: IQ) reported its financial and operational results for the first quarter of 2026, highlighting progress in its core streaming business alongside strategic initiatives in AI-driven content creation and international expansion.

  • The company’s total revenue reached RMB 6.2 billion, marking an 8% sequential decline largely due to seasonality and reduced third-party content distribution.

  • Membership services revenue increased 2% sequentially to RMB 4.2 billion, fueled by strong performance of premium domestic dramas such as The Punishment 2, Pursuit of Jade, and How Dare You!?, which resonated with the platform’s key young female demographic.

🇨🇳 Tencent (0700.HK): The Best Business Nobody Wants (Coughlin Cap)

  • Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) — $TCEHY $0700.HK

  • Tencent is one of the best businesses in the world. I don’t think that’s a controversial thing to say.

  • It runs WeChat, and calling it a messaging app really undersells what it is. People message on it, pay with it, hail rides, order food, book doctor appointments, run entire small businesses, all without ever leaving it. More than a billion people open it every single day.

  • On top of that you’ve got the largest gaming business on the planet, an advertising machine that’s accelerating, a cloud and fintech arm, and a giant portfolio of stakes in other companies. The whole thing throws off enormous amounts of cash and earns very high returns on the capital it puts to work. This is about as high quality as large-cap tech gets, anywhere in the world.

  • And the stock is sitting at 52-week lows. Down almost 40% from its October highs. Trading around ~12x forward earnings and ~9x EV/EBITDA.

🇨🇳 Tencent Music: Recent Strategic Moves Are Reshaping The Investment Case (Seeking Alpha) $ 🗃️

🇨🇳 Weibo: A FCF Machine Trading Far Below Its Balance Sheet (Seeking Alpha) $ 🗃️

  • 🇨🇳 Weibo Corp (NASDAQ: WB) - Social media for people to create, share & discover content online. 🇼 🏷️

🇨🇳 Xunlei charms market with share buyback, as global business faces slowdown (Bamboo Works)

  • The online video company will repurchase up to $20 million worth of its shares, as it sits on a cash pile and a major investment that combined are worth more than twice its market value

  • Xunlei (NASDAQ: XNET) announced it will repurchase up to $20 million worth of its stock, sparking a one-day rally for the shares

  • The company has found a major new engine in international livestreaming services, but warned that growth is likely to slow after a period of rapid expansion

🇨🇳 Dobot taps Shenzhen market to fund its bet on humanoid robots (Bamboo Works)

  • The maker of robotic arms for industrial use is taking advantage of a new opportunity for mainland listings as it expands into the market for embodied AI

  • Shenzhen Dobot Corp Ltd (HKG: 2432) aims to raise around $177 million on Shenzhen’s ChiNext, becoming the first Hong Kong-listed firm to raise capital under the new policy

  • Price pressures are intensifying in its core market for collaborative robots, prompting the pursuit of new revenue from more advanced AI technology

🇨🇳 Andre Juice’s PCB gambit: A sweet pivot or a sour distraction? (Bamboo Works)

  • The juice concentrate giant plans to pay up to 800 million yuan for a controlling stake of printed circuit board materials supplier Yongqiang Technology

  • Yantai North Andre Juice Co Ltd (SHA: 605198 / HKG: 2218 / FRA: YNA1 / OTCMKTS: YNAJF) said it will acquire a controlling stake in Yongqiang Technology for 600 million to 800 million yuan, sparking a multi-day rally for its stock

  • Yongqiang Technology recorded a net profit of 1.93 million yuan in this year’s first quarter, marking its first-ever quarter in the black

🇨🇳 Lenovo: The PC Cliff Is Becoming A Sideshow (Seeking Alpha) $ 🗃️

  • 🌐 Lenovo Group (HKG: 0992 / FRA: LHL / LHL1 / OTCMKTS: LNVGY / LNVGF) 🇭🇰 - Designing, manufacturing & marketing consumer electronics, PCs, software, servers, converged & hyperconverged infrastructure solutions, etc. 🇼 🏷️

🇨🇳 GDS Holding: A Sum-Of-The-Parts Opportunity With AI As The Growth Engine (Seeking Alpha) $ 🗃️

🇨🇳 NIO: Delivery Run Is Getting Hard To Ignore (Seeking Alpha) $ 🗃️

🇨🇳 NIO Nears Technical Bottom: SUV Drives Higher Deliveries And Richer Margins (Seeking Alpha) $ 🗃️

🇨🇳 Wall Street renaissance for China stocks? DSC listing offers mixed picture (Bamboo Works)

  • Shares of the owner of an operating system used by more than half of China’s used car dealers lost nearly half their value in their first trading day on the Nasdaq

  • DSC Holdings Ltd (NASDAQ: DSC) raised about $50 million in its Nasdaq IPO this week, making it one of the largest new listings by a Chinese company on Wall Street in more than a year

  • The company’s stock fell 47% on its first trading day, as investors balked at its aggressive pricing and stalling growth in China’s sputtering car market

🇨🇳 DSC Holdings (DSC): Small Float, a Big Anchor, and Plenty of Questions (Smartkarma) $

  • DSC Holdings Ltd (NASDAQ: DSC) claims over 90% market share in operating systems for China’s used-car dealers, providing software, AI applications, and transaction services across the ecosystem.

  • Revenue declined sharply in 2025, although gross profit remained relatively resilient and net losses narrowed year-over-year.

  • China exposure, a concentrated anchor order, and limited float size may result in heightened scrutiny and potentially volatile aftermarket trading.

🇨🇳 DSC Holdings (DSC): IPO Skids Off the Road in First Trading Session (Smartkarma) $

  • DSC Holdings Ltd (NASDAQ: DSC) priced at $17.00, opened below issue price at $16.00, and closed at $9.06 after a volatile session marked by multiple trading halts.

  • Investor demand appeared weak from the outset, with little evidence of underwriter support as shares fell nearly 50% intraday.

  • China exposure, a large anchor order, and limited institutional participation contributed to one of the weakest IPO debuts of the year.

🇨🇳 Uxin Limited: Impacted By Industry Weakness (Seeking Alpha) $ 🗃️

🇨🇳 A Net-Cash Compounder at ~4x Ex-Cash Earnings (Kubang Pasu Capital) $

🇨🇳 Trip.com Q1: Not Asymmetrical Enough (Seeking Alpha) $ 🗃️

🇨🇳 The Sold-Out Air Conditioner Factory Quietly Building a Global Robotics Empire (BlackwoodResearch)

  • This isn’t just a temporary weather anomaly; it is a massive logistics sprint. Midea Group (SHE: 000333 / HKG: 0300 / FRA: 1520 / OTCMKTS: MGCOF)’s factories in Guangdong are working around the clock to rush inventory to Europe via freight trains. In regions with historically low air conditioner penetration, specifically Germany, France, Spain, and the UK, Midea’s sales have skyrocketed, posting a year-on-year increase of more than 70 percent.

  • In most professional investing circles, mention Midea and you’ll get a shrug. Most investors simply see a massive, low-margin Chinese appliance maker and stop reading. That is exactly why it fits the Unusual Stocks profile. The ones who kept reading would find a company that has quietly become one of the largest industrial robotics players on earth, a controlling shareholder in a Toshiba elevator business, and the single biggest beneficiary of a continent that just discovered it needs air conditioning.

🇨🇳 CSPC Innovation pursues Hong Kong IPO as parent profits shrink (Bamboo Works)

[CSPC Innovation Pharmaceutical Co Ltd (SHE: 300765)]

  • The producer of food additives and pharmaceutical ingredients is aiming to raise fresh capital to support its drive to become a developer of innovative drugs

  • R&D costs have been soaring since the firm bought a controlling stake in drug developer Megalith Biopharmaceutical, reaching nearly 50% of revenue in 2025

  • Meanwhile, profit pressures at the CSPC parent have capped the amount available to support drug research at group companies

🇨🇳 China Readies Fresh $9 Billion Consumer Stimulus as Retail Sales Shrink (Caixin) $

  • China will inject a fresh 62.5 billion yuan ($9.2 billion) into consumer trade-in subsidies by the end of June as the government battles the first contraction in retail sales since 2023.

  • The new funding arrives as a three-year stimulus campaign designed to revive domestic consumption shows mounting signs of exhaustion. The 2026 program has been scaled back to 250 billion yuan — down from 300 billion yuan in 2025 — and narrowed to focus on specific items like cars, appliances and smart glasses, signaling a gradual phase-out of the subsidies.

🇨🇳 Luckin Coffee: Continued Deterioration Likely As Store Growth Overload Continues (Seeking Alpha) $ 🗃️

🇨🇳 Evergrande Property Services Stake Sale Collapses, Sending Shares Down 24% (Caixin) $

  • Talks to sell a controlling stake in Evergrande Property Services Group Ltd. have collapsed after liquidators of its bankrupt parent, China Evergrande Group, failed to reach a formal agreement with a prospective buyer.

  • The property-management firm announced the termination of negotiations midday Thursday, sending its Hong Kong-listed shares down 23.5% to close at HK$0.78 ($0.1).

🇨🇳 Yiren Digital Ltd. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

  • 🌏 Yiren Digital (NYSE: YRD) 🇰🇾 - AI-powered financial services platform.

🇨🇳 Audit Finds Major Banks Mismanaged Billions in Tech Loans (Caixin) $

  • China’s top auditor has reprimanded four major commercial banks for mismanaging technology-focused lending programs, highlighting a persistent disconnect between Beijing’s push to fund strategic innovation and the ingrained risk aversion of state-backed lenders.

  • Presenting an audit of the 2025 central budget to the National People’s Congress Standing Committee on Tuesday, Auditor General Hou Kai said the tailored financial products offered by the banks failed to meet the urgent needs of innovative enterprises.

🇨🇳 China Auditor Accuses Bank of China of $348 Million Tax Evasion (Caixin) $

  • China’s state auditor has accused Bank of China (SHA: 601988 / HKG: 3988 / SGX: HBND / OTCMKTS: BACHY / BACHF) of evading 2.37 billion yuan ($348 million) in taxes, a rare public rebuke that signals tightening scrutiny over a widely exploited industry loophole.

  • In a report released Tuesday, the National Audit Office revealed that between April 2023 and August 2025, BOC used affiliates to repackage 11 private funds into tax-exempt mutual funds. The lender is one of China’s “Big Four” state-owned commercial banks.

🇨🇳 Waterdrop creatively posts big revenue growth, but at massive cost (Bamboo Works)

  • The online insurance broker’s new technical services business boomed in the first quarter, but soaring user acquisition costs caused its profit to fall

  • Waterdrop (NYSE: WDH)’s revenue surged 65% in the first quarter, almost entirely driven by a new technical services income category

  • The online insurance broker’s expenses also swelled during the quarter, as it spent heavily to boost traffic on its platform

🇨🇳 Jiayin: Focus On Disappointing Results And Worrying Guidance (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇨🇳 JinkoSolar Is Deeply Undervalued, The Industry Now Needs To Act (Seeking Alpha) $ 🗃️

🇨🇳 Anker Innovations H Share Listing (668 HK): Valuation Insights (Smartkarma) $

🇭🇰 Hong Kong Targets Global No. 2 Spot With $41 Billion IPO Boom (Caixin) $

  • Hong Kong’s initial public offering market is projected to raise HK$320 billion ($40.8 billion) in 2026, positioning the city as the world’s second-largest listing venue behind Nasdaq.

  • The robust forecast from Ernst & Young (EY) follows a strong first half where fundraising surged 92% year-on-year to HK$209.8 billion across 84 deals. More than 420 prospective candidates are currently waiting to list, driven by an influx of mainland Chinese technology firms seeking offshore capital.

🇭🇰 CLSA brand to be retired: strategic redundancy amid changing times? (The Asset) 🗃️

  • Last vestige of former independent broking culture written out of the story

  • So, Citic will ditch the CLSA brand in 2027, consigning to history probably the last remaining vestige of the legions of formerly independent British stockbrokers in Hong Kong. Citic clearly believes its target – “to become a leading domestic and internationally-renowned Chinese investment bank, trusted by clients around the world” – no longer needs the imprimatur of a Western brand. That’s probably a fair conclusion in today’s world.

  • Though CLSA stands for Credit Lyonnais Securities Asia, reflecting its acquisition by the disgraced former French bank, CLSA’s roots go back to the London stockbrokers Alexander, Laing & Cruickshank, one of dozens of UK brokers that set up shop in colonial Hong Kong. A list that includes WI Carr, Vickers da Costa, Rowe & Pitman, James Capel, Hoare Govett, de Zoete & Bevan, Henderson Crosthwaite, Gilbert Elliott and many others; all long since acquired and brands retired.

🇭🇰 Roma Green Finance: A $1.5 Million Revenue Company With A Massive Valuation Problem (Seeking Alpha) $ 🗃️

  • 🌐 Roma Green Finance Ltd (NASDAQ: ROMA) 🇰🇾 - Provision of environmental, social and governance, sustainability & climate change related advisory services.

🇭🇰 Century Ent estimates new gaming expansion in the Philippines generated 2Q winnings of US$5.7mln (GGRAsia)

  • Century Entertainment International Holdings Ltd (HKG: 0959) has estimated pre-tax net winnings of at least HKD45 million (US$5.7 million) from its latest gaming rollout in the Philippines.

  • The gaming technology firm said the winnings came from its “Phase IV” product deployment and covered the April-to-June 2026 period, after it introduced 27 games across seven gaming venue operators in the country.

  • In an update on Thursday, Century Entertainment said the winnings estimate, related to its joint venture Konphil Technology Company Ltd, reflected a “ramp-up” in operations.

🇲🇴 MS cuts 2026 Macau GGR forecast and industry EBITDA estimate, on weak growth up to 4Q (GGRAsia)

  • Banking group Morgan Stanley has cut its estimate for Macau’s full-year 2026 gross gaming revenue (GGR). It now expects annual GGR to be circa MOP260.6 billion (US$32.3 billion) compared to 2025’s MOP247.40 billion.

  • Analysts Praveen Choudhary and Stephen Grambling said in a Sunday note: “We expect 2026 GGR to grow by 5.3 percent year-on-year, below consensus expectations of 6 percent.” Morgan Stanley’s previous GGR growth forecast was also set at 6 percent.

  • They added, referring to their latest estimate: “Our forecasts imply quarterly GGR growth of only 2 percent to 3 percent year-on-year through fourth-quarter 2026.

  • “That said, June and July could see slowdowns related to the [FIFA] World Cup and might even post a negative year-on-year growth number.”

🇲🇴 Observed Macau premium mass bets at ‘post-pandemic low’ in Citi’s June survey, amid FIFA World Cup (GGRAsia)

  • Total wager observed in banking group Citi’s latest monthly survey of Macau premium mass table gambling “fell to a post-pandemic low” of HKD9.8 million (nearly US$1.3 million), said the institution’s analysts George Choi and Timothy Chau in a Sunday memo.

  • That amount was 38-percent lower versus June 2025, while the number of premium mass players observed amounted to 448, i.e., 29-percent fewer year-on-year.

  • “We attribute the year-on-year weakness to the ongoing [FIFA] World Cup [2026],” being held in the United States, Mexico and Canada, observed the analysts. The tournament started on June 11, with the final to be held on July 19, U.S. time.

🇲🇴 Asset manager Pzena ups stake in casino firm Galaxy Ent via US$112mln share buys (GGRAsia)

  • United States-based Pzena Investment Management LLC has spent HKD879.77 million (US$112.22 million) to increase its long position in Hong Kong-listed Macau casino operator Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF), via two recent transactions.

  • That is according to shareholding disclosures filed with the Hong Kong bourse. Pzena is deemed a substantial shareholder in Galaxy Entertainment.

🇲🇴 LVS, MGM Resorts, Galaxy Ent and Aristocrat all make Forbes’ latest ‘Global 2000’ list (GGRAsia)

  • Las Vegas Sands (NYSE: LVS) leads the rankings among four companies with interests in the Asia-Pacific casino gaming sector that appear in Forbes’ ‘24th Annual Global 2000’ list.

  • The four appear under the heading ‘Hotels, restaurants and leisure’.

  • The list, publicised in a Thursday press release, is described as a “definitive” ranking of the world’s largest public companies determined by sales, profits, assets, and market value, with all figures in U.S. dollars.

🇲🇴 Paradise Ent says a subsidiary now recognised in Singapore as an approved manufacturer (GGRAsia)

  • Hong Kong-listed Paradise Entertainment Ltd (HKG: 1180 / FRA: LIL3 / OTCMKTS: PDSSF) said via a Thursday announcement that a subsidiary now has approved-manufacturer status under Singapore’s Gambling Regulatory Authority (GRA).

  • Paradise Entertainment – the parent of Macau-based electronic casino games specialist LT Game Ltd – said the GRA approval is for a subsidiary called LT Smart (Singapore) Pte Ltd. Per the regulator’s website, the approval is under the Casino Control Act 2006.

🇹🇼 Taiwan

🇹🇼 First Financial Holding Co., Ltd. (FFHMY) Presents at Goldman Sachs Asia Financials Corporate Day - Slideshow (Seeking Alpha)

🇹🇼 Taiwan Semiconductor: The AI Toll Road Keeps Widening (Seeking Alpha) $ 🗃️

🇰🇷 Korea

🇰🇷 South Korea delays plan for new single-stock options amid record volatility (FT) $ 🗃️

  • Concerns grow of frothiness in world’s best-performing equity market

  • South Korea’s main stock exchange has delayed the launch of weekly options tied to single stocks, in a sign of growing concern about frothiness in the world’s best-performing equity market this year.

  • The Korea Exchange had planned to launch contracts linked to four of the country’s largest companies — chipmakers Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) and SK Hynix (KRX: 000660), carmaker Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF) and battery producer LG Energy Solution (KRX: 373220) — on June 29.

🇰🇷 NPS: Net Seller of Korean Stocks in the Past Month (What Is It Buying and Selling?) (Douglas Research Insights) $

🇰🇷 Dongsung FineTec (033500): the market is pricing peak. The order book says otherwise. (Numbers not Narrative)

  • A ~₩550bn cryogenic-insulation maker trading at under 9× earnings, with a 25% ROE, net cash, and three years of revenue already signed. The bears have a real point — it’s just not the point the share

  • Dongsung Finetec Co Ltd (KOSDAQ: 033500) makes the insulation that holds liquefied natural gas at minus 163 degrees inside the cargo holds of LNG carriers. That’s the franchise. About 96% of revenue is one thing — polyurethane cryogenic insulation (reinforced foam, panels, membrane sheet) sold to shipyards. A small refrigerant-trading arm is the other 4%: a rounding error with some optionality bolted on.

  • So, plainly: Dongsung is a toll booth on the LNG construction bridge. Real barriers — qualification, switching costs, safety lock-in. No pricing power over its customers (three Korean shipbuilders that are its order book) or over GTT (which keeps the IP rent). Good economics while traffic is heavy; no leverage over whoever sets the toll. That tension is the entire bull-and-bear axis.

🇰🇷 SK Hynix - A Homerun Investment in Kioxia (Douglas Research Insights) $

  • In 2018, SK Hynix (KRX: 000660) invested 2.5 trillion won in Bain Capital consortium that invested in Kioxia and an additional 1.2 trillion won in Kioxia convertible bonds, totaling 3.7 trillion won.

  • SK Hynix has hit a huge homerun with its investment in Kioxia Holdings Corp (TYO: 285A / FRA: KI5 / OTCMKTS: KXHCF). SK Hynix’s investment in Kioxia has surged by more than 32x its original investment in eight years.

  • SK Hynix’s stake in Kioxia is now worth nearly US$79 billion (121 trillion won), representing 5.8% of SK Hynix’s current market cap (2,080 trillion won).

🇰🇷 SK Hynix - ADR Listing on 10 July (Douglas Research Insights) $

  • It has been confirmed that SK Hynix (KRX: 000660) plans to complete its ADR listing on the NASDAQ exchange on 10 July.

  • Estimated issuance price is 2,555,000 won per share and the company projects total proceeds of 45.5 trillion won (US$29.4 billion) (2.5% of outstanding shares).

  • The currently stated issuance price is for reference only and does not represent the actual final issuance price.

🇰🇷 Samsung Electronics: Expectation of a Massive Share Buyback Announcement in the Next Few Weeks (Douglas Research Insights) $

  • There is a growing expectation of a massive share buyback by Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) in the coming weeks.

  • In this insight, I discuss the likelihood, reasons for the buyback, potential size amount, and the impact on the ordinary vs preferred shares price differential.

  • In my view, the potential buyback size amount could about 90 trillion won to 110 trillion won over the next three years.

🇰🇷 ChosunBiz’s Article on SK Hynix - Glass Half Empty or Glass Half Full? (Douglas Research Insights) $

  • This insight provides negative and positive implications of a recent article by Chosun Business Daily on SK Hynix (KRX: 000660).

  • In the next several months, there could be heightened concerns about whether or not Nvidia’s Rubin chips (equipped with HBM4) could be slowing down.

  • If there are confirming signs that the demand for these products are slowing down, there could be harsher trading days ahead for these companies in the rest of 2026.

🇰🇷 An Updated SoTP Valuation Analysis of SK Inc: 2026 High Conviction Idea (Douglas Research Insights) $

  • In this insight, I provide an updated SoTP valuation analysis of SK Inc (KRX: 034730 / 03473K) which I proposed as my 2026 High Conviction Idea on 4 December 2025.

  • My updated sum-of-the parts (SoTP) analysis of SK Inc suggests implied NAV per share of 1,306,335 won per share which represents a 52% upside from current levels.

  • The biggest change in the valuation of SK Inc is its 32.1% stake in SK Square (KRX: 402340) which is now worth 80.4 trillion won.

🌏 SE Asia

🇮🇩 Selamat Sempurna (SMSM IJ): The Boring Business Quietly Powering AI and The Future, Why Selamat Sempurna May Be a Long-Term Winner and a Beneficiary of Indonesia’s New Biodiesel Regulations (Tiger Thesis)

  • So to sum it all up:

    • Construction, tech related mining → Oil Filters

    • Southeast Asian industrialization → Air Filters

  • Both lead to the same thing: growing demand for filtration products.

  • That’s where i think Selamat Sempurna Tbk PT (IDX: SMSM / OTCMKTS: SMSPF) comes in.

  • This is where Selamat Sempurna stands out. The company manufactures both automotive and industrial filtration products and offers one of the broadest product portfolios in the market, with more than 7,000 part numbers.

  • Importantly, the business is not heavily reliant on passenger vehicles, which is the part where people missunderstood Selamat Sempurna the most. Roughly two-thirds of filter sales are actually generated from heavy-duty and industrial applications, including trucks, mining equipment, construction machinery, agricultural equipment, and other commercial uses.

🇵🇭 Asian Dividend Gems: Maynilad Water Services (Asian Dividend Stocks)

  • While the Asian stock markets have been mostly focused on the top-tier semiconductor stocks in the past year, many high quality, dividend yielding stocks have been increasingly ignored.

  • One of them has been Maynilad Water Services (PSE: MYNLD) which is one of the largest water and wastewater utilities in the Philippines.

  • Maynilad Water enjoys an excellent barriers to entry, high EBIT margins (nearly 60%), solid dividend yields (5.6%), and attractive valuations (P/E of 8.4x, P/B of 1.5x, and EV/EBITDA of 8.8x).

🇵🇭 Gokongwei’s planned US$33mln backing for PhilWeb to help it in gaming tech AI: Brian Ng (GGRAsia)

  • Philippines-listed gaming technology provider PhilWeb Corp (PSE: WEB) confirmed in a Wednesday filing a circa PHP2.03 billion (nearly US$33.0 million) deal that will see entrepreneur Lance Gokongwei take initially a 10.0 percent stake in the firm’s issued and outstanding common stock.

  • If a total of just over 93.8-million redeemable preferred shares of PhilWeb are fully exercised, Mr Gokonwei’s interest in PhilWeb’s total issued and outstanding common shares will rise to approximately 15 percent, according to the filing.

  • PhilWeb said in the update to the Philippine Stock Exchange that the transaction “is intended to support the company’s capital raising initiatives and related corporate initiatives”.

  • Mr Gokongwei is president and chief executive of JG Summit Holdings (PSE: JGSHI / OTCMKTS: JGSHF / JGSMY), one of the Philippines’ largest conglomerates, which controls a number of brands such as Robinsons Land (PSE: RLC / OTCMKTS: RBLAY / RBLAF), Universal Robina Corporation (PSE: URC / OTCMKTS: UVRBY / UVRBF), and the air carrier Cebu Pacific. NUSTAR Resort & Casino, on Cebu in the Philippines, is owned and operated by Universal Hotels and Resorts Inc, which is a privately-owned company by the Gokongwei family.

🇵🇭 Inflation, lack of VIP punters to keep Philippines land-based gaming pressured in 2H 2026: Maybank (GGRAsia)

  • Maybank Investment Bank has outlined economic factors that might “pressure” the Philippine gaming industry in the second half this year.

  • Maybank stated in a memo on Wednesday that “brick-and-mortar casinos face steep headwinds due to inflation, high utility costs cannibalising disposable income, and a lack of VIP high-rollers tied to slower-than-expected tourism growth.”

  • The Philippines reported in April that first-quarter foreign visitor arrivals were up 2.6 percent year-on-year, to circa 1.76 million, spurred by growth in most key markets except South Korea and China.

🇵🇭 GCash, Philippine’s fintech unicorn, inches closer to IPO (The Asset) 🗃️

  • Listing of superapp with 81 million users delayed over past few years due to market volatility

  • After years of teasing its potential listing, Mynt, the company behind Philippine fintech giant GCash, has indicated that it is ready to go public, soon.

  • Mynt announced on Wednesday that its board of directors has greenlit the filing of a registration statement with the Securities and Exchange Commission ( SEC ). The board also approved GCash’s listing application with the Philippine Stock Exchange ( PSE ) in connection with a potential initial public offering ( IPO ).

  • In a statement announcing the development, Mynt says it is looking to sell an equivalent of 12% of its total outstanding capital stock through a combination of both primary and secondary shares, with each common share having a par value of 3 Philippine centavos per common share.

  • Likewise, Globe Telecom (PSE: GLO / GLOPP / OTCMKTS: GTMEY / GTMEF), Mynt notes, has made a similar disclosure, “in accordance with corporate governance standards and pertinent disclosure rules and regulations”.

🇸🇬 Grab: Impact Brought By The Earnings Cap To Be Offset By Other Segments (Seeking Alpha) $ 🗃️

🇸🇬 Grab’s Technical Support Breached - Selloff Triggers Dip Buying Opportunity (Seeking Alpha) $ 🗃️

🇸🇬 Karooooo: Good Growth, Real Cash Flow, And A Fair Multiple (Seeking Alpha) $ 🗃️

  • 🇸🇬 🇿🇦 Karooooo (NASDAQ: KARO / JSE: KRO) - Leading provider of an on-the-ground operations cloud that maximizes the value of data. The Cartrack SaaS platform provides insightful real-time data analytics & business intelligence reports. 🏷️

🇸🇬 Sea Limited: Is Shopee VIP Its Prime Moment? (Slow Compounding)

[Sea Limited (NYSE: SE)]

  • The membership flywheel investors have seen before.

  • The right question is not whether Shopee VIP will become as important as Amazon Prime. That is unknowable and probably too ambitious as a direct comparison. The better question is whether Shopee VIP can change the slope of Shopee’s frequency, loyalty, fulfillment, and monetization curve.

  • If it can, the market may be looking at Sea’s reinvestment cycle from the wrong angle.

  • What looks like lower margins today may eventually prove to be the cost of building a more durable and more profitable platform.

🇸🇬 A Microcap Growing 100% a Year, Trading at 11x Earnings (Stone Mountain Research) $

[🇸🇬 Lum Chang Creations (SGX: LCC) - Urban revitalisation specialist. niche conservation & restoration works + interior fit-out & addition & alteration (A&A) capabilities. 🏷️]

  • I sorted through 10,000 microcaps to find this one.

  • It looks ordinary at a glance. The financials are anything but.

    • Revenue has compounded at roughly 100% a year since 2022, up 93% in the latest fiscal year alone.

    • Net income tripled year on year, then doubled again in the latest half.

    • Net margin reached 20% last half, in an industry where the typical operator earns 2 to 6%.

    • Return on equity is over 70%. Not a typo.

    • Net cash on the balance sheet, no meaningful debt, and free cash flow that funds the dividend with room to spare.

    • Forward dividend yield near 6%.

    • It trades at about 11x forward earnings, roughly in line with far lower-quality peers.

    • The founder-CEO locked up his entire 13% stake for 10 years at the IPO, an unusually long vote of confidence.

🇸🇬 Top Stock Market Highlights of the Week: Foundation Healthcare, First REIT, StarHub, OUE REIT and Frasers Property (The Smart Investor)

  • We look at a Temasek-backed healthcare provider's mainboard listing plans, two REITs recycling capital through major divestments, a leadership transition at one of Singapore's telcos, and a property group's S$2.1 billion hospitality restructuring.

    • Private Healthcare Group Plans Singapore Mainboard Listing

      • Foundation Healthcare Holdings lodged a preliminary prospectus on Monday, 22 June 2026, for a mainboard listing on the Singapore Exchange.

      • The private healthcare provider, which operates 74 specialist clinics across 16 medical specialities in Singapore, is backed by Temasek’s investment firm SeaTown Holdings.

    • Healthcare Trust Sells Entire Indonesia Portfolio for Capital Recycling

      • First Real Estate Investment Trust (SGX: AW9U / OTCMKTS: FESNF), Singapore’s first listed healthcare REIT, has proposed divesting its entire Indonesia portfolio for around S$471.5 million, a 2.1% premium over the average of two independent valuations.

      • Eight hospitals will be sold to long-term tenant PT Siloam International Hospitals for roughly S$389.2 million, with three non-core assets going to PT Lippo Karawaci and an affiliate for a combined S$82.4 million.

    • Local Telecom Operator Announces Major Leadership Transition Plan

      • Telecommunications operator StarHub (SGX: CC3 / FRA: RYTB / OTCMKTS: SRHBY / SRHBF) announced in a bourse filing on Wednesday, 24 June 2026, that Deputy CEO Matthew Williams will succeed Nikhil Eapen as chief executive, effective 1 January 2027.

    • Hospitality Trust Sells Changi Airport Hotel for Millions

      • OUE Real Estate Investment Trust (SGX: TS0U / OTCMKTS: OUECF) is set to sell the Crowne Plaza Changi Airport hotel for S$500 million to a joint venture between Tokyo Century and sponsor OUE Ltd, in a distribution-accretive deal announced on Thursday (25 June 2026).

    • Developer Restructures Massive Hospitality Portfolio to Lighten Balance Sheet

      • Frasers Property Ltd (SGX: TQ5 / FRA: 1IQ) is undertaking a S$2.1 billion “optimisation” of the hospitality portfolio inherited from its 2025 privatisation of Frasers Hospitality Trust.

      • As part of the plan, the developer will sell its 63% stake in five properties — including hotels in Singapore and Japan, worth S$1.1 billion (US$848 million) — to an investment firm owned by the five children of Thai billionaire Charoen Sirivadhanabhakdi, whose family controls the bulk of Frasers’ shares.

🇸🇬 2 Stocks That Are Smashing New All-Time Highs This Year (The Smart Investor)

  • Record-breaking share prices have put these two Singapore stocks in focus, but business fundamentals will determine whether the momentum can continue.

    • DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF)

      • DBS opened 2026 at a record high, and the operational momentum has largely kept pace.

      • Total income for the first quarter scaled to an unprecedented S$5.95 billion – the highest single-quarter performance the bank has ever recorded.

    • United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF)

      • While its peer tests historical ceilings, United Overseas Bank (UOB) has experienced a slightly different trajectory.

      • The bank hit its record high of S$40.07 on 25 June 2026, as the market digests its first-quarter (1Q2026) financial performance.

    • Get Smart: Handovers and Integration Hold the Key

🇸🇬 3 Singapore Dividend Stocks Paying Over 5% in June 2026 (The Smart Investor)

  • A high dividend yield can provide a welcome boost to your passive income. Here are three Singapore-listed stocks yielding more than 5% that income investors may want to keep on their watchlists this June.

    • What Makes a Good Dividend Stock?

    • ComfortDelGro Corporation (SGX: C52 / FRA: VZ1 / VZ10 / OTCMKTS: CDGLF / CDGLY) – The Recovery Dividend Story

      • ComfortDelGro (CDG) has grown into a global land transport operator with businesses spanning multiple markets, and FY2025 marked another milestone for the group.

    • Keppel REIT (SGX: K71U / OTCMKTS: KREVF) – The Office Income Play

      • Keppel REIT is one of the leading office-centric real estate investment trusts (REITs) in Singapore, with a collection of quality commercial buildings located in the Asia-Pacific.

    • NetLink NBN Trust (SGX: CJLU / OTCMKTS: NETLF) – The Infrastructure Income Generator

      • NetLink NBN Trust is responsible for managing and maintaining the fibre broadband network infrastructure that underpins Singapore’s telecommunications backbone.

      • The trust’s defensive business model continued to deliver steady results in FY2026.

      • Which Stock Looks Most Attractive?

    • Get Smart: Don’t Chase Yield Blindly

🇸🇬 July 2026 Watchlist: 3 Blue-Chip Stocks to Watch (The Smart Investor)

  • Three Singapore blue chips report this July, and each carries a gap between its headline number and what is really happening underneath. Here is what dividend investors should watch when Seatrium, Keppel and Singapore Airlines update the market.

    • Seatrium: can the momentum hold?

      • Seatrium Ltd (SGX: SE2 / FRA: S8N / OTCMKTS: SMBMF) goes into its next update with the clearest run of form.

      • For the full year ended 31 December 2025, revenue rose 24.3% year on year (YoY) to S$11.5 billion.

      • Profit attributable to owners more than doubled to S$323.6 million, up from S$156.8 million a year ago.

      • The improvement came from stronger project execution, lower overheads and a larger share of profit from associates.

    • Keppel: testing the asset-light pivot

      • Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) is partway through reshaping itself into an asset-light global asset manager and operator.

      • Its first-quarter update in 2026 (1Q2026) was a voluntary one, so the group did not disclose revenue, profit or free cash flow figures.

      • What it did share points to steady progress.

    • Singapore Airlines: strong engines, rising headwinds

      • Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF), or SIA, presents the widest gap between headline and substance.

      • For the fiscal year ended 31 March 2026 (FY2025/2026), net profit plunged 57.4% YoY to S$1.2 billion.

      • The number looks alarming on its own, but it is not the full picture.

    • Get Smart: watch the gap, not the headline

🇸🇬 IPO Hunter’s Guide: Should You Add These 2026 Newcomers to Your Watchlist? (The Smart Investor)

  • IPOs can be exciting. They offer investors a chance to buy into a company early, but they can also be risky and overhyped.

    • Why Investors Are Drawn to IPOs

    • The Risks of Buying Newly Listed Companies

    • Meet the 2026 Newcomers

      • Toku Ltd (SGX: TKU) — The Growth Challenger

        • TOKU went public in January 2026, setting its IPO price at S$0.25 per share.

        • Demand for AI automation and customer engagement tools keeps surging, especially in Asia Pacific, fuelling its growth.

      • JustCo Holdings (SGX: JCO) — The Profitable Disruptor

        • Listed in May 2026 at an IPO price of S$0.94 per share, JustCo is one of Asia Pacific’s largest flexible workspace operators, with 54 centres across 12 cities.

        • Backed by GIC and Frasers Property Ltd (SGX: TQ5 / FRA: 1IQ), JustCo is eyeing more than 100 centres by 2029.

      • UI Boustead REIT (SGX: UIBU) — The Income Play

        • Listed in March 2026 at an IPO price of S$0.88 per unit, UIB REIT owns a S$1.9 billion portfolio of 23 industrial and logistics properties across Singapore and Japan.

    • The IPO Investor’s Checklist

    • Should You Buy Immediately or Wait?

    • Lessons From Past IPOs

    • Get Smart: Treat IPOs Like Businesses, Not Lottery Tickets

🇸🇬 Beyond STI: 3 Small-Cap Stocks Rewarding Dividend Investors Before July (The Smart Investor)

  • Three small-cap dividends land in accounts this June. Only one is backed by both profit growth and cash flow. Here's how LHN, Straits Trading and Yeo Hiap Seng stack up.

    • Is LHN Ltd (SGX: 41O / HKG: 1730)’s dividend built on solid ground?

      • LHN is a real estate management services group specialising in space optimisation, with operations across Singapore, Indonesia, Myanmar and Cambodia.

      • For the first half of fiscal 2026 ending 31 March 2026 (1HFY2026), revenue dipped 13.7% year on year (YoY) to S$60.9 million.

      • The fall came from the absence of property development revenue, which contributed S$12.1 million a year ago.

    • Can Straits Trading Company (SGX: S20 / FRA: W2F / OTCMKTS: SSTVF / STTSY) pay a dividend while reporting a loss?

      • Straits Trading, or STC, is a conglomerate with interests in resources, real estate and hospitality.

      • For FY2025, revenue rose 10.4% YoY to S$623.3 million on higher tin prices, a stronger Malaysian Ringgit, and the opening of Crowne Plaza Penang Straits City.

    • Where is Yeo Hiap Seng Ltd (SGX: Y03)’s dividend really coming from?

      • YHS has sold Asian beverages for more than 100 years under brands such as YEO’S and H-TWO-O.

      • For FY2025, revenue declined 11% YoY to S$292.4 million on weaker consumer spending and intensified competition.

      • Net profit more than tripled to S$21.1 million.

      • The lift came almost entirely from a S$40.9 million fair value gain on its Guangzhou property following a 50-year land lease extension.

    • Get Smart: An unchanged dividend is not an unchallenged dividend

🇸🇬 3 Hidden Gem Dividend Stocks to Fund Your Retirement (The Smart Investor)

  • A high yield means nothing if the cash behind it runs dry. Three lesser-known SGX names show what dividend durability actually looks like for a retirement portfolio.

    • HRNetGroup (SGX: CHZ)

      • HRnetGroup is a recruitment and staffing firm operating across Asian cities, with brands such as HRnetOne, PeopleSearch and RecruitFirst.

      • The business runs on two engines.

    • Vicom Ltd (SGX: WJP)

      • VICOM, a subsidiary of ComfortDelGro Corporation (SGX: C52 / FRA: VZ1 / VZ10 / OTCMKTS: CDGLF / CDGLY), is the leading provider of vehicle testing and inspection services in Singapore, with a second arm covering mechanical, civil engineering and non-destructive testing.

      • The first quarter of 2026 was strong.

    • Elite UK REIT (SGX: MXNU)

      • Elite UK REIT owns 147 commercial assets across the UK, most of them leased to the UK government on triple net terms.

      • That tenant profile is the appeal: government-backed rent tends to keep paying through the economic cycle.

    • Get Smart: Cash is the test that yield cannot fake

🇸🇬 How to Build a Monthly Passive Income Portfolio with Singapore Dividend Stocks (The Smart Investor)

  • Three Singapore blue chips and one ETF — that's all you need to collect dividends in every month of the year.

    • Why DBS comes first

      • DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) is a good place to start.

      • The bank typically pays dividends in April, May, August, and November – four months covered straight away.

      • But do the dividends hold up?

    • Can MLT fill the next four months?

      • Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF) is a useful addition.

      • The logistics REIT typically distributes in March, June, September, and December. Pair it with DBS and you cover eight out of 12 months – with zero overlap.

      • A word of caution, though. MLT’s headline numbers don’t look great.

    • What about the remaining gaps?

      • Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) fills two more.

      • The bourse operator typically pays dividends in February, May, October, and November. May and November overlap with DBS, but the key additions are February and October.

    • What about January and July?

    • Get Smart: It’s Not Just About the Calendar

🇸🇬 Blue-Chip REITs to Boost Your Retirement Income (The Smart Investor)

  • Three blue-chip Singapore REITs reported for 1Q2026 — but only one showed actual distribution growth. Here's how durable each payout looks for retirement income.

    • Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF)

      • Of the three, Keppel DC REIT offered the most direct evidence of a growing payout.

    • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT

      • CICT, one of Singapore’s largest REITs, posted gross revenue of S$426.7 million, up 8.0% YoY, with net property income (NPI) rising 7.9% to S$314.4 million.

      • The underlying income looks healthy.

    • CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF), or CLAR

      • CLAR, Singapore’s oldest industrial REIT, requires the most care from an income reader this quarter.

      • Operationally the signals are strong.

      • But portfolio occupancy eased to 90.5%, down from 91.5% a year ago, and aggregate leverage rose to 42.0%.

    • Get Smart: Judge the Payout, Not the Quarter

🇸🇬 AEM vs UMS vs Frencken: The Ultimate 2026 Singapore Semiconductor Showdown (The Smart Investor)

  • Singapore's semiconductor industry is enjoying renewed attention thanks to AI, advanced computing, and a recovery in chip demand. But among AEM, UMS, and Frencken, which stock offers the best combination of growth, resilience, and long-term upside?

    • Why Semiconductor Stocks Are Back in Focus

    • Meet the Contenders

      • AEM Holdings (SGX: AWX) plays a pivotal role through its testing solutions that help chipmakers test chips faster and at lower cost. Its technology reduces the time and capital required to validate chips before they reach end markets.

      • Originally, AEM relied only on Intel Corporation (NASDAQ: INTC) as its anchor customer.

      • But AEM has been making inroads in diversifying its customer base.

      • UMS Integration Ltd (SGX: 558 / OTCMKTS: UMSSF)’s operational consistency has translated into stable earnings, with the group having reported positive earnings over the last decade, which are duly returned to shareholders via consistent dividends.

      • Finally, besides the semiconductor segment, Frencken Group Ltd (SGX: E28) also has industrial, medical, and analytical instrumentation customers.

    • Growth Potential: Who Has the Longest Runway?

    • Business Quality Showdown

    • Dividend Battle

    • Risk Assessment

    • Which Stock Fits Your Investing Style?

    • Get Smart: There Is No One-Size-Fits-All Winner

🇸🇬 Connecting Asia’s Digital Future: An Interview with Singtel’s Arthur Lang (The Smart Investor)

  • In this exclusive interview, Singtel CFO Arthur Lang explains how the group is evolving beyond traditional telecom services to drive future growth.

  • Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF), better known as Singtel, has long been a portfolio cornerstone for investors seeking stable income.

  • Yet, the company today is vastly different from the traditional telecom utility of the past decade.

  • We spoke to Arthur Lang, Group Chief Financial Officer of Singtel, to better understand where the group is headed under its current strategic phase.

🇸🇬 Why I’m Holding Cash (And Watching Microsoft + Sheng Siong) Right Now (The Smart Investor)

  • Sitting on cash can feel uncomfortable when markets are making new highs. But sometimes, patience is an investment strategy too.

    • Why I’m Not Fully Invested

    • What To Look For Before Deploying More Capital

    • Microsoft (NASDAQ: MSFT) – A Quality Compounder to Own Through Any Market

    • Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) – The Defensive Income Generator

      • While keeping some cash on the sidelines, you still want part of your portfolio working for you. That’s where Sheng Siong fits in.

      • Being a household name in Singapore, Sheng Siong sells everyday essentials that consumers buy regardless of the economic climate.

      • Sheng Siong has growth prospects, and this makes it appealing. Its long-term vision is to build a network of 120 stores across Singapore. Currently, there are 87 outlets in operation, and there is plenty of room for growth.

    • Why These Two Stocks Made the Cut

    • Get Smart: Patience Is a Position Too

🇻🇳 VinFast Auto: Intense Competition From Chinese Autos Will Drive Downside (Seeking Alpha) $ 🗃️

🇮🇳 India / South Asia / Central Asia

🇮🇳 What Ambani’s deep-tech ambitions reveal about India’s AI limits (FT) $ 🗃️

  • Country still needs to play catch-up if it is to become self-reliant in the use of the technology

🇮🇳 Infosys Limited (INFY) Shareholder/Analyst Call - Slideshow (Seeking Alpha)

🇮🇳 MakeMyTrip: Temporary Travel Pressure Does Not Break The Buy Case (Seeking Alpha) $ 🗃️

🇮🇳 Why We Are Buying Aurum Proptech (Bhavik Blog for our Proprietary Investments)

  • Aurum Proptech Ltd (NSE: AURUM / BOM: 539289) — Housing as a Platform Deep Dive, June 2026

  • Most investors don’t wake up thinking, “I need more exposure to Indian real estate.”

  • And honestly, neither do we.

  • What does interest us, however, is the infrastructure quietly being built around real estate — the software, distribution, financing, rental management, data and investment products that sit underneath one of India’s largest industries.

  • Real estate may be one of the oldest sectors in the economy, but its digitisation is still in the early innings.

  • That’s what brought us to Aurum Proptech.

  • Historically, some of the biggest technology winners weren’t the businesses owning assets. They were the businesses creating platforms around those assets.

  • Aurum appears to be pursuing a similar playbook in India.

🇮🇳 Eureka Forbes: A Service-Led Compounder With a 2x Revenue, 3x EBITDA Roadmap (Smartkarma) $

  • Eureka Forbes Ltd (NSE: EUREKAFORB / BOM: 543482), a water and cleaning solutions leader, delivered its second straight year of double-digit revenue growth and record Q4 adjusted EBITDA margin of 13.2%.

  • The growth appears structural, supported by a 14-million-customer service base, faster robotics and air purifier adoption, and a debt-free balance sheet.

  • The key benchmark is FY30: management targets 2x revenue to INR 5,400-5,600 crore and 3x adjusted EBITDA to INR 800-850 crore.

🇮🇳 Aequs Vision 2031: Can Precision Manufacturing Deliver 4-6x Revenue Growth? (Smartkarma) $

  • Aequs Ltd (NSE: AEQUS / BOM: 544634) held its first Investor Day on 18 June 2026, outlining Vision 2031: 4-6x revenue growth, 18-22% EBITDA margin and 20% steady-state RoCE.

  • The company is extending its aerospace manufacturing playbook into aero engines, UAVs and consumer electronics, creating new growth optionality with different economics, timelines and execution risks.

  • Aequs is well placed in global supply chains, but moving from losses to 20% RoCE by FY31 needs strong execution across three scaling businesses.

🇮🇳 Anup Engineering: Heat Exchangers, Nuclear Entry and Doubling the Capacity (Smartkarma) $

  • Anup Engineering Ltd (NSE: ANUP / BOM: 542460), a process equipment manufacturer, delivered record FY26 revenue of INR 822 crore and completed Kheda Phase-2, doubling capacity to 20,000 MT per annum.

  • PAT declined 6.7% despite strong revenue, as steel inflation, execution delays and fixed-price contracts pressured margins. FY27 margin recovery is now the key test.

  • The long-term story remains intact, led by nuclear entry, skid packages, technical services and a INR 1,200 crore pipeline. Near-term execution will decide the next re-rating.

🇮🇳 Kirloskar Oil Engines: HHP Gensets, Data Centers and Kagal Capex Drive the Next Phase (Smartkarma) $

  • Kirloskar Oil Engines Ltd (NSE: KIRLOSENG / BOM: 533293), a Leading engine and power solutions company, recorded standalone quarterly sales of INR 1,522 crore in Q4 FY26, taking FY26 sales to INR 5,604 crore with 13.1% EBITDA margin.

  • Powergen grew 32% in FY26, with over 50,000 units sold. High-horsepower share is now nearing double digits, led by OptiPrime and HHP demand.

  • The debate has shifted to execution. KOEL’s INR 700 crore ongoing expansion and fresh INR 1,400 crore Kagal capex can reset scale, but absorption risk remains.

🇮🇳 Pine Labs: Profitability Has Arrived, But Is It Sustainable? (Smartkarma) $

  • Pine Labs Ltd (NSE: PINELABS / BOM: 544606) has crossed important threshold: FY26 was its first full year of profitability. Revenue grew 19% YoY to Rs 2,710.6 crore, adjusted EBITDA expanded 57% YoY to Rs 559crore.

  • FY26 platform GTV rose 50% YoY to $194 billion, with UPI volumes growing 68% and the platform enabling over 20 million daily transactions.

  • The issue is whether this scale can keep converting into durable earnings.

🇮🇳 E2E Networks: India’s AI Infrastructure Proxy Play! (Smartkarma) $

  • The company has crossed the first key test for an AI infrastructure story: GPU capex has started converting into visible revenue and operating leverage.

  • Q4 FY26 revenue rose sharply to INR 956 million, while EBITDA margin expanded to 60.7%, helped by H200 scale-up and H100 inventory optimisation.

  • The debate is shifting from “can E2E Networks Ltd (NSE: E2E / BOM: E2E) deploy GPUs?” to “can it sustain utilisation, pricing and returns through the next capex cycle?”

🇮🇳 VST Tillers: Tractor Segment Starts Pulling Its Weight (Smartkarma) $

[VST Tillers Tractors Limited (NSE: VSTTILLERS / BOM: 531266)]

  • FY26 domestic tractor volumes rose to 4,596 units from 3,876 units in FY25. Q4 domestic tractor volumes also grew 20.5% YoY.

  • Power tillers delivered the headline growth, but tractor traction can widen the growth runway and improve revenue mix resilience.

  • The stock’s next leg depends on repeatability in tractors, retail finance penetration, and FY27 monsoon risk management.

🇮🇳 Jyoti CNC Automation: Capacity Expansion Fuels the Next Growth Phase! (Smartkarma) $

[Jyoti CNC Automation Ltd (NSE: JYOTICNC / BOM: 544081)]

  • FY26 consolidated revenue grew 15% to Rs.2,093 crore, but a Rs.67 crore revenue reversal at French unit Huron, tied to an ongoing export-control investigation, masked underlying momentum and dented margins.

  • By September 2026, a new 10,000-machine line will increase total capacity to 16,000 machines, supporting growth against a record Rs. 4,732 crore order book.

  • The core India business deserves premium, but Huron’s investigation and revenue deferral make the consolidated story less clean. At roughly 51.5x trailing earnings, execution risk matters more than headline growth.

🇮🇳 Force Motors: Two Weak Monthly Sales Prints Should Not Hide A Stronger Product Cycle.. (Smartkarma) $

  • Force Motors Ltd (NSE: FORCEMOT / BOM: 500033) reported record FY26 revenue and profitability, followed by softer April–May FY27 sales. The stock reaction has focused on the dip, not the product-cycle transition.

  • Traveller N, Urbania, Trax and defence orders can rebuild volume momentum, while the BMW/Mercedes engine franchise adds a differentiated non-vehicle earnings layer.

  • The thesis moves from simple volume recovery to mix-led earnings resilience. Monthly sales volatility matters, but margin quality and portfolio breadth matter more.

🌍 Middle East

🇮🇱 Teva Pharmaceutical’s Innovative Shift Continues With Ecopipam Addition (Seeking Alpha) $ 🗃️

🇦🇪 Robo.ai: The AI Pivot Will Not Offset Dilution (Seeking Alpha) $ 🗃️

🌍 Africa

🇿🇦 DRDGOLD Limited (DRD) Analyst/Investor Day - Slideshow (Seeking Alpha)

🇿🇦 Sibanye Stillwater Limited (SBSW) Analyst/Investor Day - Slideshow (Seeking Alpha)

  • 🌐 Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) - World’s largest primary producers of platinum, palladium & rhodium & is a top-tier gold producer. Projects & investments across 5 continents. 🇼 🏷️

🇿🇦 Exxaro Resources Limited (EXXAF) Analyst/Investor Day - Slideshow (Seeking Alpha)

  • 🇿🇦 Exxaro Resources (JSE: EXX / FRA: LCQ / OTCMKTS: EXXAF) - Diversified resources company with a coal business & acquisitive growth prospects in minerals & energy. Exxaro is among the top 5 coal producers in South Africa. 🇼 🏷️

🌍 Eastern Europe & Emerging Europe

🇨🇿 Palasino fiscal-year 2026 profit down 10pct amid launch costs for new Czech Republic casino (GGRAsia)

  • Palasino Holdings (HKG: 2536), a Hong Kong-listed operator of four land-based casinos in the Czech Republic and an online gaming business, reported net profit attributable to the owners amounting to HKD13.8 million (US$1.8 million) for the financial year ending March 31. That was down 10.4 percent on financial-year 2025’s HKD15.4 million.

  • In a Tuesday filing, it said reasons for the decline included an “employee benefits increase of HK$13.5 million to attract talent which enhanced our competitiveness in the employment market”.

  • The company was listed in Hong Kong in first-half of calendar-year 2024 as a spin-off from Hong Kong-listed property developer Far East Consortium International Ltd (HKG: 0035 / FRA: FET / OTCMKTS: FRTCF). The latter is also an investor in a Brisbane, Queensland, Australia, real estate development that houses The Star Brisbane casino resort.

🇬🇷 Kri Kri - The Greek yoghurt twenty bagger that Goldman won’t cover (Goldman Won’t Cover This)

  • Sometimes the best investment thesis fits in a yoghurt pot. Sometimes the yoghurt aisle receives less analyst coverage than Nvidia. Fortunately, that leaves a little room for moles.

  • Kri-Kri Milk Industry S.A. (ASE: KRI) started in 1951 as an ice cream shop in Serres, Northern Greece. Over the following decades it expanded into Greek yoghurt, first for the domestic market and eventually for export. Over the last ten years it has been one of the quieter compounding stories in European small caps — revenue grew at a CAGR of 17.3% from €66.9 million in FY2015 to €328.8 million by end of FY2025.

  • Everything is produced in Serres and exported from there. The factory burned down on Christmas eve 2013 — yes you read that right — and was rebuilt within a year as a highly automated, state-of-the-art facility. The decision to upgrade rather than simply replace laid the foundation for the cost advantage that followed.

🌎 Latin America

🌎 MercadoLibre: The Market Is Missing the Jevons Paradox (Business Ontology)

  • MercadoLibre reported another stellar quarter, and the market hated it.

  • Revenue grew 49% year over year to $8.8 billion, the fastest pace in almost four years. GMV grew 42% to $19.0 billion. TPV grew 50% to $87.2 billion. Fintech monthly active users reached 82,9 million, up 29% year over year. The credit portfolio reached $14.6 billion, up 87% year over year.

  • And yet the stock sold off because operating margin fell to 6.9%, down 600 basis points year over year.

  • But the headline is not that MercadoLibre (NASDAQ: MELI) is suddenly less profitable. The headline is that MercadoLibre is choosing to invest aggressively because the opportunity in front of it is still enormous, and those investments are already producing faster growth, stronger network effects, and better scale economics.

🇧🇲 The Bank of N.T. Butterfield: Strong Bank, But The Easy Upside Looks Priced In (Seeking Alpha) $ 🗃️

🇧🇷 Petrobras: We’re Adding Hundreds Of Shares On The Dips (Seeking Alpha) $ 🗃️

🇧🇷 PagSeguro Is Too Cheap At 5x Earnings (Seeking Alpha) $ 🗃️

🇧🇷 Alpargatas - $ALPA4.SA (Quipus Capital)

  • Is Havaianas Coca Cola for the feet?

  • Alpargatas Sa (BVMF: ALPA3 / ALPA4) is a historic footwear manufacturing company (oldest company still traded in the Brazilian exchange), with a rich history in Brazil and Argentina, creating category-defining brands in both countries. Like any old company, its portfolio has changed a lot over the years.

  • Today, Alpargatas’ only relevant asset is Havaianas, the largest flip-flop brand in Brazil, and, one could argue, maybe globally.

  • Within Brazil, Havaianas sells 200+ million pairs per year (almost exclusively flip-flops). This implies a 65%+ market share in the flip-flop category, and a 50%+ share within the wider sandal+slipper category.

  • Havainas sells 1 in every 4 pieces of footwear in the whole country! It’s branded-staple quality renders it similar to Coca-Cola: a product that carries the strongest psychological effects of brand power and yet is within the reach of anyone.

🇨🇴 Colombia Just Elected A Maverick Lawyer As President (Persuasion)

  • The country is about to find out what it means to govern without ideology.

🇨🇺 How to Invest in Cuba: Uninvestable Ideas for (Stupidly) Brave Investors (TheOldEconomy Substack)

🇲🇽 Coca-Cola FEMSA: A Bottling Fortress Facing A Mexican Tax Reset (Seeking Alpha) $ 🗃️

🌐 Global

🌐 Nebius: The Vineland Risk Almost Nobody Is Talking About (Seeking Alpha) $ 🗃️

🌐 Nebius: The Funding Gap Could Make The Stock Crash (Seeking Alpha) $ 🗃️

  • 🌐 Nebius Group NV (NASDAQ: NBIS) - AI-centric cloud platform built for intensive AI workloads. Sold Yandex to a consortium of Russian investors. Retains several businesses outside of Russia. 🇼 🏷️

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📅 Earnings Calendar

Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):

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📅 Economic Calendar

Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).

🗳️ Election Calendar

Frontier and emerging market highlights (from IFES’s Election Guide calendar):

📅 Emerging Market IPO Calendar/Pipeline

Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):

Sinda Ltd. SIND Morgan Stanley/Scotiabank/BMO Capital Markets/Canaccord Genuity/Citigroup/RBC Capital Markets, 17.8M Shares, $12.00-12.00, $213.0 mil, 6/26/2026 Priced

(Incorporated in Mexico)
We are an exploration-stage silver miner in Guanajuato, Mexico. We are developing the Sinda Property, which covers about 182 kilometers of identified mineralized strike length. The Electrum Group, a natural resources investment firm, is financing our exploration activities. We have not yet created a mine plan or started production. So far, our work has consisted mostly of exploration drilling and geological assessment of the land.
We hold title to, or have exploration and exploitation rights on, five contiguous mining concessions covering a large-scale high-grade silver-gold greenfield discovery located in the historic Guanajuato epithermal silver belt of Mexico (the “Sinda Property” or the “Project”). The Sinda Property is a large primary silver asset that we believe has the potential to be a globally significant mining operation.
The Sinda Property is located approximately 22 miles (35 kilometers) from the colonial city of San Miguel de Allende in the Mexican state of Guanajuato, approximately 180 miles (290 kilometers) northwest of Mexico City and 28 miles (45 kilometers) southeast of the Guanajuato Mining District, in close proximity to several of the world’s largest and historically most productive silver deposits and mines. The location of the Sinda Property provides access to existing regional infrastructure and an established labor force to support current and future exploration and mining activities. Mexico is the world’s top silver mining jurisdiction, accounting for approximately 20% (20 percent) of all global mined silver production in 2025. Recent policy shifts in Mexico have reignited investment and exploration, and we expect that this will provide a positive backdrop for our exploration and development plans.
Large primary silver assets such as the Sinda Property are rare, with only approximately 28% (28 percent) of global mined silver supply coming from primary silver mines in 2024. Additionally, the universe of primary silver companies is small, creating a scarcity of options for investors seeking silver exposure, which has been exacerbated by recent consolidation among public silver mining companies.
Project Mineral Resource Estimate.
According to the Sinda Technical Report Summary, as of Nov. 24, 2025, the Project boasts an estimated 369 million silver-equivalent ounces of Inferred Mineral Resources and approximately 16 million silver-equivalent ounces of Indicated Mineral Resources, placing it among the top notable underground primary silver assets in Latin America.
Note: We have not generated any revenue to date.
Note: Net loss is for the 12 months that ended March 31, 2026.
(Note: Sinda Ltd. priced its IPO at $12.00 – near the low end of its $11.25-to-$13.25 price range – and sold 17.75 million shares – the number of shares in the prospectus – to raise $213 million on Thursday night, June 25, 2026. Background: Sinda Ltd. accelerated the pricing date of its IPO to June 25 – moved up from June 30. On June 22, 2026, Sinda dislcosed the terms for its IPO. Initial Filing: Sinda Ltd. filed its S-1 for its IPO on June 5, 2026, without disclosing the terms. Estimated IPO proceeds were $100 million, a placeholder figure.)

CopperTech Metals CUX Citigroup/Cantor/BMO Capital Markets/RBC Capital Markets/TD Securities/Stifel/William Blair, 23.5M Shares, $16.00-18.00, $400.0 mil, 7/1/2026 Wednesday

(Incorporated in Delaware)
CopperTech is a U.S. domiciled corporation that controls one of the world’s most significant copper systems, anchored on the Zambian side of the prolific Central African Copperbelt, and positioned to capitalize on what we believe will be an unprecedented copper demand cycle. Driven by artificial intelligence infrastructure, data centers, grid modernization and electrification, we expect there to be greater demand for copper over the next 25 years than has been produced across all human history. Our mission, to Power the Copper Century, reflects our commitment to meeting America’s and the world’s rapidly growing need for critical minerals as this cycle accelerates.
CopperTech seeks to offer a rare combination of scale, grade and expected growth. Supported by existing infrastructure, a multi-decade resource base and a technology-led operating model, we believe that our pathway to significantly expand our production will enable us to be a reliable supplier of copper at scale at precisely the moment global markets need it most. We intend to deploy state-of-the-art technologies in a disciplined and sustainable manner as we advance our Mineral Resource classifications and continue to explore within our substantial copper endowment.
Our flagship asset, Konkola Plc, is a high-grade copper and cobalt producer strategically located in Zambia’s Copperbelt Province. Konkola Plc is 79.42% owned by CopperTech and 20.58% owned by ZCCM, a diversified mining investment and operations company listed on the Lusaka Stock Exchange. From 2004 to 2019, Konkola Plc deployed over $3.0 billion into capital expenditure, funded by a combination of cash generated from operations and from shareholder loans. Over the next five fiscal years (from the start of Fiscal 2027 through the end of Fiscal 2031), Konkola Plc intends to deploy an additional $2.7 billion in capital expenditures, including $0.5 billion in sustaining capital expenditures, into its operations with a goal of driving an increase in copper production to an average of approximately 270 Ktpa (consisting of approximately 180 Ktpa Integrated production and approximately 90 Ktpa from third-party sources) over the remaining operational mine life of Konkola Plc from Fiscal 2030. Konkola Plc expects to fund such expenditure through CopperTech’s investment of the proceeds from this offering in Konkola Plc and may fund the remainder of such expenditure through its existing cash, together with the reinvestment of cash generated from its operations and additional financing, as required.
With such production increases, we are aiming for Konkola Plc to become one of the top copper producing mines by volume globally and an important part of total Zambian cobalt production. Beyond production expansion at Konkola Plc, we intend to invest in exploration activities within our operational sites and in select international jurisdictions to support longer-term Mineral Resource development.
While traditional copper producers rely on decades-old operating processes, CopperTech continues to build a technology-led copper business across our mining and plant operations to increase the productivity, safety and sustainability of our operations. For example, the installation of a new smelter at the Nchanga Complex, one of our key operational sites, has enabled us to capture 99.5% of sulfur emissions from the smelter operations. In addition, we intend to continue using technology, including AI-based technology, aimed at delivering real-time ore grade optimization to increase recovery rates, conducting predictive maintenance to reduce unplanned downtime, deploying automated quality control to ensure consistent premium product, optimizing processes to drive a reduced carbon footprint and establishing remote monitoring capabilities to enable 24/7 expert oversight. Through strategic collaborations with technology specialists, including an ongoing engagement with Palantir, we expect to improve our operating performance, de-risk our expansion and expand our resource base through the deployment of leading geophysical, analytical and AI technologies. Similarly, we intend to pursue collaborations to further enhance the efficiency and profitability of our business. We believe this technology-focused approach will also lead to enhanced performance standards designed to mitigate environmental impacts, which will elevate the standards for responsible mining that conventional miners cannot easily replicate.
The copper demand cycle we intend to capitalize on is expected to be fueled by a structural shift driven by greater needs from AI infrastructure (including data centers), economic growth of developing nations, energy transition and increased defense spending targets. According to Wood Mackenzie, these areas alone are expected to account for roughly 40% of the approximately 7.5 Mtpa of total copper demand growth expected by 2035. As an example, Microsoft’s $500 million data center in Chicago is estimated to require approximately 2.2 Kt of copper, worth approximately $31 million at May 2026 spot prices. With respect to power demand, the International Energy Association notes that large hyperscale data centers are becoming increasingly common, with such data centers demanding power equal to or exceeding 100 MW, which is equivalent to the annual electricity consumption from around 350,000 to 400,000 electric cars, which we believe will result in an increase in copper demand.
At the same time, the supply of copper faces compounding constraints including an approximately 2% annual copper grade decline at existing mines globally (per Ernst & Young), operational disruptions, political instability, geological challenges and previous pandemic-related maintenance delays. The constrained supply is further exacerbated by an approximately 24-year development timeline for new copper mines. Further, a substantial portion of supply capacity remains concentrated in jurisdictions with operational or geopolitical risks — the U.S. net import reliance in 2024 was 45% of domestic copper consumption. With the Democratic Republic of the Congo (“DRC”) accounting for over 75% of the world’s cobalt production and China producing more than 45% of the world’s copper and refining over 70% of the world’s cobalt, U.S. federal policy is increasingly prioritizing diversification and critical mineral security from Western-aligned nations through initiatives from various U.S. governmental agencies, including the Lobito Corridor, a $10 billion rail infrastructure project intended to improve connectivity between Zambia’s Copperbelt Province and Atlantic ports, which we intend to utilize. See “—Zambia—One of the World’s Most Attractive Mining Jurisdictions” and “Risk Factors—Risks Related to Our Business—Our business, results of operations, cash flows and financial condition have been and may continue to be adversely affected by changes in geopolitical and global economic conditions.” for further information.
We believe Konkola Plc’s strong operating history, combined with the Konkola Complex being one of the highest-grade copper and cobalt resources in the world, lay the framework for our Company to be a highly economic and strategic long-term supplier of critical minerals, including to Western-aligned end markets.
Note: Net loss and revenue are in U.S. dollars for the year that ended on March 31, 2026.
(Note: CopperTech Metals disclosed the terms for its IPO on June 23, 2026, in an S-1/A filing: 23.53 million shares at a price range of $16.00 to $18.00 to raise $400 million, if priced at the $17.00 mid-point of its range. Background: CopperTech Metals filed its S-1 on June 2, 2026, without indicating the size of its IPO. Estimated proceeds were $100 million, a placeholder figure.)

MetaOptics (Uplisting) MOT Roth Capital Partners/The Benchmark Company, 3.0M Shares, $5.00-7.00, $18.0 mil, 7/6/2026 Week of

Note: This is NOT an IPO. This is a NASDAQ Uplisting – a public offering – from the Singapore Stock Exchange, where MetaOptics’ ordinary shares have been listed on the Catalist of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) since Sept. 9, 2025, under the ticker symbol “9MT” – according to the prospectus.
(Incorporated in the Cayman Islands)
We are a Singapore-based company that designs and manufactures metalenses – ultra-thin flat optical lenses that are smaller, lighter and more power efficient than traditional curved lenses.
Making Miniaturization Possible is our mission.
Note: MetaOptics says its metalens technology accommodates the demand for smaller and lighter lenses in smartphones, automotive technology and other uses.
From the prospectus:
We are a vertically integrated metalens technology company, combining core competencies across metalens equipment, foundry, products, and metaoptics artificial intelligence (“AI”). We conduct our operations through our wholly-owned subsidiaries in Singapore and the United States.
Metalenses are ultra-thin flat-surface lenses which are smaller, lighter, consume less power, and offer a wider field of view, compared to conventional optical lenses. The unique flatness of metalenses enables the correction of optical defects, delivering reasonable quality color images. Leveraging our AI-based algorithm and processing software, which incorporates several advanced algorithms to enhance the optical design and image processing, our metalens technology can further sharpen the images to achieve higher resolution and enhanced image quality, and allow users to manipulate the individual red, green and blue (“RGB”) channels to edit the color images through computational reconstruction. We believe that our innovations have transformative potential in shaping next-generation optical systems.
Our operations are centered on the design and manufacture of metalenses and metalens prototypes, and to demonstrate the viability, efficacy, applications and use cases of our metalenses, we have expanded our operations to include the development of metalens camera modules and metalens Internet of Things (“IoT”) products, such as infrared metalens cameras, pico projectors, and IoT metalens color cameras. Our metalenses have also been integrated into a wide range of applications by our customers, including fifth generation (“5G”) smartphones, contactless three-dimensional (“3D”) biometric modules, projectors, and for industrial applications such as IoT devices, light detection and ranging (“LiDAR”) devices and heads-up displays (“HUDs”) for planes and self-driving cars, and augmented reality/virtual reality (“AR/VR”) devices. To date, although we have achieved mass production capabilities for our metalens prototypes (“mass production” in our perspective refers to the shipment of one million metalens units per year), we have not yet received a critical mass of purchase orders from our customers necessitating mass production of our metalenses.
To facilitate small-scale production of our metalenses to fulfil purchase orders, reduce concentration risk and diversify our supply chain, and to demonstrate the manufacturing capabilities for our metalenses, we also design and produce equipment for the manufacture of metalenses, in particular 4-inch direct laser writers (“DLWs”). Our 4-inch DLWs enable our customers to revise specifications and design of metalenses directly, reducing the lead time and providing for a shorter turnaround time from prototyping to testing and deployment into end products. In addition, our metalens equipment offerings have grown to include the design and production of metalens automatic testers, for use by our customers to ensure quality control of metalenses prior to shipment. These capabilities enable us to serve as a one-stop provider of metalens and metalens IoT products, offer customers comprehensive end-to-end services, and preserve and grow our competitive advantage in the industry.
We offer our products to manufacturers of automotives, AR/VR devices, consumer electronic appliances, end-customers, and traders for the distribution of such products. While we offer our products worldwide, our existing customers for metalens equipment, metalenses and IoT products are mainly located in Singapore, Japan, South Korea, China, Taiwan, the United States, and several countries in Europe.
We intend to use the net proceeds from this offering primarily to support our expansion plans in the United States. See “Use of Proceeds.”
Note: Net loss and revenue are in U.S. dollars (converted from Singapore dollars) for the year that ended Dec. 31, 2025.
(Note: MetaOptics cut its NASDAQ Uplisting deal’s size to 3 million American Depositary Shares (ADS) – down from 4 million ADS – and disclosed a price range of $5.00 to $7.00 – a change from the assumed price of $8.15 per share – to raise $18 million, according to an F-1/A filing dated June 10, 2026. Each ADS equals 12 ordinary shares.)
(Background: MetaOptics disclosed the terms for its NASDAQ Uplisting – a small public offering – on May 18, 2026, in an F-1/A filing: 4 million ADS at an assumed price of $8.15 to raise $32.6 million. The price – $8.15 – is the as-converted last price of MetaOptics’ shares on May 15, 2026, on the Singapore Exchange. Initial Filing: MetaOptics filed its F-1 for its uplisting to the NASDAQ – an offering that MetaOptics calls its IPO – on May, 4, 2026, without disclosing the terms. MetaOptics’ stock is listed on the Singapore Stock Exchange under the ticker “9MT” – according to the prospectus. Estimated proceeds for the NASDAQ uplisting – public offering – were up to $23 million.)

🏁 Emerging Market ETF Launches

Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:

🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).

I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.

Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.

Emerging Market Links + The Week Ahead (June 29, 2026) was also published on our website under the Newsletter category.

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]]><![CDATA[EM Fund Stock Picks & Country Commentaries (June 28, 2026)]]>https://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-commentary-june-28-2026https://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-commentary-june-28-2026Sun, 28 Jun 2026 14:46:33 GMTAs of the end of June, remaining May fund updates (our continuously updated post containing all funds is here) along with new emerging market research have become available starting with another excellent non-EM piece from Praetorian Capital:

  • 🔬🌐 Datacenters Are the New Shale Oil… (Praetorian Capital)

    • I’ve now written two pieces on the economics of AI datacenters (Piece 1, Piece 2). Nothing shakes me from my view that these are deeply negative ROIC investments. Yet, hyperscalers have continued to plow ahead and build them anyway.

    • The only recent historical comparable that I can think of is last decade’s shale patch. While I’m not involved in datacenters, I did have a unique window into shale through my frequent calls to shale CEOs, pleading with them to stop drilling wells with negative ROICs at then-current strip prices. I see a lot of the datacenter mentality, through the lens of those calls. Let me combine a few dozen of those shale oil CEO calls, and build you a composite collage of the typical conversation.

🗄️ Fund documents / updates; ⚠️ Disclosures or restricted access e.g. based on your location, investor status, etc.; 🇼 Wikipedia page; 🔬 Research analysis (including articles/blog posts from fund managers, etc.); 🎥 Video; 🎙️ Podcast; 🎬 Webinar; 📝 Transcript; 📰 Newspaper/magazine article; 📯 Press release; 💻 Substack/blog/website article; ✅ Our own posts; 🗃️ Linked archived article; ⏰ Upcoming webinar or event.
📈 Contributors; 📉 Detractors; 🏧 Transactions; 🚩Discusses/mentions stocks by name.
Disclaimer: We usually use Deepseek to summarize or extract stock names and assign performance emojis. Like all AI, Deepseek is not perfect and regularly adjusts their model which can lead to mistakes/misunderstandings/misinterpretations of the data its given. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content.

🌏 New Asia Fund Documents & Research

Read more

]]><![CDATA[🇰🇷 Korean Stock Picks (March-May 2026)]]>https://emergingmarketskeptic.substack.com/p/korean-stock-picks-march-to-may-2026https://emergingmarketskeptic.substack.com/p/korean-stock-picks-march-to-may-2026Thu, 25 Jun 2026 15:17:57 GMTI will do a separate Korea trip report covering stocks probably next week or in the coming weeks (see: Japan Trip Report (Plus Japanese Stocks), Recent Japan Investing Research & Japanese Stocks You Might Encounter on a Trip to Japan) while the 🇰🇷 Korea section of our Japan, Korea & Taiwan Stock Index now has 307 stocks (plus more Korean stocks getting mentions in Monday posts).

However, its AI related Korean stocks that have been getting all the attention with the bears over at ZeroHedge in particular being the most breathless with their reporting on their recent volatility:

💻 Here Is The Korean Article That Sent Memory Stocks Tumbling And Sparked A Global Selloff (ZeroHedge) June 2026 🗃️

  • Early last night, just around the time Korean stocks opened at a new all time high, we highlighted an article in Korea's Chosun Biz [SK하이닉스, HBM4 생산 속도조절… ‘공급 부족’ 범용 D램 늘려 추가 수익 모색], which eventually became the catalyst for the sharp repricing lower of memory stocks - and since memory stocks account for about 60% of the Kospi, sparked the 10% crash in the South Korean market which culminated with a mandatory halt of trading - and sparked a risk off wave around the globe.

  • As both CNBC and Bloomberg write this morning, "traders are pointing to a South Korean media report saying SK Hynix is slowing expansion of AI memory chip production and shifting emphasis to commodity DRAM."

💻 Korea Crashed: Goldman Explains What Happened And Why It Matters (ZeroHedge) June 2026 $ 🗃️

The Kospi closed down 10%, with SK Hynix and Samsung both sliding more than 12% after a local report said the former was slowing expansion of its AI memory chip production to emphasize the cheaper DRAM components.

  1. The prior concern was not about fundamentals alone, but about flow exhaustion

  2. Regulatory pushback on single-stock leveraged ETFs is affecting sentiment at a sensitive time

  3. Pension rebalancing is turning a key domestic anchor buyer into near-term supply

  4. Profit-taking ahead of Micron earnings pressured memory/AI trades further

  5. Again, fundamentals are still intact

  6. Conclusion

💻 Korean Bubble Mania: Retail Investors Max Out On Margin Debt, Choose To “Risk Complete Collapse” Than Miss Stock Rally (ZeroHedge) May 2026 🗃️

  • For many years, Koreans were bitcoin’s best friend.

  • After bitcoin emerged about a decade ago as the asset class with the most pronounced momentum - both to the upside and the downside - Korea’s daytrading army, famous for being totally unable to do any fundamental valuation analysis but legendary for its wilnningness to piggyback on any momentum with suicidal leverage, became enamored with bitcoin and the result were face-ripping meltups and heartstopping crashes, a daily breathless rollercoaster where 10% moves in hours if not minutes had become the norm.

  • But then, last September something snapped. After bitcoin had tracked Korea’s Kospi index closely for years, the two series - formerly joined at the hips for years - diverged and went their separate ways, the Kospi soaring to never before seen levels, while bitcoin stagnated, shrinking ever lower as its former momentum-addicted traders abandoned it for something shinier, and with much more momentum: memory stocks.

💻 The Korea AI Mania Is Entering Air Pocket Territory (ZeroHedge) May 2026 $ 🗃️

  • A growing number of Koreans in their 50s and 60s, a generation traditionally associated with conservative investments like fixed deposits and real estate, are now embracing leveraged equity speculation funded through debt.

  • According to the Financial Supervisory Service, investors aged 50 and older accounted for more than 60% of the 27.2 trillion won ($18.5 billion) margin loan balance at Korea’s top 10 brokerages during Q1, more than double last year’s level. (Full The Korean Times article from earlier this month: Record-breaking rally draws older Koreans into riskier leveraged investing).

💻 Spot Up Vol Up Korea Goes Full Panic (ZeroHedge) May 2026 $ 🗃️

  • KOSPI continues behaving like the purest expression of the global AI melt-up. Every tiny wobble keeps getting violently bought, upside panic remains extreme, and the same reflexive flows that powered the vertical squeeze higher still show few signs of exhaustion.

  • The remarkable part is that positioning and momentum still do not look fully stretched yet. RSI levels cooled sharply during the brief pullback earlier this week, foreigners continue selling into the rally, and yet KOSPI, SK Hynix (KRX: 000660) and SK Hynix (KRX: 000660) keep ripping higher anyway.

📰 Korea’s AI-Fueled Stock Boom Sparks Rush by Chinese Investors (Caixin) May 2026 $

  • South Korea’s stock market boom, driven by a global frenzy over artificial intelligence (AI) chips, is delivering hefty gains for Chinese investors piling into cross-border semiconductor funds.

  • The benchmark Kospi index has surged more than 80% this year to record highs, powered largely by chip giants c and SK Hynix (KRX: 000660), which together account for more than 40% of the index. The rally has pushed South Korea past the U.K. and Canada to become the world’s seventh-largest equity market.

  • The surge has spilled into China’s cross-border investment market, where investors are scrambling for overseas AI exposure through Qualified Domestic Institutional Investor (QDII) funds.

📰 South Korea dominates Asia G3 bond issuance amid Middle East conflict (The Asset) May 2026 🗃️

💻 Karnage: Korea Kospi Suffers Biggest Crash In History - Is It A Buying Opportunity? (Zerohedge) March 2026 🗃️

  • However, as we noted earlier this week when we pointed out the unprecedented pile up in the Korea ETF which was virtually identical to what happened in silver in January, just before the commodity crashed, the euphoric investor pile up in the main Korean index was screaming a “get me out of here” warning...

  • To be sure, as we also warned previously, there were clear signs of trouble even before this week: foreign funds that had spurred the market for much of last year abruptly turned net sellers in February, dumping a record amount of Korean stocks...

The Korean market also hiccupped when politicians started talking about sharing AI profits with all Koreans:

📰 South Koreans should all get an AI bonus, says presidential adviser (FT) May 2026 $ 🗃️

  • Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) and SK Hynix (KRX: 000660) stocks dip after policy chief comments

  • South Korea should share the profits generated by the artificial intelligence boom with all its citizens, its presidential policy chief said, sending shares in the country’s memory chipmakers lower.

  • In a Facebook post on Monday, Kim Yong-beom floated the idea of redistributing some of the soaring profits of Korea’s chipmakers after the market value of Samsung Electronics topped $1tn last week and shares in SK Hynix nearly tripled this year.

💻 “National Dividend” For Excess Profits from Korean AI/Semiconductor Companies? Karl Marx Would Be Proud (Douglas Research Insights) May 2026 $

  • KOSPI declined by 2.3% on Monday (11 May), mainly due to concerns about imposing “national dividend” for excess profits from AI/semiconductor related companies in Korea (Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) and SK Hynix (KRX: 000660)).

  • In the near term (1-2 years), it is highly UNLIKELY for the Korean government to suddenly provide national dividends for excess profits from major AI/semiconductor companies in Korea.

  • However, when the AGI becomes a reality, the idea of providing “national dividend” or by another name Universal Basic Income (UBI) could become a reality in 5-10 years.

Finally, here are some quick updates on the progress of reforms:

💻 Korean Regulators to Create a Two-Tier KOSDAQ Market (Douglas Research Insights) March 2026 $

  • On 18 March, the Korean financial regulators announced that they are seeking to create a two-tier KOSDAQ market.

  • KOSDAQ will be divided into two tier system, including the premium market for large companies and the standard market for promising companies.

  • The introduction of a two-tier KOSDAQ system would have significant implications for valuation dynamics, raising valuations of companies included in the premium market and lowering valuations in standard market.

  • Number of companies and market caps of KOSPI and KOSDAQ exchange (as of 18 March 2026; Source: Korea Exchange)

💻 Turbulence tests South Korea’s stock market revival (FT) March 2026 $ 🗃️

  • Sharp swings are a reminder to Seoul that its reform agenda is incomplete

  • President Lee Jae Myung, who won elections last year, has prioritised stock market reforms to drive economic growth. He deserves credit for tackling the power of large companies. Last July a law passed making it a legal duty for directors to consider the interests of all shareholders rather than just the company. In late February an amendment was approved requiring companies to cancel newly acquired treasury shares within a year, ending a practice that investors say has helped owner families maintain control.

Korean stocks from a variety of research sources covered in the rest of this post (2023 - May 2023, June 2023, July 2023, August 2023, September 2023, October 2023 & November-December 2023 / 2024 - January 2024, February 2024, March-April 2024, May 2024, June 2024, July-August 2024, September 2024, October 2024, November 2024 & December 2024 / 2025 - January 2025, February 2025, March 2025, April 2025, May 2025, June-July 2025, August-September 2025, October 2025 & November-December 2025 / 2026 - January 2026 & February 2026) for March-May (but with up-to-date charts and key data):

[Note: On desktop browsers, an autogenerated table of contents will appear on the left side linked to each stock. I will add those links below after publishing/emailing this post…]

May - ST Pharm, InBody, Samsung Electronics, SK Hynix, Soulbrain, Komico Ltd, SoluM Co Ltd, HanAll Biopharma, Shinsegae International, Jeju Air, Misto Holdings Corp, Youngone Corp, Hansae Co Ltd, HD Hyundai Marine Solution, Korean Reinsurance Company, Samsung Fire & Marine Insurance, Daewoong Pharmaceutical, HMM, Classys, Vatech, Dentium, CJ Logistics, NCSoft Corp, Shinsegae Inc, Cosmax Inc, Wemade, SK Oceanplant Co Ltd, KT Corp, W-Scope Chungju Plant Co Ltd, Lotte Shopping Co Ltd, S-Oil Corp, Lotte Chemical, Shift Up Corp, KEPCO Engineering & Construction Co Inc, Neowiz, PharmaResearch Co Ltd, Seegene, GC Biopharma Corp, Hyundai Livart Furniture Co Ltd, Kolmar Korea, Cosmecca Korea, Kumho Petrochemical, LG Uplus, CS Wind Corp, GS Retail, BGF Retail, Netmarble Corp, Hugel, Dio Corp, SK Telecom, Hyundai Department Store Co Ltd, Vieworks, LG Electronics, Pan Ocean, GS Engineering & Construction Corp, Samsung Electro-Mechanics Co Ltd, Hanon Systems, POSCO Holdings, LX Hausys, LG H&H, F&F Co, DL E&C Co Ltd, L&F Co Ltd, BNK Financial Group, LG Energy Solution, Posco Future M Co Ltd & Posco International Corp

April - LG Chem, Samsung C&T Corp, Kiwoom Securities, Doosan Enerbility, Amorepacific Corp, LX International, Hanwha Solutions, iM Financial Group, Samsung SDI, Daewoo Engineering & Construction Co Ltd, Hyundai Engineering & Construction, i-SENS, Koh Young Technology, LG Innotek, Hyundai Mobis, Hyundai Steel Co, Kia Corp, Hotel Shilla, Hana Financial Group, Woori Financial Group, Hyundai Motor, OCI Holdings, KB Financial Group, Shinhan Financial Group, Hyundai Glovis, Krafton, Korean Air, JB Financial Group, Chunbo Co Ltd, APR Co Ltd, Samsung E&A & NH Investment & Securities

March - Samsung Life Insurance, KEPCO, KEPCO Plant Service & Engineering Co Ltd & People & Technology

Readers can decide whether these insights or summary about these stocks are accurate (format out usually various with the first output being in Chinese again…):

🤖 DeepSeek Summary/Analysis

  1. AI & Semiconductors – High Growth, High Volatility

  2. Batteries & Electric Vehicles – Anticipating a Cyclical Turnaround

  3. Traditional Industrials & Materials – Deep Value and High Dividends

  4. Gaming – Attractive Valuations with Clear Catalysts

  5. Other Noteworthy Themes

⚠️ Important Risks Highlighted in the Report

Final Takeaway

And as always, this post is provided for informational purposes only (and to make your life easier…). It does not constitute investment advice and/or a recommendation…

🔬 Research analysis (including articles/blog posts from fund managers, etc.); 🎥 Video; 🎙️ Podcast; 🎬 Webinar; 📰 Newspaper/magazine article; 📯 Press release; 💻 Substack/blog/website article; ✅ Our own posts; 🗃️ Archived article; ⏰ Upcoming webinar or event; ⚠️ Disclosures or restricted access e.g. based on your location, investor status, etc.; 🇼 Wikipedia page; 🏷️ Tagged links to other posts about the stock.

Japan, Korea & Taiwan Stock Index

Frontier & Emerging Market Stock Index

May

ST Pharm

🔬 ST Pharm (237690 KQ / Buy) - Growing alongside the RNA therapeutics market (Mirae Asset Securities) 05.29.2026 ⚠️

  • 🇰🇷 ST Pharm (KRX: 237690) - Contract development manufacturing org (pharma & non-pharma in Korea). Chemistry mfg control (CMC), generic APIs, 2nd battery, electronic materials, polymer catalysts etc. 🏷️

  • Price/Book (Current): 4.12

  • Trailing P/E: 36.02 (no forward P/E) / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

InBody

🔬 InBody (041830 KQ/Buy) - US obesity management market offers meaningful upside (Mirae Asset Securities) 05.28.2026 ⚠️

🔬 InBody (041830 KQ/Buy) - Benefiting from growth in US obesity treatment market (Mirae Asset Securities) 05.08.2026 ⚠️

  • 🌐 InBody (KRX: 041830) - Provides body composition analysis solutions worldwide (analyzers, blood pressure monitors, stadiometers & body water analyzers) used in nephrology, liver disease, diabetes, nutrition & rehabilitation. 🏷️

  • Price/Book (Current): 1.88

  • Trailing P/E: 14.97 (no forward P/E) / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

Samsung Electronics

🔬 Samsung Electronics (005930 KS/Buy) - Valuation gap set to narrow (Mirae Asset Securities) 05.27.2026 ⚠️

🔬 Samsung Electronics (005930 KS/Buy) - Exceptional memory demand (Mirae Asset Securities) 05.21.2026 ⚠️

🔬 Samsung Electronics (005930 KS/Buy) - Strong medium/long-term visibility (Mirae Asset Securities) 05.11.2026 ⚠️

🔬 Samsung Electronics (005930 KS/Buy) - Removing the valuation discount (Mirae Asset Securities) 05.07.2026 ⚠️

🔬 Samsung Electronics (005930 KS/Buy) - Profitability concerns likely to be temporary (Mirae Asset Securities) 05.04.2026 ⚠️

🔬 Samsung Electronics (005930 KS/Buy) - The start of an exceptional earnings cycle (Mirae Asset Securities) 04.07.2026 ⚠️

🔬 Samsung Electronics (005930 KS/Buy) - Structurally higher earnings likely to be confirmed (Mirae Asset Securities) 04.06.2026 ⚠️

🔬 Samsung Electronics (005930 KS/Buy) - Beginning of a structural shift (Mirae Asset Securities) 04.02.2026 ⚠️

🔬 Samsung Electronics (005930 KS/Buy) - Positive momentum continues (Mirae Asset Securities) 03.23.2026 ⚠️

🔬 Samsung Electronics (005930 KS/Buy) - A true full-stack player (Mirae Asset Securities) 03.18.2026 ⚠️

🔬 Samsung Electronics (005930 KS/Buy) - Valuation appeal has increased (Mirae Asset Securities) 03.10.2026 ⚠️

🔬 Samsung Electronics (005930 KS/Buy) - Sharp pullback presents an opportunity (Mirae Asset Securities) 03.05.2026 ⚠️

SK Hynix

Read more

]]><![CDATA[Emerging Market Links + The Week Ahead (June 22, 2026)]]>https://emergingmarketskeptic.substack.com/p/emerging-markets-week-june-22-2026https://emergingmarketskeptic.substack.com/p/emerging-markets-week-june-22-2026Mon, 22 Jun 2026 16:43:29 GMTOne quick note: Last week, Caixin reported that Foreign Demand for Mainland Stocks Drives Record Stock Connect Volumes while at the same time noting in a separate article that Chinese Offshore Wealth Shifts to Singapore, Middle East:

Chinese households are reshaping their global portfolios, moving beyond a traditional reliance on Hong Kong and the U.S., as well as basic bonds and equities, to embrace new wealth hubs and alternative assets.

The structural shakeup, detailed in a report released Wednesday by China Everbright Bank Co. Ltd., highlights a growing sophistication among domestic investors seeking to mitigate single-market volatility. [I can’t find a copy of the report online & its probably in Chinese IF posted somewhere]

Its interesting how more foreign money would be moving into Chinese stocks/markets just when Chinese themselves are trying to distance their wealth from both China (Hong Kong) and the USA. And I know its also been reported (as least in alt-finance podcasts) that Middle East money is now flowing toward Hong Kong/Singapore, etc. given the on again off again war there while the “smart money” has been trying to get out of Europe before any capital controls get put in place (and capital controls always happen in war time)…

[Again, our Frontier & Emerging Market Stock Index has around 3,300 stocks (including 436 from China and 106 from Hong Kong) plus there are numerous other non-USA/Western European stocks not indexed that can be found via searching this Substack…]

🔬 Emerging Market Fund Stock Picks + Stock Pick Tear Sheets

$ = behind a paywall

📰🔬 Emerging Market Stock Picks / Stock Research

$ = Behind a paywall / 🗃️ = Link to an archived article (Note: Seeking Alpha earnings/conference etc. presentations are typically not paywalled) / ⛔ = Article archiving may not be working properly

🌏 Asia

🌏 LCY bond market in emerging East Asia expands in Q1 (The Asset) 🗃️

  • Increased government issuance brings total to US$31.5 trillion, yuan accounts for 69.1% of intra-regional total

🇯🇵 Is Japan Actually Making Money from Tourism? (KonichiValue)

  • The Japanese economy turned itself into a cheap theme park to survive structural demographic decline, and shutting the gates now would trigger a macroeconomic disaster.

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 Foreign Demand for Mainland Stocks Drives Record Stock Connect Volumes (Caixin) $

  • Average daily northbound trading volume under the Stock Connect program linking the Chinese mainland and Hong Kong has surged to nearly 390 billion yuan ($57 billion) this year, driven by rising foreign investor interest, according to Bonnie Chan, chief executive of Hong Kong Exchanges & Clearing (HKG: 0388 / 80388 / FRA: D9I / OTCMKTS: HKXCF).

  • Speaking Friday at the 2026 Caixin Summer Summit in Hong Kong, Chan said average daily northbound trading volume reached a record 212.4 billion yuan in 2025, up 42% from a year earlier. In 2026, daily volume has climbed further, averaging between 380 billion yuan and 390 billion yuan, she said.

🇨🇳 China export trade surplus redeploys in search of yield (The Asset) 🗃️

  • Whereas China’s trade surplus used to be absorbed largely by the central bank and channelled into official reserves, it is now being redeployed by private actors in search of yield. This indicates China’s progress on financial deepening and underscores markets’ increasingly central role in shaping the economy

🇨🇳 With China and India’s growth, is US stock market too big? (The Asset) 🗃️

  • With China and India having grown so fast as to compensate for the underperformance of their fellow Brics (Brazil, Russia and South Africa), the centre of gravity in the global economy continues to shift eastward. The question now is whether – and when – equity valuations will reflect this underlying reality

  • [Jim O’Neill is a former UK Treasury minister and a former chairman of Goldman Sachs Asset Management.]

🇨🇳 China wealthy at crossroads in family office expertise quest (The Asset) 🗃️

  • New generation expects one-stop shop solutions instead of product-driven services

  • The private wealth landscape in China is undergoing a profound recalibration. As the first generation of entrepreneurs confronts the inevitability of succession, the country’s family office advisory sector, which is still in its initial developmental stage, is trying to find the right path to mature into something resembling a genuine profession.

  • The size of the family office market in China, according to the 2026 White Paper for China’s Enabling-Style Family Offices published by Youmy Family Office, is estimated to amount to 13.6 trillion yuan ( US$2 trillion ).

🇨🇳 Chinese Offshore Wealth Shifts to Singapore, Middle East (Caixin) $

  • Chinese households are reshaping their global portfolios, moving beyond a traditional reliance on Hong Kong and the U.S., as well as basic bonds and equities, to embrace new wealth hubs and alternative assets.

  • The structural shakeup, detailed in a report released Wednesday by China Everbright Bank Co. Ltd., highlights a growing sophistication among domestic investors seeking to mitigate single-market volatility.

🇨🇳 China’s May Bank Lending Beats Forecasts as Corporate Credit Rebounds (Caixin) $

  • China’s new bank loans returned to positive growth in May, beating market expectations, as a surge in corporate bill financing offset persistent weakness in household borrowing.

  • Aggregate financing and new yuan loans both exceeded average forecasts after an unexpected slump in April, according to data released Friday by the People’s Bank of China. New yuan loans totaled about 520 billion yuan ($76.5 billion), while total social financing, a broad measure of credit and liquidity in the economy, expanded by 2 trillion yuan in May.

🇨🇳 Alibaba: If AI Is The Future, The Largest Cloud Provider In China Should Be A Winner (Seeking Alpha) $ 🗃️

🇨🇳 Alibaba Is A Steal Despite Geopolitical And Regulatory Risks (Seeking Alpha) $ 🗃️

🇨🇳 Alibaba’s 45% Collapse Created A Buying Opportunity (Seeking Alpha) $ 🗃️

🇨🇳 Alibaba: An AI Loser So Far, But Don’t Dismiss The Earnings Story (Seeking Alpha) $ 🗃️

🇨🇳 JD.com: The Biggest Chinese Bargain (Seeking Alpha) $ 🗃️

  • 🌐 JD.com (NASDAQ: JD / SGX: HJDD) - Supply chain-based technology & service provider. One of the 3 largest eCommerce platforms in China. 🇼 🏷️

🇨🇳 Tencent: One Of The Cheapest Mega-Cap Tech Stocks In The World (Seeking Alpha) $ 🗃️

🇨🇳 Huawei’s big comeback tests limits of US chip controls (FT) $ 🗃️

  • Seven years after being written off the Chinese tech giant is making technical advances that appear to sidestep Washington curbs

🇨🇳 Reframing for an AI era: Can Visual China monetize its image library? (Bamboo Works)

  • China’s biggest platform for licensed images has filed for a Hong Kong listing as it tries to reposition itself as a provider of AI-enabled design services

  • The company’s core revenue from content licensing fell 14% last year, slipping below 70% of overall turnover

  • Visual China Group Co Ltd (SHE: 000681) hit the headlines in 2019 when it tried to charge for a landmark scientific image that had been issued as free for general use

🇨🇳 Circuit Fabology H Share Listing (9630 HK): Valuation Insights (Smartkarma) $

🇨🇳 Transsion rebounds, as its ‘Out of Africa’ story stumbles (Bamboo Works)

  • The budget smartphone maker has renewed its application for a Hong Kong IPO, reporting revenue for its core Africa market rose last year, as all of its other markets fell

  • Shenzhen Transsion Holdings (SHA: 688036) has filed for a Hong Kong IPO, reporting its revenue rose 25% in the first quarter of 2026 after returning to growth in the second half of last year

  • The budget smartphone maker controlled a massive 61.5% of Africa’s smartphone market by unit shipments in 2024, but just 22.5% of the market by revenue

🇨🇳 Nio Founder Predicts China Car Sales Will Plunge 20% in 2026 (Caixin) $

  • Electric vehicle (EV) maker NIO Inc (NYSE: NIO) founder William Li predicted that China’s passenger car sales will fall 15% to 20% in 2026, while saying that automakers can survive the market downturn by building an integrated system spanning technology, supply chain and after-sales service.

  • The grim forecast underscores a fundamental shift in the world’s largest auto market, which is transitioning from an era of rapid expansion into a saturated landscape defined by fierce rivalry and stagnating demand.

🇨🇳 Lotus Technology: Reiterating Sell On Impending Dilution And Overambitious Targets (Seeking Alpha) $ 🗃️

🇨🇳 DSC Holdings (DSC): China Based AI App for Used Car Dealers Sets Terms for IPO (Smartkarma) $

  • DSC Holdings launched its IPO, offering 3.0 million ADSs at $16-$18, targeting a $1.3-$1.5 billion market capitalization ahead of next week’s debut.

  • The company claims over 90% market share in operating systems for China’s used-car dealers, leveraging AI, software, and transaction services across the ecosystem.

  • Investor demand may be constrained by the large anchor order, China exposure, and a relatively small public float versus the company’s overall valuation.

🇨🇳 WuXi AppTec Sues Pentagon Over China ‘Military Company’ Designation (Caixin) $

  • WuXi AppTec Co (SHA: 603259 / HKG: 2359 / OTCMKTS: WUXAY), one of China’s largest pharmaceutical outsourcing companies, has sued the U.S. Defense Department in federal court in Washington, seeking to overturn the Pentagon’s decision to designate the company as a Chinese military company.

  • The Shanghai- and Hong Kong-listed company said in a filing Thursday that it filed a complaint in the U.S. District Court for the District of Columbia on June 11, disputing the military-company designation as “erroneous and unsupported by the facts or the legal criteria under the applicable statutes and case law.”

🇭🇰 Cafe de Coral emerges to new dawn, as hidden concerns remain (Bamboo Works)

  • After nearly two years of profit declines, Hong Kong’s leading fast-food operator began to turn the corner in the second half of its latest fiscal year

  • Cafe De Coral (HKG: 0341 / OTCMKTS: CFCGF)’s profit soared more than 150% in the second half of its latest financial year compared with the first half

  • The leading Hong Kong fast-food chain launched a HK$50 million share repurchase program to support its stock

🇭🇰 Chow Tai Fook (1929 HK) - What Lies Ahead? (Smartkarma) $

  • In this insight, we discuss the nitty-gritty details of Cafe De Coral (HKG: 0341 / OTCMKTS: CFCGF)‘s FY2026 financial and operational performance.

  • We analyze four points to understand about what lies ahead for the company in near term.

  • Finally, we discuss about valuation and our view on the company

🇭🇰 Sun Hung Kai Properties: Fresh Headwinds Are Mostly Priced In (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇭🇰 Jardine Matheson Holdings Limited (JMHLY) Analyst/Investor Day - Slideshow (Seeking Alpha)

  • 🌐 Jardine Matheson (SGX: J36 / FRA: H4W / OTCMKTS: JARLF) 🇧🇲 - Subs. include Jardine Pacific, Jardine Motors, Hongkong Land, Jardine Strategic Holdings, DFI Retail Group, Mandarin Oriental Hotel Group, Jardine Cycle & Carriage & Astra International. 🇼

🇲🇴 Macau visitor arrivals hit 20mln mark 18 days earlier than last year: police (GGRAsia)

  • Macau has already reached the milestone of 20-million visitor arrivals this year, with such a figure being recorded 18 days earlier than in 2025, according to the city’s Public Security Police Force.

  • The landmark number was arrived at by the afternoon of Saturday (June 20).

  • Macau recorded 40.1 million visitor arrivals in 2025, the highest annual total on record.

🇲🇴 Macau June GGR pace slows amid World Cup, Citi keeps forecast at US$2.4bln (GGRAsia)

  • Macau’s casino gross gaming revenue (GGR) was estimated at about MOP9.00 billion (US$1.12 billion) in the first 14 days of June, according to investment bank Citigroup, citing industry sources.

  • In a Monday note, the institution said the daily run rate averaged approximately MOP586 million in the week ended June 14. That was around 20 percent below the average recorded in May, when Macau generated approximately MOP729 million per day in GGR.

  • It was also down 16 percent compared with the first week of June, when daily revenue averaged circa MOP700 million, per the memo.

  • Citi said the softer performance was “likely due” to the start of the FIFA World Cup on June 11, which was “taking away some Macau players’ betting budgets”.

  • This year’s World Cup runs until July 19 and features an expanded format with 48 teams and 104 matches. The investment bank said previously that this tournament’s impact on Macau’s casino GGR could be more pronounced than that of previous editions.

🇹🇼 Taiwan

🇹🇼 TSMC: The Buying Opportunity Is Finally Flashing (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇹🇼 Taiwan Semiconductor: Not Expensive When You Run The Numbers On AI Demand (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: Why Premium Multiples Don’t Matter For The King Of Foundries (Seeking Alpha) $ 🗃️

🇹🇼 Silicon Motion: There’s More Left In The Tank (Seeking Alpha) $ 🗃️

🇰🇷 Korea

🇰🇷 S.Korea can offer ‘K-casinos’ as part of ‘K-culture’: Korea Casino Association’s Shin Jong Ho (GGRAsia)

  • In the second portion of a two-part interview with GGRAsia, Shin Jong Ho, secretary-general of the Korea Casino Association (KCA), discusses how South Korea can usefully address the growing regional competition for casino-resort business. In the first part, Mr Shin explained the opportunities and challenges for the country’s regulated casino sector.

🇰🇷 Kangwon Land Inc profit growth to slow until 2028, shareholder returns key: brokerage (GGRAsia)

  • South Korea’s Kangwon Land (KRX: 035250), operator of a resort with the country’s only casino permitted to serve locals, is likely to face a period of slower earnings growth over the next two years. The firm’s dividend policy, however, could help support investor sentiment during that period, says a research note from Samsung Securities Co Ltd.

  • “A slowdown in growth is inevitable through next year, but in the short term, attention should be paid to dividends rather than growth,” wrote analyst Lee Hye-in in a Tuesday memo, cited by South Korea-based The Asia Business Daily outlet.

  • Ms Lee said growth was expected to remain constrained through 2027 due to a combination of limited capacity resulting from the casino’s expansion works, ongoing renovation at resort facilities, and higher investment costs linked to the development of a second casino at Kangwon Land.

🇰🇷 LG Display: Persistent Institutional Buys May Facilitate An Interesting Fundamental Trade (Seeking Alpha) $ 🗃️

  • 🌐 LG Display (NYSE: LPL) - Leading display company. Innovative displays & related products through differentiated technologies such as OLED & IPS. 🇼 🏷️

🇰🇷 Gravity: One Of The Most Mispriced Stocks On The Market (Seeking Alpha) $ 🗃️

🇰🇷 HBM4E 12-High Race: Samsung’s Technical Re-Entry vs SK hynix’s Supply Lock-In (Korea Invest Insights)

🇰🇷 An Update on Delisting of Hyundai Home Shopping and the Merger Ratio with Hyundai GF Holdings (Douglas Research Insights) $

  • Hyundai Home Shopping Network Corp (KRX: 057050)/Hyundai GF Holdings Co Ltd (KRX: 005440) ratio started out as high as 6.3x on 10 February. In the past several days, this ratio has drifted lower to about 5.9x.

  • Merger ratio is 6.357x and there is an increasing probability that over the next several days the price gap between the two companies narrow back closer to the merger ratio.

  • If Hyundai GF Holdings’ share price stays the same (until shares exchange date) and Hyundai Home Shopping catches up to the merger ratio, Hyundai Home Shopping could increase by 7.9%.

🇰🇷 Hankyung Business Daily Mentions SK Hynix ADR Amount Could Be Nearly 40 Trillion Won (Douglas Research Insights) $

  • On 16 June, Hankyung Business Daily mentioned that SK Hynix (KRX: 000660)’s ADR amount could be nearly 40 trillion won ($26.5 billion).

  • According to SK Hynix, it refuted Hankyung Business Daily’s comment about shareholder return policy of 100 trillion won.

  • SK Hynix’s ADR offering could be completed sooner than anticipated after mid-July.

🇰🇷 Korea Small Cap Gem #64: DearU (Douglas Research Insights) $

  • Dear U Co Ltd (KOSDAQ: 376300) is one of the new inclusions for the Korea Value Up-Index in June. Overall, I think DearU’s shares are oversold.

  • DearU’s shares are trading at P/E of 13.6x and P/B of 2.3x (2026 consensus earnings estimates). It had average P/E of 38.6x and P/B of 4.6x from 2022 to 2025.

  • The company’s operating profit jumped by 77% YoY to reach 9.7 billion won in 1Q 2026. Consensus estimates operating margin of 44% in 2026.

🇰🇷 Boston Dynamics - An IPO Likely on NASDAQ in 1H 2027 (Douglas Research Insights) $

  • In this insight, I discuss the likely IPO of Boston Dynamics in Nasdaq in 1H 2027. Boston Dynamics is the crown jewel robotics company for the Hyundai Motor Group.

  • Boston Dynamics’ valuations have recently surpassed $20 billion. In recent weeks, there has been an increased speculation of Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) potentially acquiring a 9.9% stake in Boston Dynamics from SoftBank.

  • If there are increased news flow about Boston Dynamics’ valuations continuing to rise further, the biggest beneficiary (in terms of impact on share price) could potentially be Hyundai Glovis (KRX: 086280).

🌏 SE Asia

🌏 Five gaming-linked firms make 2026 Fortune Southeast Asia 500 list (GGRAsia)

  • Five companies with exposure to the casino and gaming sectors were included in the 2026 Fortune Southeast Asia 500 ranking, with Philippines-based online gaming provider DigiPlus Interactive (PSE: PLUS) and Cambodia casino operator NagaCorp (HKG: 3918 / FRA: N9J / OTCMKTS: NGCRF) recording the biggest gains among the group.

  • The annual ranking, compiled by Fortune magazine, lists Southeast Asia’s 500 largest companies by revenue.

  • Malaysia’s Genting Berhad (KLSE: GENTING / OTCMKTS: GEBHY), one of Asia’s largest casino groups and the parent of operators with gaming interests in Malaysia, Singapore, the United States, and the United Kingdom, remained the highest-ranked gaming-linked company in Southeast Asia. It retained 53rd position, unchanged from the previous year.

  • Philippines-based Alliance Global Group (PSE: AGI / OTCMKTS: ALGGF / ALGGY), whose interests include Newport World Resorts in Manila through Travellers International Hotel Group Inc, ranked 112th in 2026, compared with 92nd a year earlier.

  • Philippine casino operator Bloomberry Resorts Corp (PSE: BLOOM / OTCMKTS: BLBRF) was ranked 303rd in this year’s list, down from 289th in 2025. The company runs the Solaire Resort & Casino at Entertainment City in the Philippine capital, and the Solaire Resort North complex in Quezon City, outside Metro Manila.

🇮🇩 Top Stock Market Highlights of the Week: Fox-Roku, Yum Brands, Oil Prices and Bank Indonesia (The Smart Investor)

  • We look at two major US media and restaurant deals, the easing of oil prices after a Middle East ceasefire, and Indonesia’s aggressive moves to defend its currency.

    • Bank Indonesia raises rates to defend the rupiah

      • Bank Indonesia (BI) extended its aggressive defence of the rupiah with a second rate hike in just eight days, lifting its benchmark rate by 25 basis points to 5.75% on 18 June 2026.

      • The central bank also raised its deposit and lending facility rates by the same margin, to 4.75% and 6.5% respectively. Governor Perry Warjiyo described the move as a pre-emptive step to support currency stability and keep inflation within its target range.

🇲🇾 Top Glove Corporation Bhd. 2026 Q3 - Results - Earnings Call Presentation (Seeking Alpha)

  • 🌐 Top Glove Corporation (KLSE: TOPGLOV / SGX: BVA / OTCMKTS: TPGVF) - World’s largest manufacturer of gloves. Manufacturing operations in Malaysia, Thailand, Vietnam & China + marketing offices in these countries, USA, Germany & Brazil. 🇼 🏷️

🇵🇭 GCash, Philippine’s fintech unicorn, inches closer to IPO (The Asset) 🗃️

  • Listing of superapp with 81 million users delayed over past few years due to market volatility

  • After years of teasing its potential listing, Mynt, the company behind Philippine fintech giant GCash, has indicated that it is ready to go public, soon.

  • Mynt announced on Wednesday that its board of directors has greenlit the filing of a registration statement with the Securities and Exchange Commission ( SEC ). The board also approved GCash’s listing application with the Philippine Stock Exchange ( PSE ) in connection with a potential initial public offering ( IPO ).

  • In a statement announcing the development, Mynt says it is looking to sell an equivalent of 12% of its total outstanding capital stock through a combination of both primary and secondary shares, with each common share having a par value of 3 Philippine centavos per common share.

🇸🇬 Singapore May visitor arrivals hit year-low, with China and Indonesia markets down (GGRAsia)

  • Singapore recorded 1.24 million international visitor arrivals in May, down 9.7 percent year-on-year and the lowest monthly tally so far this year, according to the latest data from the Singapore Tourism Board (STB).

  • The decline was driven by weaker arrivals from several of Singapore’s key source markets, including mainland China, Indonesia, India and Australia, the data showed.

🇸🇬 BW LPG: I Timed The Dip Perfectly, Now What (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇸🇬 JOYY Inc.: The Turnaround Is Gaining Traction, But The Market Remains Oblivious (Seeking Alpha) $ 🗃️

🇸🇬 Sea Limited Finds A Floor - Successful Growth Initiatives Warrant Reiterated Buy (Seeking Alpha) $ 🗃️

🇸🇬 Sea Limited: Brazil’s Success Opens A New Chapter Of Growth (Seeking Alpha) $ 🗃️

  • 🌏 Sea Limited (NYSE: SE) - 3 core businesses: Garena (global online games developer & publisher), Shopee (largest pan-regional e-commerce platform in SE Asia & Taiwan), SeaMoney (leading digital payments & financial services provider in SE Asia). 🇼 🏷️

🇸🇬 3 SGX REITs Rewarding Investors This Week (The Smart Investor)

  • FLCT, MLT and First REIT are paying distributions this week, though their latest results tell three very different stories.

  • All three REITs reported results recently, and the numbers point in three different directions.

    • Is FLCT’s payout stronger than it looks?

      • Frasers Logistics & Commercial Trust (SGX: BUOU / OTCMKTS: FRLOF), or FLCT, owns 113 logistics, industrial, business park and office properties across Australia, Germany, Singapore, the United Kingdom and the Netherlands, with assets under management (AUM) of around S$7.0 billion.

    • Can MLT keep its operational streak going?

      • Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF), or MLT, runs 175 logistics properties across nine Asia Pacific markets, with S$13.1 billion in AUM as at 31 March 2026.

    • What happens to First Real Estate Investment Trust (SGX: AW9U / OTCMKTS: FESNF) after Indonesia?

      • With 31 healthcare properties worth S$1.02 billion across Indonesia (74.5%), Japan (22.7%) and Singapore (2.8%), First REIT’s rental and other income fell 8.4% YoY to S$23.2 million for the first quarter of 2026 (1Q2026).

    • Get Smart: Look Behind the Payment

🇸🇬 REITs Are Back in Focus: 3 Types of Singapore REITs Dividend Investors Should Know (The Smart Investor)

  • A healthcare REIT, a retail and commercial REIT, and a business space and industrial REIT. Same sector, three different ways to earn your income.

    • The Healthcare REIT: Parkway Life REIT

      • Parkway Life Real Estate Investment Trust (SGX: C2PU), or PLife REIT, is one of Asia’s largest listed healthcare REITs. It owns 74 properties worth S$2.57 billion as at 31 March 2026, spread across three Singapore hospitals, 60 Japan nursing homes and 11 France nursing homes.

    • The Retail and Commercial REIT: CICT

    • The Business Space and Industrial REIT: CapitaLand Ascendas REIT

      • CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF), or CLAR, is Singapore’s oldest industrial REIT.

      • It owns 229 properties across business space and life sciences, industrial and data centres, and logistics, located in Singapore, the US, Australia and the UK and Europe. Total assets under management stood at S$18.6 billion as at 31 March 2026.

    • Get Smart: Know The Type Before You Buy

🇸🇬 3 REITs to Buy and Hold Forever (The Smart Investor)

  • Most REITs are bought for yield, but the very best REITs offer something more: resilient assets, dependable income, and the ability to compound over decades.

    • What Makes a REIT Worth Holding “Forever”

    • Why REITs Can Be Powerful Long-Term Holdings

    • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT — The Defensive Income Compounder

      • CICT, Singapore’s biggest REIT, is a heavy hitter if you’re after resilience and steady income.

      • The REIT owns a broad range of retail, office, and mixed-use properties.

    • Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF) — The Growth-Oriented REIT

      • FCT has grown into Singapore’s largest suburban retail REIT, with a portfolio of nine malls located in densely populated residential catchments.

      • Its properties continue to enjoy strong tenant demand, reflected in a committed occupancy rate of 99.8% and positive rental reversions of 6.5% for the first half of the fiscal year ending 30 September 2026 (1HFY2026).

    • Parkway Life Real Estate Investment Trust (SGX: C2PU) — The Structural Trend Beneficiary

      • While many REITs ride economic cycles, Parkway Life REIT benefits from a more enduring trend: healthcare demand.

      • The REIT owns 74 healthcare properties across Singapore, Japan, and France, giving investors exposure to a sector supported by ageing populations and rising healthcare needs.

    • What Long-Term REIT Investors Should Watch

    • Why Most Investors Sell Too Early

    • Get Smart: The Best REITs Reward Time, Not Timing

🇸🇬 The Logistics Boom: Why Mapletree Logistics Trust is a Global Powerhouse (The Smart Investor)

  • Warehouses may not sound exciting, but they are the backbone of global trade and e-commerce. Here's why Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF) has built one of Asia's largest logistics real estate portfolios.

    • Understanding the Logistics Revolution

      • Warehouses aren’t just cheap storage on the outskirts of town anymore.

      • Increasingly, they are becoming the backbone of modern retail.

    • A Truly Global Logistics Portfolio

      • With 175 properties spanning across nine geographic markets, MLT is well-positioned to capitalise on this long-term demand for quality logistics facilities.

      • MLT’s key markets include Singapore, China, Japan, Australia, South Korea, and Southeast Asian nations such as Malaysia and Vietnam.

    • What Makes MLT a Logistics Powerhouse?

    • The Challenges Investors Should Watch

    • Can MLT Continue Growing?

    • Get Smart: Betting on the Backbone of Global Commerce

🇸🇬 Beyond STI: 3 SGX Stocks Riding the AI Boom (The Smart Investor)

  • Three SGX tech stocks, three different signatures of the same boom.

    • Micro-Mechanics: the cleanest read on AI demand

      • Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF) makes the consumable tools and precision parts used in semiconductor assembly and chip-making equipment.

      • When chip demand rises, its tools wear out faster and need replacing. That makes it a direct read on what is happening upstream.

    • Nanofilm: a broad-based bounce back

      • Providing advanced materials, coating equipment and nanofabrication solutions across consumer electronics, automotive, semiconductor and hydrogen energy, Nanofilm Technologies (SGX: MZH / OTCMKTS: NNFTF) showed growth across every major division in its first-quarter update for 2026 (1Q2026).

    • Valuetronics: when falling revenue still builds cash

      • An electronics manufacturing services provider running consumer and industrial segments out of China and Vietnam, Valuetronics Holdings (SGX: BN2 / FRA: GJ7) has the most nuanced case of the three, and the most instructive.

    • Get Smart: AI demand reads differently along the chain

🇸🇬 3 SGX Billionaire Stocks Capitalising on AI-Driven Demand (The Smart Investor)

  • AI demand is lifting three of Singapore's billion-dollar tech names — but it's reaching each of them at a different speed, and one set of numbers deserves a closer look.

    • Which company is feeling AI demand most directly?

      • That would be AEM Holdings (SGX: AWX).

      • AEM builds test and handling equipment for semiconductors, with a focus on high-parallel testing and thermal management for advanced chips. When a chipmaker ramps production, AEM’s machines are part of the process.

    • Is the growth at UMS Integration as clean as it looks?

      • UMS Integration Ltd (SGX: 558 / OTCMKTS: UMSSF) makes precision components and provides engineering services to makers of semiconductor equipment.

      • Its first quarter looked strong on the surface.

    • Why is Venture Corporation’s recovery slower?

      • Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF) is the largest of the three, and the one furthest from chip production. It designs and manufactures products for customers across technology domains, integrating chips into finished kits rather than testing or making them.

      • That position shows in the pace of its recovery.

    • Get Smart: Same Wave, Different Boats

🇸🇬 The Ultimate Graduation Gift: Why I’m Buying These 2 Stocks for My Kids (The Smart Investor)

  • Most graduation gifts are forgotten within a few years, but a carefully chosen stock investment could continue rewarding your children for decades.

    • iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF)

      • A wealth management fintech operating a global digital platform, iFAST serves investors across Singapore, Hong Kong, Malaysia, China, and the United Kingdom through its non-banking divisions and its UK-based digital bank, iFAST Global Bank.

      • For the first quarter of 2026 (1Q2026), the fintech delivered a strong set of results.

    • DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF)

      • A familiar name in Singapore, DBS is Singapore’s largest bank by assets and a premier financial services group across Asia.

      • The lender operates a deeply diversified franchise spanning consumer banking, wealth management, and institutional banking across multiple regional hubs.

🇸🇬 DBS vs. NVIDIA: Which One Protects Your Wealth Better? (The Smart Investor)

  • Both DBS and NVIDIA have rewarded shareholders handsomely over the years. But when markets turn volatile, which stock is better equipped to preserve and grow your wealth?

    • DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF): The Case for Stability and Income

      • On one hand, we have the dominant bank in Singapore and Southeast Asia, DBS.

      • DBS already commands a leading market share in loans and deposits in Singapore, but it’s also trying to expand overseas.

      • The power of consistent dividends

      • Strong capital position and resilience

    • NVIDIA: The Case for Growth and Innovation

      • Extraordinary earnings growth

      • The risks behind the opportunity

    • Head-to-Head: Which Protects Wealth Better?

      • Income versus capital appreciation

      • Business predictability

      • Volatility and investor psychology

    • The Hidden Answer: Why It May Not Be Either-Or

    • Get Smart: Wealth Protection Means More Than Avoiding Risk

🇸🇬 Beyond Blue-Chip: 3 SGX Stocks Quietly Buying Back Their Own Shares (The Smart Investor)

  • While headline buybacks grab attention, these three lesser-known SGX stocks are using strong cash flow to reward shareholders through share repurchases.

    • Credit Bureau Asia Ltd (SGX: TCU)

      • Credit Bureau Asia (CBA) sells credit and risk information to banks, financial institutions and government bodies across Southeast Asia. It bought back S$113,170 of shares over the first five months of 2026. A small sum, but not a small thing for a company this size.

      • The balance sheet is where the comfort lies.

    • Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF)

      • The company makes consumable tools and parts used in semiconductor manufacturing, and it repurchased S$368,321 of its shares over the period.

      • The recent numbers show why management might rate the stock.

    • Kimly Ltd (SGX: 1D0)

      • One of Singapore’s largest coffee shop operators, Kimly was the busiest buyer of the three. It repurchased S$538,682 of shares over the period. It is also the one that needs reading with the most care.

    • Get Smart: The Signal Beneath the Small Numbers

🇸🇬 The “Wallet Test”: 5 Companies You Give Money to Everyday (That Should Be Paying You) (The Smart Investor)

  • Some of the businesses you spend money on daily could also become long-term investments that pay you dividends and grow your wealth over time.

  • Here are five companies many Singaporeans use daily, and why investors still like them.

    • Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF)

      • If you live in Singapore, chances are you’ve dashed into a Sheng Siong supermarket for groceries or a quick household fix.

      • For starters, this supermarket chain stands out for its tight operations, steady cash flow, and reliable profits.

    • DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF)

      • DBS stands out as Southeast Asia’s biggest bank, known for steady profits and a wealth management business that’s picking up steam.

    • Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF), or Singtel

      • From mobile plans and broadband to roaming and digital services, Singtel is woven into the everyday life for many Singaporeans.

      • Singtel attracts investors with its stable cash flow and its growing footprint in digital infrastructure.

    • ComfortDelGro Corporation (SGX: C52 / FRA: VZ1 / VZ10 / OTCMKTS: CDGLF / CDGLY), or CDG

      • If you live in Singapore, you would have taken a CDG taxi or hopped onto one of its buses.

      • CDG operates an essential service business supported by recurring commuter demand and defensive cash flows.

    • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT

      • CICT stands out as Singapore’s largest REIT, offering an exposure to a diversified portfolio of prime retail and commercial properties, such as Plaza Singapore, CapitaSpring, and the impending acquisition of Paragon.

    • What Makes a Consumer Habit a Potential Investment Opportunity?

    • Get Smart: Turn Everyday Spending Into Passive Income.

🇸🇬 5 Stocks That Can Let You Earn Dividends Every Month — Seriously (The Smart Investor)

  • Most dividend stocks pay only once or twice a year. But with the right mix of companies and REITs, investors can potentially build a portfolio that generates income almost every month.

  • The Monthly Paying Portfolio

  • However, dividends are sustainable only if they’re backed by quality businesses – so let’s take a deeper look at how they fare.

🇹🇭 PTT Exploration and Production Public Company Limited (PEXNY) Presents at Morgan Stanley Virtual ASEAN Conference 2026 - Slideshow (Seeking Alpha)

🇮🇳 India / South Asia / Central Asia

🇮🇳 Mukesh Ambani’s Jio set to file for IPO as hopes grow for end to India’s listings drought (FT) $ 🗃️

  • Iran war has hit country’s equity market and disrupted what was positioned to be another record year for flotations

🇮🇳 Indian billionaire Mukesh Ambani files for blockbuster Jio float (FT) $ 🗃️

🇮🇳 Bajaj Finserv (BJFIN IN) Vs Bajaj Finance (BAF IN): Parent and Subsidiary Drift Apart (Smartkarma) $

  • Context: The Bajaj Finance Limited (NSE: BAJFINANCE / BOM: 500034) vs. Bajaj Finserv Ltd (NSE: BAJAJFINSV / BOM: 532978) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

  • Highlight: Going long Bajaj Finserv (BJFIN IN) and short Bajaj Finance (BAF IN) targets a 6% return.

  • Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

🇮🇳 CMPDI: The Technical Backbone of India’s Mining Sector (Smartkarma) $

  • Coal India (NSE: COALINDIA / BOM: 533278) is divesting 15% of CMPDI via a 100% OFS of 10.71 crore shares, aggregating approximately Rs. 1,838 crore, with post-offer promoter holding at 85%.

  • CMPDI commands 61% market share in Indian coal and mineral consultancy, operates as quasi-monopoly, yet PAT fell 8.06% YoY in FY25 even as revenue grew 10.17%, raising earnings quality questions.

  • Diversification away from Coal India is real and accelerating, but 67% revenue concentration in one customer group and structurally declining margins make the quality-of-growth debate central to this valuation

🇮🇳 NESCO Limited: The Mumbai’s Most Underrated Landlord. (Smartkarma) $

  • NESCO Ltd (NSE: NESCO / BOM: 505355)’s FY26 income crossed INR 1,032 crore, led by 100% leased IT Park towers, Hall 6 ramp-up, and Foods revenue doubling to INR 238 crore.

  • Its 65-acre Goregaon land bank has 86% unused FSI, creating rare Mumbai real-estate optionality with debt-free, high-margin operating cashflows.

  • : Nesco is not just a rental business anymore; Tower 2, BEC expansion and Foods can drive the next compounding phase.

🇮🇳 LG’s Next Bet: Renting Appliances to Urban India (Smartkarma) $

  • LG Electronics India Ltd (NSE: LGEINDIA / BOM: 544576) is evaluating an appliance subscription rollout in India, extending its global model that generated USD 1.8 billion in subscription revenue in 2025, growing 29% year on year.

  • With 43 million rental homes and average-metro-tenancy shrinking to 1.3 years, India’s structural demand for asset-light living is real. LG’s manufacturing-ownership gives it a unit-economics edge no startup can replicate.

  • LG’s subscription margins (low-to-mid teens) versus conventional sale margins (8-9%) make the strategic rationale compelling. Execution depth across Indian cities remains the critical unknown worth tracking.

🇮🇳 Suzlon 2.0: 10 GW Sales Target, 70 GW Asset Ambition, and the Global Comeback (Smartkarma) $

  • Suzlon Energy (NSE: SUZLON / BOM: 532667)’s June 3 “Suzlon 2.0” unveiling targets a fourfold jump in annual sales to 10 GW and managed assets to 70 GW by FY31, anchored on a wind-solar-storage pivot.

  • The plan asks a company still dependent on Indian wind to replicate Xinjiang Goldwind Science Technology (HKG: 2208 / SHE: 002202 / FRA: CXGH / OTCMKTS: XJNGF / XNJJY)’s and Vestas’s shift to a full-stack integrator, while reviving international sales largely ceded a decade ago.

  • FY26 execution was strong, but a muted stock reaction and softer order inflow flagged on the earnings call suggest the market wants proof before pricing in the ambition.

🇮🇳 Five Vedanta’s, One Big Question: Where Does the Debt Land? (Smartkarma) $

  • Four Vedanta Ltd (NSE: VEDL / BOM: 500295) entities listed simultaneously on NSE and BSE, completing five-way demerger approved by NCLT Mumbai in December 2025, with combined market cap rising to Rs. 3.52 lakh crore.

  • The restructuring is India’s largest conglomerate breakup in recent memory, unlocking sector-specific capital allocation, independent dividend policies, and direct investor exposure to aluminium, oil and gas, power, and steel.

  • The discount-to-SOTP trade has partially closed on day one, but debt allocation per entity and commodity cycle positioning determine whether the $100 billion ambition is trajectory or theatre.

🇮🇳 Vedanta Power: A Defensive Play from Vedanta Franchise (Smartkarma) $

  • Vedanta Power (NSE: VEDPOWER / BOM: 544781) has emerged as a separate listed power entity after the Vedanta demerger, giving investors a cleaner pure-play thermal power vehicle.

  • India’s peak demand has continued to set new records, and thermal power still forms the core source of reliable baseload supply during demand peaks.

  • The valuation case is less about the demerger event now and more about execution: Sakti Unit 2, coal-cost reduction, and free-cash-flow delivery.

🇮🇳 GE Vernova T&D India: The Grid Supercycle Has a Listed Proxy with Data Center Export Opportunity (Smartkarma) $

  • FY26 net profit more than doubled to INR 1,233 Cr on revenue of INR 6,206 Cr (+45% YoY).

  • Order backlog hit a record INR 21,456 Cr, up 49% YoY, anchored by a landmark HVDC VSC win from Adani Energy Solutions Ltd (NSE: ADANIENSOL / BOM: 539254).

  • India’s Rs 9.15 lakh crore grid modernization plan through 2032 is structural, not cyclical. GE Vernova (NYSE: GEV) is one of only 2-3 credible end-to-end HVDC players globally available to India’s grid.

🇮🇳 Viyash Scientific: Animal Health + Life Science, Targeting 1000Cr EBITDA (Smartkarma) $

  • Viyash Scientific Ltd (NSE: VIYASH / BOM: 512529), an animal health and life sciences platform, completed its rebrand from Sequent Scientific in Jan 2026 and acquired Bio-For-Life Italia for INR 188 crore.

  • The merger lifted EBITDA margin by 560 bps to 20.5%, reduced net debt to 0.2x EBITDA, and broadened the platform across APIs, intermediates and CDMO.

  • The integration has worked. FY27 will test whether synergy benefits convert into revenue growth and whether CDMO can scale beyond its current INR 70-90 crore base.

🇮🇳 RACL Geartech: From Gear Maker to Global Precision Platform (Smartkarma) $

  • RACL Geartech Ltd (NSE: RACLGEAR / BOM: 520073), a precision auto components manufacturer, delivered its highest-ever FY26 consolidated revenue of INR 512 crore. PBT more than doubled, while standalone debt-to-EBITDA fell to 1.75x.

  • Key wins from Royal Enfield, Kawasaki Japan, BRP Canada, and ZF indicate broader customer, geography, and product diversification beyond its Europe-heavy export base.

  • BMW EV and Kawasaki SOPs from Q2 FY27 are key growth triggers. Margin softness and working capital intensity remain risks, INR 1,000 crore is the 3-5-year target.

🇮🇳 NSE Business Model: The Toll Booth Running India’s Markets! (Smartkarma) $

  • NSE filed DRHP with SEBI (June 17, 2026) revealing that options trading now generates 60% of operating revenue, making the exchange world’s most active derivatives market for seventh consecutive year

  • 22.45 crore Demat accounts and investor penetration still 13.45% of India’s population, NSE sits at centre of long structural financialization story but regulatory curbs (F&O trading) dented FY26 revenue.

  • NSE’s moat is real and enormous, but the business is far more concentrated than it looks: strip out options revenue and what remains is a smaller and slow growing franchise.

🇮🇳 Reliance AGM 2026: Jio IPO Trigger, AI Execution, Retail and New Energy (Smartkarma) $

  • Jio Platforms’ board approved the DRHP and the filing moved to SEBI, formally starting the IPO process after years of anticipation

  • Standalone price discovery for Jio can reduce RIL’s conglomerate opacity, especially as JPL now reports FY26 EBITDA of 76,255 crore and PAT of 30,049 crore

  • The thesis shifts from “unlock optionality” to “execution sequencing”: Jio is the near-term catalyst; Retail, AI and New Energy are medium-term proof point

🇮🇳 RPPL: Decent Performance Despite Macro Challenges (Smartkarma) $

  • Q4FY26 YoY revenue growth was flattish, however, profitability improved significantly led by better product mix and operating efficiencies as Rajshree Polypack Ltd (NSE: RPPL) (”RPPL”) rationalized low-margin products and low-value clients.

  • During FY26, exports led by injection molding, a relatively new segment for RPPL, drove the growth. Even domestic growth has been strong for Olive Ecopak (disposable tableware) and injection molding.

  • Weak demand from a key customer has dampened growth in thermoforming products. No major capacity expansion is planned in thermoforming as focus is on improving utilization and profitability.

🌍 Middle East

🇮🇱 Tower Semiconductor: I’m Doubling Down, This Is Still A Sell (Seeking Alpha) $ 🗃️

🇮🇱 Tower Semiconductor: Silicon Photonics Should Push Its Share Price To New Highs (Seeking Alpha) $ 🗃️

🇮🇱 Mobileye: Late To The Robotaxi Game (Seeking Alpha) $ 🗃️

🇮🇱 Mobileye: Robotaxi Boosts The Bull Thesis (Rating Upgrade) (Seeking Alpha) $ 🗃️

  • 🌐 Mobileye Global (NASDAQ: MBLY) - Advanced driver assistance systems (ADAS) & autonomous driving technologies. 🇼

🇦🇪 Yalla Group: An Asymmetric Tech Bet Trading At The Ultimate Cash Floor (Seeking Alpha) $ 🗃️

🇦🇪 Yalla Group Limited 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

  • 🌍 Yalla Group (NYSE: YALA) - Online social networking & gaming. Voice-centric group chat platform (Yalla) & casual gaming application (Yalla Ludo).

🌍 Africa

🌍 Helios Towers: Growth Accelerates, Guidance Raised, Buy Rating Reaffirmed (Seeking Alpha) $ 🗃️

🇿🇦 Vukile Property Fund Limited 2026 Q4 - Results - Earnings Call Presentation (Seeking Alpha)

  • 🇿🇦 🇪🇸 Vukile (JSE: VKE) - Retail REIT (urban, commuter, township & rural malls) operating in South Africa & Spain.

🇿🇲 Jubilee Metals Group PLC (JUBPF) Discusses Molefe Mine’s Role in Zambia Copper Strategy and Operational Progress - Slideshow (Seeking Alpha)

🌍 Eastern Europe & Emerging Europe

🇭🇺 Gedeon Richter PLC 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

  • 🇭🇺 Gedeon Richter (FRA: RIG2) - Manufactures 200+ drugs (original, generic & licensed products) in almost every therapeutic area. Focuses on the central nervous system, cardiovascular & gynaecological products. 🇼 🏷️

🇵🇱 LPP SA 2027 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

  • 🌍 LPP SA (WSE: LPP / FRA: 1RY) - Polish family company that dresses customers in nearly 40 global markets. Largest fashion company in Central & Eastern Europe. 5 clothing brands: Reserved, Cropp, House, Mohito & Sinsay. 🇼 🏷️

🌎 Latin America

🌎 Globant: Rating Upgrade As The Proof Gap Narrows (Seeking Alpha) $ 🗃️

  • 🌐 Globant (NYSE: GLOB) - Luxembourg HQ’d. Argentina-founded IT & software development with a presence in 25+ countries. 🇼 🏷️

🌎 The Curious Case Of Liberty Latin America’s Big Special Dividend (Seeking Alpha) $ 🗃️

🇦🇷 CorporacióN AméRica Airports: Strong Execution Keeps Shares Flying Higher (Seeking Alpha) $ 🗃️

🇦🇷 BBVA Argentina: Good Operating Performance, But Premium Valuation Makes Me Cautious (Seeking Alpha) $ 🗃️

🇧🇷 Ambev: Don’t Ignore This High-Quality Beverage Leader (Seeking Alpha) $ 🗃️

🇧🇷 Cosan: The Unwind Takes Shape, The Discount Deepens (Upgrade To Hold) (Seeking Alpha) $ 🗃️

🇧🇷 CI&T: Internal Paper And External Survey Address AI Concerns (Seeking Alpha) $ 🗃️

  • 🌐 CI&T Inc. (NYSE: CINT) - Digital transformation consulting & engineering services company. 🇼

🇧🇷 SLC Agrícola S.A. (SLCJY) Presents at Citi 18th Annual Brazil Equity Conference - Slideshow (Seeking Alpha)

  • 🇧🇷 SLC Agricola SA (BVMF: SLCE3 / FRA: GJ9 / OTCMKTS: SLCJY) - One of the world’s largest grain & fiber producers (cotton, soybean and corn + cattle raising, integrating crop-livestock). 🇼 🏷️

🇧🇷 Ultrapar: Ipiranga Refuels The Story, But I Still Stay On Hold (Seeking Alpha) $ 🗃️

🇨🇴 Notes on Colombia’s runoff election results - June 2026 (Latin America Risk Report)

  • For the second time this month in Latin America, a far-right candidate defeated a far-left candidate for the presidency by less than one percent of the vote in a second-round runoff election. Fewer than 300,000 votes separate Abelardo de la Espriella and Ivan Cepeda of the nearly 26 million votes cast. It’s a larger margin than Fujimori’s in Peru, but not by much.

  • Meanwhile, the austerity rhetoric will not be matched by real cuts in Colombia’s budget. Abelardo will embrace rightwing economic populism along the lines of Bolsonaro or Trump rather than Milei. Austerity rhetoric will mask some big spending. The problem for Colombia is that it can’t afford it, even in the short term, the way the US or Brazil can. Petro has left the country in a fiscal mess and deserves the blame, but the new president is unlikely to fix it and may even make it worse.

🇨🇴 GeoPark: All Eyes On Colombian Elections As The Vaca Muerta Story Starts To Take Shape (Seeking Alpha) $ 🗃️

  • 🌎 GeoPark Ltd (NYSE: GPRK / LON: 0MDP / FRA: G6O) - Leading independent Latin American oil & gas explorer in Colombia, Ecuador, Chile & Brazil. 🏷️

🇲🇽 Grupo Aeroportuario del Centro Norte: A World Cup Host, And Broader Bullish Outlook (Seeking Alpha) $ 🗃️

🇵🇪 Credicorp: Good Macroeconomic Backdrop, But Valuation Limits Upside (Seeking Alpha) $ 🗃️

  • 🌎 Credicorp (NYSE: BAP) - Universal banking, insurance & pension platform, microfinance, investment banking & wealth management. 🇼

🌐 Global

🌐 Nebius: Time To Sell... Almost (Rating Downgrade) (Seeking Alpha) $ 🗃️

🌐 Nebius: The Road To $400 (Seeking Alpha) $ 🗃️

  • 🌐 Nebius Group NV (NASDAQ: NBIS) - AI-centric cloud platform built for intensive AI workloads. Sold Yandex to a consortium of Russian investors. Retains several businesses outside of Russia. 🇼 🏷️

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📅 Earnings Calendar

Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):

World Map

📅 Economic Calendar

Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).

🗳️ Election Calendar

Frontier and emerging market highlights (from IFES’s Election Guide calendar):

📅 Emerging Market IPO Calendar/Pipeline

Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):

MetaOptics (Uplisting) MOT Roth Capital Partners/The Benchmark Company, 3.0M Shares, $5.00-7.00, $18.0 mil, 6/26/2026 Week of

Note: This is NOT an IPO. This is a NASDAQ Uplisting – a public offering – from the Singapore Stock Exchange, where MetaOptics’ ordinary shares have been listed on the Catalist of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) since Sept. 9, 2025, under the ticker symbol “9MT” – according to the prospectus.
(Incorporated in the Cayman Islands)
We are a Singapore-based company that designs and manufactures metalenses – ultra-thin flat optical lenses that are smaller, lighter and more power efficient than traditional curved lenses.
Making Miniaturization Possible is our mission.
Note: MetaOptics says its metalens technology accommodates the demand for smaller and lighter lenses in smartphones, automotive technology and other uses.
From the prospectus:
We are a vertically integrated metalens technology company, combining core competencies across metalens equipment, foundry, products, and metaoptics artificial intelligence (“AI”). We conduct our operations through our wholly-owned subsidiaries in Singapore and the United States.
Metalenses are ultra-thin flat-surface lenses which are smaller, lighter, consume less power, and offer a wider field of view, compared to conventional optical lenses. The unique flatness of metalenses enables the correction of optical defects, delivering reasonable quality color images. Leveraging our AI-based algorithm and processing software, which incorporates several advanced algorithms to enhance the optical design and image processing, our metalens technology can further sharpen the images to achieve higher resolution and enhanced image quality, and allow users to manipulate the individual red, green and blue (“RGB”) channels to edit the color images through computational reconstruction. We believe that our innovations have transformative potential in shaping next-generation optical systems.
Our operations are centered on the design and manufacture of metalenses and metalens prototypes, and to demonstrate the viability, efficacy, applications and use cases of our metalenses, we have expanded our operations to include the development of metalens camera modules and metalens Internet of Things (“IoT”) products, such as infrared metalens cameras, pico projectors, and IoT metalens color cameras. Our metalenses have also been integrated into a wide range of applications by our customers, including fifth generation (“5G”) smartphones, contactless three-dimensional (“3D”) biometric modules, projectors, and for industrial applications such as IoT devices, light detection and ranging (“LiDAR”) devices and heads-up displays (“HUDs”) for planes and self-driving cars, and augmented reality/virtual reality (“AR/VR”) devices. To date, although we have achieved mass production capabilities for our metalens prototypes (“mass production” in our perspective refers to the shipment of one million metalens units per year), we have not yet received a critical mass of purchase orders from our customers necessitating mass production of our metalenses.
To facilitate small-scale production of our metalenses to fulfil purchase orders, reduce concentration risk and diversify our supply chain, and to demonstrate the manufacturing capabilities for our metalenses, we also design and produce equipment for the manufacture of metalenses, in particular 4-inch direct laser writers (“DLWs”). Our 4-inch DLWs enable our customers to revise specifications and design of metalenses directly, reducing the lead time and providing for a shorter turnaround time from prototyping to testing and deployment into end products. In addition, our metalens equipment offerings have grown to include the design and production of metalens automatic testers, for use by our customers to ensure quality control of metalenses prior to shipment. These capabilities enable us to serve as a one-stop provider of metalens and metalens IoT products, offer customers comprehensive end-to-end services, and preserve and grow our competitive advantage in the industry.
We offer our products to manufacturers of automotives, AR/VR devices, consumer electronic appliances, end-customers, and traders for the distribution of such products. While we offer our products worldwide, our existing customers for metalens equipment, metalenses and IoT products are mainly located in Singapore, Japan, South Korea, China, Taiwan, the United States, and several countries in Europe.
We intend to use the net proceeds from this offering primarily to support our expansion plans in the United States. See “Use of Proceeds.”
Note: Net loss and revenue are in U.S. dollars (converted from Singapore dollars) for the year that ended Dec. 31, 2025.
(Note: MetaOptics cut its NASDAQ Uplisting deal’s size to 3 million American Depositary Shares (ADS) – down from 4 million ADS – and disclosed a price range of $5.00 to $7.00 – a change from the assumed price of $8.15 per share – to raise $18 million, according to an F-1/A filing dated June 10, 2026. Each ADS equals 12 ordinary shares.)
(Background: MetaOptics disclosed the terms for its NASDAQ Uplisting – a small public offering – on May 18, 2026, in an F-1/A filing: 4 million ADS at an assumed price of $8.15 to raise $32.6 million. The price – $8.15 – is the as-converted last price of MetaOptics’ shares on May 15, 2026, on the Singapore Exchange. Initial Filing: MetaOptics filed its F-1 for its uplisting to the NASDAQ – an offering that MetaOptics calls its IPO – on May, 4, 2026, without disclosing the terms. MetaOptics’ stock is listed on the Singapore Stock Exchange under the ticker “9MT” – according to the prospectus. Estimated proceeds for the NASDAQ uplisting – public offering – were up to $23 million.)

🏁 Emerging Market ETF Launches

Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:

🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).

I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.

Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.

Emerging Market Links + The Week Ahead (June 22, 2026) was also published on our website under the Newsletter category.

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]]><![CDATA[EM Fund Stock Picks & Country Commentaries (June 21, 2026)]]>https://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-commentary-june-21-2026https://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-commentary-june-21-2026Sun, 21 Jun 2026 17:13:56 GMTAs of the later part of June, more May fund updates (our continuously updated post containing all funds is here) along with new emerging market research are available:

🗄️ Fund documents / updates; ⚠️ Disclosures or restricted access e.g. based on your location, investor status, etc.; 🇼 Wikipedia page; 🔬 Research analysis (including articles/blog posts from fund managers, etc.); 🎥 Video; 🎙️ Podcast; 🎬 Webinar; 📝 Transcript; 📰 Newspaper/magazine article; 📯 Press release; 💻 Substack/blog/website article; ✅ Our own posts; 🗃️ Linked archived article; ⏰ Upcoming webinar or event.
📈 Contributors; 📉 Detractors; 🏧 Transactions; 🚩Discusses/mentions stocks by name.
Disclaimer: We usually use Deepseek to summarize or extract stock names and assign performance emojis. Like all AI, Deepseek is not perfect and regularly adjusts their model which can lead to mistakes/misunderstandings/misinterpretations of the data its given. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content.

🌏 New Asia Fund Documents & Research

Read more

]]><![CDATA[China & Hong Kong Stock Picks (April-May 2026)]]>https://emergingmarketskeptic.substack.com/p/china-hong-kong-equity-research-april-may-2026https://emergingmarketskeptic.substack.com/p/china-hong-kong-equity-research-april-may-2026Fri, 19 Jun 2026 06:41:01 GMTAs mentioned before, Ed Dowd (Founding Partner of global macro alternative investment firm Phinance Technologies) has been talking about this report in various interviews and this is the short version (to buy the longer China reports):

🔬 China’s Real Estate Crisis Is Entering Its Acute Phase (Phinance Technologies) May 2026

  • The real estate crisis in China is of unprecedented scale and has been brewing under the radar since 2020. Most economists would argue that the worst of the pain has already occurred with the collapse of China’s largest property developer, Country Garden, in 2023. However, I believe this is far from being the reality of the situation, which is akin to a slow-moving train wreck. This post is a rare warning that the acute phase of the crisis seems to be unfolding in the coming months.

  • The narrative of China’s economic might and resiliency is starting to be questioned. Economies of scale can provide an advantage when markets are growing, but represent a large risk once demand is not there due to a change in status quo (trade wars and lack of internal demand). At that point, scale becomes a liability as all the installed capacity and supply chains unwind.

Former China insider Desmond Shum (the author of Red Roulette: An Insider’s Story of Wealth, Power, Corruption, and Vengeance in Today’s China and who’s billionaire (now ex-) wife Whitney Duan (Duan Weihong) “disappeared” for several years in a corruption crackdown) has this lengthy tweet about how Chinese are rotating out of property into financial assets and concluded by saying: “The old model inflated apartments. The new model will inflate industrial capacity.”

And this other lengthy tweet concludes by saying:

China’s property bust is not just a domestic balance-sheet crisis. It is being converted into a global manufacturing shock.

China’s property bust is not just a domestic balance-sheet crisis. It is being converted into a global manufacturing shock. Beijing broke the housing machine. Now it wants the rest of the world to absorb the excess output from its expanding factory floor — and call the loss of factories and jobs “free trade.”

Shum also tweeted a lengthy summary of an interview (that unfortunately lacks subtitles on YouTube - maybe a dubbing app can translate it) with a Chinese small appliance manufacturer that goes into excellent detail about how Chinese eCommerce actually works by squeezing “manufacturers at home so hard that the only escape route is overseas…:”

Finally, Shum made this interesting observation about Chinese AI talent:

The last time China summoned the diaspora home on a large scale was around the time of the Great Leap Forward just before the Cultural Revolution - including those returning from universities in California where they had gotten radicalized…. Many ended up quickly getting “re-educated” in the countryside (e.g. The heroic but tragic tale of Malaya’s forgotten Mulan is a good read about a Malaysian family who was lured back by a chance encounter with Chinese Premier Zhou En Lai…). In other words, history may be repeating itself…

Again, none of the above is to say there are NO opportunities to be found among Chinese and (especially) Hong Kong stocks; but one must maintain a realistic viewpoint and understand where the investment opportunities along with potential risks are...

Stocks covered by a couple of equity research providers in this post:

[Note: On desktop browsers, an autogenerated table of contents will appear on the left side linked to each stock. I will add those links below after publishing/emailing this post…]

🇨🇳 China - May - Futu Holdings, Li Auto Inc, Xpeng Inc, PDD Holdings, CSPC Pharmaceutical, Kuaishou Technology, Alibaba, 3SBio Inc, Tongcheng Travel, NIO Inc, Cloud Music, Sany Heavy Equipment International Holdings, Baozun, Kanzhun Ltd, KE Holdings, Hesai Group, Bilibili, Sun Art Retail Group Ltd, iQIYI, Zhejiang Leapmotor Technology Co Ltd, China Life Insurance, CR Beer, Tencent, JD.com, Tencent Music Entertainment Group, Shandong Hongqiao Aluminum Industry Holding Co Ltd, China Petroleum and Chemical Corp, Geely Automobile Holdings, BeOne Medicines, China National Offshore Oil Corporation (CNOOC), China Construction Bank, PetroChina Co Ltd, China Mobile, PICC Property and Casualty Co Ltd & Weichai Power

April - Shenzhen Mindray Bio-Medical Electronics, Pharmaron Beijing Co Ltd, Zoomlion Heavy Industry, Maxscend Microelectronics Co, Shanghai United Imaging Healthcare Co Ltd, Ping An Insurance, Zhejiang Dingli Machinery, BYD Company, WuXi AppTec Co, Micro-Tech Nanjing Co Ltd, Jiangsu Hengli Hydraulic, Great Wall Motor, China Hongqiao Group, InnoCare Pharma, New Oriental Education, Shanghai Iluvatar CoreX Semiconductor Co Ltd, Shenzhen Dobot Corp Ltd, Beijing Haizhi Tech Group Co Ltd, NAURA Technology Group, Ubtech Robotics Corp Ltd, Shanghai Longcheer Technology Co Ltd, Agricultural Bank of China, Zhongji Innolight Co Ltd, Tsingtao Brewery, China Telecom Corp Ltd, Bank of Communications, China Unicom, JD Logistics Inc, ANTA Sports Products, Yancoal Australia, Tianqi Lithium Corp, Li Ning, Yangzijiang Shipbuilding Holdings, Hansoh Pharmaceutical Group Company, China Resources Mixc Lifestyle Services, Shenzhen Xunce Technology Co Ltd, OneRobotics (Shenzhen) Co Ltd, China MeiDong Auto Holdings, China Yongda Automobile Services Holding, Sunny Optical & PATEO CONNECT Technology (Shanghai) Corp

🇭🇰 Hong Kong stocks:

May - Kerry Properties, Hang Lung Properties, Sands China Ltd, Henderson Land Development, Cathay Pacific Airways, HSBC Holdings, Sino Land, AIA Group, Champion REIT & Hong Kong Exchanges & Clearing

April - DFI Retail Group & CK Hutchison Holdings, MTR Corporation, Hongkong Land, Wharf Holdings Ltd, Swire Properties, China Overseas Land & Hysan Development

CMB International Capital Corporation, a wholly owned subsidiary of China Merchants Bank (SHA: 600036 / HKG: 3968 / OTCMKTS: CIHKY / OTCMKTS: CIHHF), has a monthly list of 20+ high conviction stock ideas - namely Chinese stock picks (see our 2023 - May, June, July, August, September, October, November & December; 2024 - January-February, March, April, May, June, July-August, September, October, November & December; 2025 - January, February, March, April, May, June, July-August, September, October & November-December; 2026 - January-February & March posts summarizing those) BUT these lists do not change too much from month to month. Stocks covered by the CMBI Research Focus List (May) (including April Additions & Deletions / May Additions & Deletions) and included in this post with updated stats and charts include:

Geely Automobile Holdings, Jiangsu Zenergy Battery Technologies Group, J&T Global Express Ltd, Weichai Power, Sany Heavy Equipment International Holdings, Chuangxin Industries Holdings Ltd, Bosideng International Holdings, Guoquan Food Shanghai Co Ltd, Luckin Coffee, Proya Cosmetics, CR Beverage, WuXi AppTec Co, 3SBio Inc, Ping An Insurance, China Life Insurance, AIA Group, Futu Holdings, Tencent, Kuaishou Technology, Alibaba, Meituan, Trip.com, China Resources Mixc Lifestyle Services, Greentown Service Group, Luxshare Precision Industry, Aac Technologies Holdings, Foxconn Interconnect Technology (FIT Hon Teng), Zhongji Innolight Co Ltd, Shengyi Technology NAURA Technology Group & Datadog

DeepSeek can be tricky to use on anything about China - readers can decide whether these insights or summary about these stocks are accurate (and its in yet another new format with the first output for some reason being in Chinese again…):

🤖 DeepSeek Summary/Analysis

Stocks That May Interest Investors – By Category

Summary Table by Investment Style

And as always, this post is provided for informational purposes only (and to make your life easier…). It does not constitute investment advice and/or a recommendation…

🔬 Research analysis (including articles/blog posts from fund managers, etc.); 🎥 Video; 🎙️ Podcast; 🎬 Webinar; 📰 Newspaper/magazine article; 📯 Press release; 💻 Substack/blog/website article; ✅ Our own posts; 🗃️ Archived article; ⏰ Upcoming webinar or event; ⚠️ Disclosures or restricted access e.g. based on your location, investor status, etc.; 🇼 Wikipedia page; 🏷️ Tagged links to other posts about the stock.

China, Hong Kong & Macau Stock Index

Frontier & Emerging Market Stock Index

🇨🇳 China

May

Futu Holdings

🔬 Futu Holdings (FUTU US) - 1Q26 earnings missed; TP cut to US$145 on earnings revision for exit of mainland accounts (CMB International) 05-29 2026 ⚠️

🔬 Futu Holdings (FUTU US) - 1Q26 preview: softer earnings affected by interest income; net asset inflows close to record high (CMB International) 05-20 2026 ⚠️

  • 🌏 Futu Holdings Ltd (NASDAQ: FUTU) - Digitized brokerage & wealth management platform in China, Hong Kong, USA, etc. 🏷️

  • Price/Book (Current): 2.58

  • Forward P/E: 8.05 / Forward Annual Dividend Yield: 2.71% (Yahoo! Finance)

Li Auto Inc

🔬 Li Auto Inc. (LI US/2015 HK) - Earnings recovery may take time after 1Q26 loss (CMB International) 05-29 2026 ⚠️

🔬 Li Auto Inc - The latest investment analysis on Li Auto Inc (DBS Treasuries) 7 May 2026 ⚠️

  • 🌐 Li Auto (NASDAQ: LI) 🇰🇾 - Designs, develops, manufactures & sells premium smart electric vehicles. 🇼 🏷️

  • Price/Book (Current): 1.32

  • Forward P/E: 53.19 / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

Xpeng Inc

🔬 Xpeng Inc. (XPEV US/9868 HK) - New models, robots, robotaxi as key catalysts (CMB International) 05-29 2026 ⚠️

🔬 XPeng Inc - The latest investment analysis onXPeng Inc (DBS Treasuries) 16 Apr 2026 ⚠️

  • 🌐 XPeng (NYSE: XPEV) - Designs, develops, manufactures & markets Smart EVs. 🇼 🏷️

  • Price/Book (Current): 3.05

  • Forward P/E: 69.93 / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

PDD Holdings

🔬 PDD Holdings - The latest investment analysis on PDD Holdings (DBS Treasuries) 29 May 2026 ⚠️

🔬 PDD Holdings (PDD US) - Investing to enhance supply chain capabilities (CMB International) 05-28 2026 ⚠️

CSPC Pharmaceutical

🔬 CSPC Pharmaceutical (1093 HK) - Core sales inflection with substantial BD optionality (CMB International) 05-28 2026 ⚠️

Read more

]]><![CDATA[Emerging Market Links + The Week Ahead (June 15, 2026)]]>https://emergingmarketskeptic.substack.com/p/emerging-markets-week-june-15-2026https://emergingmarketskeptic.substack.com/p/emerging-markets-week-june-15-2026Mon, 15 Jun 2026 16:37:29 GMTAgain, I hope any investor readers have recovered from Space X IPO mania to remember that the investment universe goes well beyond them, the Mag 7 and TSMC bubbles e.g. our Frontier & Emerging Market Stock Index has 3,300 stocks (2,200+ tagged) plus searching this Substack for tickers (Substack search still leaves much to be desired) will yield even more potential stock picks.

In addition to Space X mania, its also the extra long World Cup for the next few weeks which will likely impact Macau casino gaming (and no doubt other sectors) as the world focuses on that (on top of the usual summer distractions) for the next month.

Finally, I gave this post to DeepSeek (“Can you give me a brief summary or bullet points of the following that would interest investors?”) and this was the summary it came up with (different from what it produced when I experimented with it last week):

🤖🌏 Big Picture Themes for Investors
Geopolitics is a Primary Risk: The U.S. is expanding its scrutiny of Chinese companies (adding Alibaba, Baidu, BYD, Nio to a military-linked list), while China is cracking down on cross-border capital flows (ending the offshore trading loophole for apps like Tiger Brokers).
AI Hype is Creating Winners and Losers: AI-driven stock rallies in China are prompting major insider sell-offs to lock in profits. Meanwhile, demand for AI infrastructure is boosting adjacent sectors like energy storage (Hangzhou Gold Electronic Equipment surged 625% on debut).
The “Japanisation” of China’s Bond Market: Every segment of China’s bond market is now following Japan’s path of low yields, pushing investors to seek returns elsewhere (e.g., Hong Kong accounts, U.S. tech exposure via digital bets).
Korea’s Semiconductor Supercycle Faces a Pause: After a massive run, technical indicators (ADL line) are breaking down for KOSPI, and concerns are rising about data center construction delays and AI profitability. However, long-term bullishness remains.
Indonesia is an Outlier (in a bad way): Foreign investors have sold a net $3.9bn of Indonesian stocks in 2026 (largest since 1996), and the benchmark index is the world’s worst-performing this year, down 32%.
🤖🇨🇳 China-Specific Stock Picks & Research
Alibaba (BABA): New risks as Pentagon adds it to a military-linked list. However, the company is reportedly bidding $1.5 billion for online grocer Pupu to compete with Meituan, showing aggressive deal-making.
Baidu (BIDU): Also added to the Pentagon list. One analyst calls it an “AI stock with a high safety margin” despite the headline risk.
JD.com (JD): Called a “Chinese e-commerce giant still on sale.” Aggressively investing $4.5 billion into Hong Kong expansion to challenge local leaders.
Baozun (BZUN): Analyst upgrades rating, citing “turnaround milestones and cash floor offer attractive asymmetry” and positive read-throughs from insider trades.
ZTO Express (ZTO): Solid Q1 with parcel volume up 13.2% vs. industry’s 5.8%, gaining market share. Strategic focus on higher-value offerings like reverse logistics.
EHang (EH): Caution flag. Aircraft sales plunged in Q1, losses widened, and the commercial rollout of its flying taxis has stalled. Forced to pivot back to its legacy drone-show business.
Here Group (HERE): Small-cap Chinese stock that had a meteoric 2025 rally but has given back most gains in 2026. Analyst says “deeply discounted, but limited catalysts.”
WuXi AppTec: Waging a buyback campaign as U.S. political pressure mounts. The U.S. is its biggest revenue source, making it highly exposed to any new restrictions.
🤖🇭🇰 Hong Kong & Macau
Hong Kong IPO Market Reviving: UBS sees fundraising reaching $50 billion in 2026, driven by tech startups (AI, advanced manufacturing), shifting away from dual-listed companies.
Macau Gaming: June GGR started “solid,” but the expanded FIFA World Cup (48 teams, 104 matches) is expected to hit casino revenue harder than prior tournaments. Citi suggests any weakness could be a buying opportunity.
MGM China: Chairperson Pansy Ho sold her entire stake in parent MGM Resorts for $140 million, coinciding with a non-binding buyout offer for MGM Resorts.
🤖🇰🇷 Korea
SK Hynix (000660): A major focus. The company is expected to get SEC clearance for a $14 billion Nasdaq ADR listing (as early as August), which could drive significant passive inflows from U.S. ETFs like SOXX. A 3x leveraged ETP also listing on LSE.
KT&G (033780): Named a “Top Pick for 2H 2026” as a defensive stock. Foreign ownership has risen from 42.8% to 51.2% in 2026.
SNT Energy (100840): A small-cap gem. New inclusion in the Korea Value-Up Index. Trades at a P/E of 5.9x with Q1 operating profit up 77% YoY.
Korean E&C Companies: Identified as potential biggest beneficiaries of post-war reconstruction in Iran (Samsung C&T, Hyundai E&C, etc.).
🇸🇬 Singapore
Genting Singapore (G13): Shares near a 10-year low, debt-free, sitting on S$3.2 billion cash, yielding ~6.6%. The key question: can the dividend last as gaming revenue slows?
Sea Limited (SE): Analyst dives into what’s behind 46.6% growth: Shopee ads, logistics, VIP program, and Brazil becoming its most important market.
Singtel, OCBC, Keppel: The top 3 blue-chip stocks with aggressive share buybacks (S$1.26 billion in first 5 months of 2026), signaling confidence.
Micro-Mechanics (5DD): A small-cap with a 700%+ cumulative dividend return since listing. Latest results suggest the dividend story is far from over.
🤖🇮🇳 India
Reliance Industries (RELIANCE): Signed a build-to-lease agreement with Meta for a 168 MW AI data centre in Jamnagar—India’s first at this scale. Converts its land bank into a recurring, dollar-linked revenue stream.
Wockhardt (WOCKPHARMA): FDA approved Zaynich (India’s first indigenous NCE). Management says next potential blockbuster (WCK 6777) is not yet priced in by the market.
Solar Sector (Waaree Energies): New mandate (ALMM-II) requires solar projects to use domestically manufactured cells. Creates a massive moat for vertically integrated domestic players.
Zepto IPO: India’s fastest-growing quick commerce platform filed for IPO (INR 8,010 crore fresh issue). FY26 revenue doubled to INR 22,624 crore, but losses also widened.
🤖🌍 Other Notable Picks
Nebius (NBIS): AI-centric cloud platform. Multiple analyst reports (both bullish and cautious) as it navigates growth and AI capacity constraints.
Endeavour Mining (EDV): Called a “cash-return machine with a tier-one growth option” (West Africa gold producer).
Millicom (TIGO): “A rare telecom growth story with a 3% yield” in Latin America.
Venezuela Gold: An overlooked opportunity to invest in one of the world’s largest undeveloped gold deposits via Gold Reserve Ltd (CVE: GRZ) at a “rock-bottom valuation.”

🔬 Emerging Market Fund Stock Picks + Stock Pick Tear Sheets

$ = behind a paywall

📰🔬 Emerging Market Stock Picks / Stock Research

$ = Behind a paywall / 🗃️ = Link to an archived article (Note: Seeking Alpha earnings/conference etc. presentations are typically not paywalled) / ⛔ = Article archiving may not be working properly

🌏 Asia

🌏 How video games became a channel for political influence (FT) $ 🗃️

  • From China to Saudi Arabia, governments are investing billions in gaming to project influence and assert control

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 Chinese companies rush to dismantle ‘red-chip’ structures (FT) $ 🗃️

  • Beijing’s tighter scrutiny of foreign capital forces groups to rethink ownership structures behind listings boom

  • Beijing-based AI unicorn Moonshot, Alibaba (NYSE: BABA)-backed autonomous driving group DeepRoute.ai and short-video app developer Kuaishou Technology (HKG: 1024 / 81024 / LON: 0A74 / OTCMKTS: KUASF / KSHTY)’s AI unit Kling are also considering reincorporating in China.

  • Red-chip structures entail setting up a company outside mainland China, often in a tax haven such as the British Virgin Islands or Cayman Islands, to own the Chinese operating entity.

🇨🇳 Chinese investors turn to digital bets for exposure to US tech IPOs (FT) $ 🗃️

  • Manoeuvres highlight the lengths traders are willing to go to get exposure to hot western investments despite risks

🇨🇳 Chinese investors rush to open Hong Kong accounts amid Beijing crackdown (FT) $ 🗃️

  • Some mainlanders fear losing access to investment products that offer higher returns

🇨🇳 In Depth: China Slams Door on Multibillion-Dollar Offshore Trading Loophole (Caixin) $

  • For more than a decade, millions of investors on the Chinese mainland have sidestepped the country’s strict capital controls by using slick internet brokerage apps to trade U.S. and Hong Kong stocks. That multibillion-dollar grey market is now facing eradication.

  • On May 22, the China Securities Regulatory Commission (CSRC), alongside seven other government ministries, launched a sweeping two-year campaign to wipe out illegal cross-border securities operations. In a coordinated move, Hong Kong regulators updated rules for mainland clients opening accounts in the city, sealing off the grey channels used for cross-border stock trading.

🇨🇳 Chinese ‘Easter Eggs’ fall back to earth after wild year on Wall Street (Bamboo Works)

  • Shares of Here Group Ltd (NASDAQ: HERE), Zepp Health Corp (NYSE: ZEPP), Burning Rock Biotech Ltd (NASDAQ: BNR) and So-Young International Inc (NASDAQ: SY) all posted meteoric gains last year, but have given most of that back in 2026

  • A group of small- and midcap U.S.-traded Chinese companies that briefly notched sharp rallies over the last year have given back most or all of the gains

  • Investors may have been lured to the shares on belief they were undervalued, though their rise and fall also comes as the U.S. cracks down on suspected stock manipulation

🇨🇳 Every slice of China’s bond market has now succumbed to Japanisation (FT) $ 🗃️

  • A scoop of belatedly spotting something and trying to make a thing of it

🇨🇳 Chinese Tech Insiders Cash Out After AI Stock Rally (Caixin) $

  • A wave of share-sale plans is sweeping across Chinese technology companies listed on the A-share market, as executives and major institutional investors move to lock in gains after a sharp AI-driven rally.

  • Since May, executives and major shareholders at dozens of A-share tech companies have announced plans to offload their holdings to lock in profits. Net weekly share reductions in the sector jumped to roughly 12 billion yuan ($1.8 billion) in May, up from 8 billion yuan in April, according to Huatai Securities.

Pentagon Adds Alibaba, Baidu, BYD and Nio to Chinese Military-Linked List (Caixin) $

  • The U.S. Department of Defense has added Chinese tech giants Alibaba (NYSE: BABA) and Baidu (NASDAQ: BIDU), along with top electric vehicle makers BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) and NIO Inc (NYSE: NIO), to a restricted list of companies allegedly linked to Beijing’s military.

  • While the designation stops short of severe export controls and primarily bans the firms from receiving Pentagon contracts, the move underscores Washington’s widening dragnet to scrutinize Chinese industries, posing reputational risks and increased compliance burdens for global partners.

🇨🇳 Baidu: AI Stock With A High Safety Margin (Seeking Alpha) $ 🗃️

  • 🇨🇳 Baidu (NASDAQ: BIDU) 🇰🇾 - Internet-related services, products & AI. Chinese search engine, Baidu Maps, etc. 🇼 🏷️

🇨🇳 Who needs Dingdong? Alibaba answers Meituan with super-sized Pupu bid (Bamboo Works)

  • Alibaba (NYSE: BABA) is reportedly offering $1.5 billion for regional online grocer Pupu, more than double the $600 million offered by a previous bidder

  • Alibaba is reportedly bidding $1.5 billion for Pupu, the dominant online grocer in South China’s affluent Fujian province

  • The bid is more than double the $717 million Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) is paying for national online grocer Dingdong, as competition for assets heats up in China’s instant commerce wars

🇨🇳 JD.com: This Chinese E-Commerce Giant Is Still On Sale (Seeking Alpha) $ 🗃️

  • 🌐 JD.com (NASDAQ: JD / SGX: HJDD) - Supply chain-based technology & service provider. One of the 3 largest eCommerce platforms in China. 🇼 🏷️

🇨🇳 JD.com pours $4.5 billion into Hong Kong. But when will it recoup that money? (Bamboo Works)

  • The e-commerce giant has expanded aggressively in Hong Kong over the last year, acquiring commercial buildings, a supermarket chain and establishing an extensive logistics network

  • JD.com (NASDAQ: JD / SGX: HJDD) has been expanding aggressively into Hong Kong, with plans to open multiple signature JD Malls in the city over the next three years

  • The e-commerce giant’s Hong Kong expansion will directly challenge longtime local leaders like ParkNShop, Fortress and Watsons

🇮🇳 ZTO Express: Initiation Of Coverage (Smartkarma) $

  • ZTO Express (NYSE: ZTO) reported solid operational and financial performance in the first quarter of 2026 amid a moderately improving macroeconomic environment and continued recovery in China’s express delivery industry.

  • Parcel volume grew by 13.2% year-over-year to 9.67 billion shipments, notably outpacing the industry’s 5.8% growth, and expanding its market share by 1.2 percentage points.

  • This volume growth was accompanied by a significant 65% increase in retail parcel volume, reflecting progress in product mix optimization and a strategic focus on higher-value offerings such as reverse logistics.

🇨🇳 Baozun: Turnaround Milestones And Cash Floor Offer Attractive Asymmetry (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇨🇳 Baozun: Positive Read-Throughs From Insider Trades (Seeking Alpha) $ 🗃️

  • 🌐 Baozun (NASDAQ: BZUN) - Brand eCommerce service industry & digital commerce enabler in China. Serves 400+ brands from various industries & sectors around the world. 🏷️

🇨🇳 Zhihu: Has Much Potential Yet To Be Unlocked (Seeking Alpha) $ 🗃️

🇨🇳 Zhihu: Trapped Between Structural Erosion And Fundamental Pivots (Seeking Alpha) $ 🗃️

  • 🇨🇳 Zhihu Inc (NYSE: ZH) - Leading online content community. Largest Q&A-inspired online community in China. 🇼 🏷️

🇨🇳 Hello Group: Domestic Headwinds Continue To Stifle Momentum Post Q1 Earnings (Seeking Alpha) $ 🗃️

  • 🌐 Hello Group (NASDAQ: MOMO) 🇰🇾 - Online social networking spaces (Momo, Tantan, etc) + apps (Hertz, Soulchill & Duidui).

🇨🇳 DouYu: Could Be Gathering Itself For A Move Higher (Seeking Alpha) $ 🗃️

🇨🇳 Weibo: Structural Erosion Vs. The Dividend Buffer (Seeking Alpha) $ 🗃️

  • 🇨🇳 Weibo Corp (NASDAQ: WB) - Social media for people to create, share & discover content online. 🇼 🏷️

🇨🇳 Lenovo: Why Investors Should Buy The Stock After A Blowout Q4 Report (Seeking Alpha) $ 🗃️

  • 🌐 Lenovo Group (HKG: 0992 / FRA: LHL / LHL1 / OTCMKTS: LNVGY / LNVGF) 🇭🇰 - Designing, manufacturing & marketing consumer electronics, PCs, software, servers, converged & hyperconverged infrastructure solutions, etc. 🇼 🏷️

🇨🇳 SG Micro H Share Listing: The Investment Case (Smartkarma) $

  • SG Micro Corp (SHE: 300661), a leading analog IC company in China, is pre-marketing an H-Share listing to raise US$600-800 million.

  • SG Micro ranked first among domestic companies and eighth among global companies in the China analog IC market as measured by revenue in 2025.

  • The investment case is bullish due to the strong growth, stable margins, cash generation and a net cash position. However, the A-share valuation is punchy relative to peers.

🇨🇳 AI Power Demand Sends Energy Storage Supplier Up 625% in Shenzhen Debut (Caixin) $

  • Shares of energy-storage system maker Hangzhou Gold Electronic Equipment Co Ltd (SHE: 301669) surged 624.6% in their debut on the Shenzhen Stock Exchange’s ChiNext board Tuesday, as investor enthusiasm for artificial-intelligence data centers spilled into the power-storage supply chain.

  • The blockbuster listing underscores how the global buildout of AI infrastructure is accelerating demand for energy-storage equipment, prompting manufacturers to turn to capital markets to fund expansion.

🇨🇳 Unsated by Hong Kong listing, Knowledge Atlas seeks more funds in Shanghai (Bamboo Works)

  • Just five months after its Hong Kong IPO, the capital-hungry AI large model company has launched a plan to list on Shanghai’s Nasdaq-style STAR market

  • Knowledge Atlas Technology JSC Ltd (HKG: 2513) plans to raise up to 15 billion yuan through a listing on Shanghai’s STAR Market, more than double what it raised in its Hong Kong IPO earlier this year

  • The AI company’s Hong Kong-traded shares rose more than 10-fold at one point after their debut at the start of this year

🇨🇳 Longsys rides soaring memory wave to Hong Kong IPO (Bamboo Works)

  • The company has launched a new attempt to list in Hong Kong, banking on spiking prices that have made memory chip companies the latest investor darling

  • Shenzhen Longsys Electronics Co Ltd (SHE: 301308) has applied to list in Hong Kong, reporting its profit surged nearly sevenfold last year to nearly 1.5 billion yuan

  • The memory product maker’s short-term bank liabilities reached 6.1 billion yuan last year, nearly double the level from 2023

🇨🇳 Anker swims beyond its signature chargers with ‘shallow sea’ approach (Bamboo Works)

  • Known globally for its power banks, the company wants to be valued as a multi-category hardware maker as it files for a Hong Kong IPO

  • Anker Innovations Technology Co Ltd (SHE: 300866) has filed for a Hong Kong listing, seeking to add an offshore fundraising channel to its existing listing on Shenzhen’s ChiNext board

  • The power bank maker’s revenue and profit are growing, but weakening cash flow, Amazon dependence and big bets on energy storage and AI audio complicate its story

🇨🇳 Can GLB open up new routes beyond the Geely orbit? (Bamboo Works)

  • The provider of automotive electronics and power systems has hitched a ride on the success of its main customer, but runs the risk of overreliance

  • GLB is looking to list in Hong Kong, joining a growing number of firms in the EV supply chain to seek independent financing

  • But nearly 90% of GLB revenue last year came from Geely Automobile Holdings (HKG: 0175 / FRA: GRU / OTCMKTS: GELYY / GELYF)-related groups

🇨🇳 EHang: Short-Term Underperformance Likely Does Not Matter For The Company (Seeking Alpha) $ 🗃️

🇨🇳 EHang Holdings Limited 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

🇨🇳 EHang Aircraft Sales Plunge as eVTOL Commercial Rollout Stalls (Caixin) $

  • Shares of Chinese flying car leader EHang Holdings (NASDAQ: EH) plunged after the company reported a sharp drop in first-quarter aircraft sales and widened losses, forcing a pivot back to its legacy drone-show business to fund delayed commercial flights.

  • The financial strain on the manufacturer, whose stock has shed more than half its value this year, highlights the formidable commercialization hurdles facing the nascent global air-taxi industry even after clearing major regulatory milestones.

🇨🇳 DiDi Global: Domestic Cash Cow Funds Global Expansion; Reiterate Bullish View (Seeking Alpha) $ 🗃️

🇨🇳 Niu Technologies: Strong Revenue Growth Should Eventually Push It Higher (Seeking Alpha) $ 🗃️

  • 🌐 Niu Technologies (NASDAQ: NIU) - smart urban mobility solutions. Designs, manufactures & sells high-performance electric motorcycles, mopeds, bicycles & kick-scooters. 🇼

🇨🇳 BYD Is No Longer A China Story (Seeking Alpha) $ 🗃️

🇨🇳 Declawed in China, UP Fintech faces challenges in global marketplace (Bamboo Works)

  • The Tiger Brokers operator has been forced to leave its original home market, but numbers show its global expansion isn’t strong enough yet to carry the business

  • Legacy Mainland China clients still accounted for more than 20% of UP Fintech Holding (NASDAQ: TIGR)’s first quarter revenue, despite years of efforts to expand internationally

  • Now based in Singapore after relocating from its original home in Beijing, the online brokerage faces a key challenge in appealing to clients with no Chinese ties

🇨🇳 China’s Top Financial Regulator Targets Small-Bank Risks, Property Funding and Local Debt (Caixin) $

  • China’s top financial regulator has pledged to accelerate the overhaul of struggling local banks and prevent sudden institutional collapses, signaling a continued crackdown on financial risks under its newly appointed leadership.

  • The National Financial Regulatory Administration outlined its immediate priorities at a committee meeting this week, the first since Ding Xiangqun took over as the agency’s party chief, emphasizing the dual goals of containing risks and promoting structural development.

🇨🇳 Atour Lifestyle: Smarter Strategy, Better Sleep, Attractive Upside (Seeking Alpha) $ 🗃️

🇨🇳 H World Group: Initiation of Coverage- Could China’s Hotel Recovery Be the Secret Catalyst Behind Its Asset-Light Growth Engine? (Smartkarma) $

  • H World Group (NASDAQ: HTHT) reported its first quarter 2026 results reflecting a continuation of recovery and growth in the hospitality industry, particularly in China’s domestic market.

  • The company highlighted sustained domestic travel momentum, enabled by supportive government policies such as extended spring breaks, which helped balance passenger flows across peak and off-peak periods.

  • Concurrently, inbound tourism benefited from expanded visa-free policies, contributing to the demand environment.

🇨🇳 TH International Limited 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

  • 🇨🇳 🇭🇰 🇲🇴 TH International (NASDAQ: THCH) - Exclusive master franchisee of Tim Hortons coffee shops. 🇼

🇨🇳 Luckin Coffee: Upgrading To Hold, Improving Competitive Dynamic, But Structural Headwinds Persist (Seeking Alpha) $ 🗃️

🇨🇳 Here Group: Deeply Discounted, But Limited Catalysts (Seeking Alpha) $ 🗃️

🇨🇳 WuXi AppTec wages buyback campaign as U.S. pressure mounts (Bamboo Works)

  • The drug services provider has been battling to shore up its share price and suffered a sharp sell-off after being added to a U.S. list of firms with suspected military links

  • Pharmaceutical firms hit by weakening Hong Kong valuations have been increasingly launching buyback programs to bolster investor confidence

  • WuXi AppTec Co (SHA: 603259 / HKG: 2359 / OTCMKTS: WUXAY) is particularly exposed to any tightening of restrictions in the U.S. market, which is its biggest source of revenue

🇨🇳 DSC Holdings (DSC): Peeking at the IPO Prospectus of a China, AI App for Used Car Dealers Company (Smartkarma) $

  • China-Based DSC Holdings (DSC US) is a leading AI-driven operating system for used car dealers, reportedly capturing over 90% share of dealer management systems and embedding deeply across workflows.

  • The company complements its digital platform with integrated transaction services spanning sourcing, inspection, logistics, and sales, creating a high-frequency, data-rich ecosystem.

  • Filed for IPO on May 26, 2026 with Deutsche Bank, CICC, CR Global Markets, and ICBC International, DSC operates in China’s large, fast-growing used-car market.

🇭🇰 UBS Sees Hong Kong IPO Fundraising Reaching $50 Billion in 2026 on Tech Surge (Caixin) $

  • Technology startups have become the dominant force in Hong Kong’s initial public offering market in 2026, marking a sharp shift from 2025, when listings were led mainly by dual-listed companies.

  • The revival of technology listings — particularly in artificial intelligence and advanced manufacturing — underscores Hong Kong’s effort to reclaim its role as a key gateway for international capital, as its IPO investor base becomes less reliant on U.S. buyers.

🇭🇰 Chow Tai Fook Jewellery Group Limited 2026 Q4 - Results - Earnings Call Presentation (Seeking Alpha) $

🇲🇴 Macau may see circa 10pct y-o-y growth in visitor numbers during summer break: MGTO boss (GGRAsia)

  • Macau could report about 10-percent year-on-year growth in visitor arrivals during this year’s “summer holiday” season, according to Macao Government Tourism Office (MGTO) director, Maria Helena de Senna Fernandes.

  • Speaking on Sunday, Ms Senna Fernandes said she was hopeful the growth momentum seen in the first four months of 2026 would continue into the summer holiday period, traditionally a peak season for the local tourism industry, according to the Chinese-language radio service of public broadcaster TDM.

  • Macau recorded an aggregate of nearly 14.66 million visitor arrivals in the January to April period, an increase of 13.1 percent from a year earlier, showed data from Statistics and Census Service.

🇲🇴 Macau gaming tax revenue tops US$5.27bln in first 5 months of 2026 (GGRAsia)

  • The Macau government collected just over MOP7.65 billion (US$1.12 billion) in fiscal revenue from gaming in May, according to the latest data released by the city’s Financial Services Bureau.

  • The figure was down 15.7 percent from the MOP9.07 billion logged in April, the data showed.

🇲🇴 2Q show tally dips 42.5pct y-o-y across Galaxy, Sands’ Cotai venues, with ‘mini-residencies’ down (GGRAsia)

  • Big-event specialists Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) and Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) have so far seen an aggregate 42.5 percent year-on-year fall in their second-quarter 2026 Cotai concert and show bookings in Macau. That is according to checks by GGRAsia. Sands China was the bigger contributor to the decline.

  • The analysis covers show sessions hosted at the performance venues operated by Galaxy Entertainment, including its circa 16,000-capacity Galaxy Arena at Galaxy Macau, and those by Sands China, including its circa 14,000-capacity Venetian Arena at The Venetian Macao. Given the lead times on staging large shows, the second-quarter 2026 figures might not change by June-end.

🇲🇴 Macau June GGR start ‘solid’, but high-base effect, World Cup may weigh on full-month result: UBS (GGRAsia)

  • Macau’s casino gross gaming revenue (GGR) performance during the first week of June was “solid”, though a high comparison base and the upcoming FIFA World Cup are likely to result in a “mild” year-on-year decline in GGR during both June and July, according to a note from banking institution UBS.

  • Macau’s daily average GGR was circa MOP700 million (US$86.7 million) during the first seven days of June, “flat” year-on-year, noted UBS, citing its own channel checks.

🇲🇴 Expanded World Cup to hit Macau casino revenue more than prior tournaments: Citi (GGRAsia)

  • Macau’s casino industry is likely to experience a temporary slowdown in gross gaming revenue (GGR) during the FIFA World Cup 2026, but the weakness could create a buying opportunity for investors among the city’s gaming stocks, according to a recent note from Citigroup.

  • The institution said historical analysis suggests major international football tournaments tend to divert part of Macau players’ betting budgets towards sports-related events.

  • With this year’s World Cup running from today (Thursday, June 11) to July 19 and featuring an expanded format of 48 teams and 104 matches, Citi believes this tournament’s impact could be more pronounced than those of previous editions.

🇲🇴 MGM China’s Pansy Ho disposes of her entire stake in parent MGM Resorts, grosses US$140mln (GGRAsia)

  • Pansy Ho Chiu King, chairperson and a substantial shareholder of Macau casino operator MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY), has disposed of her entire stake in the company’s United States-based parent, MGM Resorts International (NYSE: MGM), according to public records.

  • MGM Resorts confirmed on June 1 that it had received a non-binding cash offer that day from People Inc, a media and Internet conglomerate, to acquire all of the outstanding shares of MGM Resorts that it does not already own, for US$48.30 per share in cash. As of that date, People Inc owned 26.1 percent of the outstanding common stock of MGM Resorts.

  • The offer is said to value MGM Resorts at more than US$18 billion, including circa US$6.40 billion in net debt.

🇲🇴 Melco Resorts extends US$1.9bln credit facility to 2031, adds incremental tranche (GGRAsia)

  • Global casino operator Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) announced on Tuesday it had extended the maturity of its existing HKD15.24-billion (US$1.94-billion) revolving credit facility by four years.

  • The Nasdaq-listed casino firm said the maturity date of its 2020 credit facilities had been extended from April 29, 2027, to June 9, 2031, under a third amended and restated facility agreement signed on Tuesday.

  • In April, Melco Resorts said it had cash and bank balances of US$1.07 billion as of March 31, against total debt of US$6.67 billion. The company stated it had available liquidity of about US$2.36 billion and capital expenditure of US$73.6 million during the first quarter this year, mainly tied to enhancement projects in Macau.

  • At the same time, Melco Resorts said it would pay US$375.0 million for the “Melco” and other related trademarks.

🇹🇼 Taiwan

🇹🇼 Taiwan Tech Weekly: Chips Rebound After Record Selloff; Rotation Out of Servers Into Semi Equipment (Smartkarma) $

  • Taiwan and US chips rebounded from the prior week’s record selloff, but unevenly: semiconductor-equipment makers led while the server assemblers that led the prior leg fell.

  • With Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM)‘s 3nm and packaging lines full, Google moved to split its next AI chips across Intel, Samsung, Marvell, Broadcom, and Mediatek.

  • Memory stayed tight: SK Hynix (KRX: 000660) will triple capacity by 2034, NVIDIA trimmed its Vera Rubin specs to fit supply, and Taiwan’s listed firms posted a record revenure growth in May.

🇹🇼 ASE Technology: Capitalizing On Growth Trends In Semiconductors (Seeking Alpha) $ 🗃️

🇹🇼 Hon Hai: Promising Short-To-Medium Term Prospects (Seeking Alpha) $ 🗃️

🇹🇼 United Microelectronics Q1: Better Risk Profile Than AI Pure-Plays (Seeking Alpha) $ 🗃️

🇰🇷 Korea

🇰🇷 Highlights of the Korea Value-Up Index Rebalance on 12 June (Douglas Research Insights) $

  • Korea Value-Up Index will be rebalanced on 12 June. Korea Value Up index is up 234% in the past one year, outperforming KOSPI (up 184%) and KOSDAQ (up 27%).

  • However, Korea Value Up index has slightly underperformed KOSPI 200 index which is up 238% in the same period.

  • AUMs of the 13 major ETFs that track the Korea Value Up index rose to 4.0 trillion won as of 9 June 2026 (up 217% from beginning of year).

🇰🇷 Local Semis Rebalance (Tue/Wed): Trade Setup (Smartkarma) $

🇰🇷 ADL Breadth Technical Starting to Break Down for KOSPI + RIA Accounts Surpasses 4 Trillion Won (Douglas Research Insights) $

  • Concerns about delays in data center construction, lack of profitability at OpenAI, increasing competition, and mega IPOs are all causing concerns about whether KOSPI’s super bull run could continue.

  • Important technical (such as KOSPI’s ADL line) is also starting to break down.

  • All in all, the overall risk profile of the Korean stock market (especially among the major tech stocks) have risen materially higher now as compared to 6-12 months ago.

🇰🇷 Paradise City and Jeju Dream Tower gaining from S.Korea’s tourism rebound: Shinhan Securities (GGRAsia)

  • Brokerage Shinhan Securities Co Ltd says South Korea’s foreigner-only casino sector continues this year to benefit from a strong recovery for inbound tourism to that country.

  • Shinhan mentions as evidence, some “record” figures in May at Paradise City (pictured in a file photo), an Incheon casino resort run by Paradise Co Ltd (KOSDAQ: 034230), and at Jeju Dream Tower, run by Lotte Tour Development (KRX: 032350), on the holiday island of Jeju.

  • In May, “Paradise set… all-time records for drop amount and revenue,” said the brokerage, referring to Paradise City.

  • The brokerage added that Paradise Co could benefit from any expansion of South Korea’s visa-free entry scheme for Chinese visitors, and further growth – in the second half of 2026 – in foreign tourist arrivals to the southern port city of Busan, where it has a casino hotel.

🇰🇷 Korean Semiconductor Top 50: Which Names Can Beat Samsung and SK Hynix Over the Next Two Months? (Korea Invest Insights)

  • A proprietary Thesis OS screen combining 1,137 Naver ETF constituent scans and local investor-flow data to identify Korean semiconductor second-line equipment, substrate, inspection and AI storage candidates that could outperform…

🇰🇷 Large Korean E&C Companies: Biggest Beneficiaries of End of War in Iran (Reconstruction)

🇰🇷 Korea Small Cap Gem #63: SNT Energy (Douglas Research Insights) $

  • SNT Energy Co Ltd (KRX: 100840) provides critical heat exchange, thermal management, and environmental emissions control systems. SNT Energy is one of the new inclusions for the Korea Value Up-Index in June.

  • SNT Energy is trading at attractive valuations. It is trading at P/E of 5.9x, P/B of 1.6x, and EV/EBITDA of 4.0x based on recent prices and TTM financials.

  • The company had excellent results in 1Q 2026. It had sales of 123.6 billion won (up 7.2% YoY) and operating profit of 22.8 billion won (up 77% YoY).

🇰🇷 KT&G - A Top Pick for 2H 2026 (Douglas Research Insights) $

  • KT&G Corp (KRX: 033780) or Korea Tobacco & Ginseng Corporation is a top pick in the Korean stock market in 2H 2026. KT&G is well poised to outperform the market in the next 6-24 months.

  • As of 10 June 2026, foreign investors owned 51.2% stake in KT&G, up from 42.8% at end of 2025. Blackrock and Capital increased their stakes in KT&G in 2026.

  • KT&G is one of the most rock solid, defensive stocks in Korea. If the Korean stock market declines, there is a likely probability that KT&G could outperform.

🇰🇷 Shinsegae Group to Acquire Entire Remaining Stake in SSG.com for 1.3 Trillion Won (Douglas Research Insights) $

  • On 11 June, it was reported that the Shinsegae Group plans to acquire entire remaining stake in SSG.com held by financial investors (Olympus No 1 Co.) for 1.3 trillion won.

  • I am turning Negative on Shinsegae. There are three major reasons. First, I think valuations are unattractive. Second, I think the company is overpaying for the remaining stake in SSG.com.

  • Third, although the company has been one of the beneficiaries of the stock market wealth effect in the past year, the sustainability of continued booming stock market remains suspect.

🇰🇷 Hanwha Solutions: Better to Sell Its Stake in Korea Zinc Than Conduct a Large Capital Raise (Douglas Research Insights) $

  • It would be better for Hanwha Solutions (KRX: 009830 / 009835) to sell its stake in Korea Zinc (KRX: 010130) than to complete a large rights offering (now estimated to be 1.5 trillion won).

  • At this point, Hanwha Solutions is highly UNLIKELY to sell its stake in Korea Zinc any time soon but rather is proceeding ahead with its rights offering.

  • Hanwha Solutions’ indirect stakes (through subsidiaries) in Korea Zinc is worth 1.7 trillion won.

🇰🇷 3X Single Stock Leveraged Products on Samsung Electronics and SK Hynix to List on the LSE (Douglas Research Insights) $

  • LeverageShares, a leveraged ETP operator, will list the Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) 3x leveraged ETP (SMG3/3SMG) and the SK Hynix (KRX: 000660) 3x leveraged ETP (HNX3/3HNX) on the London Stock Exchange on 12 June.

  • Because major stock exchanges in Korea and the U.S. do not allow 3x single stock leveraged products, there could be a healthy demand for these 3x leveraged products on LSE.

  • AUM of the 2x single stock leveraged ETF products for Samsung Electronics and SK Hynix increased by 87% from 27 May to 9.8 trillion won on 12 June.

🇰🇷 SK Hynix (000660 KS) Tactical Outlook Ahead of Nasdaq ADR Listing SEC Clearance (Smartkarma) $

  • SK Hynix (KRX: 000660) rally has paused since the end of May. This insight evaluates tactical scenarios ahead of the Nasdaq ADR listing.

  • Institutional flows will react to anticipated SEC clearance for a $14B Nasdaq ADR listing, expected by the week of June 22, driving structural positioning ahead of launch.

  • Overall the long-term picture remains highly bullish but there could be some short-term turbulence/volatility. We see this as an opportunity to position at discounted price.

🇰🇷 SK Hynix: To Complete an ADR Listing on NASDAQ in August? (Douglas Research Insights) $

  • Reuters reported that SK Hynix (KRX: 000660) is likely to list its ADR shares on NASDAQ as early as August. Passive flows on the SK Hynix ADR listing on NASDAQ are significant.

  • If SK Hynix decides to raise $15 billion or more from the ADR listing, it is reasonable to estimate iShares Semiconductor ETF (SOXX) to contribute $1.5 billion or more.

  • I think there could be enough demand from the large passive investors in the U.S. to contribute to nearly half or more of the total ADR issuance by SK Hynix.

🌏 SE Asia

🇰🇭 NagaCorp seeks shareholder approval for 10-year share option scheme (GGRAsia)

  • Cambodian casino operator NagaCorp (HKG: 3918 / FRA: N9J / OTCMKTS: NGCRF) is seeking shareholder approval for a new share option scheme that would allow the company to grant equity-based incentives to directors and employees over the next decade.

  • Hong Kong-listed NagaCorp has a long-life casino monopoly in the Cambodian capital Phnom Penh, where it runs the NagaWorld casino-resort complex (pictured).

  • According to a Wednesday filing, the proposed scheme is due to be adopted at the firm’s annual general meeting scheduled for June 25.

🇮🇩 Foreign investors sell Indonesia as Prabowo faces backlash (FT) $ 🗃️

  • Rising oil prices compound concern about President Prabowo Subianto’s economic vision

  • Foreigners have sold a net $3.9bn worth of stocks this year, the largest sell-off since at least 1996, according to an FT analysis of exchange data. That has contributed to a 32 per cent slump in Indonesia’s benchmark stock index — which is the world’s worst-performing equity market this year.

🇲🇾 Genting Bhd not ‘privatising’ its global gaming unit Genting Malaysia: report (GGRAsia)

  • Gaming and plantations conglomerate Genting Berhad (KLSE: GENTING / OTCMKTS: GEBHY) is not “privatising” its global gaming unit Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF), said the parent’s chief executive and president Tan Kong Han, as reported by local Chinese-language news provider Sinchew Daily.

  • The media outlet cited remarks from Genting Bhd’s CEO, addressing shareholder queries during the group’s Thursday annual general meeting (AGM).

  • Mr Tan was cited saying it was “fortunate” that Genting Bhd had already increased its stake in Genting Malaysia. The parent’s holding nonetheless remains below a 75 percent threshold that would be required to take the unit private. Both companies are listed on Bursa Malaysia.

  • To delist or privatise Genting Malaysia had been mentioned as options for the parent in the context of its circa US$1.59-billion conditional voluntary takeover offer in October 2025.

🇵🇭 PLDT: Post-Recovery Correction May Take A Long Distance, But Opportunities Are There (Seeking Alpha) $ 🗃️

🇵🇭 RGB enters Philippine online B2B segment, stays bullish on Asia land-based business (GGRAsia)

  • Malaysia-listed gaming equipment supplier RGB International Bhd (KLSE: RGB) has a unit stepping into the online gaming space in the Philippines as an accredited business-to-business (B2B) gaming content provider – a fresh path for the company.

  • That is according to Chuah Hui Jing (pictured), an executive director at RGB, in an interview with GGRAsia at the recent Global Gaming Expo (G2E) Asia casino trade show and conference in Macau.

  • RGB Ltd (Philippine Branch) is listed – on a May 28 document of the country’s gaming regulator, the Philippine Amusement and Gaming Corp (Pagcor) – as a gaming content affiliate for that nation’s online sector, across seven content channels, including electronic casino games.

🇵🇭 International Ent to launch Philippine online gaming ops in partnership with DigiPlus unit (GGRAsia)

  • Casino investor International Entertainment Corporation (HKG: 1009) says it has a formal agreement to enter the Philippine online gaming sector through a cooperation deal with a unit of Philippines-licensed online gaming operator DigiPlus Interactive (PSE: PLUS).

  • International Entertainment is the controller of a Manila Bay, Philippines, casino hotel with a provisional gaming licence from the Philippine Amusement and Gaming Corp (Pagcor).

🇸🇬 Singapore REITs & Business Trust Sector - An Analysis of the Issuance of Units to Pay for Managers’ Fees (Corporate Monitor)

🇸🇬 Sea: Many Positive Offsets For The Shopee Profitability Problem (Seeking Alpha) $ 🗃️

  • 🌏 Sea Limited (NYSE: SE) - 3 core businesses: Garena (global online games developer & publisher), Shopee (largest pan-regional e-commerce platform in SE Asia & Taiwan), SeaMoney (leading digital payments & financial services provider in SE Asia). 🇼 🏷️

🇸🇬 What’s Behind Sea Limited’s 46.6% Growth? Shopee Ads, Logistics, VIP, and Brazil (Contrarian Perspectives)

  • Sea Limited (NYSE: SE) Q1 2026 Earnings Review

  • You can also check out my first two articles on Sea Limited: What’s Shopee Strategy in 2026 and Sea Limited’s Monee in 2026: What It’s Doing and What to Expect Going Forward. Both articles received very positive feedback.

  • The things in this article

    • Why did Shopee beat revenue? Was there a change in strategy?

    • Shopee’s ads growth and the impact of Shopee GMV MAX

    • The current stage and progress of Shopee VIP — I still expect it to surpass 25M users by year-end

    • Why fulfillment matters for product selection in remote areas

    • The difference between Grab and Shopee quick commerce strategies

    • My concerns about the Monee acquisition and credit deterioration

    • Why Brazil is now Shopee’s most important market and what it’s current growth

🇸🇬 June 2026: Top 3 Blue-Chip Stocks with Aggressive Share Buybacks (The Smart Investor)

  • Singapore companies bought back a record S$1.26 billion of shares in the first five months of 2026 — and three blue chips did most of the buying. Here's what Singtel, OCBC and Keppel's repurchases really tell dividend investors.

  • But for a dividend investor, the question is sharper: is the buying backed by real cash, sitting alongside a sustainable payout? Let’s look at each.

    • Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel: Buybacks Alongside A Rising Dividend

      • Singtel was the single largest buyer by consideration over the five months.

      • That alone is worth a pause from a telco better known in years past for trimming payouts than expanding them.

      • What makes the buying credible is what sits next to it.

    • Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY): Buying Backed by Record Income

      • OCBC’s repurchases sit inside a larger S$2.5 billion capital return plan running through 2026, layered on top of a guided 50% ordinary dividend payout.

      • The reassuring part is what funds it.

    • Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF): The Same Intent, Less Disclosure

      • Keppel was the third-largest buyer of the three, but here the picture asks for a touch more caution.

    • Get Smart: Read the Cash Behind the Buyback

🇸🇬 3 Blue-Chip Stocks Still Offering 6%+ Dividend Yields (The Smart Investor)

  • Three SGX stocks are offering yields above 6% — but a high yield only matters if it lasts. Here's what's actually funding each one.

  • Free cash flow is the lifeblood of dividends, and three high-yielders on the SGX are drawing on three very different sources to keep theirs flowing.

  • Here are the three, ordered from the steadiest case to the one that asks the most questions.

    • Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF)

      • Mapletree Logistics Trust, or MLT, runs 175 logistics properties across nine Asia Pacific markets, with assets under management (AUM) of S$13.1 billion as at 31 March 2026.

      • The headline looks soft.

    • CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF)

      • As Singapore’s oldest industrial REIT, CapitaLand Ascendas REIT, or CLAR, has a portfolio of 229 properties spanning business space, life sciences, industrial, data centres and logistics across Singapore, the US, Australia and the UK/Europe.

      • AUM stood at S$18.6 billion as at 31 March 2026.

      • CLAR reports revenue, NPI and DPU on a half-yearly basis, so there was no fresh DPU figure for the first quarter. That makes the operational signals the thing to watch, and they are encouraging.

    • Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY)

      • Genting Singapore owns and operates Resorts World Sentosa, one of Asia’s largest integrated resorts, with a casino, Universal Studios Singapore, the Singapore Oceanarium and six hotels.

      • It offers the highest yield of the three, and also the most complicated sustainability story.

    • Get Smart: A 6% Yield Is Not One Thing

🇸🇬 3 SGX Billionaire Cash Kings with Rising Dividends (The Smart Investor)

  • These three SGX-listed companies are sitting on hefty net cash positions — and they're sharing the wealth through meaningful dividend increases.

    • SIA Engineering Company (SGX: S59 / FRA: O3H / OTCMKTS: SEGSF)

      • SIAEC is about as close to debt-free as you’ll find on the SGX.

    • iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF)

      • iFAST had the biggest dividend jump of the three.

      • The wealth management fintech’s interim dividend surged 56.3% YoY to S$0.0250.

      • And management isn’t stopping there – it guided for a full-year dividend of S$0.1050 or higher, at least a 25% increase over FY2025.

      • The cash pile is sizeable.

    • BRC Asia Limited (SGX: BEC)

      • BRC Asia had the best free cash flow story of the group.

      • Higher domestic construction deliveries, increased international trade, and contributions from the acquisition of Malaysian subsidiary Southern Steel Mesh in August 2025 drove the performance.

    • Get Smart: Cash is the bedrock of rising dividends

🇸🇬 CICT vs CapitaLand Ascendas REIT: Which CapitaLand Giant is the Better Buy? (The Smart Investor)

  • Both blue-chip REITs backed by the CapitaLand ecosystem, but one focuses on malls and offices, while the other is riding the growth of business parks, logistics facilities, and data centres. Which deserves your investment dollars today?

    • Meet the Contenders

      • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF) stands out as Singapore’s largest REIT, with a well-diversified portfolio of real estate properties spanning retail malls, offices, and integrated developments.

      • The bulk of CICT’s real estate portfolio is concentrated in Singapore, making the REIT a prime beneficiary of Singapore’s economic activity and spending.

      • On the flip side, CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF)’s portfolio is concentrated in the industrial segment, with the REIT having exposure across business parks, logistics facilities, industrial properties, and data centres.

      • Unlike CICT’s geographical concentration in Singapore, CLAR adopts a more diversified approach, with the US, Australia, and the UK / Europe making up 33% of its portfolio value.

    • Income Battle: Which REIT Delivers Better Dividends?

    • Portfolio Strength: Quality Versus Growth

    • Financial Strength and Risk

    • Growth Opportunities Ahead

    • Which REIT Fits Your Investing Style?

    • Get Smart: The Better Buy Depends on What You Need

🇸🇬 The SGX Small Cap Stock with a 700%+ Dividend Return (The Smart Investor)

  • Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF) has paid out 137.9 cents per share in dividends since listing – a cumulative return of over 700%. Its latest quarterly results suggest this small cap's dividend story is far from over.

    • Is Micro-Mechanics finding its stride again?

    • What’s behind the margin improvement?

    • How big is the industry tailwind?

    • What should investors watch?

    • Get Smart: Small Dividends, Big Returns

🇸🇬 Genting Singapore Shares near a 10-Year Low: Opportunity? (The Smart Investor)

  • Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY) is debt-free, sitting on S$3.2 billion in cash and yielding around 6.6% — yet its shares are near a 10-year low. We ask the only question that matters for income investors: can the dividend last?

  • So what is dragging the shares down? And if you are buying for the income, can you trust the payout to hold?

  • Let us take it apart.

    • Why the shares are languishing

      • Genting Singapore owns and runs Resorts World Sentosa (RWS). That is Universal Studios Singapore, the Singapore Oceanarium, six hotels, and one of the two casinos licensed in Singapore.

      • The money comes in through two doors: gaming and non-gaming.

      • The bigger door has narrowed.

    • The case for the dividend

    • Can the dividend be sustained?

    • Get Smart: A strong foundation, not a finished one

🇸🇬 3 Stocks I’d Buy for My Children’s University Fund (The Smart Investor)

  • Building a university fund with stocks requires more than chasing returns – it means choosing resilient businesses that can compound steadily over many years.

    • Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY): The Market Toll-Booth

      • As Singapore’s sole stock market operator, SGX occupies a unique, vertically integrated position that makes it a natural anchor for a long-term portfolio.

      • It provides essential infrastructure for listing, trading, and clearing across equities, currencies, and derivatives.

    • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF): The Income Generator

      • For the defensive portion of the fund, I look toward one of Singapore’s largest REITs.

      • CapitaLand Integrated Commercial Trust, or CICT, owns a high-quality portfolio of retail and office properties across Singapore, Australia, and Germany.

    • iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF): The Growth Engine

      • To complement the stable anchors, I would consider a wealth management fintech like iFAST.

      • Operating across Singapore, Hong Kong, and the UK, iFAST is currently in a high-growth phase as it scales its digital platform and global bank.

    • Why Time is a Parent’s Best Friend

    • Get Smart: Think Decades, Not Days

🇻🇳 VinFast Auto Ltd. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

🇮🇳 India / South Asia / Central Asia

🇮🇳 India’s SBS-3: 27000Cr Space Satellite Project, These Companies Will Benefit.. (Smartkarma) $

[Astra Microwave Products Ltd (NSE: ASTRAMICRO / BOM: 532493)]

  • India’s Cabinet Committee on Security approved SBS-3 in October 2024: 52-satellite military constellation costing 27,000 crore, with the first launch targeted by Apr-26 and the full network operational by 2029.

  • For the first time, 31 of the 52 satellites will be built by private Indian firms, formally opening military space to private sector and creating procurement pipeline for space players.

  • Operation Sindoor in May 2025 validated India’s ISR gaps in real combat conditions and locked in political consensus; SBS-3 is now irreversible programme, not an aspiration.

🇮🇳 Jain Resource Recycling: What Makes It Different From Other Metal Recyclers ? (Smartkarma) $

  • Jain Resource Recycling Ltd (NSE: JAINREC / BOM: 544537), a metal recycling company, crossed INR 9,543 crore FY26 revenue, up 48% YoY, with copper at ~55% mix and its first copper-anode furnace commissioned.

  • Copper recycling offers higher realisations and margins than lead. Jain’s early copper focus differentiates it from lead-heavy peers like Gravita, Nile, and Pondy Oxides.

  • Phase I forward integration into cathode and wire rod, with INR 95 crore capex, could lift EBITDA/tonne. Execution will drive the margin re-rating.

🇮🇳 India’s Solar Civil War: Who Will Win Due to ALMM Cell Mandate? (Smartkarma) $

[Waaree Energies Ltd (NSE: WAAREEENER / BOM: 544277)]

  • On June 1, 2026, India’s MNRE implemented ALMM-II, making it mandatory for all government-backed, subsidized, and net-metered/open-access solar projects to source solar cells exclusively from approved domestic manufacturers.

  • While India boasts ~225 GW of nameplate module manufacturing capacity (and ~193 GW approved under ALMM List-I), it currently has only ~31 GW of operational domestic cell capacity.

  • This transition phase over the next 6–9 months will be highly disruptive, but at the same time it provides massive moat and pricing power to large, vertically integrated domestic players.

🇮🇳 Uniparts India: The Quiet Compounder That Just Turned the Volume Up (Smartkarma) $

  • Uniparts India Ltd (NSE: UNIPARTS / BOM: 543689) delivered Q4FY26 revenue of INR 339 Cr, up 31% YoY and 18% sequentially, surpassing its own mid-teens guidance for the full year with 21% revenue growth.

  • Operating leverage is finally firing. EBITDA nearly doubled YoY in Q4. The global agri and construction equipment cycle has turned, and Uniparts is positioned right at the inflection.

  • New business wins of INR 225 Cr+ (annualized), clean balance sheet, 22% EBITDA margin in a trough year suggest the next upcycle earnings could be significantly higher. Worth watching closely.

🇮🇳 Reliance Making Meta’s First Data Center in India! (Smartkarma) $

  • Meta (META US) and Reliance Industries Limited (NSE: RELIANCE / BOM: 500325) have signed a build-to-lease agreement for 168 MW AI-data centre in Jamnagar, Gujarat, India’s first purpose-built AI compute facility at this scale.

  • This deal converts Reliance’s Jamnagar land bank and renewable energy access into a recurring, dollar-linked revenue stream, while entrenching RIL as the infrastructure gateway for global hyperscalers entering India.

  • The structural question is whether Jamnagar becomes a one-anchor campus or a multi-tenant AI park. Reliance’s Google Cloud partnership from 2025 suggests the latter is already in motion.

🇮🇳 All You Need to Know About Hindustan Copper: Key Triggers & Risk Ahead (Smartkarma) $

  • HCL Technologies (NSE: HCLTECH / BOM: 532281) has formally inaugurated mining operations at Kendadih copper-mine in Jharkhand and launched expansion of ICC concentrator plant from 0.4 to 0.9 MTPA, targeting 2.25 lakh tonnes of annual output.

  • India imports over 90% of its copper concentrate. Domestic ore revival at Kendadih, Surda, and potentially Rakha and Chapri could partially reduce structural import dependence by FY30.

  • The mine restart is real and regulatory hurdles are clearing fast. Execution pace at the concentrator and Stage-I forest clearance for 413.5 hectares remain the near-term swing factors.

🇮🇳 Wockhardt: Beyond Zaynich,the Franchise Is Just Getting Started (Smartkarma) $

  • FDA approved Zaynich on 29-May-26, India’s first fully indigenous NCE to clear the DCGI approval following two days later. Management has now flagged WCK 6777 as the next potential blockbuster.

  • Wockhardt Ltd (NSE: WOCKPHARMA / BOM: 532300) has now completed FY26 with genuine PAT turnaround, EBITDA margins at 19%, and a clean balance sheet. The AMR franchise is shifting from R&D cost center to commercial asset.

  • The market is pricing Zaynich; it is not yet pricing WCK 6777’s outpatient opportunity, nor the biosimilars doubling thesis.

🇮🇳 Zepto IPO: India’s Fastest-Growing Quick Commerce Platform (Smartkarma) $

  • Zepto filed its Updated DRHP on June 9, 2026, with a INR 8,010 crore fresh issue and 11.35 crore-share OFS, becoming the first standalone quick commerce player seeking domestic listing.

  • FY26 revenue doubled to INR 22,624 crore, while losses widened to INR 5,905 crore, testing investor appetite for high-growth, loss-making platforms in a competitive market.

  • Zepto is a strong 2nd player in a 40%+ growth market, but investors must assess whether IPO pricing reflects its path to profitability.

🇱🇰 Sri Lanka’s Organic Fertilizer Debacle (Asianometry) 25:16 Minutes

  • In April 2021, the Sri Lankan government banned imports of all chemical fertilizers. They were the first country to do this. President Gotabaya Rajapaksa explained in a speech: If we are to preserve the health of our planet and ensure human sustainability, governments all over the world must not hesitate to adopt bold policies The import ban turned out to be a bit too bold. Amidst plunging farm yields and soaring food inflation, the ban did not last the year. I covered Sri Lanka’s economic crisis in a prior video three years ago, but did not mention the fertilizer ban. So let me do it this time. In today’s video, the disastrous Sri Lankan fertilizer import ban.

🇰🇿 Freedom Holding: The Next Phase Of Ecosystem Monetization Suggests Massive Upside (Seeking Alpha) $ 🗃️

🌍 Middle East

🇹🇷 TAV Airports: Profitability Still Depressed, But Cycle Is Turning (Seeking Alpha) $ 🗃️

🇹🇷 Turkey probes 95-year-old Rahmi Koç over ‘derogatory’ joke (FT) $ 🗃️

  • Critics warn judicial move against prominent tycoon risks undermining investment in Turkey

  • Rahmi Koç, the 95-year-old honorary chair of Koç Holding (IST: KCHOL), Turkey’s biggest conglomerate, sparked controversy when he made the suggestive remarks at the opening of one of the group’s hospitals in İzmir last week.

  • Video clips of the incident showed Koç, who led the company from 1984 to 2003, laughing with former prime minister Binali Yıldırım, 70, after telling a joke about a Kurdish woman speaking to a doctor about a medical complaint. When the doctor told the woman to undress behind a curtain, she replied: “Doctor, you undress first.”

🌍 Africa

🌍 Endeavour Mining: A Cash-Return Machine With A Tier-One Growth Option (Seeking Alpha) $ 🗃️

🇿🇦 DRDGOLD Limited (DRD) Presents at 121 Mining Investment Conference - New York - Slideshow (Seeking Alpha)

🇿🇦 Lesaka Technologies: The Fintech Re-Rating Nobody Sees (Seeking Alpha) $ 🗃️

🇿🇦 The SPAR Group Ltd 2026 Q2 - Results - Earnings Call Presentation (Seeking Alpha)

  • 🌍 Spar Group (JSE: SPP / OTCMKTS: SGPPF) - More than 2,000 stores in South Africa. Netherlands founded SPAR International is the world’s leading voluntary food retail chain & the largest independent supermarket retail network in the world. 🇼 🏷️

🇿🇦 Araxi Limited 2026 Q4 - Results - Earnings Call Presentation (Seeking Alpha)

  • 🌍 Araxi Ltd (JSE: AXX) - Diversified financial technology.

🇿🇦 PPC Ltd 2026 Q4 - Results - Earnings Call Presentation (Seeking Alpha)

🌎 Latin America

🌎 Millicom Cellular: A Rare Telecom Growth Story With A 3% Yield (Seeking Alpha) $ 🗃️

  • 🌎 Millicom (NASDAQ: TIGO) - Fixed & mobile, telecommunications services, cable & satellite TV, mobile financial services & local content such as music & sports in Latin America. 🇼 🏷️

🇧🇷 Nu Holdings: ARPAC Growth And Valuation Outweigh Credit Risks (Seeking Alpha) $ 🗃️

🇧🇷 Sendas Distribuidora: It’s Not Time To Buy Yet! (Seeking Alpha) $ 🗃️

🇧🇷 Afya’s Recent National Exam Scores Are Worrying (Seeking Alpha) $ 🗃️

  • 🇧🇷 Afya (NASDAQ: AFYA) - Bertelsmann backed medical education & digital health services group in Brazil. Delivering an end-to-end physician-centric ecosystem. 🏷️

🇧🇷 Suzano: Deleveraging Progress Is OK, Ignoring The Buyback And Some Non-Recurring Effects (Seeking Alpha) $ 🗃️

🇧🇷 Ambev: The Market Has Sobered Up Recently (Seeking Alpha) $ 🗃️

🇵🇪 Peru’s 2026 election is a tie. Again. (Latin America Risk Report)

  • Unfortunately, one of these two candidates will win

  • Peru’s election result is a tie. Sure, someone will be declared the winner at the end of a long vote counting process, the reviews of about 1,500 actas, and then arguments about a recount (which may or may not be possible under Peruvian law, which is sometimes malleable in its own way). But the margin will be so slim as to be essentially a tie, probably within the error rate of ballots (voters and vote counters make mistakes after all).

  • This is Peru’s third presidential election in a row to end within a one percent margin. While we’re used to strongly contested and polarized elections in this hemisphere, most elections are not that close. See this chart.

🇻🇪 How to invest in Venezuela’s giant gold mine (Undervalued Shares)

  • Venezuela is home to one of the world’s largest undeveloped gold deposits, with a substantial copper resource thrown in as a bonus.

  • Few realise that you can already buy into it, and at a rock-bottom valuation.

  • This Canadian-listed stock offers pioneer investors a rare opportunity to get in – before the broader market catches on.

  • Gold Reserve Ltd (CVE: GRZ / FRA: 97Z / OTCMKTS: GDRZF) (ISIN BMG4R86G1074, CA:GRZ, US OTC:GDRZF) is a former Canadian firm that relocated to Bermuda a few years ago.

🌐 Global

🌐 Escalation of the war on Iran is likely: The true aim is to make war on China (Werner Economics)

  • We are witnessing a replay of the situation before August 1914, when Germany’s economic success & transport corridor plans were seen as lethal challenge to British hegemony requiring total war

🌐 The Pentagon’s $0 Inventory Problem: Antimony (Public Markets)

  • Picture this: You’re responsible for keeping America’s ammunition lines running. Every artillery primer, every tracer round, every armor-piercing core that rolls off your production line needs one specific element to function. You’ve ramped output 178% since 2022. The generals want more.

  • While headlines obsess over rare earths and lithium, the most weaponized small metal on Earth is one almost nobody can name. The United States mines exactly zero tons of it, imports roughly 90% of what it burns through, and has handed an adversary a switch it has already proven willing to flip.

  • Chinese dominance of antimony isn’t an accident of geology. It’s leverage. And in 2024 Beijing started pulling it.

  • The timeline tells you everything:

    • August 14, 2024: China announces export controls on antimony.

    • September 15, 2024: All antimony exports require a dual-use license — every shipment now subject to approval.

    • December 3, 2024: China bans antimony exports to the United States “in principle,” and explicitly prohibits exports to any U.S. military end-user or military end-use.

    • November 9, 2025: Beijing “suspends” the broad ban until November 27, 2026, returning to a managed-licensing regime.

🌐 Nebius: Addressing The Current AI Constraints As It Grows (Seeking Alpha) $ 🗃️

🌐 Nebius: Still A Buy, Just Not A Table-Pounding Buy (Seeking Alpha) $ 🗃️

Nebius: Please Don’t Push It Off The Cliff (Rating Downgrade) (Seeking Alpha) $ 🗃️

🌐 Nebius Falls: Hyperscalers Are Hyperscaling (Seeking Alpha) $ 🗃️

  • 🌐 Nebius Group NV (NASDAQ: NBIS) - AI-centric cloud platform built for intensive AI workloads. Sold Yandex to a consortium of Russian investors. Retains several businesses outside of Russia. 🇼 🏷️

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📅 Earnings Calendar

Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):

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📅 Economic Calendar

Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).

🗳️ Election Calendar

Frontier and emerging market highlights (from IFES’s Election Guide calendar):

📅 Emerging Market IPO Calendar/Pipeline

Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):

🏁 Emerging Market ETF Launches

Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:

🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).

I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.

Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.

Emerging Market Links + The Week Ahead (June 15, 2026) was also published on our website under the Newsletter category.

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]]><![CDATA[🌐 Emerging Market Stock Picks (First Half June 2026)]]>https://emergingmarketskeptic.substack.com/p/emerging-market-stock-picks-first-half-june-2026https://emergingmarketskeptic.substack.com/p/emerging-market-stock-picks-first-half-june-2026Sun, 14 Jun 2026 17:53:30 GMTAs mentioned before, I am sourcing new stock research material for these posts covering emerging markets/international stocks covered by various research providers/analysts/local media. It is intended to do them more frequently so the posts don’t end up too long for Substack to save/publish (or take up too much time given the amount of material during earnings seasons) and the fact they include some basic data and a technical chart to help you decide whether they should be on your radar. After all, the investment universe for patient investors goes well beyond Space X, the Mag 7 and TSMC bubbles…

Specific stocks covered in this post (with a focus on some countries or stocks that are hopefully more accessible to retail investors via Interactive Brokers or via a foreign listing - see our first posts - Mid-March 2025, Early April 2025, April 2025, May 2025, June 2025, July 2025, August 2025, September 2025, October 2025, November 2025, December 2025, January 2026, February 2026, 🌏 Southeast Asia Stock Picks (March 2026) & April-May 2026) plus further DeepSeek summary/analysis of this post:

[Note: On desktop browsers, an autogenerated table of contents will appear on the left side linked to each stock. I will add those links below after publishing/emailing this post…]

Readers can decide whether these DeepSeek insights or summary about these stocks are accurate (this time around, its back to producing a more thorough summary/analysis when given this post):

🤖 DeepSeek Summary/Analysis

🔹 Deep Value & Low P/E (Contrarian / Graham-style investors)

🔹 High Dividend Yield (Income investors)

🔹 Growth / Earnings Momentum (GARP investors)

🔹 Special Situations / Turnaround (Event-driven investors)

🔹 Why These Might Not Interest Everyone (Risks Noted)

✅ Summary Table – Top 5 Most Interesting Across Styles

And as always, this post is provided for informational purposes only (and to make your life easier…). It does not constitute investment advice and/or a recommendation…

📈🗄️ Fund documents / updates; ⚠️ Disclosures or restricted access e.g. based on your location, investor status, etc.; 🇼 Wikipedia page; 🔬 Research analysis (including articles/blog posts from fund managers, etc.); 🎥 Video; 🎙️ Podcast; 🎬 Webinar; 📰 Newspaper/magazine article; 📯 Press release; 💻 Substack/blog/website article; ✅ Our own posts; 🗃️ Linked archived article; ⏰ Upcoming webinar or event.

Frontier & Emerging Market Stock Index

Asia

East Asia

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

Note: For more China & Hong Kong stock picks or ideas, see our monthly China & Hong Kong Stock Picks posts…

🇰🇷 Korea

Note: For more Korean stock picks or ideas, see our monthly Korean Stock Picks posts…

🇹🇼 Taiwan

Note: I have note seen any good Twitter/Substack/blog accounts or (free) equity research providers with good coverage of Taiwanese stocks (at least not in English). Please contact me if you know of any…

SE Asia

Note: Various DBS sites (Insights Direct, DBS Treasures, etc.) have good coverage of SE Asia and some Chinese/Hong Kong stocks, but some sites are restricted by geography (need VPN) or are harder to search for new research pieces…

🇮🇩 Indonesia

Bad for Banks: IDR Weakness & Higher Rates

🔬 Bad for Banks: IDR Weakness & Higher Rates (Samuel Sekuritas Indonesia) 12 June 2026 ⚠️

Equity Strategy: Worst is Over

🔬 Equity Strategy: Worst is Over (Samuel Sekuritas Indonesia) 12 June 2026 ⚠️

Japfa Comfeed Indonesia Tbk PT

🔬 JPFA - Policy tailwind after strong 1Q26 results (KB Valbury Sekuritas) 15 June 2026 ⚠️

Indah Kiat Pulp & Paper Tbk PT

🔬 INKP - Karawang turns on, earnings step up (KB Valbury Sekuritas) 12 June 2026 ⚠️

Sarana Menara Nusantara Tbk PT

🔬 TOWR - Fiber-Led Growth, Tower-Like Stability (KB Valbury Sekuritas) 12 June 2026 ⚠️

Pakuwon Jati Tbk PT

🔬 PWON - Property Demand Remains Soft Despite Recurring-Income Resilience (KB Valbury Sekuritas) 11 June 2026 ⚠️

AKR Corporindo Tbk PT

🔬 AKRA Equity Update 1Q26 - AKRA Maintains Growth Momentum Despite Global Uncertainty (Kiwoom Sekuritas Indonesia) June 10, 2026 ⚠️

Read more

]]><![CDATA[EM Fund Stock Picks & Country Commentaries (June 14, 2026)]]>https://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-commentary-june-14-2026https://emergingmarketskeptic.substack.com/p/em-fund-stock-picks-commentary-june-14-2026Sun, 14 Jun 2026 17:47:52 GMTThis post is shorter than normal as I also send out another Emerging Market Stock Picks post (covering the first half of June 2026) after this; but this post gets caught up on some late April fund updates (our continuously updated post containing all funds is here) plus some for May that have already dropped along with new research.

🗄️ Fund documents / updates; ⚠️ Disclosures or restricted access e.g. based on your location, investor status, etc.; 🇼 Wikipedia page; 🔬 Research analysis (including articles/blog posts from fund managers, etc.); 🎥 Video; 🎙️ Podcast; 🎬 Webinar; 📝 Transcript; 📰 Newspaper/magazine article; 📯 Press release; 💻 Substack/blog/website article; ✅ Our own posts; 🗃️ Linked archived article; ⏰ Upcoming webinar or event.
📈 Contributors; 📉 Detractors; 🏧 Transactions; 🚩Discusses/mentions stocks by name.
Disclaimer: We usually use Deepseek to summarize or extract stock names and assign performance emojis. Like all AI, Deepseek is not perfect and regularly adjusts their model which can lead to mistakes/misunderstandings/misinterpretations of the data its given. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content.

🌏 New Asia Fund Documents & Research

  • Asia Frontier Capital has the following updates:

    • 🗄️🌏 AFC Asia Frontier Fund’s monthly newsletter (detailed economic and portfolio) is from the end of May (AFC Uzbekistan Fund Reports Another Strong Month - May 2026 Update) discussed the stock market rebound in Pakistan, worker remittances from the Middle East, Oman, a Sri Lanka visit, etc. There were positive performances for Pakistan, Uzbekistan, Mongolia and Bangladesh. Negative contributors to performance were Kazakhstan, Sri Lanka and Oman. Named or unnamed performers/transactions (that can be guessed) discussed or mentioned:

      • 📈🇲🇳 Leather producer in Mongolia

      • 📈🇵🇬 Lime & cement producer in Papua New Guinea

      • 📈🇵🇰 Pakistani mobile phone assembler

      • 📈🌏 Mobile phone operator in Asian frontier countries

      • 📈🇵🇰 Pakistani conglomerate

      • 🏧🇲🇳 Existing positions in Mongolia

    • 🗄️🇮🇶 AFC Iraq Fund’s April newsletter (economic and portfolio) covered a night visit to Baghdad’s “Al-Mutanabbi Street” and again discussed the sizable dividends announced by two banks and how this contributed to the market index’s decline due to the nature of it’s market value-weighted calculation. Stocks mentioned or discussed:

      • 🇮🇶 Mansour Bank (BMNS)

      • 🇮🇶 National Bank of Iraq (BNOI)

      • 🇮🇶 Bank of Baghdad (BBOB)

      • 🇮🇶 Asiacell Communications (TASC)

      • 🇮🇶 Baghdad Soft Drinks (IBSD)

    • 🗄️🇺🇿 AFC Uzbekistan Fund’s May newsletter discussed the the Uzbekistan National Investment Fund (UzNIF) IPO in London and the AFC Uzbekistan Tour 2026 (from Sunday 20th September to Monday 21st September 2026)

    • 🗄️🇻🇳 AFC Vietnam Fund’s May newsletter discussed market/economic developments, why the Vietnam Stock Market has yet to fully reflect earnings growth and gave portfolio updates. Stocks discussed or mentioned:

Read more

]]><![CDATA[🌐 Emerging Market Stock Picks (April-May 2026)]]>https://emergingmarketskeptic.substack.com/p/emerging-market-stock-picks-april-may-2026https://emergingmarketskeptic.substack.com/p/emerging-market-stock-picks-april-may-2026Sat, 13 Jun 2026 16:49:45 GMTThis post (along with another one covering the first half of June that will also be sent out this weekend) gets caught up on April-May research for rest of the world (also see: 🌏 Southeast Asia Stock Picks (April-May 2026)) - including a number of Middle East stocks.

If you have listened to any recent alt-finance podcasts interviewing Martin Armstrong, he has pointed out that Middle East/GCC countries (apparently Iraq and the UAE in particular) are not as rich as they seem as they heavily borrowed during COVID. Armstrong has explained that is why Iran keeps attacking the GCC to damage their economies and ability to service debt as they want to trigger a financial crisis involving those countries’ governments which will then involve their banks and spill over globally.

I think he or others I have listened to have also noted that the large amount of Internet traffic (and thus financial data needed for banking/investment transactions) that travels through cables passing through the Gulf. Disrupting those cables along with hitting Middle East data centers with drones (something Iran has already done) could also trigger a financial crisis.

I would have to add that given the amount of damage these countries may have received (as there is a near total reporting blackout as to the extent of the damage) and the need to reconfigure infrastructure (e.g. build pipelines that bypass the Straits of Hormuz, increase military spending/defense capabilities, etc.), GCC countries will need to raise cash. If that happens, one has to wonder what’s going to prop up the USA’s AI and stock market bubbles (unless Trump has told them to not even think about dumping USA assets)…

And while Middle East banks (several are covered in this post) have long looked interesting (along with Singapore and South African banks), I also have to wonder how much exposure they have to real estate and any mortgages or developer loans on that real estate.

Again, people might have short memories; but I still think its going to take years for those who seek to live and invest in safe havens (SE Asia, Mauritius, etc. must be looking good right now to the people who would normally consider the GCC…) to forget missiles flying over Dubai shopping malls and hitting GCC airports…

Nevertheless, one needs to remember that Carlos Salim’s family made their initial fortune buying up choice real estate in Mexico City during some of the darkest days of the Mexican revolution. On the other hand, the Sassoons (as chronicled in “The Sassoons: The Great Global Merchants and the Making of an Empire”) pulled their money out of colonial India in favor of Shanghai Bund real estate (which did not work out to well for them during WW2 and after 1949…).

In others, now is the time to at least have Middle East stocks on the radar while being mindful of what could go right or wong…

Specific stocks covered in this post (with a focus on some countries or stocks that are hopefully more accessible to retail investors via Interactive Brokers or via a foreign listing - see our first posts - Mid-March 2025, Early April 2025, April 2025, May 2025, June 2025, July 2025, August 2025, September 2025, October 2025, November 2025, December 2025, January 2026, February 2026, 🌏 SE Asia March 2026, March 2026 & 🌏 Southeast Asia April-May 2026) plus further DeepSeek analysis/summary of this post:

[Note: On desktop browsers, an autogenerated table of contents will appear on the left side linked to each stock. I will add those links below after publishing/emailing this post - hopeful that won’t hit the character limit again on Substack posts…]

I have been giving these posts to DeepSeek to analyse/summarize with the output format seemingly changing on a fairly regular basis despite asking the same question and the input being consistent. This time around, the initial output I received was in Chinese (not a problem as I asked it to translate into English). There was also the following hallucination: “…Distell Group (DGH) (beverages) [ITS SUPPOSED TO BE Ambra SA (WSE: AMB / FRA: 1W7) BASED ON THE YIELD CITED].”

So as you can see, AI is helpful (its an extremely helpful time saver in aiding in formatting these posts e.g. extracting stock names to use has headings/TofC and tags); but the output is NOT to be fully trusted and should be used as a starting point for further research…

With that said, readers can decide whether these DeepSeek insights or summary about these stocks are accurate:

🤖 DeepSeek Analysis

  1. 🏦 The Middle East: Banks & Telecoms

  2. 🛒 Latin America: Mexican Consumer & Airports

  3. 💎 Deep Value: South Africa & Eastern Europe

💎 Summary

And as always, this post is provided for informational purposes only (and to make your life easier…). It does not constitute investment advice and/or a recommendation…

📈🗄️ Fund documents / updates; ⚠️ Disclosures or restricted access e.g. based on your location, investor status, etc.; 🇼 Wikipedia page; 🔬 Research analysis (including articles/blog posts from fund managers, etc.); 🎥 Video; 🎙️ Podcast; 🎬 Webinar; 📰 Newspaper/magazine article; 📯 Press release; 💻 Substack/blog/website article; ✅ Our own posts; 🗃️ Linked archived article; ⏰ Upcoming webinar or event.

Frontier & Emerging Market Stock Index

Asia

East Asia

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

Note: For more China & Hong Kong stock picks or ideas, see our monthly China & Hong Kong Stock Picks posts…

🇰🇷 Korea

Note: For more Korean stock picks or ideas, see our monthly Korean Stock Picks posts…

🇹🇼 Taiwan

Note: I have note seen any good Twitter/Substack/blog accounts or (free) equity research providers with good coverage of Taiwanese stocks (at least not in English). Please contact me if you know of any…

SE Asia

South Asia

🇮🇳 India

Note: For more India stock picks or ideas, see our moneycontrol India Stock of the Day pieces. However, it appears moneycontrol has paused doing the segment as of the start of Q3 2025.
There are many good Twitter accounts covering individual Indian stocks. However, the Indian market remains difficult to access for foreign retail investors who are not NRIs.

Middle East

Note: International Securities LLC’s Morning Newsletter, Evening Wrap Reports and Weekly Market Summary reports under Research Library covering Middle East market developments are free.
I am still looking for more good Twitter/Substack/blog accounts or (free) equity research providers with good coverage of Middle East stocks. Please contact me if you know of any…

🇯🇴 Jordan

Capital Bank Of Jordan

🔬 CAPITAL BANK OF JORDAN NIM expansion and loan growth provide support to outlook, valuation compelling (Arqaam Capital) May 21, 2026 ⚠️

🇴🇲 Oman

Oq Exploration and Production CJSC

🔬 OQEP A sharp sequential EPS recovery in Q1 of 75% q/q on higher volumes; Reiterate BUY on higher oil prices at lucrative 10% DY (Arqaam Capital) April 15, 2026 ⚠️

🇸🇦 Saudi Arabia

Al-Saif Stores for Development & Investment Company

🔬 AlSaif Stores Q1 26: Strong top-line growth and operational efficiency support earnings recovery. (Arqaam Capital) May 6, 2026 ⚠️

🔬 AlSaif Stores Positioned to capture KSA’s structural consumption upside through differentiated retail and disciplined expansion (Arqaam Capital) April 30, 2026 ⚠️

Alinma Bank SJSC

🔬 Alinma Bank - Lower impairments and financing growth drove profitability momentum (FAB Securities) April 30, 2026 ⚠️

Etihad Etisalat Company SJSC

🔬 Etihad Etisalat (Mobily) - Growth across all segments and improved efficiency underpin profitability (FAB Securities) April 29, 2026 ⚠️

Read more

]]><![CDATA[Emerging Market Links + The Week Ahead (June 8, 2026)]]>https://emergingmarketskeptic.substack.com/p/emerging-markets-week-june-8-2026https://emergingmarketskeptic.substack.com/p/emerging-markets-week-june-8-2026Mon, 08 Jun 2026 16:24:09 GMTI asked DeepSeek to do a quick summary of this normally lengthy post (in the past, it would hiccup when given anything potentially “negative” about China…) and this is what it came up with:

Here’s a very short summary of what would interest investors most from this emerging market research digest, focusing on the highest-conviction themes and actionable catalysts:

Top Investor Takeaways:

  • AI & Semiconductors Dominate: The AI trade remains the primary driver across Asia. Key angles include: 1) SpaceX’s Terafab and Anthropic’s upcoming IPO creating competitive pressure and capital allocation shifts for Korean giants like Samsung and SK Hynix (now cheap vs. Micron). 2) Chinese memory chip IPOs (CXMT, Longsys) signaling a domestic DRAM push. 3) Taiwan’s TSMC as the ultimate beneficiary of AI’s hardware arms race, and ASE Technology re-rating beyond traditional OSAT.

  • China: Selective Recovery & Pivots: While the broad market struggles, pockets of strength exist. Meituan shows business recovery. PDD is pivoting to long-term supply chain investments, risking near-term profit pressure. GDS and VNET are winning massive AI-driven data center demand (record bookings for GDS). Trip.com is investing $2.2B to boost inbound tourism. Meanwhile, the credit card collapse is forcing banks to rethink consumer finance.

  • Japan’s Demographic Cliff (Without Immigration): A structural short thesis emerges. Japan faces a debt/pension crisis and depopulation (nearly half of municipalities at risk of vanishing by 2040). This has massive long-term implications for consumption, labor, and government solvency.

  • Korea: Shareholder Returns & Retail Frenzy: Expect continued volatility driven by 2x leveraged ETFs on Samsung/Hynix and new weekly options. Positive catalysts include Shinyoung Securities canceling 32% of shares and Seah Holdings trading 11.5% below its tender offer price.

  • High-Conviction Dividend & REIT Plays (Singapore): Analysts highlight DBS (record wealth fees, resilient despite falling rates), Sheng Siong (zero debt, cash machine), and Keppel DC REIT (AI-driven data center demand) as “forever stocks” for compounding. Several REITs (UHREIT, Elite UK) offer >7% yields with improving fundamentals.

  • Risks & Controversies: Beware of Suzlon’s fictitious revenue penalty, Rajesh Exports’ alleged ₹15 lakh crore sales inflation (SEBI interim order), and Colombia’s election risk (right-wing populist surging, bond investors betting on spending cuts).

This response is AI-generated and for reference purposes only.

You can decide whether the above output is helpful or not…

🔬 Emerging Market Fund Stock Picks + Stock Pick Tear Sheets

$ = behind a paywall

📰🔬 Emerging Market Stock Picks / Stock Research

$ = Behind a paywall / 🗃️ = Link to an archived article (Note: Seeking Alpha earnings/conference etc. presentations are typically not paywalled) / ⛔ = Article archiving may not be working properly

🌏 Asia

🌏 Asian LCY bond markets surge on bid to cut US dollar reliance (The Asset) 🗃️

  • Aussie bond market becomes a favoured destination as issuers seek to diversify funding sources

  • According to LSEG data, local currency bond issuance in Asia, outside of Japan and Australasia, has exceeded US$1.59 trillion equivalent as at May 15. The amount, though, represented a decline from US$1.68 trillion equivalent in the corresponding period a year ago. Nevertheless, the issuance in local currency bonds is surging in most markets across the region, underpinned by initiatives to reduce reliance on US dollar financing.

🇯🇵 What happens if Japan takes in zero immigrants? (Konichivalue)

  • This leads to two massive issues for Japan:

  • First, Japan’s insane national debt and its failing public pension system.

  • This is the structural elephant in the room. Japan’s dependency ratio (the number of retirees aged 65 and above compared to working-age people) is rising sharply. It will hit 60% by the early 2030s and a staggering 80% before 2050. You have a rapidly shrinking pool of workers funding a massive, aging cohort.

  • Second, a massive emptying out of Japan.

  • According to the influential Masuda Report, without immigration, nearly half of all municipalities in Japan are at risk of vanishing entirely by 2040. By 2050, roughly 20% of regional areas could lose all of their inhabitants. Places like Akita, Aomori, and Kochi will see their populations plummet by over 30%.

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 Chinese investors fear missing out on SpaceX IPO after crackdown (FT) $ 🗃️

  • Beijing warns brokers about overseas share sales amid fears of capital flight

🇨🇳 FXI Rebalance Preview: Two Changes Likely in June (Smartkarma) $

🇨🇳 China A50 ETFs Rebalance Preview: 5 Changes in June as the AI-Driven Churn Continues (Smartkarma) $

  • Nearing the announcement of the changes in June, we forecast 5 potential constituent changes for the iShares A50 China (2823 HK) / CSOP China A50 (HKD) (2822 HK).

  • Passive trackers are estimated to trade between 0.05 to 0.65 days of ADV in the forecast changes.

  • The forecast adds have outperformed the forecast deletes over the last 2 months and the recent pullback offers an entry point into the implementation trade.

🇨🇳 Meituan: Business Recovery Well Underway, Reiterate Buy (Seeking Alpha) $ 🗃️

🇨🇳 Meituan: Downgrade To Hold As Structural Recovery Meets Cyclical Stagnation (Seeking Alpha) $ 🗃️

  • 🇨🇳 Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) 🇰🇾 - Chinese shopping platform for locally found consumer products & retail services including entertainment, dining, delivery, travel etc. 🇼 🏷️

🇨🇳 JD.com, Inc. Class A - JD.com Just Hit Europe’s Red Line With Its $2.6 Billion Deal! (Smartkarma) $

  • JD.com (NASDAQ: JD / SGX: HJDD) is suddenly at the center of a much larger debate than a routine overseas acquisition.

  • Its planned $2.6 billion takeover of Germany’s Ceconomy, the owner of MediaMarkt, MediaWorld, and Saturn, has triggered an in-depth European Union foreign subsidies probe.

  • Brussels is examining whether foreign financial support may have helped JD.com offer a high price or gain an unfair edge in the acquisition process.

🇨🇳 PDD’s RMB 100 Billion Pivot: Can Supply Chain Bets Offset Profit Pressure? (Smartkarma) $

  • PDD Holdings (NASDAQ: PDD) or Pinduoduo reported total revenues of RMB 106.2 billion for the first quarter of 2026, marking an 11% year-over-year increase primarily driven by growth in transaction services, which rose 20% to RMB 56.3 billion.

  • Revenue from online marketing services grew modestly to RMB 49.9 billion.

  • The company emphasized a strategic pivot focused on long-term value creation through sustained investments in supply chain enhancements rather than short-term results.

🇨🇳 Kuaishou Technology: P&L Needs To Get Better For A Re-Rate To Happen (Seeking Alpha) $ 🗃️

🇨🇳 Tencent Music’s RMB 4.6 Billion Membership Engine Faces A New Competitive Test! (Smartkarma) $

  • Tencent Music Entertainment Group (NYSE: TME) reported steady financial results for the first quarter of 2026 amid an increasingly competitive music streaming industry.

  • The company’s total revenue grew 7% year-over-year, driven primarily by a 12% increase in music-related services revenue.

  • Membership services generated RMB 4.6 billion, marking a 7% year-over-year growth, supported by ongoing enhancements to its membership offerings, including the launch of fan club memberships and diversified benefits combining digital albums, physical collectibles, and offline experiences.

🇨🇳 Zhihu looks to cutting-edge topics, offline events to beat AI (Bamboo Works)

  • The Q&A site is trying to stay ahead of AI by focusing on leading topics where online material is still relatively rare, as well as real-world events that cater to desire for human interaction

  • Knowledge-sharing site operator Zhihu Inc (NYSE: ZH) reported its rate of revenue decline slowed sharply in the first quarter, as it focuses on areas where it believes it has an edge over AI

  • The company’s focus on discussion for leading-edge topics and offline events could have big potential, though its online novel and video initiative could face stiff competition

🇨🇳 ZTO Express: Anticipated Margin Expansion Should Drive Re-Rating (Seeking Alpha) $ 🗃️

🇨🇳 In Depth: Big Questions Loom as China’s Memory Chipmakers Prepare Blockbuster IPOs (Caixin) $

  • For years, CXMT Corp. was losing money. Today, it is preparing for an IPO that some say could make it China’s most valuable listed company.

  • CXMT, a leading producer of dynamic random-access memory (DRAM), the chips that serve as the working memory for just about every computerized system from smartwatches to data center servers, aims to raise 29.5 billion yuan ($4.3 billion) from a listing on Shanghai’s tech-focused STAR Market.

🇨🇳 Longsys rides soaring memory wave to Hong Kong IPO (Bamboo Works)

  • The company has launched a new attempt to list in Hong Kong, banking on spiking prices that have made memory chip companies the latest investor darling

  • Shenzhen Longsys Electronics Co Ltd (SHE: 301308) has applied to list in Hong Kong, reporting its profit surged nearly sevenfold last year to nearly 1.5 billion yuan

  • The memory product maker’s short-term bank liabilities reached 6.1 billion yuan last year, nearly double the level from 2023

🇨🇳 Cango cleans up its house. Now comes the hard part (Bamboo Works)

  • The company paid off most of its long-term debt by selling down its bitcoin treasury, as it moves ahead with its new focus on modular high-performance computing for AI clients

  • Cango (NYSE: CANG) paid off most of its long-term debt and sold most of its bitcoin holdings in the first quarter, dramatically reducing its assets and liabilities

  • Following the balance sheet cleanup, the company is moving ahead with a pilot project offering high-performance computing services for small- and medium-size businesses

🇨🇳 MINIMAX-W: Guide to Lock-Up Expiry Waves (Smartkarma) $

[MiniMax Group (HKG: 0100 / FRA: E5A)]

  • The first unlock wave should dominate near-term liquidity as supply expands sharply.

  • Revenue growth does not offset supply risk while losses remain deep and model read-through is mixed.

  • Reported short interest shows investors are already positioning before the event.

🇨🇳 GDS Holdings: Stay Buy Rated As Underlying Orders Continue To Grow (Seeking Alpha) $ 🗃️

🇨🇳 GDS commits up to 50 billion yuan to capture booming AI data center demand (Bamboo Works)

  • China’s largest independent data center operator said it plans to spend between 30 billion yuan and 50 billion yuan on new facilities over the next three years

  • GDS Holdings Ltd (NASDAQ: GDS) logged a record 200 MW in new bookings during the first quarter, fueled by booming demand from customers developing and operating AI applications

  • The company sustained steady double-digit growth for most of its major metrics in the quarter, as its cash reserves doubled following a series of fundraisings

🇨🇳 VNET Group: A ‘Buy’ On EBITDA Beat And Major Ownership Shift (Seeking Alpha) $ 🗃️

🇨🇳 VNET Group: Upgrade To HOLD As Hyperscale Wholesale Officially Anchors The Ship (Seeking Alpha) $ 🗃️

🇨🇳 Shareholders greet shape-shifting Impro Precision’s fundraising with skepticism (Bamboo Works)

  • The company is trying to shed its traditional industrial casting label to pivot toward high-end precision manufacturing, prompting investors to re-evaluate its worth

  • Impro Precision Industries Ltd (HKG: 1286 / FRA: 7IP) is raising HK$539 million through a share sale for capacity expansion and new process facilities at its plants in Mexico and China

  • The company has been making inroads into the high-end medical market, with revenue from that business up over 50% last year

🇨🇳 Luxshare Precision (立讯精密) A+H Pre-IPO: Early Thought (Smartkarma) $

  • Luxshare Precision Industry (SHE: 002475) is seeking an A+H listing. CITIC, GS, and CICC are the joint sponsors.

  • We look at the company’s core segments: consumer electronics, automotive electronics, and communication and data center.

  • We discuss our preliminary thoughts on the company’s fair value based on A-H premium.

🇨🇳 Li Auto: The Worst Print Is Behind, Not Ahead (Seeking Alpha) $ 🗃️

  • 🌐 Li Auto (NASDAQ: LI) 🇰🇾 - Designs, develops, manufactures & sells premium smart electric vehicles. 🇼 🏷️

🇨🇳 XPeng: New GX SUV A Catalyst For Growth (Seeking Alpha) $ 🗃️

🇨🇳 Chery tiptoes into Japan with EV ‘kei’ microcar joint venture (Bamboo Works)

  • China’s leading car exporter is targeting the insular Japanese market through a Singaporean joint venture, as the domestic car market struggles

  • Chery Automobile Co Ltd (HKG: 9973)’s 27% stake in a Singaporean joint venture aiming to launch micro-EVs in Japan next year is a cautious first step into the world’s fourth largest auto market

  • The carmaker is China’s leading exporter, with 177,666 vehicles sold abroad in May, about three times its domestic sales

🇨🇳 DiDi Global: Strong Q1 Reinforces Our Long-Term Investment Thesis (Seeking Alpha) $ 🗃️

🇨🇳 Autohome skids as China’s car market slams on the brakes (Bamboo Works)

  • The online auto pioneer still makes money by connecting car buyers and sellers, but weak demand, falling ad budgets and new competition are eroding its old advantages

  • Autohome (NYSE: ATHM)’s first quarter revenue fell nearly 28%, as automakers cut advertising and fewer dealers paid for its services in a sharply contracting China car market

  • The company is more protected than car traders that hold inventory, but its results show how China’s auto slump is hurting online commerce, advertising and transaction services

🇨🇳 KE Holdings: Business Showed Improvements, But It Is Not Enough (Seeking Alpha) $ 🗃️

  • 🇨🇳 KE Holdings (NYSE: BEKE) - Integrated online & offline platform for housing transactions & services. Operates Lianjia, China’s leading real estate brokerage brand & an integral part of its Beike platform. 🇼 🏷️

🇨🇳 Kanzhun Limited: Maintain Buy Rating As Fundamentals Remain Solid (Seeking Alpha) $ 🗃️

🇨🇳 Gaotu Techedu: Lots Of Uncertainty Makes Going Long Risky (Seeking Alpha) $ 🗃️

🇨🇳 Gaotu Techedu: Revenue Outperformance Is Overshadowed By Earnings Miss (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇨🇳 Gaotu Techedu Inc. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

  • 🇨🇳 Gaotu Techedu Inc (NYSE: GOTU) - Technology-driven education company & online large-class tutoring service provider. 🇼

🇨🇳 Trip.com: Domestic Travel Strength And Global Expansion Remain On Track (Seeking Alpha) $ 🗃️

🇨🇳 Trip.com Plans $2 Billion Marketing Push for China Inbound Travel (Caixin) $

  • Trip.com (NASDAQ: TCOM) plans to invest approximately 15 billion yuan ($2.2 billion) over the next five years in marketing campaigns aimed at bringing more overseas travelers to the Chinese mainland and helping make it the world’s top tourist destination.

  • Nasdaq-listed Trip.com will allocate the funds toward brand endorsements, influencer promotions and offline marketing campaigns, co-founder and Executive Chairman James Liang Jianzhang said Monday at an inbound tourism forum in Guilin, Guangxi Zhuang autonomous region.

🇨🇳 H World Group: Asset-Light Mastery And Global Ambitions, Raising Target Price To $63 (Seeking Alpha) $ 🗃️

🇨🇳 Atour Lifestyle: Promising Prospects For Hotel And Retail Businesses (Seeking Alpha) $ 🗃️

🇨🇳 Atour Lifestyle Holdings Likely To Resume Moving Higher In Time (Seeking Alpha) $ 🗃️

🇨🇳 Miniso gets AI investment lift, as self-developed toys look for traction (Bamboo Works)

  • The lifestyle retailer’s first-quarter report showed impressive headline profit growth, but a closer look reveals the increase owed to stock investment gains

  • MINISO Group Holding (NYSE: MNSO) reported its first-quarter profit nearly tripled year-over-year, but much of the rise was due to investment gains unrelated to its core business

  • The lifestyle retail operator’s Top Toy chain recorded more than 50% revenue growth during the quarter to 515 million yuan

🇨🇳 Here Group Limited 2026 Q3 - Results - Earnings Call Presentation (Seeking Alpha)

🇨🇳 Analysis: As Card Use Fades, Banks Rethink a Finance Staple for Chinese Consumers (Caixin) $

  • China’s credit card industry is confronting an uncomfortable reality: after decades of rapid expansion, the business is shrinking, bad debts are rising and younger consumers are increasingly turning elsewhere for credit.

  • Data from the People’s Bank of China show the number of credit cards and combined credit-debit cards in circulation fell to 687 million at the end of March, marking the 14th consecutive quarterly decline. The figure is down by roughly 120 million cards from its peak at the end of September in 2022.

🇨🇳 Yiren Digital left in the cold after parent freezes $4.4 billion in wealth products (Bamboo Works)

  • The company’s shares fell nearly 25% over four days as investors worried about potential exposure to problems surrounding a major wealth management product issued by its parent

  • CreditEase has reportedly suspended principal and interest distributions on $4.4 billion of wealth management products issued by its Heritvest unit

  • Yiren Digital (NYSE: YRD) swiftly issued a statement emphasizing its operational independence from CreditEase, which is its parent

🇨🇳 LexinFintech Holdings Ltd. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

🇨🇳 Tiger Brokers to Curb Chinese Mainland Trades Under Beijing Clampdown (Caixin) $

  • UP Fintech Holding (NASDAQ: TIGR), which operates Tiger Brokers, will stop allowing investors on the Chinese mainland to open new positions or deposit funds from June 12, amid Beijing’s tightening controls on cross-border investing.

  • These investors will still be able to sell holdings, close positions and withdraw funds, the Nasdaq-listed company said.

  • The move follows a directive from China’s securities regulator and seven other agencies ordering offshore brokerages to wind down illegal mainland-facing services over a two-year transition period.

🇨🇳 Vanke Keeps Focus on Cutting Losses, Restructuring Debt as Cash Troubles Persist (Caixin) $

  • State-backed property developer China Vanke Co Ltd (SHE: 000002 / HKG: 2202 / FRA: 18V / OTCMKTS: CHVKF / CHVKY) will stay focused on cutting losses and restructuring debt this year as it remains mired in a severe liquidity crisis, executives said at its annual shareholders’ meeting on Friday.

  • The announcement highlights the prolonged distress of one of China’s largest real estate developers, whose financial health has deteriorated despite massive liquidity injections from its state-owned largest shareholder.

🇨🇳 In Depth: China’s Housing Market Flashes Signs of Life in Core Cities (Caixin) $

  • On May 3, the banquet hall of a Hilton Garden Inn in Shenzhen was filled to capacity. Within 40 minutes, buyers had snapped up all 92 apartments at Longhu Guancui, a newly launched residential project, making it the city’s first development in 2026 to sell out on its opening day.

  • Such scenes have been rare in China’s property market in recent years. But since March, transaction activity has shown signs of a sudden revival in core metropolitan areas, particularly in the country’s four tier-one cities. The localized rebound has exceeded many industry expectations, raising hopes that China’s deepest and longest property downturn in recent history may be nearing a floor.

🇨🇳 China Developers Chase Prime Land as Broader Market Slumps (Caixin) $

  • Intense bidding wars for prime residential plots have returned to major Chinese cities, but the selective frenzy masks a deeper contraction in developers’ land purchases.

  • Between April 1 and May 28, at least 12 premium land parcels in cities including Beijing, Shanghai and Hangzhou drew 1,126 rounds of bidding and sold for a combined 26.9 billion yuan ($4 billion), with an average premium of 36%, according to data released Thursday by E-House China Research and Development Institution.

🇨🇳 Daqo New Energy: It’s A Waiting Game, Patience Required (Downgrade) (Seeking Alpha) $ 🗃️

🇨🇳 Daqo New Energy: A Desperate Pivot To AI As The Core Business Worsens (Seeking Alpha) $ 🗃️

  • 🌐 Daqo New Energy (NYSE: DQ) 🇰🇾 - Manufacturer of high-purity polysilicon for the global solar PV industry. 🇼

🇨🇳 Daqo goes ‘back to the future’ with AI power equipment gamble (Bamboo Works)

  • The polysilicon maker will partner with the Kunshan government to build a 6 billion yuan base producing electrical equipment to power AI data centers

  • Daqo New Energy (NYSE: DQ) and the Kunshan Economic and Technological Development Zone will build a 6 billion yuan base to make AI data center electrical equipment

  • The move comes just three years after Xu Xiang took over at the helm of the company from his father, and draws on Daqo’s origins as an electric power equipment maker

🇨🇳 Innovent’s $10.5 billion deal marks new model for China drugmakers (Bamboo Works)

  • The Chinese biotech has added a major Pfizer collaboration to its growing roster of global deals, this time with a tighter commercial and profit-sharing partnership

  • Co-commercialization deals like this are becoming a new pathway for Chinese drugmakers to realize their global ambitions

  • Innovent Biologics (HKG: 1801 / FRA: 6IB / OTCMKTS: IVBXF / IVBIY) is already riding a wave of earnings momentum, with revenues from existing products jumping more than 50% in the first quarter

🇭🇰 HK confident of keeping crown as top cross-border wealth hub (The Asset) 🗃️

  • Officials cite mainland policy support, measures to enhance financial ecosystem and tax regime

  • Cross-boundary wealth in Hong Kong rose 10.7% to US$2.95 trillion in 2025, compared with Switzerland’s 7.6% growth to US$2.94 trillion, Boston Consulting Group ( BCG ) says in its Global Wealth Report 2026. It projects an annual 9% growth for Hong Kong through 2030.

  • “With mainland flows representing over 60% of assets under management, Hong Kong is cementing its role as China’s gateway to global markets, though that same concentration ties its trajectory tightly to economic and regulatory developments on the mainland,” the report says.

🇭🇰 Hong Kong Insurance Sales to Mainland Chinese Unaffected by Investment Crackdown (Caixin) $

  • Residents from the Chinese mainland seeking to buy insurance in Hong Kong remain unaffected by a recent regulatory crackdown targeting illegal cross-border investments, according to banks and industry executives.

  • The reassurance follows a joint campaign launched by the China Securities Regulatory Commission (CSRC) and other ministries to curb illicit cross-border financial activities. The move prompted some Hong Kong banks to suspend opening new investment accounts for mainland clients.

🇭🇰 Johnson Electric Holdings Limited 2026 Q4 - Results - Earnings Call Presentation (Seeking Alpha)

🇲🇴 Macau’s May GGR above expectations but negatively impacted by low hold: Seaport (GGRAsia)

  • Macau’s casino gross gaming revenue (GGR) in May “came in better than recent expectations,” supported by “strong premium play” but impacted by softer revenue in the VIP segment, “largely due to low hold,” says brokerage Seaport Research Partners,

  • “We believe May GGR was negatively impacted by low VIP hold, following low hold in April; hold-adjusted growth would have likely been over 12 percent to 13 percent,” analyst Vitaly Umansky wrote in a Monday memo.

  • Casino GGR in Macau rose 6.7 percent year-on-year in May, to just above MOP22.61 billion (US$2.80 billion), according to official data.

🇲🇴 Macau casino GGR grows 7pct y-o-y in May, to US$2.8bln: govt (GGRAsia)

  • Casino gross gaming revenue (GGR) in Macau rose 6.7 percent year-on-year in May, to just above MOP22.61 billion (US$2.80 billion), showed data released on Monday by the city’s Gaming Inspection and Coordination Bureau.

  • GGR for the month of May was 13.7 percent up on April’s MOP19.89 billion.

  • The May result took the aggregate GGR so far this year to nearly MOP108.38 billion, 10.9-percent higher than in the prior-year period.

  • Several brokerages had mentioned solid gaming demand during the five-day mainland China holiday, which encompassed Labour Day on May 1.

🇲🇴 Macau 2026 gaming growth seen slowing as capex rises: CLSA (GGRAsia)

  • Macau’s casino industry is expected to post a slower growth trajectory in the second half of 2026 and in the coming years, amid tougher comparison bases, “limited room for surprises” regarding upward demand, and rising capital expenditure, all weighing on earnings and free cash flow, suggested a new report from brokerage CLSA.

  • In a note titled “Back to the Slow Lane”, analyst Jeffrey Kiang said Macau’s gross gaming revenue (GGR) growth was likely to moderate, prompting the brokerage to trim its 2026 market forecast by 1 percent.

🇲🇴 MGM Resorts receives takeover offer from U.S. conglomerate People Inc (GGRAsia)

  • MGM Resorts International (NYSE: MGM), United States-based parent of Macau casino operator MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY), confirmed on Monday it had received an offer that day from People Inc, a media and Internet conglomerate, to acquire all of the outstanding shares of MGM Resorts that it does not already own, for US$48.30 per share in cash.

  • People Inc, formerly known as IAC Inc, is led by U.S. billionaire businessman Barry Diller.

🇲🇴 Potential MGM Resorts buyout could trigger review of Macau, Japan assets: analysts (GGRAsia)

  • While analysts broadly view the bid as strategically credible, attention is increasingly turning to MGM Resorts International (NYSE: MGM)’ international assets, particularly its Macau unit and the company’s casino resort development in Osaka, Japan.

  • Seaport Research Partners said MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY), 56-percent owned by MGM Resorts, could become one of the most important pieces in any post-acquisition restructuring. The brokerage raised the price target for MGM China, citing the Macau operator’s strong market-share performance in the local market and what it described as an “undemanding” valuation.

🇲🇴 Limited impact on MGM China debt outlook from takeover bid for its parent: CreditSights (GGRAsia)

  • CreditSights says it sees “limited impact” on the debt profile of Macau casino operator MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY), from the potential takeover of its United States-based parent, MGM Resorts International (NYSE: MGM), by conglomerate People Inc, as announced on Monday in a deal valued by the suitor at US$18 billion.

  • MGM China runs the MGM Macau and MGM Cotai casino resorts in the Macau market.

  • “Any incremental debt” stemming from the deal, “is likely at the MGM Resorts level”, while MGM China’s bonds – “unlike the U.S. dollar bonds of MGM Resorts” – are covered” by a “change of control provision,” involving a “US$101 put”, CreditSights noted in a Tuesday memo .

🇹🇼 Taiwan

🇹🇼 ASE Technology: No Longer Just An OSAT, The LEAP Ramp Changes Everything (Seeking Alpha) $ 🗃️

🇹🇼 First Financial Holding Co., Ltd. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

🇹🇼 Hyperscalers Are Trying To Replace Nvidia’s GPUs - TSMC Gets The Upside Either Way (Seeking Alpha) $ 🗃️

🇹🇼 Nan Ya Printed Circuit Board (8046 TT) Tactical Outlook Ahead of Potential Inclusion in Top 50 ETF (Smartkarma) $

  • As recently reported by Brian Freitas , Nan Ya Printed Circuit Board Corporation (TPE: 8046) is one of the primary candidates to be added to the Yuanta/P-Shares Taiwan Top 50 ETF.

  • The stock has been identified by several analysts as a leading dark horse for inclusion in the ETF’s constituent reshuffle.

  • This insight evaluates the stock’s current price for investors who want to position ahead of the potential rally driven by the upcoming inclusion in the Yuanta/P-Shares Taiwan Top 50 ETF.

🇰🇷 Korea

🇰🇷 S.Korea, China to boost mutual air-traffic rights in first easing for seven years: reports (GGRAsia)

  • South Korea and China have agreed to expand on a mutual basis weekly air-traffic rights between the two places – the first such easing since 2019, according to South Korean media. The deal followed bilateral aviation-related talks held in Seoul, the South Korean capital, in late May.

  • Weekly passenger-flight rights between the two countries will be increased by circa 9pct, to 664 in aggregate from 608. Cargo-flight rights will be boosted by nearly 26 percent, to 68 a week in total, from 54, Reuters reported, citing South Korea’s Ministry of Land, Infrastructure and Transport.

  • The ministry plans to allocate that nation’s share of the newly-secured flights to South Korean airlines in the second half of this year, reported respectively Reuters and Yonhap News Agency.

🇰🇷 Massive Net Selling of Korean Stocks by Foreign Investors in 2026: Having Significant Impact on FX (Douglas Research Insights) $

  • Amid record rallies in the Korean stock market and the major semiconductor stocks in particular, there has been a massive net selling of Korean stocks by foreign investors this year.

  • In this insight, I discuss the following three major items including net selling/buying of Korean stocks by foreign investors, domestic institutions, and domestic retail in the past 10 years.

  • I also discuss percentage change in foreign ownership among the top 20 stocks in Korea and impact of the net selling of Korean stocks by foreigners on the KRW/USD rates.

🇰🇷 May casino sales at Lotte Tour’s Jeju Dream Tower up nearly 20pct y-o-y to US$33mln (GGRAsia)

  • May casino sales for Lotte Tour Development (KRX: 032350) grew 19.5 percent year-on-year to KRW49.42 billion (US$32.77 million).

  • That was as the foreigner-only casino (pictured in a file photo) at its Jeju Dream Tower resort saw double-digit percent increases in its table-game and machine-game sales. Judged sequentially, May casino sales edged up 1.0 percent.

  • That is according to a Monday filing of Lotte Tour with the Korea Exchange.

🇰🇷 Paradise Co casino revenue up 21pct y-o-y in May (GGRAsia)

  • Paradise Co Ltd (KOSDAQ: 034230) recorded casino revenue of just over KRW98.87 billion (US$65.1 million) in May, up 21.2 percent year-on-year.

  • Judged month-on-month, such sales rose 13.1 percent for the company, an operator in South Korea of foreigner-only casinos.

  • Table-game sales were just under KRW93.35 billion, up 21.4 percent from a year earlier, and up 14.3 percent from April.

  • May machine-game sales were KRW5.52 billion, a gain of 18.2 percent year-on-year, but down 3.6-percent month-on-month.

🇰🇷 GKL reports US$28mln in casino sales for May, up 41pct from a year ago (GGRAsia)

  • Grand Korea Leisure Co Ltd (KRX: 114090), an operator in South Korea of foreigner-only casinos, reported casino sales of KRW43.13 billion (US$28.2 million) in May, up 40.8 percent from a year earlier.

  • Judged sequentially, such sales rose 7.3 percent, according to a filing to the Korea Exchange on Thursday.

  • The firm’s May table-game sales were just above KRW38.84 billion, 43.3-percent higher than a year ago, and up 4.9 percent month-on-month.

🇰🇷 Magnachip Semiconductor: A Coiled Spring Play In The AI Era (Seeking Alpha) $ 🗃️

🇰🇷 Weekly Options for Samsung Electronics, SK Hynix, Hyundai Motor, and LGES to Be Launched on 29 June (Douglas Research Insights) $

  • Korea Exchange will introduce single stock weekly options for Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF), SK Hynix (KRX: 000660), Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF), and LG Energy Solution (KRX: 373220) on 29 June.

  • The main purpose of this launch of single stock weekly options is to satisfy investors’ demand for short-term investment and risk management through option products with one-week maturities.

  • Nonetheless, it could also encourage some investors to shorten their trading periods through these new derivative instruments which could increase the overall leverage and volatility on these stocks as well.

🇰🇷 A 38% Increase in AUM of 2x Single Stock Leveraged ETF Products in One Week to 7.2 Trillion Won (Douglas Research Insights) $

  • AUM of the 2x single stock leveraged ETF products for Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) and SK Hynix has increased by 38% in just one week to 7.2 trillion won on 2 June.

  • The trading volumes of these 2x single stock leveraged ETFs for Samsung Electronics and SK Hynix (KRX: 000660) have exceeded 10 trillion won.

  • By enabling amplified bets on these semiconductor giants, these products are intensifying intraday market volatility and concentrating retail trading flows around South Korea’s mega-caps.

🇰🇷 Sam-Ha-Ma Parity: Samsung and Hynix Look Cheap Again Versus Micron (Korea Invest Insights)

🇰🇷 Korea Is Watching Jensen Huang: What Changed Overnight? (Korea Invest Insights)

  • After NVIDIA GTC Taipei, this note breaks the message into AI Factory, Vera CPU, Agent Runtime, AI PCs and Physical AI, then translates it into Korean equities: Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF), power infrastructure, robotics, Doosan and NAVER Cloud.

🇰🇷 Korea Small Cap Gem #62: S&D (Specializes on Korean Sauces and Food Ingredients) (Douglas Research Insights) $

  • S&D Co Ltd (KOSDAQ: 260970) specializes in making Korean sauces, food ingredients, seasoning materials, and specialty health-related raw materials.

  • Its price has declined by 60% since its highs in June 2025. Market has provided a “fat pitch” to buy S&D shares at a big discount to its intrinsic value.

  • If I attach a 9x P/E on estimated net profit of 50.2 billion won (2028E), this would suggest market cap of 451 billion won (195% higher than current market cap).

🇰🇷 Shinyoung Securities: Cancellation of 32% of Outstanding Shares, Representing 1 Trillion Won (Douglas Research Insights) $

  • On 4 June, Shinyoung Securities Co Ltd (KRX: 001720) announced its plans to cancel 5.26 million treasury shares (32% of outstanding shares), representing nearly 1 trillion won.

  • I believe this big treasury shares cancellation is likely to have a positive impact on Shinyoung Securities by reducing outstanding shares and raising ROE and EPS.

  • Shinyoung Securities is a mid-sized investment bank in Korea. It is well known for its excellent wealth management business and conservative (sometimes too conservative) management style.

🇰🇷 Seah Holdings - A Trading Opportunity on a Tender Offer of 30 Billion Won (Douglas Research Insights) $

  • A trading opportunity has opened up after the sharp decline in Seah Holdings’ share price on 5 June. Tender offer price (160,000 won is now 11.5% higher than current price).

  • On 20 May, Seah Holdings Corp (KRX: 058650) announced a tender offer of 30 billion won worth of its own shares to improve shareholder value.

  • My base case NAV analysis of Seah Holdings suggests NAV per share of 212,757 won, representing 48% higher than current price.

🇰🇷 Samsung Electronics (005930 KS) Tactical Outlook Ahead of Potential Pullback (Smartkarma) $

  • Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) has closed up for 10 weeks in a row, doubling in price, nothing unusual in the context of the stock’s extremely bullish behavior since early 2025.

  • The rally was already analyzed in early May 2026. In this insight we will focus exclusively on the support price zones that Samsung Electronics may reach starting this coming week.

  • We expect a global sell-off following the US markets pullback on Friday. It may be short-lived according to our model, or at least it will be so for Samsung Electronics....

🇰🇷 SpaceX’s Terafab Semiconductor Manufacturing Facility - Received Local County Approval in Texas (Douglas Research Insights) $

  • In the past week, one of the biggest news flow in the global semiconductor industry was that SpaceX’s Terafab semiconductor company is proceeding with its $55 billion investment.

  • Surging semiconductor chip prices and sales/earnings/stock prices of major global semiconductor companies have given additional impetus for Elon Musk to accelerate the building of his semiconductor manufacturing facility in Texas.

  • The launch of Terafab is a long-term negative on Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) and SK Hynix (KRX: 000660). Aggressive expansion of Terafab is likely to increase competition for manufacturing AI related semiconductor chips.

🇰🇷 Initial Thoughts on the Anthropic IPO in 2H26 and Key Beneficiaries in Korea (Douglas Research Insights) $

  • In this insight, I discuss my initial thoughts on the mega Anthropic IPO in 2H26 and the key beneficiaries of this IPO in Korea.

  • I provide a list of top six Korean companies that could benefit from the upcoming Anthropic IPO in 2H 2026.

  • Combined market caps of Anthropic, SpaceX, and OpenAI are likely to be around $4 trillion or more. Once listed, this could negatively impact investors’ capital allocation to other tech stocks.

🇰🇷 SpaceX IPO Shares Distribution in Korea & Impact on Aerospace/Other Related Stocks in Korea (Douglas Research Insights) $

  • There has been a change in the distribution of SpaceX IPO shares in Korea. SpaceX plans to distribute its IPO shares in Korea through private placement basis in Korea.

  • Mirae Asset Securities (KRX: 006800 / 520003 / 00680K) has applied for a SpaceX public offering volume worth approximately $5 billion (7.5 trillion won).

  • The SpaceX IPO could potentially result in some institutional investors reducing their holdings in aerospace related companies in Korea.

🌏 SE Asia

🇮🇩 PT Sarana Menara Nusantara Tbk. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

🇲🇾 Malayan Banking Berhad 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

🇲🇾 Hibiscus Petroleum Berhad 2026 Q3 - Results - Earnings Call Presentation (Seeking Alpha)

  • 🌐 Hibiscus Petroleum Berhad (KLSE: HIBISCS) - Malaysia’s first listed independent oil & gas exploration & production company focused on enhancing production from mature assets. UK, Malaysia, Australia, & Vietnam. 🏷️

🇵🇭 Pagcor chief says Philippine GGR could fall by as much as 19pct this year: reports (GGRAsia)

  • The Philippine gambling sector could see gross gaming revenue (GGR) decline by as much as 19 percent this year, amid the impact of tighter online-gaming payment restrictions, and economic pressures linked to the conflict in the Middle East, according to the head of the country’s gaming regulator.

  • Alejandro Tengco (pictured), chairman and chief executive of the Philippine Amusement and Gaming Corp (Pagcor), said he expected industry-wide GGR to reach between PHP320 billion (US$5.19 billion) and PHP350 billion this year, compared with PHP396.14 billion recorded in 2025.

  • “Personally, I believe that it will be a lower GGR compared to 2025. Probably we are looking at maybe PHP320 billion to PHP350 billion,” Mr Tengco told reporters on the sidelines of the SiGMA Asia Summit 2026 in Manila, per a report from the Business World media outlet.

🇵🇭 DigiPlus clinches subscription to US$200mln in International Ent’s convertible notes (GGRAsia)

  • Hong Kong-listed International Entertainment Corporation (HKG: 1009) said on Tuesday that Philippines-licensed online gaming operator DigiPlus Interactive (PSE: PLUS) has completed a second subscription to convertible notes in International Entertainment, to a value of HKD800 million (US$102.1 million).

  • International Entertainment is the controller of a Manila Bay, Philippines, casino hotel with a provisional gaming licence from the Philippine Amusement and Gaming Corp (Pagcor). The property, long known as New Coast Hotel Manila, is currently being promoted as LaVie Resort & Casino Manila.

  • Philippines-listed DigiPlus has subscribed to two tranches of International Entertainment’s convertible notes, to a principal amount of HKD1.60 billion.

🇸🇬 Genius Group Limited (GNS) Discusses AI Treasury Strategy and Execution of Phase 1 - Slideshow (Seeking Alpha)

🇸🇬 BW LPG: The Rally Was Earned, And The Dividend Case Still Holds (Seeking Alpha) $ 🗃️

🇸🇬 Sea Limited: Top GARP And PEG Pick For Patient Investors (Rating Upgrade) (Seeking Alpha) $ 🗃️

  • 🌏 Sea Limited (NYSE: SE) - 3 core businesses: Garena (global online games developer & publisher), Shopee (largest pan-regional e-commerce platform in SE Asia & Taiwan), SeaMoney (leading digital payments & financial services provider in SE Asia). 🇼 🏷️

🇸🇬 Top Stock Market Highlights of the Week: Anthropic, Keppel, CapitaLand Ascott Trust and Berkshire Hathaway (The Smart Investor)

  • We look at a record AI funding round backed by Singapore's sovereign funds, a major new power plant for a local blue-chip, a hospitality REIT divestment, and Warren Buffett's deepening bet on Big Tech.

  • This week’s highlights capture that exact momentum: Singapore’s sovereign wealth funds, GIC and Temasek, just backed a historic, record-breaking fundraise for AI giant Anthropic, while Warren Buffett’s Berkshire Hathaway (NYSE: BRK.B) poured an additional US$10 billion into Alphabet (NASDAQ: GOOGL).

  • Closer to home, Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) massively boosted its power capacity with a future-ready plant, and CapitaLand Ascott Trust (SGX: HMN / OTCMKTS: ATTRF) unlocked premium value by divesting a prime local hotel.

    • Keppel boosts power capacity by 45%

      • Keppel Ltd saw its power-generating capacity jump 45% after the Keppel Sakra Cogen Plant, Singapore’s first hydrogen-compatible combined cycle power plant, began commercial operations on 29 May 2026.

      • The plant is 70% owned by Keppel Asia Infrastructure Fund and 30% owned by Keppel directly.

    • CapitaLand Ascott Trust divests Robertson House

      • CapitaLand Ascott Trust, or CLAS, announced on 29 May 2026 that it will divest The Robertson House by The Crest Collection in Singapore for S$360.0 million.

      • The 336-unit hotel is being sold to an unrelated third party at 4.0% above its book value as at 31 December 2025, and at an exit yield of 2.3%.

🇸🇬 Singapore Dividend Stocks Are Rallying: Should Investors Take Profit or Hold? (The Smart Investor)

  • There are pros and cons to every move you make in the market. The trick is going in with the right expectations.

    • How often do markets actually fall?

    • What does selling a winner actually cost you?

      • Take DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF). Its shares have been hovering at all-time highs, trading at well over two times net book value – far above the bank’s historical price-to-book average of around 1.5 times.

    • Can you really buy back at a lower price?

    • What do you actually want from the market?

    • Get Smart: There is no right answer, only your answer

🇸🇬 May 2026: 3 Blue-Chip SGX Stocks That Outran the Market (The Smart Investor)

  • The Straits Times Index barely budged in May. These three blue chips left it far behind — and the reasons say more about their businesses than the market mood.

  • Here’s what was behind the moves.

    • SATS: Is the global transformation finally paying off?

      • For two years, the question that hung over SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) was whether its 2023 acquisition of Worldwide Flight Services could turn sheer scale – more than 225 stations across 27 countries – into something shareholders could bank on.

      • Its fiscal 2026 results (FY2026), covering the year to 31 March 2026, gave the clearest ‘yes’ yet.

    • Venture Corporation: Are the green shoots real?

      • Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF) came into 2026 carrying a different burden: a contract manufacturer waiting out a cyclical trough, with investors unsure when demand would turn.

      • Its first-quarter results (1Q2026) suggested the wait was over.

    • DBS Group: Can fees carry the franchise as rates roll over?

      • DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) posted the smallest beat of the three, yet arguably the most instructive one.

      • Its 8.9% return came in a quarter when the easy tailwind – high interest rates – was clearly fading.

    • Get Smart: The Market Rewards Answered Questions

🇸🇬 The Mid-Year Review: 3 Singapore Stocks Showing Strong 1H 2026 Resilience (The Smart Investor)

  • The first half of 2026 has tested investors with volatility, inflation concerns, and uneven global growth. Yet some Singapore stocks have continued delivering resilient earnings, stable cash flow, and steady execution despite the uncertainty.

    • What “Resilience” Means in 2026

    • Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), or OCBC — The Earnings Stability Leader

      • Banks are often tied to the health of the local and global economy.

      • Hence, you would think that a bank would be the last to report an increase in profits given the falling interest rates.

      • Nevertheless, OCBC turned in a surprisingly strong report card for its latest quarter ending 31 March 2026 (1Q2026) with net profit rising 5% year on year (YoY) to nearly S$2 billion.

    • Vicom Ltd (SGX: WJP), or VICOM — The Cash Flow Compounder

      • Next, we have a company that has a strong track record of producing consistent free cash flow across multiple economic cycles: VICOM.

    • Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF), or STE — The Structural Growth Resilience

      • The last company on the list is seeing higher demand amid increased global defence spending in part due to the Middle East conflict.

      • Indeed, STE displayed no sign of slowdown, posting a double-digit growth in group topline for the quarter ending 31 March 2026 (1Q2026).

    • What These Stocks Have in Common

    • Get Smart: Resilience Is Often Revealed During Difficult Markets

🇸🇬 The June 2026 Watchlist: 3 Dividend Stocks Showing Strong Fundamentals (The Smart Investor)

  • These three dividend stocks are on the June 2026 watchlist for their resilient earnings, healthy cash flow, and ability to keep rewarding shareholders over the long term.

    • Why Fundamentals Matter More Than Yield

    • DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) — The Reliable Dividend Blue Chip

      • In times of turbulence, dividends become more predictable, and DBS becomes even more appealing.

      • The biggest bank in Singapore generates stable income, enjoys strong capital buffers, and has recurring income streams through its retail, wealth, and corporate businesses.

    • Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX — The Dividend Growth Compounder

      • When it comes to dividends, consistency often wins the race.

      • That is where SGX continues standing out, steadily growing its payouts while building a resilient, multi-asset business model.

      • The exchange delivered another strong set of results in 1HFY2026.

    • Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF), or KDCREIT — The High-Quality REIT or Infrastructure Play

      • As the digital economy expands, demand for data centres continues rising, and KDCREIT sits right at the heart of that trend.

      • The REIT stands out for its vital data centre facilities which generate stable rental income through long-term leasing agreements and rising demand for cloud and AI infrastructure.

    • Why These Stocks Could Remain Attractive Through 2026

    • Get Smart: Great Dividend Stocks Are Built on Great Fundamentals

🇸🇬 3 Debt-Free Small-Cap Stocks with Growing Dividends (The Smart Investor)

  • Three SGX-listed small caps – spanning recruitment, SaaS, and data services — all raised their payouts in 2025. Each carries zero debt and generates healthy free cash flow. Here's what drove their results.

    • HRNetGroup (SGX: CHZ): The first dividend hike in four years

      • HRnetGroup’s board proposed a total dividend of S$0.042 per share for 2025, up from S$0.04.

      • That breaks a four-year streak of holding the payout flat between 2021 and 2024.

      • The numbers back it up.

    • Info-Tech Systems (SGX: ITS): Fast growth, first payout

      • Info-Tech Systems is a Singapore-based SaaS provider serving SMEs across the region.

      • Revenue surged 29% YoY to S$56.5 million, driven by higher Academy training revenue and continued subscription growth.

      • Net profit rose 22% to S$15 million, though that figure absorbed approximately S$2.9 million in one-off costs – IPO listing expenses and a Malaysia office relocation.

    • Credit Bureau Asia Ltd (SGX: TCU): A dividend raise in a tough year

      • Credit Bureau Asia’s 2025 was tougher.

      • Revenue edged up just 0.7% YoY to S$60.1 million.

      • Net profit dipped 4.4% to S$10.7 million, weighed down by lower interest income, a weaker US dollar, and a sharp drop in the share of results from its Cambodia joint venture.

    • Get Smart: Where Cash Flow Meets Rising Dividends

🇸🇬 3 “Forever Stocks” to Buy For Your Children (The Smart Investor)

  • The best stocks for children are not the flashiest names, but resilient Singapore businesses that can compound steadily over decades.

    • DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) – Record Income and Wealth Management Strength

      • As Singapore’s largest bank, DBS is a cornerstone for any local portfolio.

      • In the first quarter of 2026 (1Q2026), the group delivered a record total income of S$5.95 billion, proving its resilience even as net interest margins eased to 1.89%, with deposit growth and hedging partly cushioning the drag from lower benchmark rates.

      • What makes this a “forever” contender for my children is the bank’s pivot toward fee-based income; wealth management fees hit a record S$907 million this past quarter.

    • Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) – A Defensive Cash Flow Machine

      • A familiar name in the heartlands of Singapore, Sheng Siong is the ultimate “boring but beautiful” stock for a child’s long-term fund.

      • Operating 87 stores in Singapore and six in China, this supermarket giant thrives on selling daily essentials.

      • What truly stands out for me as an investor is the group’s rock-solid balance sheet, boasting S$461.1 million in cash and zero debt.

    • Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) – A Global Giant with a Record Order Book

      • For a blend of defensive stability and high-tech growth, ST Engineering is a formidable choice.

      • The group reported a strong FY2025 performance, with revenue rising 9% to S$12.3 billion.

      • While one-off impairment losses affected the reported net profit, the base operating performance was excellent, with net profit growing 21% to S$850.8 million.

    • The Magic of the Long Runway

    • Avoiding the Parent’s Trap

    • Get Smart: A Legacy of Patience

🇸🇬 Beyond Blue Chips: 3 REITs Offering 7%+ Dividend Yields (The Smart Investor)

  • These three SGX-listed REITs offer trailing yields of 7% or more – but can their latest quarterly results back up those payouts?

    • Is United Hampshire US REIT’s 8.5% yield built to last?

      • United Hampshire US REIT (SGX: ODBU / OTCMKTS: UNHRF), or UHREIT, owns 21 grocery-anchored and necessity-based retail properties and two self-storage facilities across nine US states.

      • For 1Q2026, the numbers told a reassuring story.

    • Has Elite UK REIT turned a corner?

      • Elite UK REIT (SGX: MXNU) holds a portfolio of 147 commercial assets across the UK, predominantly leased to the UK government on triple net terms.

      • At first glance, its 1Q2026 results look uneven – NPI dipped 12.3% YoY to £9.1 million.

      • But that headline figure is distorted by one-off dilapidation settlements and a lease termination premium received in 1Q2025. Strip those out, and adjusted NPI rose 4.0% YoY.

    • Can Digital Core REIT’s yield keep pace?

      • Digital Core REIT (SGX: DCRU / OTCMKTS: DGTCF) owns 11 mission-critical data centres across the US, Canada, Germany, and Japan.

      • Its 1Q2026 results, however, showed a REIT treading water rather than surging ahead.

    • Get Smart: What do high-yield REITs really demand of investors?

🇸🇬 While You’re Overseas: 4 REITs That Work for You While You’re on Vacation (The Smart Investor)

  • The best passive income investments keep generating cash flow whether you are working, sleeping, or travelling overseas.

    • Why REITs Are Popular Passive Income Investments

    • What Makes a REIT Suitable for “Hands-Off” Investing

    • Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF), or FCT— The Defensive Retail REIT

      • Anchored by solid tenants that sell necessities, such as NTUC FairPrice (its largest tenant), the REIT’s collection of malls such as NEX and Causeway Point is able to sustain resilient demand regardless of the economic cycle.

    • CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF), or CLAR — The Industrial / Logistics REIT

      • CLAR is another name that will quietly work in the background while you enjoy your vacation.

      • This REIT has a wide-ranging portfolio, spanning Singapore, the US, Australia, and Europe, with a focus on industrial and logistics properties.

    • Parkway Life Real Estate Investment Trust (SGX: C2PU), or Parkway Life — The Healthcare REIT

      • Another name that requires relatively little “hands-on” management is Parkway Life REIT.

      • This healthcare-focused REIT, with its portfolio of hospitals and nursing homes, sees steady demand regardless of economic conditions.

    • Digital Core REIT (SGX: DCRU / OTCMKTS: DGTCF), or DCR — The Data Centre or Digital Infrastructure REIT

      • The last name on this list provides your REIT portfolio with a bit of growth exposure linked to the burgeoning AI and cloud adoption trends.

      • DCR is a data centre REIT with 10 properties spanning across North America, Japan, and Europe.

    • How REITs Help Build Passive Income Over Time

    • Get Smart: The Best Investments Keep Working Even When You Don’t

🇸🇬 3 REITs with Strong Balance Sheets to Watch Next Quarter (The Smart Investor)

  • In uncertain markets, balance sheet strength can make all the difference for REIT investors. These three REITs stand out for their healthy leverage, financial flexibility, and ability to navigate changing interest rate conditions.

  • As we move into the next quarter, including trusts with rock-solid financial positions can significantly help protect our portfolios from sudden shocks.

    • Why Balance Sheet Strength Matters for REITs

    • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF) — The Conservative Retail / Commercial REIT

      • CapitaLand Integrated Commercial Trust, or CICT, owns popular shopping destinations such as Ion Orchard (50% stake), Raffles City, Westgate, and more.

      • CICT is also home to key office properties such as CapitaGreen, CapitaSky (70% stake), and more.

    • Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF) — The Industrial / Logistics REIT

      • Mapletree Logistics Trust, or MLT, stands out as one of the most globally diversified industrial REITs in Singapore with 175 properties in nine markets.

      • MLT wrapped up its fiscal year ended 31 March 2026 (2025/2026) with a stable aggregate leverage of 40.6% and an ICR of 2.9x.

    • Parkway Life Real Estate Investment Trust (SGX: C2PU) — The Defensive Specialist REIT

      • Last on the list is Parkway Life REIT, or Plife.

      • The REIT provides a stable, defensive shield for dividend investors as it focuses on healthcare properties, a sector that people will always need.

    • Why Strong Balance Sheets Could Matter Even More

    • Get Smart: In REIT Investing, Financial Strength Matters

🇸🇬 Micro-Mechanics, Sheng Siong and AEM: What Fast Stock Gains Teach Investors (The Smart Investor)

  • Three SGX stocks have delivered eye-watering gains over the past year. The harder question is whether the businesses behind them can keep up.

    • Sheng Siong: can steady growth carry an outsized share price?

      • As of 29 May 2026, Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) shares sat at S$3.05, up nearly 68% over the past year.

      • What stands out is how grounded that rise looks.

    • Micro-Mechanics: when does a recovery become a re-rating?

      • Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF), or MMH, has been even punchier.

      • At S$3.19 as of 29 May 2026, the stock has soared 105% over the past year.

      • The business is finding its growth shoes again.

    • AEM: can a 725% rise be backed by anything?

    • Get Smart: Fast gains aren’t the signal – what’s behind them is

🇸🇬 Beyond STI: 3 Cash-Heavy Stocks Paying More than Your CPF (The Smart Investor)

  • Higher-than-CPF yields are attractive, but these three Singapore stocks also stand out for their sizable net cash positions and financial resilience.

    • Can QAF sustain its dividend?

      • QAF Ltd (SGX: Q01) is the food group behind household bread brands Gardenia and Bonjour, with operations across Singapore, Malaysia, the Philippines, and Australia.

      • Let’s start with the balance sheet.

    • Is Delfi’s dividend cut a red flag?

      • Delfi Limited (SGX: P34 / OTCMKTS: PEFDF) is a chocolate confectionery manufacturer behind Indonesian household names SilverQueen, Ceres, and Delfi, distributing across 17 markets.

      • The number that jumps out is free cash flow.

    • What is Valuetronics doing with all that cash?

      • Valuetronics Holdings (SGX: BN2 / FRA: GJ7) is an electronics manufacturing services provider with manufacturing facilities in China and Vietnam.

      • The balance sheet here is hard to miss.

    • Get Smart: Don’t Chase Yields Without the Cash

🇸🇬 AEM’s Share Price Soars Past S$10: What’s Next? (The Smart Investor)

  • AEM Holdings (SGX: AWX) shares are up by over 6x year to date, but it’s what’s happening at the business that matters even more.

  • There are three roads ahead of the company.

  • Some are further along than others.

  • Let’s walk each one and see how far the business has actually travelled.

    • Road #1: The New Major Customer

    • Road #2: To Future Memories

    • Road #3: The Doors the ASE Deal Opens

      • AEM announced a strategic partnership with ASE Technology Holding (NYSE: ASX), the world’s largest OSAT with 45% global market share.

    • Why these roads keep paying out

    • Get Smart: Judge the Journey, not Just the Destination

🇹🇭 BTS Group Holdings Public Company Limited 2026 Q4 - Results - Earnings Call Presentation (Seeking Alpha)

🇹🇭 BTS Group Holdings Public Company Limited 2026 Q4 - Results - Earnings Call Presentation (Seeking Alpha)

🇮🇳 India / South Asia / Central Asia

🇮🇳 India exempts foreign investors from tax on bonds to shore up rupee (FT) $ 🗃️

  • Central bank holds interest rates despite pressure on currency from foreign outflows and war in Iran

🇮🇳 NBCC: Can a ₹1.28 Lakh Crore Order Book Deliver a ₹2,500 Crore PAT by FY29? (Smartkarma) $

  • NBCC (India) Ltd (NSE: NBCC / BOM: 534309) ended FY26 with INR 742 crore PAT, INR 18,780 crore new orders and a INR 1.28 lakh crore orderbook. Management guides INR 30,000 crore FY27 inflows.

  • The Supertech project and Ghitorni land monetisation could add nearly INR 18,500 crore revenue potential, shifting NBCC beyond its regular PMC-fee model.

  • NBCC targets INR 2,500 crore PAT by FY29, a 3.4x jump from FY26. Execution, orderbook conversion, and Sarojini Nagar monetisation remain key variables.

🇮🇳 How Suzlon Survived by Selling to Itself? (Smartkarma) $

  • SEBI, in an order dated 29 May 2026, imposed a combined penalty of Rs. 28.95 crore on Suzlon Energy (NSE: SUZLON / BOM: 532667) and four related parties for inflating net worth through fictitious intra-group transactions.

  • This is a rare case of SEBI revising its own officer’s earlier clean chit & finding that board approvals, auditor sign-offs do not provide cover when the substanceis designed to mislead.

  • Suzlon’s remarkable turnaround story has an uncomfortable prologue: the company bought itself the time to survive by manufacturing paper health. The penalty is trivial relative to current market cap.

🇮🇳 SEBI’s Explosive Interim Order Against Rajesh Exports Exposes 15L Crs of Inflated Sales (Smartkarma) $

[Rajesh Exports (NSE: RAJESHEXPO / BOM: 531500)]

  • SEBI issued an interim order on June 3, 2026, restricting promoter Rajesh Mehta from securities trading over alleged revenue misrepresentation of INR 15,15,385 crore.

  • SEBI found 97–99% of consolidated revenues unverifiable, raising concerns around auditor oversight, subsidiary disclosures, and investor wealth erosion of around INR 12,726 crore.

  • The order is still prima facie, but the scale of alleged misreporting, fund routing, and audit gaps creates major uncertainty for investors.

🇮🇳 KRN Heat Exchanger: The HVAC Play in India (Smartkarma) $

  • KRN Heat Exchanger and Refrigeration Ltd (NSE: KRN / BOM: 544263) delivered FY26 consolidated revenue: Rs. 600 crore, up 40% YoY, EBITDAgrew nearly 60%. The new Plant II is now fully operational after months of parallel construction.

  • Plant II is 6X the capacity of original facility. With ramp up to 80% in FY28 represents sharpest growth curve. Revenue runway stretches to Rs. 2,850 crore at full utilization

  • Four catalysts FY27: Plant II, Bus AC scale-up, doubling exports and PLI plus RIPS incentives. This is the year KRN stops being small-cap story and starts becoming mid-cap compounder

🇰🇿 Kaspi.kz: Ownership Change Drives Stock Rally (Seeking Alpha) $ 🗃️

🇰🇿 Joint Stock Company Kaspi.kz 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

  • 🇰🇿 KASPI (NASDAQ: KSPI / LON: 80TE / FRA: KKS) - Payments Platform, Marketplace Platform & Fintech Platform. 🇼

🌍 Middle East

🇮🇱 Elbit Systems Ltd. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

  • 🌐 Elbit Systems Ltd (NASDAQ: ESLT) - Primary provider of the Israeli military’s land-based equipment & unmanned aerial vehicles. 🇼

🇮🇱 Elbit Systems’ $2.189 Billion Quarter Shows Broad-Based Defense Momentum; But Will It Last?

  • Elbit Systems Ltd (NASDAQ: ESLT) reported solid financial and operational results for the first quarter of 2026, reflecting double-digit growth in revenues, operating profit, and earnings per share (EPS).

  • Revenues increased by 15.5% to $2.189 billion, compared to the same period in 2025, marking the first quarter with higher revenues than the preceding fourth quarter.

  • This growth was supported by strong demand across key markets, with Europe contributing 23% of revenues, North America 20%, Asia Pacific 16%, and Israel 37%.

🇸🇦 Saudi wealth fund replaces foreign CEOs with locals (FT) $ 🗃️

  • Public Investment Fund focuses on domestic investments ahead of country hosting 2034 World Cup

🇹🇷 Marti Is Highly Risky, Financially And Operationally (Seeking Alpha) $ 🗃️

  • 🇹🇷 Marti Technologies Inc (NYSEAMERICAN: MRT) - Mobility app for ride-hailing service (car, motorcycle & taxi drivers; delivery services; rental e-mopeds, e-bikes & e-scooters). 🇼

🌍 Africa

🇿🇦 The Foschini Group Limited 2026 Q4 - Results - Earnings Call Presentation (Seeking Alpha)

🇿🇦 Momentum Group Limited (MMTHF) Analyst/Investor Day - Slideshow (Seeking Alpha)

🇿🇦 Ninety One Group 2026 Q4 - Results - Earnings Call Presentation (Seeking Alpha)

🇿🇦 Mr Price Group Limited 2026 Q4 - Results - Earnings Call Presentation (Seeking Alpha)

  • 🌍 Mr Price Group (JSE: MRP / FRA: M5M1 / OTCMKTS: MRPLY) - Cash-based omni-channel fashion-value retailer with 4 segments: Apparel, Homeware, Financial Services & Telecoms. 🇼 🏷️

🇿🇦 Tiger Brands Limited 2026 Q2 - Results - Earnings Call Presentation (Seeking Alpha)

🇿🇼 Caledonia Mining: Bilboes Changes The Upside But Not The Risk (Seeking Alpha) $ 🗃️

🌍 Eastern Europe & Emerging Europe

🇵🇱 CD Projekt: A Better Business At A Full Price (Seeking Alpha) $ 🗃️

🌎 Latin America

🌎 Millicom: Strong Margins, Higher Expectations (Seeking Alpha) $ 🗃️

  • 🌎 Millicom (NASDAQ: TIGO) - Fixed & mobile, telecommunications services, cable & satellite TV, mobile financial services & local content such as music & sports in Latin America. 🇼 🏷️

🌎 MercadoLibre: The Stock Is Down, The Bull Case Isn’t (Seeking Alpha) $ 🗃️

🌎 MercadoLibre: Buy The Margin Compression (Seeking Alpha) $ 🗃️

🌎 MercadoLibre: I See An Early Digital Walled Garden Being Built (Seeking Alpha) $ 🗃️

🌎 Pan American Silver Leans On Prices And Juanicipio Ramp-Up To Drive 2026 Growth (Seeking Alpha) $ 🗃️

🌎 Pan American Silver: A Solid Investment To Benefit From The Silver Bull Market (Seeking Alpha) $ 🗃️

🌎 Pan American Silver Corp. (PAAS:CA) Analyst/Investor Day - Slideshow (Seeking Alpha)

🌎 Ero Copper: Even After Doubling, Upside Remains (Seeking Alpha) $ 🗃️

  • 🇧🇷 🇨🇦 Ero Copper (TSE: ERO / NYSE: ERO) - Vancouver HQ’d. High-growth, clean copper producer with operations in Brazil. 🏷️

🇦🇷 YPF Sociedad Anonima: The Recovery Phase Is Done, The Growth Story Comes Next (Seeking Alpha) $ 🗃️

  • 🇦🇷 🏛️ Ypf Sa (NYSE: YPF) - Vertically integrated, majority state-owned Argentine energy company. Oil & gas exploration & production + transportation, refining & marketing of gas & petroleum products. 🇼 🏷️

🇧🇷 Ambev: The Market Has Sobered Up Recently (Seeking Alpha) $ 🗃️

🇧🇷 Nu Holdings: Analyzing The New CFO And Credit Risk (Seeking Alpha) $ 🗃️

🇨🇴 Five more comments on Colombia’s election - 2 June 2026 (Latin America Risk Report)

  • The new right vs old left; the threat of criminal capture be Abelardo; Petro is running the Trump-Bolsonaro playbook on fraud

🇨🇴 Bond investors bet Colombia’s ‘Tiger’ will slash public spending (FT) $ 🗃️

  • Rightwing populist Abelardo de la Espriella goes into second-round presidential vote

🇨🇴 Right-Wing Firebrand Surges Into Colombia Runoff, Shaking Political Establishment (WSJ) $ 🗃️

Abelardo de la Espriella, a rich lawyer who promises an iron-fisted crackdown on drug thugs, finishes ahead of ruling movement’s leftist hopeful

🇨🇴 GeoPark: Still Worried About Argentina (Seeking Alpha) $ 🗃️

  • 🌎 GeoPark Ltd (NYSE: GPRK / LON: 0MDP / FRA: G6O) - Leading independent Latin American oil & gas explorer in Colombia, Ecuador, Chile & Brazil. 🏷️

🇨🇴 Grupo Aval: Further Upside As Election Catalyst Plays Out (Seeking Alpha) $ 🗃️

🇲🇽 Grupo Aeroportuario Del Pacifico: Traffic Will Pick Up In The Back Half Of 2026 (Seeking Alpha) $ 🗃️

🇵🇪 Peru to vote on ninth president in a decade (FT) $ 🗃️

  • Neither candidate, who offer widely differing agendas, obtained 20% in first round of voting

🌐 Global

🌐 Nebius Is Priced For Flawless Delivery (Seeking Alpha) $ 🗃️

🌐 Why Nebius Needs An Offering For Every Customer Type (Seeking Alpha) $ 🗃️

🌐 Nebius Surges On AI Demand As Revenues Set To Multiply (Seeking Alpha) $ 🗃️

🌐 Nebius: Building The Next Great AI Cloud Platform (Seeking Alpha) $ 🗃️

🌐 Nebius And The Next Phase Of AI (Seeking Alpha) $ 🗃️

  • 🌐 Nebius Group NV (NASDAQ: NBIS) - AI-centric cloud platform built for intensive AI workloads. Sold Yandex to a consortium of Russian investors. Retains several businesses outside of Russia. 🇼 🏷️

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📅 Earnings Calendar

Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):

World Map

📅 Economic Calendar

Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).

🗳️ Election Calendar

Frontier and emerging market highlights (from IFES’s Election Guide calendar):

📅 Emerging Market IPO Calendar/Pipeline

Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):

MetaOptics (Uplisting) MOT Roth Capital Partners/The Benchmark Company, 4.0M Shares, $8.15-8.15, $32.6 mil, 6/8/2026 Week of

Note: This is NOT an IPO. This is a NASDAQ Uplisting – a public offering – from the Singapore Stock Exchange, where MetaOptics’ ordinary shares have been listed on the Catalist of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) since Sept. 9, 2025, under the ticker symbol “9MT” – according to the prospectus.
(Incorporated in the Cayman Islands)
We are a Singapore-based company that designs and manufactures metalenses – ultra-thin flat optical lenses that are smaller, lighter and more power efficient than traditional curved lenses.
Making Miniaturization Possible is our mission.
Note: MetaOptics says its metalens technology accommodates the demand for smaller and lighter lenses in smartphones, automotive technology and other uses.
From the prospectus:
We are a vertically integrated metalens technology company, combining core competencies across metalens equipment, foundry, products, and metaoptics artificial intelligence (“AI”). We conduct our operations through our wholly-owned subsidiaries in Singapore and the United States.
Metalenses are ultra-thin flat-surface lenses which are smaller, lighter, consume less power, and offer a wider field of view, compared to conventional optical lenses. The unique flatness of metalenses enables the correction of optical defects, delivering reasonable quality color images. Leveraging our AI-based algorithm and processing software, which incorporates several advanced algorithms to enhance the optical design and image processing, our metalens technology can further sharpen the images to achieve higher resolution and enhanced image quality, and allow users to manipulate the individual red, green and blue (“RGB”) channels to edit the color images through computational reconstruction. We believe that our innovations have transformative potential in shaping next-generation optical systems.
Our operations are centered on the design and manufacture of metalenses and metalens prototypes, and to demonstrate the viability, efficacy, applications and use cases of our metalenses, we have expanded our operations to include the development of metalens camera modules and metalens Internet of Things (“IoT”) products, such as infrared metalens cameras, pico projectors, and IoT metalens color cameras. Our metalenses have also been integrated into a wide range of applications by our customers, including fifth generation (“5G”) smartphones, contactless three-dimensional (“3D”) biometric modules, projectors, and for industrial applications such as IoT devices, light detection and ranging (“LiDAR”) devices and heads-up displays (“HUDs”) for planes and self-driving cars, and augmented reality/virtual reality (“AR/VR”) devices. To date, although we have achieved mass production capabilities for our metalens prototypes (“mass production” in our perspective refers to the shipment of one million metalens units per year), we have not yet received a critical mass of purchase orders from our customers necessitating mass production of our metalenses.
To facilitate small-scale production of our metalenses to fulfil purchase orders, reduce concentration risk and diversify our supply chain, and to demonstrate the manufacturing capabilities for our metalenses, we also design and produce equipment for the manufacture of metalenses, in particular 4-inch direct laser writers (“DLWs”). Our 4-inch DLWs enable our customers to revise specifications and design of metalenses directly, reducing the lead time and providing for a shorter turnaround time from prototyping to testing and deployment into end products. In addition, our metalens equipment offerings have grown to include the design and production of metalens automatic testers, for use by our customers to ensure quality control of metalenses prior to shipment. These capabilities enable us to serve as a one-stop provider of metalens and metalens IoT products, offer customers comprehensive end-to-end services, and preserve and grow our competitive advantage in the industry.
We offer our products to manufacturers of automotives, AR/VR devices, consumer electronic appliances, end-customers, and traders for the distribution of such products. While we offer our products worldwide, our existing customers for metalens equipment, metalenses and IoT products are mainly located in Singapore, Japan, South Korea, China, Taiwan, the United States, and several countries in Europe.
We intend to use the net proceeds from this offering primarily to support our expansion plans in the United States. See “Use of Proceeds.”
Note: Net loss and revenue are in U.S. dollars (converted from Singapore dollars) for the year that ended Dec. 31, 2025.
(Note: MetaOptics disclosed the terms for its NASDAQ Uplisting – a small public offering – on May 18, 2026, in an F-1/A filing: 4 million ADS at an assumed price of $8.15 to raise $33 million. The price – $8.15 – is the as-converted last price of MetaOptics’ shares on May 15, 2026, on the Singapore Exchange. Initial Filing: MetaOptics filed its F-1 for its uplisting to the NASDAQ – an offering that MetaOptics calls its IPO – on May, 4, 2026, without disclosing the terms. MetaOptics’ stock is listed on the Singapore Stock Exchange under the ticker “9MT” – according to the prospectus. Estimated proceeds for the NASDAQ uplisting – public offering – were up to $23 million. This is an offering of American Depositary Shares (ADS), according to the prospectus.)

🏁 Emerging Market ETF Launches

Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:

🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).

I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.

Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.

Emerging Market Links + The Week Ahead (June 8, 2026) was also published on our website under the Newsletter category.

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