• 🇸🇬 Singapore (204)

Note: The links above to the relevant post sections below will only work for paid subscribers.

And for individual stocks:

• 🌐🌏 etc. This is fairly subjective as, for example, many stocks are part of global supply chains rather than domestic companies.

• 🏛️ State owned, controlled, or influenced companies.

• 👼🏻 ESG friendly stock e.g. renewable energy. This is fairly subjective.

• 🅿️ Preference shares available (Note: I don’t see a comprehensive list of preference shares or preferred stocks readily available on the Internet…).

• A very short description of the stock with links to the IR page and stock quote(s) on Yahoo! Finance or other sites.

• Any Wikipedia page (denoted by 🇼) and a Substack stock tag link (denoted by 🏷️) linked to any post under EM Stock Pick Tear Sheets.

• Titles linked to any good or in-depth research (🗃️ denotes an archived piece) from funds etc covering the stock or our posts (denoted by ✅).

* Substack search leaves much to be desired. Inputting common terms or names (e.g. Holdings, etc.) will lead to a broad range of irrelevant results. Inputting a stock ticker (e.g. those that are numbers, etc) without the exchange abbreviation can come up with better Substack search results.

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…

The goal is to build up a database or index of international, frontier, and emerging market stocks that have research available or are owned by international stock funds.

This means there is considerable room for improvement for these index posts over the coming months e.g. adding an icon link to any Wikipedia page (e.g. via an icon) as such pages usually mention any scandals or problems a stock may have add; tagging and adding additional stocks from 2023 EM Fund Stock Picks posts; organizing stocks by industry for countries that have many stocks covered, etc.

Frontier & Emerging Market Stock Index

🇸🇬 Singapore

Tags: Singapore & Singapore Stocks

• Singapore Exchange (SGX)

• Singapore Exchange (SGX) (🇼)

• List of companies of Singapore (🇼)

✅ High-Yield Singapore Banks & REITs (Mid-2024) (June 2024)

Singapore’s big 3 banks and REITs have attractive valuations and yields compared to similar investments in the USA right now. This post takes a closer look at all of Singapore's banks and REITs.

✅ Singapore Stocks: The Edge Billion Dollar Club 2023 Award Winners (December 2023)

Singapore listed stocks who won the following metric categories by sector: growth in profit after tax, returns to shareholders, weighted return on equity & overall sector winner.

1. 🌏 17LIVE Group (SGX: LVR / OTCMKTS: LGLTF) - Operates 17LIVE, one of Asia’s top live streaming platforms. 🇼 🏷️

2. 🌐 Addvalue Technologies Ltd (SGX: A31 / FRA: DDU) - ‘One-stop shop’ communications tech products developer (satellite-based & digital broadband products/solutions). 🏷️

3. 🌐 AEM Holdings (SGX: AWX) - Comprehensive semiconductor & electronics test solutions. Global presence. 🏷️

4. 🇸🇬 🇦🇺 AIMS APAC REIT (SGX: O5RU / OTCMKTS: ACIRF) - Logistics, business parks & industrial real estate throughout the Asia Pacific region. 🏷️

5. 🌐 ASL Marine Holdings Ltd (SGX: A04 / OTCMKTS: ASLHF) - Vertically-integrated marine services group (shipbuilding, shiprepair & conversion, shipchartering, dredge engineering & other marine related services). 🏷️

Read more

In addition, Interactive Brokers announced in August 2024 that they would allow trading in Malaysian stocks plus Malaysia (and the Malaysian stock market) has attracted attention as a China + One and data center destination plus a so called AI adjacent play (which has pushed up Malaysian utility, some property, etc. stocks…) rather than a traditional oil or commodity play.

Anyone thinking of investing in Malaysian stocks (or for that matter, in the country itself under programs such as the relaunched Malaysia My Second Home or MM2H program) needs to be aware of some not so far off history covered in my 2024 post:

• Remembering the CLOB Stock Trading Fiasco + The Edge Billion Ringgit Club (BRC) 2024 Award Winners

In addition and in the last few days, the Ringgit has suddenly appreciated to 2018 levels (3.90+) and has otherwise ranged from roughly as high as RM3 to US$1 to as low as RM4.8 to US$1 during my time here:

As you can see from the above charts, the Ringgit heavily depreciated (although not as bad as many other EM/FM currencies have done during similar periods of political/economic instability) during the twilight of Barisan Nasional (BN) rule with Prime Minister Najib’s many corruption (and other…) controversies and when the commodity bubble burst. Najib and the ruling party coalition lost the 2018 elections to former Prime Minister Mahathir who’s government collapsed at the start of COVID after the so-called Sheraton Move (when various political figures met at the Sheraton Hotel to hatch out various political schemes and plans…).

After two more Prime Ministers during COVID, jailed opposition figure Anwar Ibrahim’s opposition coalition emerged the winner of the November 2022 elections with him finally becoming Prime Minister. Since them, Anwar has no doubt done a few political deals to prevent the sort of backstabbing parliamentary or backroom game of thrones type deals that brought down previous governments - thus eliminating some of Malaysia’s political noise and risk for the time being.

However… the next general election must be held by 17 February 2028. What Anwar’s coalition will look like (assuming he will be running for re-election), and whether that will be another multiracial coalition including the Chinese dominated Democratic Action Party (DAP) or it ends up being an all Malay-Bumiputera party coalition with a strong Malay nationalist or an Islamic party component (as in PAS), remains to be seen. What can be certain is that UMNO (the principle Malay party component of the old Barisan Nasional coalition) along with a few Borneo political parties will somehow… and in some way… ensure they are in any winning political coalition or at least be the political kingmakers in deciding who ends up as Prime Minister……………

I should note that just like in almost every other “democracy” with elections, when you talk to ordinary Malaysians, nobody seems to be particularly happy with the current government or economy as any benefits or growth are not necessarily trickling down to them. But just like in almost every other “democracy” with elections (and especially in parliamentary systems) right now, its the ordinary people who have the least say in who ultimately gets elected and how their countries and economies are governed…

Politics aside, note that the Ringgit also suddenly strengthened before I wrote my previous Malaysia post and then hit a high around the RM4.08 mark only to rather swiftly fall back down and then slowly drift higher back towards the same level:

Much of that sudden appreciation was attributed to US interest rate cuts along with the China stimulus; but also, in part, due to Malaysian government linked companies (GLCs) (Malaysia has a mixed economy with many government controlled or linked companies…) along with private companies being encouraged by the government to bring money held overseas back into the country.

On the other hand, I suspect any strengthened Ringgit will encourage more Malaysians to get some of their money OUT of the country (with property in the UK and Australia being places where they may park it…) or to at least take more vacations abroad and do overseas study. In addition, many of the Malaysian stocks covered later in this post have operations regionally or globally - meaning repatriating earnings back into Malaysia makes less sense now while using earnings from home to invest more in operations abroad makes more sense (IF the government allows it…).

A stronger Ringgit may also be bad for Singapore stocks who derive significant revenue from Malaysia e.g. as noted on Monday:

🇲🇾 🇸🇬 Kimly & Oriental Food Update (Smartkarma) $

• Kimly Ltd (SGX: 1D0) stock has done very well since our initiation & now it does not look very cheap

• Oriental Food Industries Holdings Bhd (KLSE: OFI) has done nothing and we suspect market is concerned as its profits will be affected by the strength of Malaysian Ringitt

• We think Singapore restaurant companies’ earnings can be affected by RTS* between Singapore & Malaysia starting year end 2026.

*Note: The Johor Bahru–Singapore Rapid Transit System (RTS Link) is a cross-border light rail transit (LRT) system connecting Bukit Chagar station in Johor Bahru, Malaysia, with Woodlands North station in Singapore. In addition, the Electric Train Service (ETS) between Kuala Lumpur (KL) and Johor Bahru (JB) officially launched on December 12, 2025 - eliminating the need to transfer b/w diesel and electric trains at Gemas.

Here is a SGD/MYR chart:

Although connectivity with Singapore is improving thanks to new infrastructure projects, a stronger Ringgit is less good news for Singaporeans hunting for bargains in Johor:

📝 As Malaysian ringgit strengthens, Singapore shoppers in Johor reap less savings (SCMP)

The ringgit’s appreciation is also bad news for Malaysian export-oriented sectors, such as gloves and electronics, analysts say.

📝 Ringgit gains yet to curb Singaporeans’ spending in Malaysia, but more Malaysians could head south (The Straits Times)

Although the stronger ringgit has made it slightly more expensive for Singaporeans to shop and spend across the Causeway, many still see good value in Malaysia.

At the same time, the firmer currency has made Singapore more attractive to Malaysians, who now need fewer ringgit to fund their shopping trips here.

In other words, there is no free lunch with a strong or a weak currency - only good or bad trade-offs…

Foreign investors should also be aware that Malaysian media and investment analysts are not exactly in a position to speak freely criticize the government or economy. So expect plenty of cheerleading or carefully guarded statements in the local press e.g.:

📝 Rising ringgit to raise appeal of Malaysian stocks, benefit importers, says Public Investment (The Edge Malaysia)

A strengthening ringgit will raise the appeal of Malaysian equities, benefiting index stocks and importers, said Public Investment Bank.

Funds rotation would see capital being diverted from the developed markets into higher-growth and more fiscally-disciplined emerging economies such as Malaysia, the research house said in a note, as the ringgit appreciated past 4.00 per US dollar for the first time in more than seven years.

“Policy predictability and solid economic growth [have] attracted international investors into Malaysian financial assets, particularly the government bonds,” the research house said. “This has partially led to the strengthening of the ringgit in 2025, and the momentum is expected to continue into 2026.”

Public Investment favours KLCI constituents such as Malayan Banking Bhd (KLSE: MAYBANK / OTCMKTS: MLYBY / MLYNF) aka Maybank, CIMB Group Holdings Bhd (KLSE: CIMB / OTCMKTS: CIMDF), Tenaga Nasional Bhd (KLSE: TENAGA / FRA: 6TN0 / OTCMKTS: TNABF / TNABY) and Telekom Malaysia Bhd (KLSE: TM / OTCMKTS: MYTEF). Among consumer stocks, Public Investment likes Spritzer Bhd (KLSE: SPRITZER) and CCK Consolidated Holdings Berhad (KLSE: CCK).

📝 How long can the ringgit keep rising? (The Star)

Tradeview Capital fund manager Neoh Jia Man said the ringgit’s appreciation is still largely a dollar story, driven by expectations that the upcoming new Federal Reserve (Fed) chair appointee could usher in a more dovish rate-cut cycle.

This piece from earlier this month contained a good reality check as the range cited does feel like a more reasonable range the Ringgit should be trading at (and may quickly move back like it did during the last brief runup) that’s ultimately better for the Malaysian economy and ordinary Malaysians:

📝 A stronger ringgit, but at what price? (The New Straits Times)

Economist Dr Geoffrey Williams said a stronger exchange rate makes imports cheaper but raises costs for exporters.

“This means domestic businesses have to compete harder against cheaper imports and cut costs to remain competitive in overseas markets,” he said.

“While this is good for consumers if it leads to lower prices, it is not positive for businesses that are unable to compete. A rate of RM3.93 is possible, but it may not be desirable or sustainable,” he told Business Times.

Williams said domestic fundamentals point to a fair value range of RM4.20 to RM4.40, adding that the ringgit is currently overvalued and could be vulnerable to a sharp correction this year.

He attributed the currency’s recent strength to a weaker dollar, US interest rate cuts and continued repatriation of profits by Malaysian companies overseas.

“This is not sustainable in my view,” he said.

As for any AI or data center talk, it makes significantly more sense to locate a data center in Malaysia rather than expensive Singapore (who still gets some water and natural gas for electricity from Malaysia). In fact, there are a couple of data centers in older office buildings around the corner from where I live (one building was refurbished a couple of years ago and I think it was a normal office complex before that).

The completion of The Exchange 106 and surrounding TRX (the master plan includes a total of 26 high-rise buildings) and soon Merdeka 118 (the second-tallest building in the world with Malayan Banking Bhd (KLSE: MAYBANK / OTCMKTS: MLYBY / MLYNF) aka Maybank in the process of vacating the Maybank Tower, which was Kuala Lumpur’s tallest building before the Petronas Towers, in order to move into it) means there is plenty of lower grade office space in older buildings that could conceivably be turned into data centers (assuming floor plates / ceilings / connectivity, etc. allow for it).

However, this also means that Malaysia has gotten dragged into the AI-data center bubble or narratives and to whatever happens when it eventually pops (or slows) or the narrative changes. Likewise and once a data center is built/fitted out, any economic growth is pretty much done as very few jobs are created beyond some technicians and security guards (who are usually from Nepal).

Finally, I should mention that my rent has probably gone up by roughly $100+ a month in dollar conversion terms between the Ringgit’s COVID era lows and today. However… where else in the world (aside from a few other SE Asian cities) can you rent a multi-bedroom condo for several hundred dollars a month in a well maintained building with a swimming pool, gym, etc. in the city center of a major city that’s reasonably safe to walk around at all hours of the day or night, has a warm climate year round, and is in walking distance to dozens of shopping malls and unlimited food/restaurants/hawker stands that meets all budgets?

Malaysia and Kuala Lumpur may or may not be the best place to invest for stock or property investors (especially foreign ones given the high state minimum property purchase prices for foreigners), but will always be an attractive place to live and visit compared to many alternatives…

With that said and getting back to the The Edge Billion Ringgit Club 2025, I realize these sorts of award events are often paid-for and sponsored corporate PR events that probably don’t mean much (in fact, there was such an article in a local Malaysian paper a some years ago about all of these “phony” pay-to-win award dinner ceremonies for local companies…), but this one is a little different given the methodology:

We did a post for 2024 winners plus posts covering The Edge Billion Dollar Club for Singapore listed or based stocks:

• Remembering the CLOB Stock Trading Fiasco + The Edge Billion Ringgit Club (BRC) 2024 Award Winners

• Singapore Stocks: The Edge Billion Dollar Club 2025 Award Winners

• Singapore Stocks: The Edge Billion Dollar Club 2024 Award Winners

• Singapore Stocks: The Edge Billion Dollar Club 2023 Award Winners

Note that the Malaysia section of our Oceania & Southeast Asia Stock Index now has 97 Malaysia stocks.

The rest of this post is organized as follows:

[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…]

• The Edge Billion Dollar Club 2025 Award Winners

  • Winners

    • United Plantations Berhad

      • COMPANY OF THE YEAR

    • CIMB Group Holdings Bhd

      • BEST CR INITIATIVES - SUPER BIG CAP COMPANIES ABOVE RM40B MARKET CAPITALISATION

      • [HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS]

      • [BEST CR INITIATIVES]

    • SD Guthrie Bhd

      • BEST CR INITIATIVES - BIG CAP COMPANIES RM10B TO 40B MARKET CAPITALISATION

    • Heineken Malaysia Bhd

      • BEST CR INITIATIVES - BELOW RM10B MARKET CAPITALISATION

  • SUPER BIG CAP COMPANIES: ABOVE RM40B MARKET CAPITALISATION

    • CIMB Group Holdings Bhd

      • HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS

      • [BEST CR INITIATIVES - SUPER BIG CAP COMPANIES ABOVE RM40B MARKET CAPITALISATION]

      • [BEST CR INITIATIVES]

    • Press Metal Aluminium Holdings Bhd

      • HIGHEST RETURN ON EQUITY OVER THREE YEARS

    • Tenaga Nasional Bhd

      • HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS

  • BIG CAP COMPANIES: RM10B TO RM40B MARKET CAPITALISATION

    • KPJ Healthcare Bhd

      • HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS

    • Nestle Malaysia

      • HIGHEST RETURN ON EQUITY OVER THREE YEARS

    • YTL Power International Bhd

      • HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS

  • CONSTRUCTION

    • Sunway Construction Group Bhd

      • HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS

      • HIGHEST RETURN ON EQUITY OVER THREE YEARS

    • Gamuda Bhd

      • HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS

  • CONSUMER PRODUCTS & SERVICES

    • Leong Hup International Bhd

      • HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS

    • Carlsberg Brewery Malaysia Bhd

      • HIGHEST RETURN ON EQUITY OVER THREE YEARS

    • MBM Resources Bhd

      • HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS

  • ENERGY

    • Yinson Holdings Berhad

      • HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS

    • Hibiscus Petroleum Berhad

      • HIGHEST RETURN ON EQUITY OVER THREE YEARS

    • Dayang Enterprise Holdings Bhd

      • HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS

  • FINANCIAL SERVICES: BELOW RM10B MARKET CAPITALISATION

    • MNRB Holdings Bhd

      • HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS

      • HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS

    • Bursa Malaysia Bhd

      • HIGHEST RETURN ON EQUITY OVER THREE YEARS

  • FINANCIAL SERVICES: RM10B AND ABOVE MARKET CAPITALISATION

    • CIMB Group Holdings Bhd

      • HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS

      • [BEST CR INITIATIVES - SUPER BIG CAP COMPANIES ABOVE RM40B MARKET CAPITALISATION]

    • Public Bank

      • HIGHEST RETURN ON EQUITY OVER THREE YEARS

    • Ammb Holdings Bhd

      • HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS

  • HEALTHCARE

    • KPJ Healthcare Bhd

      • HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS

      • HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS

    • Apex Healthcare Bhd

      • HIGHEST RETURN ON EQUITY OVER THREE YEARS

  • INDUSTRIAL PRODUCTS & SERVICES

    • Malayan Cement Bhd

      • HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS

    • Uchi Technologies Bhd

      • HIGHEST RETURN ON EQUITY OVER THREE YEARS

    • Sunway Bhd

      • HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS

  • PLANTATION

    • Jaya Tiasa Holdings Bhd

      • HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS

    • United Plantations Berhad

      • HIGHEST RETURN ON EQUITY OVER THREE YEARS

      • HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS

  • PROPERTY : BELOW RM3B MARKET CAPITALISATION

    • KSL Holdings Bhd

      • HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS

    • Matrix Concepts Holdings Bhd

      • HIGHEST RETURN ON EQUITY OVER THREE YEARS

    • Crescendo Corp Bhd

      • HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS

  • PROPERTY: RM3B AND ABOVE MARKET CAPITALISATION

    • IOI Properties Group Bhd

      • HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS

    • IGB Bhd

      • HIGHEST RETURN ON EQUITY OVER THREE YEARS

    • Sime Darby Property Bhd

      • HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS

  • REIT

    • Pavilion Real Estate Investment Trust

      • HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS

    • IGB Real Estate Investment Trust (IGB REIT)

      • HIGHEST RETURN ON EQUITY OVER THREE YEARS

      • HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS

  • TECHNOLOGY

    • Greatech Technology Bhd

      • HIGHEST RETURN ON EQUITY OVER THREE YEARS

    • Vstecs Bhd

      • HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS

  • TELECOMMUNICATIONS & MEDIA

    • Telekom Malaysia Bhd

      • HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS

    • Time Dotcom Bhd

      • HIGHEST RETURN ON EQUITY OVER THREE YEARS

      • HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS

  • TRANSPORTATION & LOGISTICS

    • Westports Holdings Bhd

      • HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS

      • HIGHEST RETURN ON EQUITY OVER THREE YEARS

      • HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS

  • UTILITIES

    • Gas Malaysia Bhd

      • HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS

      • HIGHEST RETURN ON EQUITY OVER THREE YEARS

    • YTL Power International Bhd

      • HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS

      • [HIGHEST RETURNS TO SHAREHOLDERS OVER THREE YEARS]

• Previous BRC Winners…

  • CR Awards

  • The Edge Billion Ringgit Club 2025 Award Homepage

    • 📰 Celebrating sustainable excellence for the 16th year

  • The Edge Billion Ringgit Club 2024 Award Homepage

    • 📰 Celebrating enduring excellence for the 15th year

Readers can decide whether these DeepSeek insights or summary about these stocks are accurate:

🤖 DeepSeek Analysis

• 🏆 Top Picks by Investment Thesis

• 📌 Thematic Investment Opportunities

• ⚠️ Important Macro & Risk Context from the Report

• ✅ Final Investor Takeaways

Finally, all of the stocks below have been added to our Oceania & Southeast Asia Stock Index which includes additional stocks and resources:

Oceania & Southeast Asia Stock Index

Frontier & Emerging Market Stock Index

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; 🗃️ Linked 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.

The Edge Billion Dollar Club 2025 Award Winners

Winners

United Plantations Berhad

COMPANY OF THE YEAR

📝 Living up to its ‘second to none’ credo (The Edge Malaysia) October 2025

• 🇲🇾 🇮🇩 United Plantations Berhad (KLSE: UPBMF / OTCMKTS: UPBMF) - One of the larger medium-sized plantation groups in Malaysia. Upstream plantation operations in Malaysia + Indonesia + several downstream refining activities. 🇼 🏷️

• Price/Book (Current): 3.47

• Trailing P/E: 14.09 (no forward P/E) / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

CIMB Group Holdings Bhd

BEST CR INITIATIVES - SUPER BIG CAP COMPANIES ABOVE RM40B MARKET CAPITALISATION

[HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS]

[BEST CR INITIATIVES]

📝 Strong upward trajectory in earnings (The Edge Malaysia) October 2025

• 🌏 CIMB Group Holdings Bhd (KLSE: CIMB / OTCMKTS: CIMDF) - Various banking products & services. 🇼 🏷️

• Price/Book (Current): 1.32

• Forward P/E: 11.22 / Forward Annual Dividend Yield: 4.57% (Yahoo! Finance)

SD Guthrie Bhd

BEST CR INITIATIVES - BIG CAP COMPANIES RM10B TO 40B MARKET CAPITALISATION

📝 Making a tangible impact daily (The Edge Malaysia) October 2025

• 🌐 SD Guthrie Bhd (KLSE: SDG / OTCMKTS: SDPNF) - Upstream & downstream palm oil + land development & renewable energy. 🇼 🏷️

• Price/Book (Current): 1.96

• Forward P/E: 20.12 / Forward Annual Dividend Yield: 3.36% (Yahoo! Finance)

Heineken Malaysia Bhd

BEST CR INITIATIVES - BELOW RM10B MARKET CAPITALISATION

📝 Brewing a better world with focused, consistent efforts (The Edge Malaysia) October 2025

• 🇲🇾 Heineken Malaysia Bhd (KLSE: HEIM) - Produces, packages, markets, & distributes alcoholic beverages primarily in Malaysia. 51% held indirectly by Heineken NV (AMS: HEIA / FRA: HNK1 / OTCMKTS: HEINY) via its wholly owned subs. GAPL Pte Ltd. 🇼 🏷️

• Price/Book (Current): 18.26

• Forward P/E: 16.08 / Forward Annual Dividend Yield: 6.58% (Yahoo! Finance)

SUPER BIG CAP COMPANIES: ABOVE RM40B MARKET CAPITALISATION

CIMB Group Holdings Bhd

HIGHEST GROWTH IN PROFIT AFTER TAX OVER THREE YEARS

[BEST CR INITIATIVES - SUPER BIG CAP COMPANIES ABOVE RM40B MARKET CAPITALISATION]

[BEST CR INITIATIVES]

📝 Strong upward trajectory in earnings (The Edge Malaysia) October 2025

Press Metal Aluminium Holdings Bhd

HIGHEST RETURN ON EQUITY OVER THREE YEARS

📝 Aluminium giant with healthy double-digit returns (The Edge Malaysia) October 2025

• 🌐 Press Metal Aluminium Holdings Bhd (KLSE: PMETAL) - Integrated aluminium producer. 🏷️

• Price/Book (Current): 6.66

• Forward P/E: 26.74 / Forward Annual Dividend Yield: 1.03% (Yahoo! Finance)

Read more

Note that the two corporate media articles included in the Tweet did not include any mention of who is behind those Chinese PE firms:

• 📰 Starbucks Sells Control Of China Unit To Boyu Capital At $4 Billion Value (Forbes) November 2025 🗃️

• 📰 Burger King Owner Sells Majority of China Unit to Speed Growth (Bloomberg) November 2025 🗃️

Shum (among others) have also recently tweeted some reality checks about the chances of China becoming a consumption driven economy and the political/economic system itself:

This was also an interesting point:

Noah’s long piece was from May:

Noahpinion

Thoughts on Sinofuturism

Most discussions that I see about China these days are about U.S.-China competition, or the question of whether China’s economy will reign supreme (my answer: Probably, yes, because it’s really big). But there’s another strain of discourse that’s kind of interesting, which is whether China is the Country of the Future, in ter…

Read more

a year ago · 438 likes · 49 comments · Noah Smith

And I thought this was an interesting point:

And the buildings themselves won’t always look as nice as they do now, either. I’m no Brian Potter, but even I know that over the course of about thirty or forty years, reinforced concrete tends to weather, crack, and spall. Most of urban China is very humid, and pollution levels are still fairly high; this will damage many of the nice new surfaces of China’s buildings, most of which were built in the last two decades. Buildings that turn out to have been built with substandard materials — and there are some of those out there — will go downhill earlier.

At that point, China will have to choose between A) expensive upkeep and redevelopment to keep cities looking new, or B) patching up and painting over old buildings to save money. Japan actually chooses the former, which is why it still looks nice — but this eternal construction and beautification costs a lot of society’s resources. Hong Kong and Taiwan have chosen the latter, and as a result, people gush a lot less about the built environment when they visit those cities these days.

It doesn’t take 30 or 40 years. As I mentioned before, there is a building on my street corner less than 20 years old that I try to avoid walking directly under because it has bad cracks in the façade (meaning the moisture has probably penetrated to the rebar and its actually the rebar that is corroding/expanding behind the façade). On the other hand and a few blocks away, the Federal Hotel (once the tallest building in Kuala Lumpur with a revolving restaurant at the top that opened a few days before Malaysia’s independence) is being refurbished and before the exterior was repainted, I could see no visible cracks…

Regarding China’s so-called advantage in the trade war, I thought these two Tweets offer potential reality checks:

It should be remembered that one of the things that kept the Soviet Union limping along into the 1980s and what still keeps Cuba afloat is the small amount of trade and capital inflows coming in from abroad (falling oil prices also probably hurt the USSR in its final decade). Without Hong Kong, one has to wonder how much worse China’s economy might be…

Finally, here is another interesting piece from Western corporate media (tweeted by Bill Bishop of the Sinocism Substack) that, IF true, is not a good sign:

📰 China Banks Issue Phantom Loans to Hit Targets in Slow Economy (Bloomberg) November 2025 🗃️

• Banks in China are asking clients to take out loans and then immediately repay them, with the bank covering the interest, in a practice known as “quick-lend-and-recover”.

• The practice is spreading as banks come under pressure to hit government-set targets that can’t be met by real demand, according to interviews with bankers.

• Regulators have vowed to prevent funds from circulating within the banking system instead of flowing to the real economy, and have previously found state-owned financial institutions issuing loans just before key assessment periods, only to withdraw them shortly after.

Once again, none of the above is to say there are NO opportunities to be found among Chinese and Hong Kong stocks, but one must maintain a realistic viewpoint about China.

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 - Ping An Insurance, Shenzhen Mindray Bio-Medical Electronics, BYD Company, BYD Electronic International Co Ltd, Shanghai United Imaging Healthcare, Shengyi Technolgy, Zhejiang Dingli Machinery, New Oriental Education, Anta Sports Products, WuXi AppTec, Futu Holdings, Jiangsu Hengli Hydraulic, Yangzijiang Shipbuilding Holdings, Xiaomi, Topsports, Great Wall Motor, Weibo Corp, Innovent Biologics, Meituan, Pop Mart International Group, Yancoal Australia, iQIYI, Baidu, J&T Express, JD.com, Alibaba & CGN Mining

Hong Kong stocks:

[Note: Access to some DBS Insights Direct pieces might be restricted depending on your location or browser.]

🇭🇰 Hong Kong - AIA Group, WH Group Ltd, ASMPT, Budweiser Brewing Company APAC Limited, BOC Hong Kong, China Overseas Grand Oceans Group Ltd, Luk Fook Holdings (International) Ltd, Stella International Holdings Ltd, Wharf Real Estate Investment Company Ltd & Hang Lung Properties Ltd

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 posts summarizing those) BUT these lists do not change too much from month to month. Stocks covered by the CMBI October 2025 list (including Additions and Deletions) and included in this post with updated stats and charts include:

Geely Automobile Holdings, Zhejiang Leapmotor Technology Co Ltd, Zoomlion Heavy Industry, Sany Heavy Equipment International Holdings, Green Tea Group, Guoquan Food Shanghai Co Ltd, Luckin Coffee, Proya Cosmetics, CR Beverage, BeOne Medicines (BeiGene), 3SBio, Ping An Insurance, PICC Property and Casualty Co Ltd, Tencent, Alibaba, Trip.com, Greentown Service Group, Xiaomi, Aac Technologies Holdings, BYD Electronic International Co Ltd, Horizon Robotics, OmniVision Integrated Circuits Group (Will Semiconductor Co Ltd), BaTeLab, Naura Technology & Salesforce

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

Ping An Insurance

🔬 Ping An (2318 HK) - 3Q earnings beat; improving business quality with catalysts across-the-board worth to expect (CMB International) 10-31 2025 ⚠️

• 🇨🇳 Ping An Insurance (SHA: 601318 / HKG: 2318 / SGX: HPAD / OTCMKTS: PNGAY) 🇨🇳 - One of the 3 largest integrated financial groups in China. 🇼 🏷️

• Price/Book (Current): 1.01

• Forward P/E: 6.31 / Forward Annual Dividend Yield: 4.65% (Yahoo! Finance)

Shenzhen Mindray Bio-Medical Electronics

🔬 Mindray (300760 CH) - Overseas strength offsets domestic softness (CMB International) 10-31 2025 ⚠️

• 🌐 Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (SHE: 300760) - Medical device manufacturer for human & veterinary use. 3 key business lines: Patient Monitoring & Life Support, In-Vitro Diagnostic Products & Medical Imaging Systems. 🇼 🏷️

• Price/Book (Current): 6.44

• Forward P/E: 21.10 / Forward Annual Dividend Yield: 2.59% (Yahoo! Finance)

BYD Company

🔬 BYD (1211 HK/002594 CH) - Recover gradually (CMB International) 10-31 2025 ⚠️

• 🌐 BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) 🇨🇳 - Electronics, automobiles, new energy & rail transit. 🇼 🏷️

• Price/Book (Current): 3.42

• Forward P/E: 17.36 / Forward Annual Dividend Yield: 1.44% (Yahoo! Finance)

BYD Electronic International Co Ltd

🔬 BYDE (285 HK) - 3Q25 dragged by smartphone components; Positive on foldable/auto/AI servers in 2026 (CMB International) 10-31 2025 ⚠️

• 🌐 BYD Electronic International Co Ltd (HKG: 0285) 🇭🇰 - Intelligent product solutions, new materials R&D, product R&D, intelligent manufacturing, supply chain management, logistics and after-sales services. 🇼 🏷️

• Price/Book (Current): 2.72

• Forward P/E: 12.52 / Forward Annual Dividend Yield: 1.76% (Yahoo! Finance)

Shanghai United Imaging Healthcare

🔬 United Imaging (688271 CH) - Strong recovery in Q3 (CMB International) 10-31 2025 ⚠️

• 🌐 Shanghai United Imaging Healthcare Co Ltd (SHA: 688271) - Advanced medical imaging, radiotherapy equipment, life science instruments & intelligent digital solutions. 🇼 🏷️

• Price/Book (Current): 5.54

• Forward P/E: 52.36 / Forward Annual Dividend Yield: 0.15% (Yahoo! Finance)

Read more

Unfortunately, we increasingly don’t have anything that resembles a search engine these days. While Google is still good at producing results for niche searches (or, for example COMPANY NAME “Investor Relations”), its becoming increasingly useless thanks to “sponsored results,” clickbait, misinformation and other garbage.

This of course gives AI an opening to replace flawed search engines. However, DeepSeek and Qwen were only mildly helpful when I gave them examples of the types of stock research or newspaper coverage of analysts ratings that I wanted to find more of for particular regions or countries. And once again, Grok was totally useless when it came to asking it to find tweets or accounts similar to examples I gave it.

Manus.im, another free (with daily credit limits) AI provider which I guess is positioning itself more as an “AI assistant,” was far more helpful and either directly or indirectly led me to finding more resources to follow.

Here is another example question I recently asked Manus that I got excellent results for:

It came up with three possible nurseries that I probably would have only found after multiple Google searches and by going well beyond the first page of results (with no guarantee that I would have found these nurseries given the broad rather than specific geographic target and the fact that I only want to buy one tree - not a whole orchard worth - to plant in my parent’s yard…).

On the other hand, when I ran this lengthy post through Manus, the output seemed much more limited compared to the output of DeepSeek (which either got tired of analysing it after SE Asia or ran out of computing power). In other words, you still need to play around with multiple AI tools and hope one comes up with the sort of results that you are looking for…

Specific stocks covered in this seventh 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 - 🌐 Emerging Market Stock Picks (Mid-March 2025), 🌐 Emerging Market Stock Picks (Early April 2025), 🌐 Emerging Market Stock Picks (April 2025), 🌐 Emerging Market Stock Picks (May 2025), 🌐 Emerging Market Stock Picks (June 2025), 🌐 Emerging Market Stock Picks (July 2025), 🌐 Emerging Market Stock Picks (August 2025) & 🌐 Emerging Market Stock Picks (September 2025)) plus further DeepSeek 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…]

• Asia

  • East Asia

    • 🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

    • 🇰🇷 Korea

    • 🇹🇼 Taiwan

  • SE Asia

    • 🇮🇩 Indonesia - PT GoTo Gojek Tokopedia Tbk, Sarana Menara Nusantara Tbk PT, Kalbe Farma Tbk PT, PT Bank Syariah Indonesia Tbk, Sinergi Inti Andalan Prima Tbk PT, Bank Jago Tbk PT, Indosat Ooredoo Hutchison, Unilever Indonesia Tbk PT, PT Dayamitra Telekomunikasi Tbk, Pakuwon Jati Tbk PT, AKR Corporindo Tbk PT, Bank Mandiri Tbk PT, Bank Tabungan Negara (Persero) Tbk PT, Bank Negara Indonesia (Persero) Tbk PT, Bumitama Agri Ltd, Bank Central Asia Tbk PT, Telkom Indonesia (Persero) Tbk PT, Jayamas Medica Industri Tbk PT, Sumber Alfaria Trijaya Tbk PT, Timah Tbk PT, Japfa Comfeed Indonesia Tbk PT, Bank Rakyat Indonesia Tbk PT, Autopedia Sukses Lestari Tbk PT, Astra International Tbk PT, Bank Jtrust Indonesia Tbk PT, Indonesia Kendaraan Terminal Tbk PT, Aneka Tambang Tbk PT & Blue Bird Tbk PT

    • 🇲🇾 Malaysia - CNMC Goldmine Holdings Ltd

    • 🇵🇭 Philippines

    • 🇸🇬 Singapore - iFAST Corporation Ltd, CapitaLand Integrated Commercial Trust, Centurion Accommodation REIT, China Aviation Oil, HRNetGroup, Mapletree Logistics Trust, Keppel DC REIT, KSH Holdings Limited, Singapore Technologies Engineering Ltd, Sembcorp Industries, Suntec Real Estate Investment Trust, CDL Hospitality Trusts, OUE Real Estate Investment Trust, Mapletree Pan Asia Commercial Trust, Marco Polo Marine Ltd, Frasers Centrepoint Trust, COSCO Shipping International (Singapore) Co Ltd, Genting Singapore Ltd, Sanli Environmental Ltd, Digital Core REIT, First Resources Ltd, Sheng Siong Group Ltd, NetLink NBN Trust, Nanofilm Technologies, CSE Global Ltd, Oversea-Chinese Banking Corp (OCBC), Central Plaza Hotel PCL, Centurion Corporation Ltd, StarHub, GuocoLand Limited, Aztech Global Ltd, Grab Holdings Ltd, ComfortDelGro Corporation Ltd, Keppel Ltd, Soilbuild Construction Group Ltd, ASL Marine Holdings Ltd, Riverstone Holdings, 17LIVE Group, DBS Group, Seatrium Ltd, BRC Asia Limited, Keppel REIT, Wilmar International, UOL Group Ltd, Banyan Tree Holdings, Stoneweg European REIT, Lendlease Global Commercial REIT, CapitaLand Ascendas REIT, Tai Sin Electric Ltd, AEM Holdings Ltd & Aspial Lifestyle Ltd

    • Singapore Broker’s Digest

    • 🇹🇭 Thailand - WHA Corporation PCL, Central Retail Corporation PCL, Kasikornbank PCL, Indorama Ventures PCL, Central Pattana PCL, Bangkok Bank PCL, PTT Exploration & Production PCL, Siam Cement PCL, Bangkok Expressway and Metro PCL, Land and Houses PCL, Gulf Development PCL, SCG Packaging PCL, Osotspa PCL, Carabao Group PCL, Home Product Center PCL, Erawan Group PCL, BGrimm Power PCL, Muangthai Capital PCL, PTT Oil & Retail Business PCL, Thai Beverage PCL, Delta Electronics Thailand PCL, Global Power Synergy PCL, Bangchak Corporation PCL, Thai Oil PCL, Tidlor Holdings PCL, PTT Global Chemical PCL, Berli Jucker PCL, SCB X PCL, Krung Thai Bank PCL, IRPC PCL, Kiatnakin Phatra Bank PCL, CP ALL PCL, Bhiraj Office Leasehold REIT, Tisco Financial Group PCL, Charoen Pokphand Foods PCL, Aeon Thana Sinsap Thailand PCL, Bangkok Dusit Medical Services PCL, Bumrungrad Hospital PCL, Thai Union Group PCL & True Corporation PCL

  • South Asia

    • 🇮🇳 India

• Africa

  • 🇿🇦 South Africa - The Latest JSE Analyst Recommendations (End of October)

• Middle East

  • 🇧🇭 Bahrain - Al Salam Bank

  • 🇴🇲 Oman - Oq Exploration and Production CJSC

  • 🇸🇦 Saudi Arabia - SABIC Agri-Nutrients Co, Bank Albilad SJSC, Etihad Etisalat Company SJSC, Arab National Bank, The Saudi Investment Bank SJSC, Alinma Bank, Riyad Bank, Banque Saudi Fransi SJSC, Al Rajhi Bank, Saudi National Bank SJSC, Jarir Marketing Company & Almarai Company

  • 🇦🇪 United Arab Emirates (UAE) - Alef Education Holding PLC, Abu Dhabi Polymers Co Borouge LLC Ltd, Dubai Islamic Bank PJSC, United Arab Bank, ADNOC Drilling Company PJSC, Aldar Properties, Abu Dhabi Commercial Bank PJSC, Emirates Driving Company, National Bank of Ras Al Khaimah PSC, Emirates Integrated Telecommunications Co PJSC, Emirates NBD Bank PJSC, Commercial Bank of Dubai, Abu Dhabi Islamic Bank PJSC, Sharjah Islamic Bank & Investcorp Capital Plc

• Eastern Europe & Emerging Europe

  • 🇭🇺 Hungary - PannErgy Nyrt & Opus Global Nyrt

  • 🇵🇱 Poland - Fabrity SA, Ailleron SA, Enter Air SA, Bioceltix SA, Dadelo SA, Medicalgorithmics SA, Newag Sa, Cyber_Folks SA, Quercus TFI SA, ASBISc Enterprises Plc, Auto Partner SA, Vigo Photonics SA, Izostal SA, Lubelski Wegiel Bogdanka SA, Scope Fluidics SA, PA Nova SA, Atende SA, Ze Pak Sa & Makarony Polskie SA

• Latin America

  • 🇲🇽 Mexico & Central America - FIBRA Prologis, GMexico Transportes, Alfa SAB de CV, Grupo Aeroportuario del Centro Norte or OMA, Fomento Economico Mexicano SAB de CV, CEMEX, Wal-Mart de Mexico SAB de CV, Coca-Cola Femsa SAB de CV, Arca Continental SAB de CV, La Comer SAB de CV, Fibra Monterrey SAPI de CV, Gentera SAB de CV, Grupo Aeroportuario del Sureste (ASUR), El Puerto de Liverpool SAB de CV, Grupo Comercial Chedraui SAB de CV, GCC SAB de CV, Alpek SAB de CV, Grupo Aeroportuario del Pacífico or GAP & America Movil SAB de CV

Note that a number of Middle East stocks covered have rather attractive dividend yields now that CD rates are starting to come down IF you are in places like the USA…

I also saved a copy of this post and ran it through DeepSeek…:

• 🤖 DeepSeek Analysis

  • SE Asia

    • 1. High Dividend Yield & Value Plays

    • 2. Growth & Momentum Stories

    • 3. Defensive & Stable Cash Flow Generators

    • 4. Turnaround & Recovery Candidates

    • 5. Unique & Thematic Opportunities

  • Summary of Top Picks by Category:

However and at over 200 pages when saved as a PDF, DeepSeek clearly ran out of gas or got tired by the end of the SE Asia section which necessitated me asking about the other regions in a follow-up question:

• Middle East, Eastern Europe & Mexico

  • Middle East & Saudi Arabia

  • Eastern Europe & Poland

  • Mexico

  • Summary by Region:

In other words, don’t expect or rely completely on AI to have any more desire than you do of analysing or summarizig a 200+ page annual report or legal documents…

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

🇮🇩 Indonesia

PT GoTo Gojek Tokopedia Tbk

🔬 PT GoTo Gojek Tokopedia Tbk. (GOTO) - Profitability on Track (Kiwoom Sekuritas Indonesia) 31 October 2025 ⚠️

• 🇮🇩 GoTo Gojek Tokopedia Tbk PT (IDX: GOTO / FRA: CK8 / OTCMKTS: GTOFF) - Ride-hailing app giant Gojek and e-commerce firm Tokopedia. 🇼 🏷️

• Price/Book (Current): 1.88

• Forward P/E: 71.94 / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

Sarana Menara Nusantara Tbk PT

🔬 TOWR - Fiber expansion strengthens growth outlook (KB Valbury Sekuritas) 31 October 2025 ⚠️

• 🇮🇩 Sarana Menara Nusantara Tbk PT (IDX: TOWR / OTCMKTS: SMNUF) - Telecommunication towers for wireless operators + other services. 🇼 🏷️

• Price/Book (Current): 1.57

• Forward P/E: 7.49 / Forward Annual Dividend Yield: 2.97% (Yahoo! Finance)

Kalbe Farma Tbk PT

🔬 KLBF - 9M25 results came in-line on solid 3Q25 sales growth (KB Valbury Sekuritas) 31 October 2025 ⚠️

🔬 PT. Kalbe Farma Tbk (KLBF) - Maintaining Growth Momentum (Kiwoom Sekuritas Indonesia) 30 October 2025 ⚠️

🔬 KLBF: 3Q25 Results – Performance Rebound (Samuel Sekuritas Indonesia) 30 October 2025 ⚠️

• 🌏🌍 Kalbe Farma Tbk PT (IDX: KLBF / FRA: LCLA / OTCMKTS: PTKFF) - Prescription, over-the-counter drug & nutritional supplement maker. 🇼 🏷️

• Price/Book (Current): 2.19

• Forward P/E: 12.69 / Forward Annual Dividend Yield: 2.88% (Yahoo! Finance)

PT Bank Syariah Indonesia Tbk

🔬 BRIS - Another inline earnings in 9M25 (KB Valbury Sekuritas) 31 October 2025 ⚠️

🔬 BRIS: BUY (Maintained), TP at 3,100 – 3Q25 Results (Samuel Sekuritas Indonesia) 30 October 2025 ⚠️

• 🇮🇩🏛️ PT Bank Syariah Indonesia Tbk (IDX: BRIS) - World’s largest Islamic bank by customer numbers. 🇼 🏷️

• Price/Book (Current): 2.52

• Forward P/E: 12.95 / Forward Annual Dividend Yield: 0.91% (Yahoo! Finance)

Sinergi Inti Andalan Prima Tbk PT

🔬 INET: Attractive: Robust Growth Ahead – BUY (Initiation) – TP at IDR 500 (Samuel Sekuritas Indonesia) 30 October 2025 ⚠️

• 🇮🇩 Sinergi Inti Andalan Prima Tbk PT (IDX: INET) - Data center interconnection, SD-WAN networking, colocation, multi-service port, cloud-centric enterprise network & managed service network solutions. 🏷️

• Price/Book (Current): 9.03

• Trailing P/E: 315.86 (no forward P/E) / Forward Annual Dividend Yield: 0.03% (Yahoo! Finance)

Read more

[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… Access to some DBS Insights Direct pieces might be restricted depending on your location or browser.]

• Asia

  • SE Asia

    • 🇮🇩 Indonesia - Bank Tabungan Negara (Persero) Tbk PT, Bank Negara Indonesia (Persero) Tbk PT, Bank Mandiri (Persero) Tbk PT, Bank Jago Tbk PT, Bank Central Asia Tbk PT, Astra International Tbk PT, GoTo Gojek Tokopedia Tbk PT, Telkom Indonesia (Persero) Tbk PT & Sarana Menara Nusantara Tbk PT

    • 🇸🇬 Singapore - AEM Holdings Ltd, Singapore Telecommunications Ltd, Wilmar International Ltd, Food Innovators Holdings, CapitaLand China Trust, City Developments Ltd, SIA Engineering Company Ltd, Singapore Airlines Ltd, OTS Holdings, Sheng Siong Group Ltd, ComfortDelGro Corporation Ltd, Grand Venture Technology Ltd, Sasseur REIT & Frasers Centrepoint Trust

    • 🇹🇭 Thailand - SCG Packaging PCL, Ekachai Medical Care PCL, Central Retail Corporation PCL, Master Style PCL, Thai Beverage PCL, TMBThanachart Bank PCL, PTT Exploration and Production PCL, IMPACT Growth Real Estate Investment Trust, LH Hotel Leasehold Real Estate Investment Trust, Bangkok Dusit Medical Services PCL, Airports of Thailand PCL, PTT Global Chemical PCL, Tisco Financial Group PCL, Stecon Group PCL, Praram 9 Hospital PCL, Central Plaza Hotel PCL (Centara Hotels & Resorts), Krung Thai Bank PCL, TQM Alpha PCL, Delta Electronics Thailand PCL & Charoen Pokphand Foods PCL

  • Middle East

    • 🇧🇭 Bahrain - GFH Financial Group

    • 🇦🇪 United Arab Emirates (UAE) - RAK Properties

• Africa

  • 🇿🇦 South Africa - Argent Industrial, Sea Harvest Group Ltd, Stadio Holdings Ltd, Grindrod Limited, Afrimat Ltd, Blue Label Telecoms, Sabvest Capital Ltd, Nampak Ltd, Quantum Foods Holdings, Omnia Holdings, Telkom SA SOC, Premier Group, Oceana Group Ltd, Frontier Transport Holdings, Mr Price Group & Libstar Holdings

• Eastern Europe & Emerging Europe

  • 🇭🇺 Hungary - Wizz Air Holdings

• Latin America

  • 🇲🇽 Mexico & Central America - Alfa SAB de CV, Grupo Aeroportuario del Pacífico & Arca Continental SAB de CV

🤖 DeepSeek Analysis

1. High Dividend Yield Stocks (Income Investors)

2. Value Plays (Low P/B, Undervalued)

3. Growth Potential (Tech/Innovation)

4. Defensive Picks (Stable Cash Flows)

5. Momentum/Technical Picks

6. Special Situations

Key Themes for Investors

• SE Asia Banks: High yields

• Commodity/Industrial Turnarounds

• Tech/Consumer Growth

• Dividend Aristocrats

🤖 Further Insights

1. Indonesian Banks: Loan Growth vs. Margin Pressure

2. Singapore REITs: Yield Plays with Capex Risks

3. Thai Healthcare: Earnings Resilience

4. South Africa: Capital Allocation Stars

5. Tech & Growth Controversies

6. Commodities & Turnarounds

• Key Themes from Headlines/Tweets

🤖 Forward Annual Dividend Yields Analysis

🤖 Price/Book (Current)

Again, a human analyst will still need to look closer at the above DeepSeek analysis / conclusions to determine whether they are justified or not.

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

🇮🇩 Indonesia

Bank Tabungan Negara (Persero) Tbk PT

🔬 Bank Tabungan Negara (Persero) Tbk PT (BBTNIJ) - Credit cost continues to rise amidst concern on the mortgage (DBS Insights Direct) 26 Jun 2025 ⚠️

🔬 Bank Tabungan Negara (Persero) Tbk PT (BBTNIJ) - Bank Tabungan Negara: Why BTN does not deserve a valuation rerating? (DBS Insights Direct) 25 Jun 2025 ⚠️

• 🇮🇩 Bank Tabungan Negara (Persero) Tbk PT (IDX: BBTN / FRA: TA2) - Personal, business & sharia banking. 🇼 🏷️

• Price/Book (Current): 0.48

• Forward P/E: 4.71 / Forward Annual Dividend Yield: 4.80% (Yahoo! Finance)

Bank Negara Indonesia (Persero) Tbk PT

🔬 Bank Negara Indonesia (Persero) Tbk PT (BBNIIJ) - <News Alert> Bank Negara Indonesia (BBNI IJ) 5M25: Soft loan growth trend persists (DBS Insights Direct) 26 Jun 2025 ⚠️

🔬 Bank Negara Indonesia (Persero) Tbk PT (BBNIIJ) - Bank Negara Indonesia: Funding costs continues to bite into profitability (DBS Insights Direct) 25 Jun 2025 ⚠️

• 🌐🏛️ Bank Negara Indonesia (IDX: BBNI / FRA: BKE1 / OTCMKTS: PBNNF / PTBRY) - Originally established as Indonesia’s central Bank. 🇼 🏷️

• Price/Book (Current): 0.91

• Forward P/E: 6.75 / Forward Annual Dividend Yield: 9.08% (Yahoo! Finance)

Bank Mandiri (Persero) Tbk PT

🔬 Bank Mandiri (Persero) Tbk PT (BMRIIJ) - <News Alert> Bank Mandiri (BMRI IJ) 5M25 : Muted earnings growth despite healthy loan growth (DBS Insights Direct) 24 Jun 2025 ⚠️

• 🌏🏛️ Bank Mandiri Tbk PT (IDX: BMRI / FRA: PQ9 / OTCMKTS: PPERF) - Wholesale & Retail segments. 🇼 🏷️

• Price/Book (Current): 1.77

• Forward P/E: 7.81 / Forward Annual Dividend Yield: 9.55% (Yahoo! Finance)

Bank Jago Tbk PT

🔬 Bank Jago Tbk PT (ARTOIJ) - Impressive loan growth trend continues (DBS Insights Direct) 25 Jun 2025 ⚠️

• 🇮🇩 Bank Jago Tbk PT (IDX: ARTO / OTCMKTS: BJAGF) - Tech-based bank focused digital financial solutions. 🇼 🏷️

• Price/Book (Current): 2.77

• Forward P/E: 70.92 / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

Bank Central Asia Tbk PT

🔬 Bank Central Asia Tbk PT (BBCAIJ) - Intact loan growth and lower provision supported earnings growth (DBS Insights Direct) 16 Jun 2025 ⚠️

• 🇮🇩 Bank Central Asia (BCA) Tbk PT (IDX: BBCA / FRA: BZG2 / OTCMKTS: PBCRF) - Largest private bank in Indonesia. Founded by Salim Group & sold to another conglomerate group Djarum. 🇼 🏷️

• Price/Book (Current): 4.30

• Forward P/E: 18.12 / Forward Annual Dividend Yield: 3.46% (Yahoo! Finance)

Read more

In the past, I had written about two F&B stocks that you will widely encounter on visits to Taiwan:

• Gourmet Master (TPE: 2723): Taiwan's Rapidly Expanding Version of Starbucks

  • Gourmet Master Co., Ltd. (TPE: 2723) is an investment holding company operating around 1,000 bakery cafes under the 85°C name in Taiwan, China, Hong Kong, Australia, United States, and Cambodia.

• Bafang Yunji International (TPE: 2753): Turning Things Around and Expanding in HK Plus the USA

  • Taiwan based Bafang Yunji International Co., Ltd. (TPE: 2753) operates dumpling-potsticker plus pork rib restaurant chains with branches in China (closing), Hong Kong & the USA where they are starting to expand

• Taiwan Stopover + Non-Tech Taiwan Stock Updates

  • A short Taiwan stopover; Bafang Yunji International Co., Ltd. (TPE: 2753) vs. Gourmet Master Co., Ltd. (TPE: 2723); China Airlines (TPE: 2610) vs. Eva Airways Corp (TPE: 2618) updates; etc.

Although I missed their presentation, Bafang was among the F&B presenters looking at expanding to Malaysia or SE Asia in general and I also chatted with their rep (otherwise, I did not really recognize any of the other F&B concepts presenting…).

However and in Taiwan, the core Bafang Dumpling concept is more geared for providing affordable pan-fried potstickers/dumplings/noodles to students & office/blue collar workers, etc. If they were to expand to SE Asia, I hope they would enter at a similar price point (e.g. what China’s Mixue has done) geared for the mass market rather than try to compete for a share of the smaller upper income brackets.

As far as I know, Bafang has closed all their Xiamen outlets (China’s covid lockdowns, economic problems, and tensions with Taiwan make this a wise business strategy) while I am not sure about the status of their Hong Kong outlets or if they plan to continue growing there. On the other hand and according to their brochure, they now have 11 locations in Southern California (in Asian communities that no doubt have above average incomes) and are opening an outlet in Texas by the end of the year where there are also sizable Asian communities.

As for the rest of the expo’s participants, I did not really recognize too many names or listed companies plus some of the participants or staff (I assume to be working for the local event organizer) were not so fluent in English as they would obviously be talking in Cantonese/Hokkien or I guess Mandarin (as more Malaysians are probably learning it in Chinese school) to each other:

EWT, FLTW & The Taiwan Fund

Interactive Brokers now gives access to the Taiwan stock market and the rest of this post takes a closer look at all 120+ stock holdings for the following two Taiwan ETFs (there is considerable overlap with the holdings of the two):

• iShares MSCI Taiwan ETF (NYSEARCA: EWT) - Inception: June 20, 2000

  • Expense Ratio: 0.59%

  • P/E: 17.12 / Dividend Yield: 2.28% (Yahoo! Finance)

• Franklin FTSE Taiwan ETF (NYSEARCA: FLTW) - Inception: November 2, 2017

  • Net Expense Ratio: 0.19%

  • P/E: 17.20 / Dividend Yield: 1.84% (Yahoo! Finance)

And for reference, there is one Taiwan closed-end fund:

• The Taiwan Fund, Inc (NYSE: TWN) - Inception: December 23, 1986

  • Price/Book (Current): 0.96

  • Trailing P/E: 12.18 (no forward P/E) / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

We cover The Taiwan Fund in our Sunday posts and it always feels like they do a fair amount of trading every month or quarter. Otherwise, their monthly fact sheets do provide good commentary about the Taiwan market and the latest tech trends.

For returns, here is a look at the more recent performance of both Taiwan ETFs and the closed-end Taiwan fund covering the COVID period (the charts are linked back to Yahoo! Finance):

And the long term performance of all three funds:

As you can see from the above charts, The Taiwan Fund has tended to outperform the two Taiwan ETFs. However, note that both ETFs and the Taiwan closed-end fund are still heavily overweighed in TSMC:

IF you already own TSMC, it may not make sense to invest in the Taiwan ETFs or closed-end fund given these weightings.

The remainder of their portfolios are also heavily geared toward tech stocks and some Taiwan tech stocks have gone parabolic in the past as potential AI plays:

Aside from being tech orientated, some specific things you will notice when skimming through the holdings covered later in this post include how most of these Taiwanese stocks pay decent dividends - including the tech ones.

It should also be noted that the New Taiwan Dollar (NTD) has been fluctuating a bit in recent years against the USD (albeit not by that much compared with many emerging or frontier market currencies):

We have covered what’s been going on with the TWD’s sudden recent surge in some recent Monday post:

📰 Taiwan dollar rise threatens insurers’ profitability (The Asset) 🗃️

• Fitch puts five local life insurance firms on ‘rating watch negative’ as risks to their capital and earnings increase

• Taiwanese life insurers, with their large holdings of USD fixed-income assets and short positions in the Taiwan dollar, have been adversely affected and remain exposed to further NTD appreciation.

• Those placed on the Fitch RWN list are Cathay Life Insurance [Cathay Financial Holding Co., Ltd. (TPE: 2882 / 2882A / OTCMKTS: CHYFF)], Fubon Life Insurance [Fubon Financial Holding Co Ltd (TPE: 2881 / 2881B / 2881C / OTCMKTS: FUISF / FUIZF)], and KGI Life Insurance [KGI Financial Holding Co Ltd (TPE: 2883 / 2883B)], all with Insurer Financial Strength ( IFS ) Rating of “A”; Nan Shan Life Insurance, with an IFS Rating of “A–“; and Taiwan Life Insurance, with an IFS Rating of “BBB+”.

• At the same time, Fitch has placed Shin Kong Life Insurance's ( SKL ) [Shin Kong Financial Holding Co Ltd (TPE: 2888 / 2888A / 2888B)] IFS Rating of “BBB” on Rating Watch Evolving ( indicating uncertainty about the future direction ), and affirmed Chubb Life Insurance Taiwan Company's National IFS Rating at “AA–( twn )” with Stable Outlook.

📰 What The Hell Is Going On With The Taiwan Dollar? (ZeroHedge) $ 🗃️

• This week saw Taiwan’s dollar surged the most since 1988 as traders speculated that authorities might allow it to appreciate to help reach a trade deal with the US...

• In an emergency press briefing late Monday, Taiwan’s central bank sought to quell speculation about the currency’s surge, saying that the wild, two-day appreciation was partially attributable to market chatter and urged against irresponsible speculation.

• It also reiterated that the US did not require the currency to appreciate. Taiwan’s office of trade negotiations also said that it had wrapped up a first round of tariff-reduction negotiations with the US and that the talks did not touch upon the issue of foreign exchange policy. US President Donald Trump has previously advocated a weaker US dollar to boost America’s competitiveness

Our Other Taiwan Stock Posts

Last year, I also did a post about my last stopover in Taiwan:

• Taiwan Stopover + Non-Tech Taiwan Stock Updates

  • A short Taiwan stopover; Bafang Yunji International Co., Ltd. (TPE: 2753) vs. Gourmet Master Co., Ltd. (TPE: 2723); China Airlines (TPE: 2610) vs. Eva Airways Corp (TPE: 2618) updates; etc.

And in addition to the previously mentioned F&B stocks, I have also done write-ups about these two potentially interesting but not so well known Taiwanese tech stocks:

• E Ink Holdings (TPE: 8069): Moving Beyond ePaper & the Amazon Kindle into Digital Retail Pricing Labels

  • Taiwan based E Ink Holdings (TPE: 8069) is an electronic paper (ePaper) & electronic ink stock. Amazon Kindle, wearables, etc. plus retailers like Wal-Mart (for digital labels) use the technology.

• Yageo Corp (TPE: 2327 / OTCMKTS: YAGOY): Powering AI with Passive Components

  • Taiwan-based electronic component manufacturer Yageo Corp (TPE: 2327 / OTCMKTS: YAGOY) is one of the largest passive component makers in the world helping to power AI.

Market Observation Post System (MOPS)

For further research about Taiwan stocks, the Market Observation Post System (MOPS) has company profiles and financial information in English (when available), but the site is slightly clunky to use as it seems like you need to re-search for the company under each tab and can’t save a URL for a specific search result…:

Taiwan ETF Holdings

To make your life easier, the rest of this post includes:

• The broad industry classification for the stock.

• Which ETF or ETFs own the stock as a holding.

• A quick description of the stock pick with links to the IR page and stock quote(s) on Yahoo! Finance.

• A link (🇼) to any Wikipedia page (for what it might be worth…)

• A price/book (current) ratio plus forward or trailing P/E and dividend yields linked back to the Yahoo! Finance statistics page. MOPS is probably a better tool than Yahoo! Finance for certain financial ratios e.g. I have noticed that some forward dividends on Yahoo! Finance’s statistics page have not changed since last year when I did this post.

• The latest long term technical chart linked back to Yahoo! Finance.

Note that on desktop browsers, an autogenerated table of contents will appear on the left side linked to each stock covered in the post.

Unfortunately, I could not upload the rest of this post into DeepSeek for some AI insights as I got a message the document “may violate terms” given Taiwan is mentioned a number of times…

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

Accton Technology

Information Technology

EWT & FLTW

🌐 Accton Technology (TPE: 2345) - Open hardware platforms for data center, carrier access, campus, SD-WAN networks & IoT. 🇼 🏷️

• Price/Book (Current): 10.45

• Forward P/E: 19.23 / Forward Annual Dividend Yield: 1.48% (Yahoo! Finance)

Acer Inc

Information Technology

EWT & FLTW

🌐 Acer Inc (TPE: 2353 / FRA: AC5G / OTCMKTS: ACEYY) - Hardware & electronics (PCs, laptop PCs, tablets, servers, storage devices, virtual reality devices, displays, smartphones, peripherals & gaming PCs). 🇼 🏷️

• Price/Book (Current): 1.28

• Forward P/E: 17.39 / Forward Annual Dividend Yield: 5.46% (Yahoo! Finance)

Advanced Energy Solution Holding Co Ltd

Industrials

FLTW

🌏 Advanced Energy Solution Holding Co Ltd (TPE: 6781) - Lithium battery modules. Production sites in Changshu, China & Hsinchu, Taiwan. British Cayman Islands registered. 🏷️

• Price/Book (Current): 5.96

• Trailing P/E: 37.11 (no forward P/E) / Forward Annual Dividend Yield: 1.14% (Yahoo! Finance)

Advantech Co., Ltd.

Information Technology

EWT & FLTW

🌐 Advantech Co., Ltd. (TPE: 2395) - Global leader in industrial IoT. Automation & Embedded Computing products/solutions. 🏷️

• Price/Book (Current): 6.15

• Forward P/E: 26.53 / Forward Annual Dividend Yield: 2.81% (Yahoo! Finance)

Airtac International Group

Industrials

EWT & FLTW

🌐 Airtac International Group (TPE: 1590) - Transmission equipment (Preparation units, control components, actuators, accessories & linear guides). 🏷️

• Price/Book (Current): 3.72

• Forward P/E: 22.12 / Forward Annual Dividend Yield: 2.08% (Yahoo! Finance)

Read more

I uploaded this lengthy post covering a number of emerging market stocks to DeepSeek and asked it a few questions or for insights about the stocks covered:

Q: What are the average country Forward Annual Dividend Yields among the stocks mentioned in this report?

Here are the average Forward Annual Dividend Yields for the countries mentioned in the report, based on the stocks listed:

Southeast Asia

• Indonesia (ID): ~6.5%

• Malaysia (MY): ~1.85%

• Singapore (SG): ~4.8%

• Thailand (TH): ~4.3%

Middle East

• United Arab Emirates (AE): 11.00% (only Investcorp Capital listed)

Africa

• South Africa (ZA): ~3.2%

Latin America

• Mexico (MX): ~2.9%

Key Observations:

1. Highest Yield: UAE (11.00%, but only 1 stock) and Indonesia (~6.5%).

2. Lowest Yield: Malaysia (~1.85%) due to lower-yielding stocks like IHH Healthcare.

3. Southeast Asia Dominance: Indonesia and Thailand offer higher average yields (~4-6.5%), while Singapore balances growth and income (~4.8%).

4. Latin America: Mexico’s average is dragged down by growth-focused stocks like MercadoLibre (0% yield).

Note that its harder for most foreign investors to access Indonesian stocks while the Rupiah seems to steadily depreciate against the USD while the Thai Baht and Singapore Dollar seem to be more stable (at least to me when compared to the Ringgit, Philippine Peso, etc.)

My next question for DeepSeek gave a more complex answer:

Q: What are the average Price/Book (Current) and Forward P/E among the stocks mentioned in this report and what insights can you give about valuations?

Some insights gained:

My last question for DeepSeek was even more complicated to answer:

Q: What further insights can you add about particular stocks from the headlines of reports/articles (denoted by 🔬or 📰) or screenshots of tweets included in the report?

Some of DeepSeek’s conclusions:

And:

Of course, a human analyst will still need to look closer at the above conclusions to determine whether they are justified or not. Nevertheless, it does show the usefulness of these sorts of AI offerings to help wade through alot of data or noise…

Specific stocks covered in this fourth 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 - 🌐 Emerging Market Stock Picks (Mid-March 2025), 🌐 Emerging Market Stock Picks (Early April 2025) & 🌐 Emerging Market Stock Picks (April 2025):

[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… Access to some DBS Insights Direct pieces might be restricted depending on your location or browser.]

• Asia

  • SE Asia

    • 🇮🇩 Indonesia - Indosat Ooredo Hutchison Tbk PT, Bank Rakyat Indonesia (Persero) Tbk PT, Bank Tabungan Negara (Persero) Tbk PT, Bank Mandiri (Persero) Tbk PT, Bank Negara Indonesia (Persero) Tbk PT, Aneka Tambang Tbk PT, PT Merdeka Copper Gold Tbk, Bank Jago Tbk PT, Alamtri Resources Indonesia Tbk PT, Astra International Tbk PT, Mitra Adiperkasa Tbk PT, Bank Central Asia Tbk PT, Bumitama Agri Ltd, Indo Tambangraya Megah Tbk PT, Mayora Indah Tbk PT, Indofood Sukses Makmur Tbk PT, Indofood CBP Sukses Makmur Tbk PT, XLSmart Telecom Sejahtera, Global Digital Niaga TBK PT, Telkom Indonesia (Persero) Tbk PT, Bukalapak.com Tbk PT, PP London Sumatra Indonesia Tbk PT, Perusahaan Gas Negara Tbk PT, Charoen Pokphand Indonesia Tbk PT, Sumber Alfaria Trijaya Tbk PT & Astra Agro Lestari Tbk PT

    • 🇲🇾 Malaysia - IHH Healthcare Bhd & Frencken Group Ltd

    • 🇸🇬 Singapore - Seatrium Limited, SATS Ltd, Singapore Telecommunications Ltd, SIA Engineering Company Ltd, AEM Holdings Ltd, Delfi Ltd, Singapore Airlines Ltd, ComfortDelGro Corporation Ltd, Karooooo Ltd, NetLink NBN Trust, SEA Ltd, Mapletree Industrial Trust, Genting Singapore Ltd, Wilmar International Ltd, Venture Corporation Ltd, APAC Realty Ltd, UMS Integration Ltd, Mapletree Logistics Trust, Daiwa House Logistics Trust, AIMS APAC REIT, Frasers Logistics & Commercial Trust, United Overseas Bank Ltd, Frasers Hospitality Trust, CDL Hospitality Trusts, CapitaLand Investment Ltd, Sheng Siong Group Ltd, Grab Holdings Ltd & ISDN Holdings

    • 🇹🇭 Thailand - Amata Corporation PCL, BGrimm Power PCL, Siam Wellness Group PCL, Axtra Future City Freehold and Leasehold Real Estate Investment Trust, Berli Jucker PCL, Stecon Group, Osotspa PCL, Warrix Sport PCL, Chularat Hospital PCL, WHA Industrial Leasehold REIT, Thailand Future Fund, WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust, PTG Energy PCL, Minor International PCL, Central Retail Corporation PCL, Hana Microelectronics PCL, Srisawad Corporation PCL, Com7 PCL, Praram 9 Hospital PCL, Muangthai Capital PCL, CH Karnchang PCL, Bangkok Chain Hospital PCL, Charoen Pokphand Foods PCL, Airports of Thailand PCL, Tidlor Holdings PCL, Bangkok Expressway and Metro PCL, Bangkok Dusit Medical Services PCL, TQM Alpha PCL, KCE Electronics PCL, Rajthanee Hospital PCL, Erawan Group PCL, Ekachai Medical Care PCL, Master Style PCL, PTT PCL, CP ALL PCL, Bangchak Corporation PCL, Central Plaza Hotel PCL, Frasers Property Thailand Industrial Freehold & Leasehold REIT, PTT Global Chemical PCL, SVI PCL, Indorama Ventures PCL, Thai Oil PCL, Thai Union Group PCL, PTT Oil & Retail Business PCL, IRPC PCL, Global Power Synergy PCL, Star Petroleum Refining PCL, Central Pattana PCL, Home Product Center PCL, Bumrungrad Hospital PCL, Mega Lifesciences PCL & Siam Cement PCL

• Middle East

  • 🇦🇪 United Arab Emirates (UAE) - Investcorp Capital

• Africa

  • 🇿🇦 South Africa - The Good Old Days of Thriving Conglomerates, Afrimat & Famous Brands Ltd, Nampak Ltd, Stadio Holdings Ltd, Tiger Brands, Rainbow Chicken, Renergen, Blue Label Telecoms, PPC Ltd & CA Sales Holdings

• Latin America - Mercadolibre Inc

  • 🇲🇽 Mexico & Central America - Fomento Economico Mexicano SAB de CV, FIBRA Prologis, Alsea SAB de CV, Genomma Lab Internacional SAB de CV, La Comer SAB de CV, Grupo Aeroportuario del Pacífico or GAP, Wal-Mart de Mexico SAB de CV, Grupo Comercial Chedraui SAB de CV, America Movil SAB de CV, CEMEX, Grupo Aeroportuario del Centro Norte or OMA, El Puerto de Liverpool SAB de CV, Coca-Cola Femsa SAB de CV & GMexico Transportes

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

🇮🇩 Indonesia

Indosat Ooredo Hutchison Tbk PT

🔬 Indosat Ooredo Hutchison Tbk PT (ISATIJ) - Indosat Ooredo Hutchison (ISAT IJ): Street projections set to rise, offers huge upside potential (DBS Insights Direct) 30 May 2025 ⚠️

• 🇮🇩 PT Indosat Ooredoo Hutchison Tbk (IDX: ISAT / FRA: IDO1 / OTCMKTS: PTITF) - Wireless services for mobile phones + broadband internet lines for homes. 🇼 🏷️

• Price/Book (Current): 1.93

• Forward P/E: 12.67 / Forward Annual Dividend Yield: 4.03% (Yahoo! Finance)

Bank Rakyat Indonesia (Persero) Tbk PT

🔬 Bank Rakyat Indonesia (Persero) Tbk PT (BBRIIJ) - Elevated provision and opex continue to impede BRI's earnings. (DBS Insights Direct) 29 May 2025 ⚠️

• 🇮🇩🏛️ Bank Rakyat Indonesia Tbk PT (IDX: BBRI / FRA: BYRA / OTCMKTS: BKRKF / BKRKY) - One of the largest state-owned banks in Indonesia. 🇼 🏷️

• Price/Book (Current): 2.06

• Forward P/E: 10.45 / Forward Annual Dividend Yield: 10.17% (Yahoo! Finance)

Bank Tabungan Negara (Persero) Tbk PT

🔬 Bank Tabungan Negara (Persero) Tbk PT (BBTNIJ) - Inline result but cautious on the mortgage segment (DBS Insights Direct) 29 May 2025 ⚠️

• 🇮🇩 Bank Tabungan Negara (Persero) Tbk PT (IDX: BBTN / FRA: TA2) - Personal, business & sharia banking. 🇼 🏷️

• Price/Book (Current): 0.48

• Forward P/E: 4.55 / Forward Annual Dividend Yield: 4.68% (Yahoo! Finance)

Bank Mandiri (Persero) Tbk PT

🔬 Bank Mandiri (Persero) Tbk PT (BMRIIJ) - <News alert> Bank Mandiri (BMRI IJ) 4M25: Inline 4M25 result (DBS Insights Direct) 27 May 2025 ⚠️

• 🌏🏛️ Bank Mandiri Tbk PT (IDX: BMRI / FRA: PQ9 / OTCMKTS: PPERF) - Wholesale & Retail segments. 🇼 🏷️

• Price/Book (Current): 1.86

• Forward P/E: 8.22 / Forward Annual Dividend Yield: 9.19% (Yahoo! Finance)

Bank Negara Indonesia (Persero) Tbk PT

🔬 Bank Negara Indonesia (Persero) Tbk PT (BBNIIJ) - Muted earnings growth despite intact cost of credit (DBS Insights Direct) 27 May 2025 ⚠️

• 🌐🏛️ Bank Negara Indonesia (IDX: BBNI / FRA: BKE1 / OTCMKTS: PBNNF / PTBRY) - Originally established as Indonesia’s central Bank. 🇼 🏷️

• Price/Book (Current): 0.98

• Forward P/E: 7.21 / Forward Annual Dividend Yield: 8.46% (Yahoo! Finance)

Read more

Although I am not a huge social media user, I have started posting some of these links or retweeting tweets about specific stocks on Twitter/X here and might do that in lieu of these posts. However, today’s post has led to the adding of a number of new Indonesian and Thai stocks (covered by research providers) to the SE Asia Index (Singapore is already well covered):

Oceania & Southeast Asia Stock Index

Stocks covered in this third 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 - 🌐 Emerging Market Stock Picks (Mid-March 2025) & 🌐 Emerging Market Stock Picks (Early April 2025)…):

[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…]

• Asia

  • East Asia

    • 🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

    • 🇰🇷 Korea

    • 🇹🇼 Taiwan - Taiwan Semiconductor Manufacturing Company (TSMC)

  • SE Asia

    • 🇮🇩 Indonesia - Indosat Ooredo Hutchison Tbk PT, Bank Rakyat Indonesia (Persero) Tbk PT, PT Trimegah Bangun Persada Tbk, GoTo Gojek Tokopedia PT Tbk, Vale Indonesia Tbk PT, Matahari Department Store Tbk PT, Bank Mandiri (Persero) Tbk PT, Bukit Asam Tbk PT, Bank Negara Indonesia (Persero) Tbk PT, BFI Finance Indonesia Tbk PT, Astra Agro Lestari Tbk PT, AKR Corporindo Tbk PT, Bank Jago Tbk PT, Unilever Indonesia Tbk PT, Aneka Tambang Tbk PT, Bank Central Asia Tbk PT, Telkom Indonesia (Persero) Tbk PT, Merdeka Copper Gold Tbk PT, Bank Tabungan Negara (Persero) Tbk PT & Medco Energi Internasional Tbk PT

    • 🇸🇬 Singapore - Stoneweg European REIT, Frasers Centrepoint Trust, Grab Holdings Ltd, Wilmar International Ltd, Sheng Siong Group Ltd, IFAST Corporation Ltd, Mapletree Pan Asia Commercial Trust, Capitaland Ascendas REIT, Capitaland Ascott Trust, Mapletree Logistics Trust, OUE REIT, AEM Holdings Ltd, CapitaLand Integrated Commercial Trust, Capitaland India Trust, Keppel Ltd, Digital Core REIT, Genting Singapore Ltd, Keppel REIT, Keppel Infrastructure Trust, SEA Ltd, Nanofilm Technologies International Ltd, CSE Global, Grand Venture Technology Ltd, UOL Group Ltd, Elite UK REIT, Oversea-Chinese Banking Corporation Ltd, United Overseas Bank Ltd, Singapore Technologies Engineering Ltd, IREIT Global & ComfortDelGro Corporation Ltd

    • 🇹🇭 Thailand - Muangthai Capital PCL, SCG Packaging PCL, Chularat Hospital PCL, WHA Premium Growth Freehold And Leasehold Real Estate Investment Trust, Delta Electronics Thailand PCL, Ngern Tid Lor PCL, PTT Exploration and Production PCL, Thai Oil PCL, PTT Global Chemical PCL, Bangchak Corporation PCL, Bumrungrad Hospital, Bangkok Bank PCL, Erawan Group PCL, Central Plaza Hotel PCL, Central Pattana PCL, Global Power Synergy PCL, IRPC PCL, Kiatnakin Phatra Bank, SCB X PCL, Kasikornbank PCL, SVI PCL, TMBThanachart Bank PCL, Krung Thai Bank PCL, Tisco Financial Group PCL, TIPCO Asphalt PCL, Amata Corporation PCL, Siam Cement PCL, Praram 9 Hospital PCL, Thai Union Group PCL, Charoen Pokphand Foods PCL & CH Karnchang PCL

  • South Asia

    • 🇮🇳 India - WNS (Holdings) Ltd, Infosys, ICICI Bank, HDFC Bank

  • Middle East -

    • 🇦🇪 United Arab Emirates (UAE) - Pure Health Holding PJSC

• Africa

  • 🇿🇦 South Africa - Oceana Group, Combined Motor Holdings (CMH), PPC Ltd, Stadio Holdings Ltd, Curro Holdings & Argent Industrial

• Eastern Europe & Emerging Europe

  • 🇵🇱 Poland

• Latin America

  • 🇲🇽 Mexico & Central America - Arca Continental SAB de CV, Fibra Monterrey SAPI de CV, Gentera SAB de CV, Alpek SAB de CV, Grupo Aeroportuario del Sureste (ASUR), GCC SAB de CV, Alsea SAB de CV & Grupo Aeroportuario del Centro Norte (OMA)

Note: Access to some DBS Insights Direct pieces might be restricted depending on your location or browser.

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…

Taiwan Semiconductor Manufacturing Company (TSMC)

🔬 Taiwan Semiconductor Manufacturing Co Ltd (2330TT/TSMUS) - <News Alert> AI surge powers 1Q25 earnings beat; outlook positive despite tariff risks (DBS Insights Direct) 22 Apr 2025

• 🌐 Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) - World's largest dedicated independent (pure-play) semiconductor foundry. 🇼 🏷️

• Price/Book (Current): 6.43

• Forward P/E: 17.51 / Forward Annual Dividend Yield: 1.56% (Yahoo! Finance)

SE Asia

🇮🇩 Indonesia

Indosat Ooredo Hutchison Tbk PT

🔬 Indosat Ooredo Hutchison Tbk PT (ISATIJ) - <Results First Take!> Indosat Ooredo Hutchison (ISAT IJ) – Soft 1Q25 results but outlook is exciting (DBS Insights Direct) 30 Apr 2025 ⚠️

🔬 Indosat Ooredo Hutchison Tbk PT (ISATIJ) - Rationalising competition to relief pressure (DBS Insights Direct) 14 Apr 2025 ⚠️

🔬 Indosat Ooredo Hutchison Tbk PT (ISATIJ) - <News Alert!> Indonesia Telecom: Starter pack price hike to ease price war fears (DBS Insights Direct) 09 Apr 2025 ⚠️

• 🇮🇩 PT Indosat Ooredoo Hutchison Tbk (IDX: ISAT / FRA: IDO1 / OTCMKTS: PTITF) - Wireless services for mobile phones + broadband internet lines for homes. 🇼 🏷️

• Price/Book (Current): 1.73

• Forward P/E: 11.36 / Forward Annual Dividend Yield: 3.60% (Yahoo! Finance)

Bank Rakyat Indonesia (Persero) Tbk PT

🔬 Bank Rakyat Indonesia (Persero) Tbk PT (BBRIIJ) - <Result analysis> Bank Rakyat Indonesia (BBRI IJ) 1Q25: Earnings in-line amid weak loan growth and NIM trend (DBS Insights Direct) 30 Apr 2025 ⚠️

• 🇮🇩🏛️ Bank Rakyat Indonesia Tbk PT (IDX: BBRI / FRA: BYRA / OTCMKTS: BKRKF / BKRKY) - One of the largest state-owned banks in Indonesia. 🇼 🏷️

• Price/Book (Current): 1.91

• Forward P/E: 9.54 / Forward Annual Dividend Yield: 11.00% (Yahoo! Finance)

PT Trimegah Bangun Persada Tbk

🔬 PT Trimegah Bangun Persada Tbk (NCKLIJ) - <Result Analysis>: Strong 1Q25 result; better earnings to come in 2Q25. (DBS Insights Direct) 30 Apr 2025 ⚠️

• 🇮🇩 PT Trimegah Bangun Persada Tbk (IDX: NCKL) - Nickel ore mining + services & real estate. 🇼 🏷️

• Price/Book (Current): 1.30

• Forward P/E: 5.61 / Forward Annual Dividend Yield: 3.96% (Yahoo! Finance)

GoTo Gojek Tokopedia PT Tbk

🔬 GoTo Gojek Tokopedia PT Tbk (GOTOIJ) - <Results First Take!> GoTo Gojek Tokopedia (GOTO IJ) – Inline 1Q25 results, enhanced profitability amid flattish sequential gtv due to seasonality (DBS Insights Direct) 30 Apr 2025 ⚠️

• 🇮🇩 GoTo Gojek Tokopedia Tbk PT (IDX: GOTO / FRA: CK8 / OTCMKTS: GTOFF) - Ride-hailing app giant Gojek and e-commerce firm Tokopedia. 🇼 🏷️

• Price/Book (Current): 2.62

• Forward P/E: N/A / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

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In addition, here are some articles from the past week worth noting:

📰 India’s Millions of New Investors Are Reeling From Tariff Turmoil (NY Times) April 2025 🗃️

Legions of ordinary Indians have gone into stock trading, lured by easy online access and a market boom. Now many of them are getting a rude shock.

📰 India Stocks Set to Beat Asia Peers By Most Since 2009 on Tariff (Bloomberg) April 2025 🗃️

The MSCI India Index is set to beat the MSCI’s broader Asia Pacific gauge by more than six percentage points this week. While the tariff-induced selloff in global markets has hit Indian stocks, local equities have shown more resilience than their peers, in part due to the country’s relatively low exposure to the US economy.

📰 Two bets, no moat: Why Warren Buffett’s India play never took off (The Indian Express) 🗃️

In 2018, Berkshire Hathaway invested $300 million in Paytm. It was Buffett’s first direct equity bet in India. Five years later, it exited quietly and at a loss. An earlier insurance venture had also ended without scale. Two bets, no lasting footprint. Was it a missed opportunity — or proof that India isn’t built for Buffett-style investing?

Once again, it is my understanding that only Non-Resident Indians (NRIs) can use Interactive Brokers to trade Indian stocks (however, IB’s product and exchange list here does list Indian stocks…) and that foreign investors or funds are subject to Indian capital gains taxes (see: 📰 Macro matters: India’s tax glitch (Portfolio Adviser) November 2024 🗃️).

With that said, our South & Central Asia Stock Index now contains 320 Indian stocks (with more covered in our Monday posts) while a podcast interview with an Indian fund manager covered in our June 9th post noted there are only 700-800 investible stocks out of 4,000 Indian listings (and that list of investible Indian stocks can probably be further reduced to less than 100 stocks by a foreign fund manager with strict investing criteria…)…

moneycontrol is India's leading financial and business portal who does short (roughly 4 minute) Stock of the Day video pitches about Indian stock picks. For some reason, they stopped posting the segments on YouTube earlier in 2024 only to restart posting them in October 2024.

Indian stocks featured in their Q1 2025 Stock of the Day videos (from newest to oldest) and covered in this post include:

[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…]

KEC International, Bajaj Auto Ltd, eMudhra Ltd, Prudent Corporate Advisory Services Ltd, Repco Home Finance, Cera Sanitaryware, Tbo Tek Ltd, Dodla Dairy Ltd, Sun Pharmaceutical Industries Ltd, CSB Bank, Indian Energy Exchange, Goldiam International Ltd, Maruti Suzuki, Indian Railway Catering & Tourism Corporation Limited (IRCTC), Crompton Greaves Consumer Electricals, Computer Age Management Services Ltd, HEG Ltd, Bharat Dynamics Ltd, Landmark Cars Ltd, TVS Motor Company Ltd, Nestlé India Ltd, Sky Gold Ltd, V-Guard Industries Ltd, Medi Assist Healthcare Services Limited, Bharat Electronics, Ami Organics, Blue Star Ltd, CE Info Systems Ltd (MapMyIndia), Aptus Value Housing Finance India, ITC Hotels Ltd, Welspun Living Ltd, Kajaria Ceramics, AU Small Finance Bank Ltd, S.P. Apparels Ltd, HDFC Asset Management Company Ltd, Indian Hotels Company, Cyient DLM Ltd, PCBL, Doms Industries Ltd, CEAT Ltd, Cummins India, Cholamandalam Investment and Finance Co Ltd, Amber Enterprises, Tata Consultancy Services, Titan Company, R R Kabel Ltd, Zomato Limited, State Bank of India, Bikaji Foods International Ltd, ITC Ltd, Muthoot Finance Ltd & NCC Limited

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.

South & Central Asia Stock Index

Frontier & Emerging Market Stock Index

KEC International

🇮🇳 KEC International (NSE: KEC / BOM: 532714) - Flagship of the RPG Group. Engineering, Procurement & Construction (EPC). Key infrastructure (Power Transmission & Distribution, Railways, Civil, Urban Infrastructure, Solar, Smart Infrastructure, Oil & Gas Pipelines & Cables). 🇼 🏷️

🎥 KEC International: Strong Order Wins & Execution – Is a Big Rebound Coming? Mar 28, 2025

KEC International, a key player in the power transmission and distribution (T&D) sector, has faced execution challenges in Railways and Civil. However, its diversified operations, strong order inflows, and improving T&D business indicate a turnaround. Following a stock correction, the valuations have turned attractive, supported by an anticipated recovery in execution and margin expansion in the coming quarters.

🎥 KEC International: Capitalizing on sector tailwinds with strong execution and margin improvements Jan 7, 2025

KEC International, a leading EPC company specializing in power transmission, railways, and urban development, continues to exhibit strong growth momentum. With a robust order pipeline and improved execution in its core T&D business, KEC is well-positioned to benefit from upcoming government projects. The company’s guidance highlights growth in revenue, margin expansion, and strong earnings visibility over the next few years.

• Price/Book (Current): 3.46

• Forward P/E: 12.39 / Forward Annual Dividend Yield: 0.58% (Yahoo! Finance)

Bajaj Auto Ltd

🇮🇳 Bajaj Auto Ltd (NSE: BAJAJ-AUTO / BOM: 532977) - Manufactures motorcycles, scooters & auto rickshaws. Subs. of Bajaj Group. 🇼 🏷️

🎥 Bajaj Auto| Will this automaker witness growth trajectory going forward?| Stock of the day Mar 27, 2025

Bajaj Auto holds a 26% share in the global two-wheeler market and a dominant 76% share in the three-wheeler market. Bajaj operates globally through 66 distributors in 75 countries. Export market continues to holds strong potential for growth. Company is making strong progress in its EV and CNG segments.

• Price/Book (Current): 6.83

• Forward P/E: 21.32 / Forward Annual Dividend Yield: 1.04% (Yahoo! Finance)

eMudhra Ltd

🌐 eMudhra Ltd (NSE: EMUDHRA / BOM: 543533) - Enterprise eSignature solutions. 🏷️

🎥 eMudra | This Digital Trust Company is Booming—What’s Driving Its Rapid Growth? Mar 24, 2025

It is engaged in the business of providing Digital Trust Services and Enterprise Solutions to individuals and organisations operating across industries.

• Price/Book (Most Recent Quarter): 9.58

• Trailing P/E: 80.52 (no forward P/E) / Forward Annual Dividend Yield: 0.15% (Yahoo! Finance)

Prudent Corporate Advisory Services Ltd

🇮🇳 Prudent Corporate Advisory Services Ltd (NSE: PRUDENT / BOM: 543527) - Mutual funds, insurance, equities, bonds, PMS-AIF, fixed income products, properties & loan Products. 🏷️

🎥 Prudent’s stock has plummeted more than 40% from its peak price Mar 21, 2025

Prudent is the second largest MF distributor after NJ India among the non-banks in terms of commission earned in FY24. If we consider the entire universe of MF distributors including banks, Prudent is the fourth largest. Being a mutual fund distributor, Prudent has benefitted from the robust growth seen in the MF industry.

Prudent draws over 80% of its revenue through distribution of mutual funds. Prudent’s revenues and net profit have grown by CAGR (compounded annual growth rate) of 29% and 46% respectively over the past 5 years (FY19-24). The net profit growth has been on the back of rise in AUM (asset under management) to Rs 106,271 crore as at end December’24. Along with healthy inflows, the growth in AUM was led by marked to market (M2M) gains as markets witnessed a strong broad-based rally.

Strong earnings visibility, asset light business model with recurring/annuity kind of revenue stream, high operating leverage and strong cash flows makes Prudent a unique proposition.

• Price/Book (Current): 15.07

• Trailing P/E: 45.42 (no forward P/E) / Forward Annual Dividend Yield: 0.10% (Yahoo! Finance)

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🔬 Assessing the impact of recent earthquake: Market Focus (DBS Insights Direct) 31 Mar 2025

• Market likely to open lower after the aftermath of the earthquake on Friday

• Negative on insurance, residential condominium developers

• Tourism and medical tourism companies could also be negatively affected in near term

• Positive on home improvement co.; our top pick is Home Product Center PCL (BKK: HMPRO / HMPRO-F / OTCMKTS: HPCRF)

Other home improvement and engineering services stocks that they think could see some benefits or an uptick in business included:

• Thai Watsadu - No. 1 one-stop shopping retailer of building supplies and construction materials. Subs. of Central Retail Corporation PCL (BKK: CRC / CRC-F)

• Siam Global House PCL (BKK: GLOBAL / GLOBAL-F) - Merchandising of construction materials, home decorative products & tools & equipment.

• Dohome PCL (BKK: DOHOME / DOHOME-F) - Retail, wholesale & services of construction materials & home decoration products.

While they are more negative on insurance and residential condominium developers, landed property is always going to be more expensive than condo properties in desirable locations in places like Bangkok. Nevertheless, condo complex management associations and condo owners will no doubt be looking closely at their insurance coverage along with developers at any liability issues on what they build.

And as mentioned before, there is one direct stock play on Myanmar:

• 🌏 Yoma Strategic Holdings (SGX: Z59 / FRA: O3B / OTCMKTS: YMAIF) - Conglomerate. Real estate, motor, leasing, mobile financial, food & beverages, & investment businesses. 🇼

  • 🇲🇲 Yoma Strategic – betting on peace in Myanmar (Undervalued Shares) 7 June 2024

• Price/Book (Current): 0.36

• Forward P/E: 44.64 / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

Stocks covered in this second 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 post - 🌐 Emerging Market Stock Picks (Mid-March 2025)…):

[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…]

• Asia

  • East Asia

    • 🇹🇼 Taiwan - Yue Yuen Industrial Holdings & Minth Group

  • SE Asia

    • 🇮🇩 Indonesia - Mitra Adiperkasa Tbk PT, Perusahaan Gas Negara Tbk PT, PT Trimegah Bangun Persada Tbk, Indofood CBP Sukses Makmur Tbk PT, Indofood Sukses Makmur Tbk PT, Bank Jago Tbk PT, Bukit Asam Tbk PT, Alamtri Resources Indonesia Tbk PT, Bank Mandiri (Persero) Tbk PT, Bank Negara Indonesia (Persero) Tbk PT, Bank Rakyat Indonesia (Persero) Tbk PT, Sumber Alfaria Trijaya Tbk PT, AKR Corporindo Tbk PT, First Resources Ltd, Bank Central Asia Tbk PT & GoTo Gojek Tokopedia PT Tbk

  • 🇵🇭 Philippines - Emperador

  • 🇸🇬 Singapore - ComfortDelGro Corporation Ltd, CapitaLand India Trust, Digital Core REIT, Daiwa House Logistics Trust, Singapore Technologies Engineering Ltd, CapitaLand Integrated Commercial Trust, IFAST Corporation & Mapletree Industrial Trust

  • 🇹🇭 Thailand - AEON Thana Sinsap Thailand PCL, Home Product Center PCL, Amata Corporation PCL, Osotspa PCL, Central Pattana PCL & TQM Alpha PCL

• Africa

  • 🇿🇦 South Africa - CA Sales Holdings, Rainbow Chickens, Remgro Ltd, Premier Group, Stadio Holdings, Curro Holdings, MTN Group & Sun International Ltd

• Latin America

  • 🇲🇽 Mexico & Central America - Wal-Mart de Mexico SAB de CV, Alfa SAB de CV, Fibra Monterrey SAPI de CV, America Movil SAB de CV & Grupo Aeroportuario

Note: Access to some DBS Insights Direct pieces might be restricted depending on your location or browser.

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…

Yue Yuen Industrial Holdings

• 🌐 Yue Yuen Industrial Holdings (HKG: 0551 / FRA: YUE1 / OTCMKTS: YUEIY) - Manufacture of athletic/outdoor & casual footwear with a diversified portfolio of brand customers & production sites. 🇼 🏷️

• Price/Book (Current): 0.55

• Trailing P/E: 6.30 (no forward P/E) / Forward Annual Dividend Yield: 10.89% (Yahoo! Finance)

Minth Group

🔬 Minth Group Ltd (425HK) - FY24 Results Review: Business growth back on track (DBS Insights Direct) 26 Mar 2025 ⚠️

🔬 Minth Group Ltd (425HK) - <Earnings First Take> 2024 results in-line, growth levers in-tact; Maintain BUY (DBS Insights Direct) 25 Mar 2025 ⚠️

• 🌐 Minth Group (HKG: 0425 / FRA: M3I0 / M3I / OTCMKTS: MNTHY / MNTHF) 🇰🇾 - Manufacturing of exterior & structural automotive parts. Supplier of battery enclosures & body structure components. Taipei HQ. 🏷️

• Price/Book (Current): 1.07

• Forward P/E: 7.98 / Forward Annual Dividend Yield: 2.15% (Yahoo! Finance)

SE Asia

🇮🇩 Indonesia

Mitra Adiperkasa Tbk PT

🔬 Mitra Adiperkasa Tbk PT (MAPIIJ) - Results First Take: 4Q24 earnings missed slightly, but margins improved q/q (DBS Insights Direct) 27 Mar 2025 ⚠️

• 🌏 Mitra Adiperkasa Tbk PT (IDX: MAPI / FRA: QGI / OTCMKTS: PMDKF / PMDKY) - Leading distributor & omni-channel retailer for sports, kids and lifestyle brands. 🇼 🏷️

• Price/Book (Current): 1.91

• Forward P/E: 10.16 / Forward Annual Dividend Yield: 0.59% (Yahoo! Finance)

Perusahaan Gas Negara Tbk PT

🔬 Perusahaan Gas Negara Tbk PT (PGASIJ) - Earnings behind our estimates, but in line with the street (DBS Insights Direct) 27 Mar 2025 ⚠️

• 🇮🇩🏛️ Perusahaan Gas Negara Tbk PT (IDX: PGAS / FRA: PGB1 / OTCMKTS: PPAAF / PPAAY) - Natural gas distribution & transportation. 🇼 🏷️

• Price/Book (Current): 0.83

• Forward P/E: 6.75 / Forward Annual Dividend Yield: 9.54% (Yahoo! Finance)

PT Trimegah Bangun Persada Tbk

🔬 PT Trimegah Bangun Persada Tbk (NCKLIJ) - <Result Analysis>: 2024 earnings growth above our expectations despite nickel price decline; promising earnings growth outlook in 2025. (DBS Insights Direct) 26 Mar 2025 ⚠️

• 🇮🇩 PT Trimegah Bangun Persada Tbk (IDX: NCKL) - Nickel ore mining + services & real estate. 🇼 🏷️

• Price/Book (Current): 1.43

• Forward P/E: 5.73 / Forward Annual Dividend Yield: 3.87% (Yahoo! Finance)

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🎥 Inside South Korea’s 6-Hour Martial Law Chaos & President Yoon's "Political Suicide" | Insight (CNA Insider) 46:56 Minutes (December 2024)

On the 3rd of December, South Korea was plunged into chaos. President Yoon Suk Yeol declared martial law in a shock move. Lawmakers scrambled to vote to lift the order, even as soldiers received instructions to stop them. In the end, South Korea was under martial law for six tense hours, before it was lifted. In the two weeks that followed, the country would struggle to deal with what happened.

Why did President Yoon invoke martial law? Were there legitimate reasons, or was this an attempted power grab? Insight explores what led up to the fateful night of 3rd December, how it echoed South Korea’s troubled past, and what happened in the weeks that followed.

• 00:00 Introduction

• 01:53 After martial law was declared

• 07:47 South Korea’s past under military rule

• 11:22 The rush to lift martial law

• 13:50 Unions take action against Yoon

• 15:27 President Yoon came to power on shaky grounds

• 19:34 S. Korea’s longest strike: Medical Worker Strikes

• 21:48 How S. Korea’s government became gridlocked

• 24:14 Why Yoon called for martial law

• 25:39 Stagnating economy and Yoon’s approval

• 30:13 A scandal involving the First Lady

• 32:56 First steps to Yoon's impeachment

• 35:45 First impeachment vote fails

• 38:07 Impact on S. Korea with no one at the helm

• 42:08 Second impeachment vote and what happens next

The recent political turmoil aside, potentially bigger problems for investors in Korean stocks (or rather Korean auto related stocks) comes from the threat of tariffs:

💻 Japanese Carmakers Face Catastrophic Profit Hit From Trump's Auto Tariffs (Zero Hedge) March 2025 🗃️

Hyundai “remains committed to the long-term growth of the US automotive industry through localized production and innovation,” the company said in a statement, noting it employs 570,000 people in the US. Unfortunately, according to Trump, it should employ many more, and if the company - which imports almost 60% of the cars it sells in the US - wishes to avoid tariffs, it will have to not only hire more American workers, but build many more US plants. Oh, and this is just the beginning: once the reciprocal tariffs kick in next week, South Korean exporters will find themselves in a world of pain.

However:

📰 Hyundai, Trump announce $21 billion US investment, new steel plant March 2025

• South Korea's Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF) announced a $21 billion investment in the United States with President Donald Trump at the White House on Monday.

• The investment includes a new $5.8 billion Hyundai Steel Co (KRX: 004020) plant in Louisiana that will produce over 2.7 million metric tons of steel annually, creating more than 1,400 jobs. The steel plant is expected to supply steel to auto plants in Alabama and Georgia.

In addition, Korean media has a slightly different take on recent market hiccups:

📰 KOSPI falls below 2,600 as tariff, short selling fears rattle markets (The Chosun Daily) March 2025

• South Korean stocks tumbled Thursday as heightened market uncertainty weighed on investor sentiment ahead of the reinstatement of short selling and the rollout of reciprocal tariffs with the United States. The benchmark Korea Composite Stock Price Index (KOSPI) fell below the 2,600 threshold, while the tech-heavy Kosdaq dropped under 700 for the first time in three months.

• “The domestic market is experiencing peak uncertainty, particularly with the president’s impeachment ruling imminent,” said an official at a local brokerage. “There’s a growing sentiment that ‘something big is coming next week.’”

• Lee Jae-won, a researcher at Shinhan Investment Corp., said the KOSPI was bracing for two key events next week — the return of short selling and the implementation of mutual tariffs — prompting a flight from risk assets.

Otherwise, investors should also note this news from a few days ago:

📰 Korea’s Nextrade stock exchange debuts; YG Entertainment tops 1st day (The Korean Economic Daily) March 2025

• Launched with 10 blue chips, the alternative stock exchange NXT plans to expand its listing pool to 800 stocks by end-March

• South Korea’s first alternative stock exchange Nextrade (NXT) started trading on Tuesday, challenging the Korea Exchange’s (KRX) long-standing monopoly.

• The new exchange, designed to introduce competition into the country’s capital markets, opened trading with 10 selected stocks, including Lotte Shopping Co Ltd (KRX: 023530).

• The NXT operator said it plans to expand its listing pool to 110 stocks by March 17, further increasing this to 350 by March 24 and 800 by March 31.

With all of that said, Korea is more than just Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF), Kia Corp (KRX: 000270 / OTCMKTS: KIMTF), Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF), etc.

Korean stocks covered in the rest of this post (with a short description from our Japan, Korea & Taiwan Stock Index plus price/book, forward P/E, forward dividend yield and a long term technical chart):

[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…]

BH Co Ltd, HanAll Biopharma, Seegene, POSCO International & Seah Steel Holdings Corp, HYBE, Cosmax Inc, HMM, Yuhan Corp, DB Insurance, HD Hyundai Marine Solution, InBody, Samsung Life Insurance, LG Uplus, SK Telecom, KT Corp, Meritz Financial Group, Rainbow Robotics, Vatech, Hyundai Engineering & Construction, DL E&C Co Ltd, KB Financial Group, HD Hyundai Heavy Industries, KEPCO Plant Service & Engineering Co Ltd, T'Way Air & TWay Holdings Incorporation, Lotte Tour Development, Netmarble Corp, Classys, Kakao Corp, Hugel, Neowiz, Soop Co Ltd, Studio Dragon, Samsung Fire & Marine Insurance, CJ ENM Co Ltd, Vieworks, NCSoft Corp, Samyang Foods Co Ltd, Kakao Games, Krafton, CJ Logistics, Hanwha Aerospace, NAVER, Samsung Electronics, PharmaResearch Co Ltd, OCI Holdings, Shift Up Corp, APR Co Ltd, Hanwha Systems Co Ltd, Daewoong Pharmaceutical, SM Entertainment Co Ltd, Lotte Chemical, Magnachip Semiconductor Corp, L&F Co Ltd, LX International, Korea Aerospace Industries, Korean Air, HL Mando Corp, Shinhan Financial Group, SK Biopharmaceuticals, BNK Financial Group, Hyundai Glovis, Douzone Bizon, Hanwha Solutions, Hyundai Rotem, Samsung Heavy Industries, GS Engineering & Construction Corp, Young Poong Precision Corporation, Hana Financial Group, Samsung C&T Corp, Cosmecca Korea & Englewood Lab, Kakao Pay, Kiwoom Securities, Hyosung Heavy Industries Corp, Kumho Petrochemical, Hanmi Pharma, Pulmuone Corporate, LG CNS Co Ltd, Chong Kun Dang Pharmaceutical Corp, LG Chem, Dong-A ST Co Ltd & Hyundai Motor

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

BH Co Ltd

🔬 BH (090460 KS/Buy) - Valuation to normalize (Mirae Asset Securities) 02.28.2025 ⚠️

• 🇰🇷 BH Co Ltd (KRX: 090460) - FPCB (Flexible Printed Circuit Board), an essential part of electronic products used in mobile, notebook, TV, game console, auto display, VR, auto smartphone wireless charger & electric vehicle battery pack applications. 🏷️

• Price/Book (Current): 0.64

• Forward P/E: 6.02 / Forward Annual Dividend Yield: 1.71% (Yahoo! Finance)

HanAll Biopharma

🔬 HanAll Biopharma (009420 KS/Buy) - 1Q25 to be a key inflection point (Mirae Asset Securities) 02.27.2025 ⚠️

• 🌐 HanAll Biopharma (KRX: 009420) - Specialty drugs & over-the-counter products. 🏷️

• Price/Book (Current): 8.70

• Trailing P/E: 421.02 (no forward P/E) / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

Seegene

🔬 Seegene (096530 KQ/Buy) - Resetting for growth (Mirae Asset Securities) 02.27.2025 ⚠️

• 🌐 Seegene (KRX: 096530) - In vitro diagnostic products (molecular diagnostics). Assays & screening products for sepsis, respiratory diseases & STDs. USA, Canada, Germany, Italy, Mexico, Brazil & Middle East. 🇼 🏷️

• Price/Book (Current): 1.13

• Trailing P/E: 39.53 (no forward P/E) / Forward Annual Dividend Yield: 3.19% (Yahoo! Finance)

POSCO International & Seah Steel Holdings Corp

💻 POSCO Int & Seah Steel Holdings: Key Beneficiaries of Trump's Plan to Develop Alaskan Gas Fields (Douglas Research Insights) Feb 27, 2025 $

🔬 POSCO International (047050 KS/Buy) - Strengthened shareholder return policy (Mirae Asset Securities) 02.04.2025 ⚠️

• 🌐 Posco International Corp (KRX: 047050) - Largest trading company & a subsidiary of Posco (NYSE: PKX). Energy, steel, agro, component materials, etc. 🇼 🏷️

• Price/Book (Current): 0.41

• Trailing P/E: 24.25 (no forward P/E) / Forward Annual Dividend Yield: 3.52% (Yahoo! Finance)

• 🌐 Seah Steel Holdings Corp (KRX: 003030) - Steel pipes for construction, shipbuilding & energy + offshore wind power substructure market. 🇼 🏷️

• Price/Book (Current): 0.48

• Forward P/E: 22.55 (no forward P/E) / Forward Annual Dividend Yield: 0.75% (Yahoo! Finance)

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• Price/Book (Most Recent Quarter): 4.70

• Forward P/E: 19.42 / Forward Annual Dividend Yield: 0.83% (Yahoo! Finance)

However, the Nikkei Asia (Long-term foreign equity investors reassess their China bearishness 🗃️) quoted an investor who gave a reason to be more cautious about Chinese stocks:

In U.S. markets, a private equity firm or an activist investor can step in to push for change if a stock gets pummeled. But, in China, "You're much more dependent on the government's views of a company or a sector, which can be positive and can be negative at different times," said David Williams of Williams Capital Advisors, LLC, a Palo Alto-based investment banking firm focused on Silicon Valley and Asia.

And alt-finance site Zero Hedge is even more cynical:

💻 China Maps Out Latest Plan To Boost Consumption, Raise Incomes: Here's Why All Such Prior Plans Have Been Failures 🗃️

It feels like every 3 months China comes up with another zany plan to boost the economy and kickstart consumption, which spikes stocks for a few days, but promptly goes nowhere, is quickly forgotten... only to be replaced with another zany plan 3 months later, and so on.

Today was no exception to this laughable cadence - which has achieved absolutely nothing but unleash core deflation in China for the first time since 2021 - and in a Sunday statement by Beijing State Council we learned that China will take steps to revive consumption by boosting people’s incomes, the official Xinhua News Agency reported.

Other just as vague measures include "stabilizing the stock and real estate markets, and offering incentives to raise the country’s birth rate, as the government tries to ease the deflationary pressures afflicting the economy."

Of course, we have heard all of these over and over and over, and nothing at all has changed in the past 4 years. So we kinda doubt that anyone will care this time, but we are confident that HFT and various algos who have the memory of a goldfish will push Chinese stocks higher for at least a few days before the sellers inevitably take the upper hand again.

They go on to detail some of the plans, which include:

• Enlarge variety of bond-related products suitable for individual investors

• Adopt multiple measures to promote increase in farm incomes

• Raise financial help for some students

• Appropriately increase the basic pension for retirees

• Ensure timely and full distribution of unemployment benefits

• Support tourist attractions in expanding services and the reasonable extension of business hours

• Support opening of duty-free shops in cities where conditions permit

• Boost support for trade-in programs

• Lower the interest rate on housing provident fund loans at an appropriate time

• Scale back restrictions on consumption in an orderly manner

• Accelerate the development of new technologies and products such as smart wearables and autonomous driving

And mentioned this Twitter thread from Michael Pettis:

I would not completely rule out Chinese stocks, but one needs to be very selective. In addition to our Monday posts, our China, Hong Kong & Macau Stock Index has a few hundred Chinese/HK/Macau stocks to consider:

• 🇨🇳 China (284)

• 🇭🇰 Hong Kong (52)

• 🇲🇴 Macau (8)

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…]

JNBY Design, BOC Hong Kong, Xiaomi, Jiangxi Rimag Group, CSPC Pharmaceutical, Trip.com, EHang Holdings, Weichai Power, AIA Group Ltd, Shanghai United Imaging Healthcare, Cloud Music, Luckin Coffee, Will Semiconductor Co Ltd, Alibaba, Bilibili, Yancoal Australia, China Tower Corp Ltd, RoboSense Technology, iQIYI, Baidu, BYD Electronic International, China MeiDong Auto Holdings, Aac Technologies Holdings, Sunny Optical, Jiangsu Lopal Tech Co Ltd, Yum China, Shenzhen Dobot Corp Ltd, JS Global Lifestyle & EVA Precision Industrial Holdings

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 posts summarizing those) BUT these lists do not change too much from month to month. Stocks covered by the CMBI February 2025 list (including additions and deletions) and included in this post with updated stats and charts include:

Geely Automobile Holdings, Xpeng Inc, Zoomlion Heavy Industry, China Hongqiao Group, Luckin Coffee, ANTA Sports Products, Yum China, Proya Cosmetics, China Resources Beverage Holdings (CR Beverage), WuXi AppTec Co, China Pacific Insurance (Group) Co, PICC Property and Casualty Co Ltd, Tencent, NetEase, Alibaba, Greentown Service Group Co, Xiaomi, Foxconn Interconnect Technology (FIT Hon Teng), BYD Electronic International, Zhongji Innolight Co Ltd, NAURA Technology Group, Will Semiconductor Co Ltd, & Kingdee International Software Group

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

JNBY Design

🔬 JNBY Design (3306 HK) - Sales trend is muted but yield is still attractive (CMB International) 02-28 2025 ⚠️

• 🌐 JNBY Design (HKG: 3306) 🇰🇾 - Designs & sells fashion apparel, footwear, accessories & home products under a portfolio of brands. 🏷️

• Price/Book (Current): 3.08

• Forward P/E: 7.46 / Forward Annual Dividend Yield: 8.54% (Yahoo! Finance)

BOC Hong Kong

🔬 BOC Hong Kong (02388 HK): Leading Chinese Bank, Regional Ambitions Accelerate (Guotai Junan International) 02-28 2025 ⚠️ $

• 🌏🏛️ BOC Hong Kong Holdings Ltd (HKG: 2388 / FRA: BOF / BOFA / OTCMKTS: BHKLY / BNKHF) - Commercial banking group. Subs. of Bank of China (SHA: 601988 / HKG: 3988 / SGX: HBND / OTCMKTS: BACHY / BACHF). 🇼 🏷️

• Price/Book (Current): 0.99

• Forward P/E: 7.50 / Forward Annual Dividend Yield: 5.62% (Yahoo! Finance)

Xiaomi

🔬 Xiaomi (1810 HK) - Key takeaways from Xiaomi 15 Ultra & SU7 Ultra Launch Event (CMB International) 02-28 2025 ⚠️

🔬 Xiaomi (1810 HK) - 4Q24 Preview: Expect another strong beat; Raise TP to HK$54.53 (CMB International) 02-20 2025 ⚠️

• 🌐 Xiaomi (HKG: 1810 / SGX: HXXD / FRA: 3CP / OTCMKTS: XIACF) 🇰🇾 - Consumer electronics & smart manufacturing company. Smartphones & smart hardware connected by an IoT platform at its core. 🇼 🏷️

• Price/Book (Current): 7.21

• Forward P/E: 52.36 / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

Read more

I’ve since started playing around with Grok hoping it could help find very specific types of Tweets e.g. emerging/frontier market stock research pieces or detailed tweets about specific stocks. However, as illustrated below, I’ve had some challenges using Grok:

Hypothetical tweets is not exactly what I am looking for as I was hoping Grok would overcome the limitation of Chinese AI providers by providing me with more up-to-date info or links posted on Twitter.

Further tweaks of my questions (and getting much more specific) did have Grok bringing my attention to some useful Twitter accounts or Tweets, but I could have found those on my own searching for them… And then I still have to wade through plenty of garbage tweets (dog pictures, political/economic talk, etc.) to find a few nuggets with good details about specific stocks…

Note that Grok seems to have some usage limits that are in flux for free users; but I have not had any problems bumping against whatever those usage limits currently are. Likewise, I have not really tested out its ability to answer questions with accurate verifiable answers as opposed to widely criticised “woke” ChatGPT or DeepSeek which had given me answers that were seemingly unverifiable and wrong…

With that said, I do want to further build up our Frontier & Emerging Market Stock Index (1,600+ tagged stocks plus additional stocks not tagged for a total of roughly 2100+ stocks) and have some regular posts going beyond regular monthly or quarterly posts (focused on China, Korea, etc) and our free Monday posts with links to harder to find (free) equity research reports/pieces, in-depth stock specific Tweets (e.g. Indian Twitter accounts are very good at this for Indian stocks), etc.

I could almost do a monthly posts on SE Asian stocks. Unfortunately, there is usually not much interest from foreign investors in stocks from this region albeit I think Singapore listed stocks are well worth looking at by (in particular…) USD based investors seeking dividend diversity as I perceive the SGD to be more stable than other ASEAN currencies (at least that’s my personal bias from living in the region where currencies like the PHP/IDR/MYR seem to move in all directions versus the USD…) and without the China risks that Hong Kong based companies paying good dividends may still have for US investors.

Aside from Mexico, I have not found good Twitter Accounts (besides Patrick Flood’s who seems focused on his podcast more than doing new Latin American stock writeups for his Substack) or equity research providers or blogs focused on Latin America (what’s available would mostly be in Spanish or Portuguese) or the Middle East yet…

At some point, I should probably just repost the links/Tweets, etc. from the post below to my Twitter or Substack Notes accounts. However, I am just not a big social media poster/user plus I don’t like throwing links around without at least an excerpt or some key facts/data (e.g. a short stock description as one cannot expect everyone to be familiar with every stock + a book value, P/E & dividend yields, technical chart, etc.) that are included in these posts.

Stocks covered in this initial 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…):

[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…]

• SE Asia

  • 🇮🇩 Indonesia: GoTo Gojek Tokopedia PT Tbk, Mayora Indah Tbk PT, BFI Finance Indonesia Tbk PT & Bumitama Agri Ltd

  • 🇲🇾 Malaysia: Nationgate Holdings Bhd

  • 🇸🇬 Singapore: IFAST Corporation Ltd, AIMS APAC REIT, GuocoLand Limited, Singapore Telecommunications Ltd, SEA Ltd, SembCorp Industries & OKP Holdings Ltd

  • 🇹🇭 Thailand: Global Power Synergy PCL, Siam Wellness Group PCL, Bangkok Dusit Medical Services PCL, BGrimm Power PCL, Chularat Hospital PCL, Ngern Tid Lor PCL & Bangkok Chain Hospital PCL

• Africa

  • 🇿🇦 South Africa: Grindrod Limited, Curro Holdings, Stadio Holdings Ltd, Combined Motor Holdings (CMH), Mustek & Italtile

• Latin America

  • 🇲🇽 Mexico & Central America: El Puerto de Liverpool SAB de CV, Fomento Economico Mexicano SAB de CV, Genomma Lab Internacional SAB de CV, Gentera SAB de CV, Alsea SAB de CV, La Comer SAB de CV & Grupo Aeroportuario del Sureste (ASUR)

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…

⚠️ 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

🇮🇩 Indonesia

GoTo Gojek Tokopedia PT Tbk

🔬 GoTo Gojek Tokopedia PT Tbk (GOTOIJ) - <Results first take> GoTo 4Q24 record high adj.EBITDA with FY25 guidance significantly ahead (DBS Insights Direct) 13 Mar 2025 ⚠️

🔬 GoTo Gojek Tokopedia PT Tbk (GOTOIJ) - <News Alert!> GoTo Gojek Tokopedia (GOTO IJ) – Hari Raya Cash Bonus for Online Drivers (DBS Insights Direct) 12 Mar 2025 ⚠️

• 🇮🇩 GoTo Gojek Tokopedia (IDX: GOTO / FRA: CK8 / OTCMKTS: GTOFF) - Ride-hailing app giant Gojek and e-commerce firm Tokopedia. 🇼 🏷️

• Price/Book (Current): 2.65

• Forward P/E: N/A / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

Mayora Indah Tbk PT

🔬 Mayora Indah Tbk PT (MYORIJ) - Snack attack ahead (DBS Insights Direct) 10 Mar 2025 ⚠️

🔬 Mayora Indah Tbk PT (MYORIJ) - FY24 Results call takeaway: Target double-digit topline growth (DBS Insights Direct) 07 Mar 2025 ⚠️

• 🇮🇩 Mayora Indah Tbk PT (IDX: MYOR / FRA: D7V / OTCMKTS: PTMYF) - Food & beverage company recognized as the world's largest coffee candy manufacturer through the Kopiko brand. 3 segments: Packaged Food Processing, Packaged Beverages Processing, and Financial Services. 🇼 🏷️

• Price/Book (Current): 2.86

• Forward P/E: 14.20 / Forward Annual Dividend Yield: 2.56% (Yahoo! Finance)

BFI Finance Indonesia Tbk PT

🔬 BFI Finance Indonesia Tbk PT (BFINIJ) - Stable quarterly bookings expected (DBS Insights Direct) 07 Mar 2025 ⚠️

• 🇮🇩 BFI Finance Indonesia Tbk PT (IDX: BFIN / OTCMKTS: PBIIF) - First JSE listed multifinance company. Est. as PT Manufacturers Hanover Leasing Indonesia. 🏷️

• Price/Book (Current): 1.20

• Forward P/E: 6.98 / Forward Annual Dividend Yield: 6.79% (Yahoo! Finance)

Bumitama Agri Ltd

📰 SGX Research Series: 10 in 10: Bumitama Agri drives productivity via innovation, review (The Edge Singapore) Feb 27, 2025

• 🇮🇩 🇸🇬 Bumitama Agri Ltd (SGX: P8Z) - Fresh Fruit Bunches (FFB) growers & producers of Crude Palm Oil (CPO) & Palm Kernel (PK) in Indonesia. Subsidiary Bumitama Gunajaya Agro. 🇼 🏷️

• Price/Book (Current): 1.28

• Forward P/E: 7.89 / Forward Annual Dividend Yield: 7.81% (Yahoo! Finance)

🇲🇾 Malaysia

Nationgate Holdings Bhd

• 🌐 Nationgate Holdings Bhd (KLSE: NATGATE) - Electronics Manufacturing Services (EMS). GPU Servers & Rack Servers. 🏷️

Read more

Note that DeepSeek seemed to produce much deeper insights than the other (less publicly hyped) Chinese AI that I have experimented with (which seemed to be better at extracting/organising data and info).

However, DeepSeek also produced insights/facts/answers seemingly out of thin air that I simply cannot verify while financial related answers/ratios seemed to mostly be up to Q3 2023 (over a year ago) PLUS the site’s server is constantly busy (Asia time)…

DeepSeek Claims SK Hynix (KRX: 000660) Suspended Dividends in 2023

When I asked, “Can you give me some bullet points or key news for investors about…”, for SK Hynix (KRX: 000660), a widely held Korean chip stock, one of the things DeepSeek told me was:

• Dividends: Suspended in 2023 to preserve cash; focus on capitalizing on AI memory boom.

That’s sort of a major announcement for investors to consider that I was not aware of - so I asked a follow-up question:

ME: Did SK Hynix suspend dividends in 2023?

I then asked another follow-up question:

I checked the SK hynix, Inc. (HXSCF) Q1 2023 Earnings Call Transcript (archived here) which is in English and there is no mention of the dividend at all. And the technical chart shows 2023 dividends (300 Won each…) being declared (that I assumed were paid…):