🌐 Emerging Market Stock Picks (April 2025)

Bank Rakyat, Vale Indonesia, Unilever Indonesia, Telkom Indonesia, Wilmar, Genting Singapore, SEA Ltd, Krung Thai Bank, Siam Cement, Charoen Pokphand Foods, Stadio, Argent Industrial, Alsea SAB, etc.

May 09, 2025

∙ Paid

As mentioned before, I am further building up our Frontier & Emerging Market Stock Index (circa 1,800 tagged stocks plus additional stocks not tagged for a total of roughly 2,370 stocks) and have some regular posts going beyond our 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.

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…]

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)

Emerging Market Skeptic