🌐 Emerging Market Stock Picks (September 2025)

🤖 DeepSeek Analysis + Telkom Indonesia, Astra, Mitra Adiperkasa, Raffles Medical, ComfortDelGro, Wilmar, SEA Ltd, Thai Oil, Airports of Thailand, Premier Group, Renergen, Coca-Cola Femsa, etc.

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

• Asia

  • SE Asia

    • 🇮🇩 Indonesia - Bank Rakyat Indonesia (Persero) Tbk PT, Bank Central Asia Tbk PT, Bank Tabungan Negara (Persero) Tbk PT, Bank Jago Tbk PT, Bank Mandiri (Persero) Tbk PT, PT Merdeka Copper Gold Tbk, Bank Negara Indonesia (Persero) Tbk PT, Indosat Ooredo Hutchison Tbk PT, XL Smart Telecom Sejahtera, Telkom Indonesia (Persero) Tbk PT, Medco Energi Internasional Tbk PT, Astra International Tbk PT, Mitra Adiperkasa Tbk PT, Avia Avian Tbk PT, PT Trimegah Bangun Persada Tbk, Aneka Tambang Tbk PT, Alamtri Resources Indonesia Tbk PT & Perusahaan Gas Negara Tbk PT

    • 🇸🇬 Singapore - Raffles Medical Group Ltd, CapitaLand India Trust, Wilmar International Ltd, Sheng Siong Group Ltd, Mapletree Pan Asia Commercial Trust, BOC Aviation Ltd, Lendlease Global Commercial REIT, ComfortDelGro Corporation Ltd, AEM Holdings Ltd, CapitaLand China Trust, UOL Group Ltd, Suntec Real Estate Investment Trust & SEA Ltd

    • 🇹🇭 Thailand - AEON Thana Sinsap Thailand PCL, Central Plaza Hotel PCL, Thai Oil PCL, PTT Global Chemical PCL, Dusit Thani Freehold and Leasehold REIT, Berli Jucker PCL, Praram 9 Hospital PCL, Siam Cement PCL, Central Retail Corporation PCL, CH Karnchang PCL, Stecon Group, TIPCO Asphalt PCL, Airports of Thailand PCL, Axtra Future City Freehold and Leasehold Real Estate Investment Trust, Ally Leasehold Real Estate Investment Trust, Com7 PCL, Tisco Financial Group PCL, Thai Union Group PCL, AIM Industrial Growth Freehold & Leasehold REIT, IMPACT Growth Real Estate Investment Trust, Global Power Synergy PCL, Advanced Info Service PCL, Amata Corporation PCL & Bangchak Corporation PCL

  • Middle East

    • 🇴🇲 Oman - Abraj Energy Services

• Africa

  • 🇿🇦 South Africa - CA Sales Holdings, Stadio Holdings, Invicta Holdings Ltd, KAL Group Ltd, York Timber Holdings, PPC Ltd, Premier Group, Libstar Holdings, Metair Investments Ltd, Grindrod Limited & RCL Foods, Sabvest Capital Ltd, Afrimat Ltd, Balwin Properties Ltd & Renergen

• Latin America

  • 🇲🇽 Mexico & Central America - Controladora Alpek SAB de CV & Coca-Cola Femsa SAB de CV

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

🤖 DeepSeek Analysis

1. High-Dividend Yield & Value Plays (Value & Income Investors)

2. Growth & Momentum Stories (Growth Investors)

3. Turnaround & Special Situations (Opportunistic Investors)

4. Defensive & Stable Income (Risk-Averse Investors)

Summary for Quick Reference

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…

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📈🗄️ 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.

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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…

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🇰🇷 Korea

Note: For more Korean stock picks or ideas, see our monthly Korean Stock Picks posts…

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🇹🇼 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…

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SE Asia

🇮🇩 Indonesia

Bank Rakyat Indonesia (Persero) Tbk PT

🔬 Bank Rakyat Indonesia (Persero) Tbk PT (BBRIIJ) - Widening provisioning expenses - risk to 3Q25 profitability (DBS Insights Direct) 30 Sep 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): 1.78

• Forward P/E: 8.90 / Forward Annual Dividend Yield: 11.23% (Yahoo! Finance)

Bank Central Asia Tbk PT

🔬 Bank Central Asia Tbk PT (BBCAIJ) - Dissecting BBCA’s share price drivers: NII is key (DBS Insights Direct) 30 Sep 2025 ⚠️

🔬 Bank Central Asia Tbk PT (BBCAIJ) - Results In Line; Earnings Resilient Amid Steady Asset Quality (DBS Insights Direct) 15 Sep 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): 3.53

• Forward P/E: 14.66 / Forward Annual Dividend Yield: 4.00% (Yahoo! Finance)

Bank Tabungan Negara (Persero) Tbk PT

🔬 Bank Tabungan Negara (Persero) Tbk PT (BBTNIJ) - Earnings In Line, but Non-Subsidized Mortgage Risks Remain (DBS Insights Direct) 30 Sep 2025 ⚠️

🔬 Bank Tabungan Negara (Persero) Tbk PT (BBTNIJ) - Inline 7M25 result (DBS Insights Direct) 01 Sep 2025 ⚠️

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

• Price/Book (Current): 0.52

• Forward P/E: 4.82 / Forward Annual Dividend Yield: 4.23% (Yahoo! Finance)

Bank Jago Tbk PT

🔬 Bank Jago Tbk PT (ARTOIJ) - Inline 8M25 results (DBS Insights Direct) 29 Sep 2025 ⚠️

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

• Price/Book (Current): 3.52

• Forward P/E: 50.00 / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

Bank Mandiri (Persero) Tbk PT

🔬 Bank Mandiri (Persero) Tbk PT (BMRIIJ) - Massive TD growth in August 2025 to impede Mandiri’s profitability outlook (DBS Insights Direct) 29 Sep 2025 ⚠️

🔬 Bank Mandiri (Persero) Tbk PT (BMRIIJ) - Weaker earnings lead into slower growth and potentially lower dividend (DBS Insights Direct) 22 Sep 2025 ⚠️

🔬 Bank Mandiri (Persero) Tbk PT (BMRIIJ) - Earnings tumbled as opex soared (DBS Insights Direct) 19 Sep 2025 ⚠️

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

• Price/Book (Current): 1.53

• Forward P/E: 7.50 / Forward Annual Dividend Yield: 10.69% (Yahoo! Finance)