Emerging Market Links + The Week Ahead (April 21, 2025)

Tea chain Chagee's USA IPO pops, what Chinese businesses think of tariffs, TSMC Q1 2025 earnings, which EMs will get hit in a long trade war, EM stock picks and the week ahead for emerging markets.

Despite trade war hysteria, Chinese tea company Chagee Holdings Limited (NASDAQ: CHA) surged on its Wall Street IPO last week as it raised $411 million to compete with Luckin Coffee (OTCMKTS: LKNCY) and Starbucks Corp (NASDAQ: SBUX) to control the caffeinated cafe beverage world.

Note that Chagee has repeatedly been the subject of controversy here e.g. Backlash brews in Malaysia over tea chain Chagee app’s South China Sea map (SCMP) March 2025🗃️:

Chinese tea chain Chagee has once again landed in hot water with Malaysia’s censorious consumers after its mobile app displayed a map with Beijing’s disputed nine-dash line claim over the South China Sea, sparking boycott calls and nationalist outrage…

… The backlash comes despite Chagee’s strong presence in Malaysia, where it has soaked up customers as patrons desert American brands linked to the US-backed war in Gaza like Starbucks and McDonald’s.

The brand also copped flak in November when its staff were seen tampering with a lucky draw to win luxury handbags and top-end electronic products for themselves as part of its seventh anniversary.

Meanwhile, the Vulcan Post also has this interesting piece about Luckin’s recent entry into Malaysia - China’s famous Luckin Coffee entered Malaysia 2 months ago, we find out if it’s worth trying (March 2025):

I’m writing this with a cup of Luckin Coffee’s velvet latte in hand, ordered after a five-minute battle with the Luckin Coffee app I was forced to download…

…It appears that Luckin Coffee is not just a tech-enabled coffee chain, but a tech-enforced one.

Its mobile-first, technology-driven approach is the norm in China now, but admittedly, I wonder if it’s really all that friendly for Malaysian consumers. Is it just a matter of getting used to it? Do I want to get used to it?

I can see how its enforcement of the app would bring a high volume of downloads, but could it also have adverse impacts? To be honest, as I stood there trying to link my phone number to my new account, I had half the mind to leave and go to ZUS instead.

And I’m not the only one.

“Ma de, dian ge dan zhe me ma fan,” someone said as he passed by me, leaving the shop with his friend. Damn, it’s so troublesome just to place an order. How curious, I thought. By his accent, he sounded like he was from China himself.

Maybe I am old school, but I think most customers care about the quality of the coffee and its price rather than the tech or a company’s politics (as discussed in a post last year, Zus did get into trouble serving coffee at an Adidas event as they are the anti-Israel BDS boycott list).

I wish Luckin (and their buggy app…) and Chagee (and their maps and contests…) alot of luck as I think many will opt for ZUS Coffee instead (or any mamak place that’s doesn’t require an app…) and help them with their plans to takeover SE Asia…

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🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

• 🌐 EM Fund Stock Picks & Country Commentaries (April 20, 2025) Partially $

  • So many tariff takes, US universities/Asian pension funds in the looming private equity crisis, mood shift in commodity markets, rotation opportunities, March/Q4 fund updates/webinars, etc.

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📰🔬 Emerging Market Stock Picks / Stock Research

$ = behind a paywall / 🗃️ = Link to an archived article

🌏 Asia

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🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 Atkins to Accelerate the Delisting of Chinese Stocks From the US Stock Exchanges in 2025/2026? (Douglas Research Insights) $

• Paul Atkins, the new head of U.S. SEC could accelerate the delisting of Chinese stocks from the U.S. stock exchanges.

• There are about 280 companies from mainland China that are listed in the U.S. with a combined market cap of about $880 billion.

• There could be two major reasons to accelerate this delisting (require Chinese companies to abide by US GAAP accounting and fully delist Chinese companies with ties to Chinese military).

• Paul Atkins was confirmed as the new chairman of the Securities and Exchange Commission last week. With his confirmation, there has been an increasing risk of many Chinese companies that could be delisted from the US stock exchanges in 2025/2026.

🇨🇳 What Chinese businesses really think of the tariffs (Momentum Works)

• To our surprise, 2034 people voted in the poll, making it one of the most participated polls we ever had on WeChat. Here are the results:

• We have also captured some of the interesting comments people left in the poll. You can read them here:

🇨🇳 Chinese Firms Set to Seek Alternative Sources for Key U.S. Imports (Caixin) $

• As Washington and Beijing continue to go toe-to-toe with tariffs, Chinese companies are expected to seek alternative sources for affected goods, such as soybeans, while accelerating efforts toward technological self-sufficiency, analysts said.

• The State Council, China’s cabinet, on Wednesday announced an additional 50% retaliatory tariff on all U.S. imports, bringing the total levy to 84%. U.S. President Donald Trump then raised the overall tariff on Chinese goods to 125%, while announcing a 90-day pause for countries hit by his “reciprocal tariffs.”

🇨🇳 Viral Videos, Trade Tensions Drive U.S. Shoppers to Chinese App (WSJ) $ 🗃️

• DHgate became the second-most popular app on Apple’s App Store in the U.S. on Wednesday

🇨🇳 Chinese E-Commerce App Sees Spike in U.S. Downloads as Tariff War Heats Up (Caixin) $

• A Chinese cross-border e-commerce app has suddenly shot to the top of the U.S. download charts despite an escalating tariff war.

• DHgate was the most downloaded free shopping app running on iPhones on Apple Inc.’s U.S. App Store as of Wednesday afternoon, according to data from industry tracker Sensor Tower.

• It was a dramatic ascent from April 12, when the app, a wholesale marketplace focusing on business-to-business sales, was in 30th place. DHgate’s sudden popularity in the U.S. was driven by TikTok videos suggesting that the app could be a way for U.S. consumers to buy luxury goods at lower prices before brand labels are added.

🇨🇳 [JD.com, Inc (JD US, BUY, TP US$60) TP Change]: C1Q25 Preview: An Anchor of Stability Within Turmoil (Smartkarma) $

• We expect JD.com (NASDAQ: JD) to report C1Q25 revenue/adjusted net income growth of 13%/21% YoY, both in-line with consensus, boosted by gov't subsidies.

• We see further catalysts from C2Q25 onward, driven by absorption of export-turned orders, helped by additional policy stimulus, which we believe will mainly augment on margins.

• We keep JD as the TOP BUY and raise TP from US$52to US$ 60.

🇨🇳 CaoCao approaches IPO finish line with nod from China’s securities regulator (Bamboo Works)

• A Hong Kong listing by the Geely Automobile Holdings (HKG: 0175 / FRA: GRU / OTCMKTS: GELYY / GELYF)-backed ride hailing app was approved last week by the CSRC, a year after the company first filed for the IPO

• CaoCao’s year-old effort to list in Hong Kong could be nearing completion, after receiving a green light from China’s securities regulator

• The company’s revenue grew 25% in the first half of last year, outpacing its rivals, as it entered 32 new cities, boosting its footprint by more than 60%

🇨🇳 In Depth: Fatal Crash Sours Xiaomi’s EV Success (Caixin) $

• On March 29, Lei Jun stood at the podium of China’s most prestigious electric vehicle (EV) gathering, the China EV100 Forum. Making his first-ever appearance at the influential industry event, the Xiaomi (HKG: 1810 / SGX: HXXD / FRA: 3CP / OTCMKTS: XIACF). founder was riding a wave of extraordinary success. His company’s SU7 electric sedan flew off production lines, selling more than 136,000 vehicles in just nine months and positioning Xiaomi as a rising star in the domestic auto industry.

• “Everyone said it was too late,” Lei told the forum. “But now it seems like it might have been just right.”

• Only hours after his speech, a Xiaomi SU7 carrying three university students collided with a concrete divider on a highway in East China. The vehicle, which had been operating under the company’s intelligent driving assistance system, erupted into flames. All three passengers died.

🇨🇳 State reins in ‘autonomous’ driving hype after deadly crash (Caixin) $

• The Chinese government has ordered automakers to stop hyping up the capability of smart driving technology, after a Xiaomi (HKG: 1810 / SGX: HXXD / FRA: 3CP / OTCMKTS: XIACF) electric sedan crashed and killed three people while its autopilot feature was engaged.

• The Ministry of Industry and Information Technology (MIIT) summoned about 60 representatives from dozens of car companies for a meeting on Wednesday, where it told them to avoid overstating the ability of driver assistance technology and to standardize the use of over-the-air (OTA) software updates for the technology’s improvement, according to the meeting’s minutes, which are circulating online and whose authenticity was confirmed by two sources familiar with the matter.

🇨🇳 JL Mag fortified by strategic status of rare earths in U.S.-China trade war (Bamboo Works)

• The state-owned maker of rare earth magnets reported strong profit growth in the first quarter, reversing two years of declines

• As a maker of rare earth magnets that are an important component in many high-tech electronics,Jl Mag Rare-Earth Co Ltd (SHE: 300748 / HKG: 6680 / FRA: 3KLA) is benefitting from China’s efforts to stimulate consumer spending

• The company’s shares fell sharply after China banned U.S.-bound exports of rare earths, but later rebounded on expectation of strong state support for the strategic sector

🇨🇳 YuHua Education (6169.HK): A Chinese For-Profit Educator Trading At 2.0x FCF (Cornerstone Value)

• Troubled post-reorg offering enormous cash yield and nearing inflection.

• China Yuhua Education Corp Ltd (HKG: 6169 / FRA: 2YU) (“YuHua”) is a Chinese for-profit high school and higher education operator trading 95% off its 2021 peak.

• Declines have been driven by margin collapse, regulatory uncertainty, and, more recently, the restructuring of a convertible note.

• Our work indicates that YuHua’s margin compression will moderate going forward, that CCP policy will remain supportive of the space, and that an aggressive capex cycle is at its end, giving way to significant cashflows.

• The stock is poised to inflect sharply higher as the market realizes the situation has stabilized. Meanwhile, YuHua is obscenely cheap at 2.0x UFCF and 3.0x P/E.

🇨🇳 Ruanyun soars as China edtechs learn to live in new environment (Bamboo Works)

• The company’s AI-based homework and testing apps and 15.1 million users have helped it to stand out from rivals, though the stock looks expensive after a strong post-IPO rally

• Shares of edtech company Ruanyun Edai Technology Inc (NASDAQ: RYET) jumped up to 80% in their first week of trading, after the company raised $15 million in its Nasdaq IPO

• The maker of homework and testing apps may have saturated its home market in Jiangxi province, and will need to expand nationally to maintain its rapid growth

🇨🇳 Anta (2020 HK): Acquired Jack Wolfskin, Still Financial Momentum, Upgrade to Buy (Smartkarma) $

ANTA Sports Products (HKG: 2020 / FRA: AS7 / OTCMKTS: ANPDY / OTCMKTS: ANPDF)

• The acquisition of Jack Wolfskin means the brand portfolio strategy still works.

• The financial potential is NOT as weak as the 2024 result looks.

• We conclude an upside of 40% and a price target of HK$122 for the next twelve months.

🇨🇳 China Mengniu: Bullish On Milk Price Recovery And Margin Expansion (Seeking Alpha) $ 🗃️

• 🌏 China Mengniu Dairy Company (HKG: 2319 / FRA: EZQ0 / EZQ / OTCMKTS: CIADY / CIADF) 🇰🇾 - Dairy products to Chinese & global consumers. 🇼 🏷️

🇨🇳 Chinese tea chain Chagee valued at $6.2 billion as shares pop in Nasdaq debut (Reuters)

• Chinese tea chain Chagee Holdings Limited (NASDAQ: CHA), secured a valuation of $6.2 billion after its shares gained 21% in their Nasdaq debut on Thursday, defying volatility stemming from the United States' trade war with Beijing.

• Chagee sold 14.7 million ADS at the top of its marketed range of $26 to $28 per share to raise $411 million, in the biggest listing for a Chinese consumer company since vaping firm RLX Technology (NYSE: RLX)'s $1.4 billion IPO in January 2021, according to Dealogic data.

• Founded in 2017 by Junjie Zhang, Chagee had nearly 6,700 teahouses worldwide at the end of March, with most of them located in premium shopping malls across China under a franchise scheme.

• The company generated 29.5 billion yuan ($4.03 billion) in sales last year.

🇨🇳 Chagee Holdings - Thoughts on the IPO Debut and the Valuation Outlook (Smartkarma) $

• Chagee Holdings Limited (NASDAQ: CHA) may think that US IPO will help it gain greater imagination space/higher valuation. Although the tariff war is “a big surprise”, conservative IPO pricing still secure a good debut.

• If Chagee can successfully achieve internationalization and reverse the trend of declining performance, its market value could reach US$10.9 billion. However, Chinese concept stocks would still face valuation discounts.

• If same store GMV fails to stabilize, or overseas market penetration is lower-than-expected, or conflict between China and the US escalates, share price would face correction, with valuation falling below Starbucks.

🇨🇳 TH International tastes success with bagels in donut-averse China (Bamboo Works)

• The operator of the Tim Hortons chain in China sold 22 million bagel-based products last year, and said it is aiming to return to revenue and same-store sales growth in 2025

• TH International (NASDAQ: THCH)’s revenue fell 12% in the fourth quarter, moderating from a 17% decline in the previous quarter

• The company is targeting a return to revenue growth and achieving breakeven on an EBITDA basis this year

🇨🇳 Exclusive: L’Oréal plans major layoffs in China amid sales slump (Caixin) $

• L'Oreal SA (EPA: OR / FRA: LOR / OTCMKTS: LRLCF) is planning to lay off up to half its travel retail workforce in China, as the French cosmetics giant grapples with prolonged weakness in duty-free sales, multiple sources told Caixin.

• Although the layoffs have not been officially announced, they are expected to affect up to half the team. Some departing employees are reportedly set to receive “n+5” compensation packages — a payout equal to their years of service plus five months’ salary, according to a source close to L’Oréal’s headquarter.

🇨🇳 Facing cloudy regulation, Smoore prepares back-up plans (Bamboo Works)

• The vaping products maker is facing new pressures on both the regulatory and tariff fronts, driving it to explore new products

• Smoore International (HKG: 6969 / OTCMKTS: SMORF)’s profit dropped 43.4% to 192 million yuan in this year’s first quarter, as its vaping products come under growing pressure on various fronts

• Big tobacco is lobbying Washington to impose additional tariffs or ban disposable vaping devices made in China

🇨🇳 In Depth: Chinese Banks Chase Opportunities Overseas Amid Struggles at Home (Caixin) $

• Chinese banks have reasons to be optimistic about venturing abroad.

• Industrial and Commercial Bank of China (SHA: 601398 / HKG: 1398 / FRA: ICK / OTCMKTS: IDCBY / IDCBF), the world’s largest commercial lender by assets, reported that the pretax profit for its overseas institutions rose 19% to $4.4 billion last year, according to Zhang Weiwu, a senior executive vice president. The profit growth came as their total assets grew 4% to more than $430 billion at the end of last year.

🇨🇳 Canaan builds up bitcoin mining in quest to emerge from crypto no man’s land (Bamboo Works)

• The cryptocurrency mining machine maker missed a market boom last year, and is ramping up its own bitcoin production just as the sector shows signs of stumbling

• Canaan (NASDAQ: CAN) boosted its bitcoin production by about 10% in March from February after a bitcoin “halving” event last year dampened demand for its mining machines

• The company’s stepped-up mining efforts come as the crypto market enters a new phase of uncertainty created by recent U.S. protectionist policies

🇨🇳 Ping An Insurance: No Escaping The Tariff War (Seeking Alpha) $ 🗃️

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

🇨🇳 WuXi group wrestles with uncertainty over pharma tariffs (Bamboo Works)

• Drugs services giant WuXi AppTec Co (SHA: 603259 / HKG: 2359 / OTCMKTS: WUXAY) cashed in a stake in Wuxi XDC to soften the blow from a first round of Trump tariffs, as the pharma sector braces for another barrage

• The sale of shares in WuXi XDC, a developer of antibody-drug conjugates, came a day before the U.S. president shocked markets with his tariff plan on April 2

• The impact of any further punitive actions specifically targeting pharmaceutical products is hard to quantify at this point

🇨🇳 Shein: London Approves IPO but Tariffs and End Of "De Minimis" Exemption to Lower Valuation (Douglas Research Insights) $

• In the past week, Reuters reported that Shein has received approval from the UK's Financial Conduct Authority (FCA) for its IPO in London.

• In February 2025, Reuters reported Shein could cut its valuation in a potential listing to around $50 billion, which would be 24% lower than the previous private market funding round.

• Tariff war and ending de minimis for shipments from China to US are likely to result in further reduction in the valuation of Shein, much lower than $50 billion.

🇭🇰 Hutchison Port Holdings Trust's Improved Results In 2024 Did Not Result In A Higher DPU (Seeking Alpha) $ 🗃️

• 🇨🇳 🇭🇰 Hutchison Port Holdings Trust (SGX: NS8U / FRA: H09 / OTCMKTS: HCTPF / HUPHY) 🇻🇬 - Deep-water container terminals in the Pearl River Delta of South China. 🇼 🏷️

🇭🇰 Surveying Hutchison’s Port-folio in Latin America: Strategic Vulnerability or Business as Usual? (CSIS)

• At the center of this drama is Hong Kong-based CK Hutchison Holdings (HKG: 0001 / FRA: 2CKA / OTCMKTS: CKHUY / CKHUF), a massive conglomerate that, through its subsidiary Hutchison Port Holdings Trust (SGX: NS8U / FRA: H09 / OTCMKTS: HCTPF / HUPHY), operates the ports of Balboa and Cristobal on the Pacific and Atlantic sides of the canal, respectively. On March 4, CK Hutchison made headlines when it announced a deal with U.S. private equity firm BlackRock to buy out its port holdings outside of mainland China and Hong Kong. If executed, the deal would transfer 43 different ports across 23 countries from Hutchison to BlackRock’s control. In the Western Hemisphere alone, Hutchison currently operates seven container terminals: two in Panama, four in Mexico, and one in the Bahamas. Several of these rank among the busiest ports in the Americas and are invaluable to maritime commerce in the region.

• However, the Hutchison-BlackRock deal is now on uncertain footing.

🇭🇰 AIA Group: Overweight Duration In Asia (Seeking Alpha) $ 🗃️

• 🌏 AIA Group (HKG: 1299 / FRA: 7A2 / OTCMKTS: AAIGF) 🇭🇰 - Largest publicly listed life insurance group in Asia-Pacific - operating in 18 markets. 🇼 🏷️

🇭🇰 MTR Corporation: Watch Rising Leverage And Revenue Stability (Seeking Alpha) $ 🗃️

• 🌐🏛️ MTR Corporation (HKG: 0066 / OTCMKTS: MTCPY) 🇭🇰 - Operates Hong Kong's (until 2107) + other public transport urban metro system + residential & commercial projects, property leasing/management, advertising, telecommunication services & international consultancy. 🇼 🏷️

🇲🇴 Macau mass market GGR tops US$5.4bln in 1Q, up 11pct relative to 2019 levels (GGRAsia)

• Macau’s mass-market casino gambling segment – including slot machine play – generated gross gaming revenue (GGR) of MOP43.20 billion (US$5.40 billion) in Macau in the first quarter of 2025, up 0.6 percent from a year earlier. Judged sequentially, the tally was down 0.5 percent, according to data released on Wednesday by the city’s casino regulator, the Gaming Inspection and Coordination Bureau.

• The latest quarterly figure was up 10.9 percent compared with first-quarter 2019 mass-market GGR, the trading year preceding the Covid-19 pandemic.

• For the opening quarter of 2025, mass-market revenue – including slots – accounted for 74.9 percent of the MOP57.66 billion aggregate GGR, showed the official data. Revenue specifically from mass-market baccarat, at slightly over MOP34.32 billion, was just above 59.5 percent of total Macau GGR for the period.

🇲🇴 JP Morgan says Macau bear case could be 10pct dip in GGR by 4Q vs 1Q, but likely better (GGRAsia)

• Brokerage JP Morgan Securities (Asia Pacific) Ltd says it is now taking into account a financial model that might see a “10 percent sequential decline” in Macau gross gaming revenue (GGR) by the fourth quarter this year, relative to the first quarter.

• The institution stated in a Tuesday report it was only “crafting a bear case” in order to “establish a ‘floor earnings’ baseline”, amid factors including the United States-China trade tariff row.

• First-quarter Macau GGR was nearly MOP57.66 billion (US$7.21 billion), up 0.6 percent on the same period in 2024.

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🇹🇼 Taiwan

🇹🇼 Travel notes: Taipei (Asian Century Stocks)

• I just spent four days in Taipei — the capital of Taiwan, and its political and commercial center.

• My trip was organized last-minute, and I didn’t have the chance to meet any companies this time around. But by meeting friends, I gained a better understanding of the macroeconomic climate, politics and the current opportunity. So I thought I’d share some of my takeaways with you.

• For what it’s worth, the Taiwanese stock market performed strongly between 2022 and 2024. This year’s decline is primarily due to Donald Trump’s proposed tariffs on Taiwanese exports:

• In any case, here are my thoughts from last week’s trip.

🇹🇼 TSMC: Deeply Discounted AI Buy (Seeking Alpha) $ 🗃️

🇹🇼 Taiwan Semiconductor: Tariff War Unlocks Dirt-Cheap Compelling Entry Points, Strong Buy Here (Seeking Alpha) $ 🗃️

🇹🇼 TSMC Q1 Preview: A Moment To Bet Big On The Base Layer Of AI (Seeking Alpha) $ 🗃️

🇹🇼 TSMC Q1 Preview: Beating Trump's Tariffs (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: Tariffs Or Not, Why I'm Betting On The Foundry Leader (Seeking Alpha) $ 🗃️

🇹🇼 TSMC Q1: Excellent Results, Strong Buy (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇹🇼 TSMC Q1 2025 Earnings Silence Tariff Doubts (Seeking Alpha) $ 🗃️

🇹🇼 TSMC Has Finally Become Dirt Cheap Following Its Q1 Results (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: Firing On All Cylinders After Earnings (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇹🇼 TSMC And Nvidia: Powering The AI Capital Of The World (Seeking Alpha) $ 🗃️

🇹🇼 TSMC Earnings: US Manufacturing Has Minimal Impact On Margins (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: Extremely Bullish On Earnings (Seeking Alpha) $ 🗃️

🇹🇼 TSMC Is A Complete Steal (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: Solid Results, But Sentiment Still Heavy (Seeking Alpha) $ 🗃️

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

🇹🇼 TSMC - the leading edge semiconductor monopoly (UncoverAlpha)

• I want to share some findings about Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM). It should be on the radar of all investors following the AI space and technology enthusiasts.

• I have recently done more research on the company and have spoken to different people about TSMC. I also recorded some of those conversations, like the one I had with Dan Nystedt. Dan has lived in Taipei, Taiwan, for over 2 decades, following semiconductors, including TSMC. You can see the full interview with him here.

• Now, to my TSMC findings.

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🇰🇷 Korea

🇰🇷 Under-construction second casino venue at Kangwon Land targeted for 2027 completion: promoter (GGRAsia)

• Kangwon Land (KRX: 035250) (pictured in a file photo), a resort with South Korea’s only casino that allows locals to bet, saw in March construction begin on a second casino venue at the complex. It will help address ‘overpopulation’ in the main gaming area, said a spokesman for the resort’s promoter, Kangwon Land Inc.

• The targeted completion date is December 2027, according to Kim Hyukha, a general manager for the casino management team, in comments to GGRAsia.

🇰🇷 SK Telecom Is The Flight To Telecom Safety We Were Looking For (Seeking Alpha) $ 🗃️

• 🇰🇷 SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA) - Wireless telecommunication services in Korea. 3 segments: Cellular Services, Fixed-Line Telecommunications Services & Other Businesses. 🇼 🏷️

🇰🇷 KEPCO: Tailwind From Lower Energy Prices (Seeking Alpha) $ 🗃️

• 🇰🇷 KEPCO (NYSE: KEP / KRX: 015760 / FRA: KOP) or Korea Electric Power Corporation - Integrated electric utility company. Generation, transmission & distribution of electricity in Korea where it’s the largest electric utility. 🇼 🏷️

🇰🇷 Shinhan Financial: Focus On Q1 Earnings And Peer Valuation Gap (Seeking Alpha) $ 🗃️

• 🌐 Shinhan Financial Group (NYSE: SHG / KRX: 055550) - 6 segments: Banking, Credit Card, Securities, Life Insurance, Credit & Others. Merchant bank with 200 global channels & 15 subs. 🇼 🏷️

🇰🇷 Jeju Bank: Douzone Bizon Becomes Second Largest Shareholder (Douglas Research Insights) $

• On 18 April, it was reported that Douzone Bizon (KRX: 012510) will become the second largest shareholder of Jeju Bank (KRX: 006220).

• Douzone Bizon invested 57 billion won for a 14.99% stake in Jeju Bank. Through this investment, Douzone will aim to enhance the digital business of Jeju Bank.

• This deal is likely to positively impact Jeju Bank's shares as this capital raise is used to further invest in ERP based banking that could further boost its sales.

🇰🇷 China's Export Restrictions on Rare Earth Minerals - Key Impact on Korean Companies (Douglas Research Insights) $

• In this insight, we discuss some of the key beneficiaries in Korea that could actually stand to gain from such export restrictions.

• We also discuss other Korean companies that could be negatively impacted by this move by the Chinese government.

• Despite the uncertainties related to China’s export restrictions of rare earths minerals, we do not expect sudden collapse of the entire semiconductor and EVs value-chain in Korea.

🇰🇷 A Visit to Inspire Integrated Resort in Incheon, South Korea (Douglas Research Insights) $

• I recently visited Inspire Entertainment Resort in Yeongjeongdo, Korea with my family.

• Overall, I was impressed with its modern, clean facilities, but despite its large size, there was a relative emptiness to the place that made it feel underutilized.

• The management rights of Inspire Resort were transferred to Bain Capital from Mohegan Gaming & Entertainment (MGE) in February 2025.

🇰🇷 Dongwon F&B: Delisting and Incorporation as a Wholly Owned Subsidiary of Dongwon Industries (Douglas Research Insights) $

• Dongwon Group's decision to merge Dongwon F&B Co Ltd (KRX: 049770) and Dongwon Industries (KRX: 006040) into one company is a positive move.

• Dongwon F&B will be incorporated as a wholly-owned subsidiary of Dongwon Industries and will be delisted.

• Post stock swap between Dongwon Industries and Dongwon F&B, the surviving entity (Dongwon Industries) is a likely candidate for KOSPI 200 inclusion in 2H 2025/2026.

• Dongwon Group announced a major reorganization plan on 14 April. Dongwon F&B (049770 KS) (market cap of 658 billion won) will be delisted and incorporated as a wholly owned subsidiary of Dongwon Industries (006040 KS) (market cap of 1,426 billion won). Dongwon is one of the largest F&B groups in Korea. Dongwon F&B is expected to be delisted on 31 July.

🇰🇷 Asian Dividend Gems: Hyundai Elevator (Asian Dividend Stocks) $

• Hyundai Elevator Co Ltd (KRX: 017800 / OTCMKTS: HYEVF)'s share price has been moving higher on the back of higher dividends and a beneficiary of the potential economic co-operations between North and South Korea.

• Hyundai Elevator currently has a dividend yield of 8%, which is one of the highest dividend yields among Korean companies with more than 2 trillion won in market cap.

• There have been some initial discussions about increased economic co-operation between North and South Korea. Hyundai Elevator is a key beneficiary in such a scenario.

🇰🇷 Hyundai Rotem: Surging Growth of Defense Exports (Douglas Research Insights) $

• We remain impressed with Hyundai Rotem (KRX: 064350)'s aggressive new orders for defense and railway systems.

• Defense exports as a percentage of total sales increased from 0% in 2021 to 6.1% in 2022, 19% in 2023, and 36.4% in 2024.

• Hyundai Rotem had an order backlog of 14.1 trillion won at the end of 2024. Order backlog/sales ratio was 3.2x in 2024.

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🌏 SE Asia

🇰🇭 Moody’s expects NagaCorp earnings to moderate in the year ahead (GGRAsia)

• Moody’s Ratings expects the earnings of Hong Kong-listed Cambodian casino operator NagaCorp (HKG: 3918 / FRA: N9J / OTCMKTS: NGCRF) “to moderate over the next 12 to 18 months,” amid uncertain economic conditions.

• “The extent of the tariffs imposed by the U.S. administration on Cambodia remains uncertain, but will weigh on economic growth, as well as dampen business confidence and consumer sentiment,” stated the rating agency in a Wednesday memo.

• “Nonetheless, the company has a low debt burden and sufficient capacity within its credit metrics to absorb weaker earnings,” it added.

• Cambodia was hit with one of the highest tariff rates by the U.S. administration, at 49 percent.

🇲🇾 Casino bosses from Malaysia see wealth fall, shows Forbes 2025 list (GGRAsia)

• Lim Kok Thay, the head of gaming conglomerate Genting group [Genting Berhad (KLSE: GENTING / OTCMKTS: GEBHY) / Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF)], was ranked 14th on the latest “Malaysia’s 50 Richest” list compiled by Forbes, published earlier this week.

• Mr Lim (pictured) was down five spots from 2024, with a fortune of US$1.8 billion in the 2025 list, versus US$2.3 billion a year earlier.

• The Chen family, consisting of the heirs of late casino tycoon Chen Lip Keong, who died in December 2023, was ranked 30th in this year’s list, with an estimated net worth of US$775 million. That was down from 18th in 2024, with an estimated wealth of US$1.1 billion.

• Mr Chen was the Malaysian founder of casino operator NagaCorp (HKG: 3918 / FRA: N9J / OTCMKTS: NGCRF), which runs the NagaWorld casino monopoly in Phnom Penh, the Cambodian capital. On his death, his son Chen Yiy Fon was appointed as chief executive of Hong Kong-listed NagaCorp

🇵🇬 Kina Securities meeting (KSL AU) (Asian Century Stocks) $

• A Papua New Guinea commercial bank.

• Last week, I had the pleasure of meeting the senior management team of Kina Securities Ltd (ASX: KSL) — US$193 million) — a Papua New Guinea- (“PNG”) based commercial bank listed on the ASX. Participants included Kina Securities’ CEO Ivan Vidovich and CFO Johnson Kalo.

• The bank trades at a modest P/E ratio of 8.2x with a dividend yield of 9.2%. While the share price has risen recently, it remains well below its all-time high in 2019.

• Having recently written about frontier market commercial bank Halyk Bank, I wanted to understand how the PNG banking market compares to other frontier markets. Specifically, I wanted to understand whether there might be an upside in PNG’s private sector credit penetration and whether banking super-apps might help bring individuals into the formal economy.

🇸🇬 Sea Limited: The Stock Deserves More (Seeking Alpha) $ 🗃️

🇸🇬 Sea Limited's Outperformance Likely To Continue In 2025 - Reiterate Buy (Seeking Alpha) $ 🗃️

• 🌏 Sea Limited (NYSE: SE) - 3 core businesses: Garena (global online games developer & publisher), Shopee (largest pan-regional e-commerce platform in SE Asia & Taiwan), SeaMoney (leading digital payments & financial services provider in SE Asia). 🇼 🏷️

🇸🇬 Like Uber, Grab Is Building A Winner-Takes-Most Platform (Seeking Alpha) $ 🗃️

• 🌏 Grab Holdings Limited (NASDAQ: GRAB) - Superapp in SE Asia for mobility, deliveries, & digital financial services to millions of Southeast Asians. 🇼 🏷️

🇸🇬 🇿🇦 Karooooo: An Underestimated Company With A Rare Financial Profile (Seeking Alpha) $ 🗃️

• 🇸🇬 🇿🇦 Karooooo (NASDAQ: KARO / JSE: KRO) - Leading provider of an on-the-ground operations cloud that maximizes the value of data. The Cartrack SaaS platform provides insightful real-time data analytics & business intelligence reports. 🏷️

🇸🇬 Sembcorp Industries: Bullish On Recent M&A And Potential Value-Unlocking Moves (Seeking Alpha) $ 🗃️

• 🌐 Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF) - Investment holding company. Renewables, integrated urban solutions, conventional energy & other businesses in Singapore, UK, China, India, rest of Asia, Middle East & internationally. 🇼 🏷️

🇸🇬 Can Singapore Airlines See its Share Price Soar to New Heights? (The Smart Investor)

• It’s been a tough slog for Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF), or SIA, this year.

• After hitting a 52-week high share price of S$7.14 back in July last year, the blue-chip airline’s share price has trended steadily downwards.

• As of this writing, SIA’s share price is hovering at S$6.35, down 1.6% year-to-date.

• Singapore’s flagship carrier saw its share price surge 19.5% in 2023 but dipped slightly by 2% in 2024.

• Can the airline see better days ahead with its share price recovering to its glory days of S$10 and above?

  • Lower profits

  • Strategic initiatives

  • IATA’s forecast for 2025

  • Tariffs and inflation

  • A potential global recession

  • Get Smart: Stormy skies ahead

🇸🇬 3 Singapore Blue-Chip Stocks That Should Remain Resilient Against Trump’s Tariffs (The Smart Investor)

• Here are three high-quality blue-chip stocks that we believe can withstand the impact of Trump’s tariffs.

  • Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX, is Singapore’s sole stock exchange operator.

  • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT, is a retail and commercial REIT with a portfolio of 26 properties in Singapore (21), Germany (2), and Australia (3).

  • Hongkong Land Holdings (SGX: H78 / LON: HKLJ / FRA: HLH / OTCMKTS: HKHGF / HNGKY), or HKL, is a property investment, management, and development group.

🇸🇬 4 Singapore Stocks with Limited Tariff Exposure: Should They be in Your Portfolio? (The Smart Investor)

• Looking to buffer your portfolio against Trump’s tariffs? Here are four stocks that should keep you safe.

  • Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) operates one of the largest supermarket chains in Singapore with 77 outlets across the island.

  • Yeo Hiap Seng Ltd (SGX: Y03), or YHS, is a Singapore-based brand selling Asian beverages for more than 100 years.

  • Q&M Dental (SGX: QC7)operates a chain of 106 private dental clinics in Singapore, hiring 270 experienced dentists and more than 350 support staff.

  • PropNex (SGX: OYY) is Singapore’s largest listed real estate agency with 13,057 professional salespersons as of 19 February 2025.

🇸🇬 4 Singapore Retail and Commercial REITs Sporting Dividend Yields of 5.3% or Higher (The Smart Investor)

• Retail and commercial REITs offer resilience amid an elevated interest rate environment.

• Here are four such REITs that sport distribution yields of 5.3% or higher.

  • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT, is a retail and commercial REIT with a portfolio of 21 properties in Singapore, two in Germany, and three in Australia.

  • Mapletree Pan Asia Commercial Trust (SGX: N2IU / OTCMKTS: MPCMF), or MPACT, owns a portfolio of 17 commercial and retail properties in Singapore (4), Hong Kong (1), China (2), Japan (9), and South Korea (1).

  • Starhill Global Real Estate Investment Trust (SGX: P40U / OTCMKTS: SGLMF), or SGREIT, owns a portfolio of nine properties in Singapore, Australia, Malaysia, Japan, and China.

  • Lendlease Global Commercial REIT (SGX: JYEU / OTCMKTS: LLGCF), or LREIT, is a retail and commercial REIT with a portfolio comprising Jem and 313 @ Somerset in Singapore and Sky Complex (comprising three office buildings) in Milan, Italy.

4 Singapore Stocks That Can Maintain or Increase Their Dividends Despite Trump’s Tariffs (The Smart Investor)

• These companies can hold their own when it comes to dividends despite macroeconomic concerns.

  • The Hour Glass (SGX: AGS), or THG, is a leading specialist watch retailer with 65 boutiques across 14 cities.

  • iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF) is a financial technology company operating a platform for the buying and selling of unit trusts, equities, and bonds.

  • Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering, or STE, is a technology, defence and engineering group serving customers in the aerospace, smart city, defence, and public security sectors.

  • Raffles Medical Group (SGX: BSL / FRA: 02M1 / OTCMKTS: RAFLF), or RMG, is an integrated healthcare player operating in 14 cities within five countries.

🇻🇳 Vietnam's public security ministry aims to take majority stake in internet firm, document shows (Reuters)

• Unclear if the ministry to gain effective control of FPT Telecom

• FPT Telecom a key source of revenue for FPT Corp (HOSE: FPT / SET: FPTVN19), Vietnam's top tech firm

• FPT Corp shares fell this week on concerns over future of telecom unit

🇹🇭 Delta Electronics: Consider Q1 Preview And Tariff Headwinds (Rating Downgrade) (Seeking Alpha) $ 🗃️

• 🇹🇭 Delta Electronics Thailand PCL (BKK: DELTA / SGX: TDED) - Power & thermal management solutions & electronic component manufacturing. Subs. of Delta Electronics Taiwan (TPE: 2308). 🇼

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🇮🇳 India / South Asia / Central Asia

🇰🇿 Kaspi - Burggraben per Super App (Szew Invest) [Long article in German]

KASPI (NASDAQ: KSPI / LON: 80TE / FRA: KKS)

• Chancen, Risiken und Bewertung der Aktie

🇮🇳 Steel Authority of India: Weak on Expansion (Smartkarma) $

• Steel Authority of India Ltd (NSE: SAIL / BOM: 500113) has been a consistent under-performer despite having huge iron ore reserves, multi-location steel plants and wide product spectrum and exclusive sales to Indian Railways

• Legacy plants, ageing manpower and operational inefficiencies have resulted in slower growth compared to peers and a significant loss in overall market share, high inventories and single digit RoEs

• SAIL trades at 0.8x P/B, in line with history, but weak volume visibility and elevated debt warrant a deeper discount—0.6x book better reflects risk-reward, in our view.

🇮🇳 MOIL Ltd: Plans to Double Output Well Supported (Smartkarma) $

• MOIL Ltd (NSE: MOIL / BOM: 533286) is India’s largest manganese ore producer, contributing over 50% of the country’s production. Its dominant position provides a competitive advantage in meeting domestic demand.

• Planned a capex of Rs24 billion until FY30. This investment will support brownfield expansions, greenfield projects, and modernization efforts, including shaft-sinking projects at Balaghat and Gumgaon mines.

• Valuations: Trades at a marginal premium to historic valuations. Debt-free balance sheet, 25yr+ mine life gives confidence over LT execution of expansion plans.

🇮🇳 SMIORE: Transitioning from Merchant Miner to Integrated Steel & Minerals Powerhouse (Smartkarma) $

Sandur Manganese and Iron Ores Ltd (NSE: SANDUMA / BOM: 504918)

• Scale-Up in Mining: Iron ore capacity ramped up to 3.86 MTPA with visibility to reach 4.36 MTPA, positioning mining as a high-margin cash engine.

• Forward Integration via Arjas Acquisition: Strategic acquisition of Arjas Steel marks a shift from merchant mining to integrated steel production, with embedded OEM relationships and SBQ focus.

• Valuation Reset in Progress: Despite structural upgrades, the stock trades at ~8x EV/EBITDA, offering a rerating opportunity as steel margins expand and loss-making verticals normalise.

🇮🇳 The Beat Ideas: Samhi Hotels, A Strategic Play on India's Premium Hotels (Smartkarma) $

• SAMHI Hotels (NSE: SAMHI / BOM: 543984) witnessing a 9-10% top-line growth attributed to same-store Average Room Rate (ARR) growth and robust occupancy trend across all the segments.

• Company is set to generate a top line of INR 3.2-3.5bn pa post stabilization in 2 years with an increase of 532 keys across three hotels.

• Company is expecting 35% revenue growth in next 3-4 years by repositioning the ACIC portfolio under the Marriott Tribute & Courtyard brands and opening new hotels like W& Westin Tribute.

🇮🇳 LG Electronics India IPO: The Bear Case (Smartkarma) $

• LG Electronics India (123D IN)/LGEIL, a subsidiary of LG Electronics (KRX: 066570 / 066575 / FRA: LGLG / LON: 39IB), aims to raise up to US$1.5 billion through a secondary offering (15% of outstanding shares).

• In LG Electronics India IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.

• The bear case rests on bottom-quartile revenue growth, revenue decline in the largest product category, dividends to the parent far exceeding FCF and significant share overhang.

🇮🇳 Park Medi World Pre-IPO: Some Points Worth Attention (Smartkarma) $

• Park Medi World is the second largest private hospital chain in North India with a capacity of 3,000 beds, and the largest private hospital chain in Haryana.

• The company aims to raise INR9.6B through issuing fresh shares. Founder and Chairman, Dr. Ajit Gupta is the selling shareholder offering shares worth of INR3B for sale.

• IPO proceeds will be utilized for debt repayment, funding capex for development of new hospital, expansion of existing hospital, and purchase of medical equipment.

🇮🇳 The Beat Ideas: Vinati Organics- A Niche Giant in Specialty Chemicals (Smartkarma) $

• Vinati Organics Ltd (NSE: VINATIORGA / BOM: 524200) dominates the global market with a 65% share in ATBS and IBB, offering strong profitability driven by high-demand sectors like water treatment and pharmaceuticals.

• With a INR570 crore capex investment, Vinati is expanding its ATBS capacity by 50%, diversifying into high-growth segments such as MEHQ, Guaiacol, and Antioxidants, positioning itself for long-term revenue growth.

• Vinati is strategically increasing its domestic revenue share (45% of FY24 sales), while strengthening its export presence, capitalizing on India’s “Make in India” initiative and reducing currency volatility risks.

🇮🇳 The Beat Ideas- Time Technoplast: Driving Growth Through Innovation & Value-Added Products (Smartkarma) $

• Time Technoplast Ltd (NSE: TIMETECHNO / BOM: 532856) holds a dominant position in the industrial packaging sector, with leadership in composite cylinders, IBCs, plastic drums, benefiting from a strong global presence& high entry barriers.

• TTL is increasingly focusing on higher-margin segments like CNG cylinders, hydrogen storage, and composite products. These initiatives offer significant scalability and margin expansion, setting up strong long-term revenue growth.

• With strategic R&D investments, TTL is entering emerging sectors like e-mobility (e-rickshaw batteries) and hydrogen fuel cylinders, tapping into new high-growth markets that could diversify revenue and fuel sustainable growth.

🇮🇳 Adani Ports: Riding the Global Ports Wave with Scale, Margin, and Visibility (Smartkarma) $

Adani Ports & Special Economic Zone (NSE: ADANIPORTS / BOM: 532921)

• NQXT brings structural leverage: 35 MMT of throughput, 65% EBITDA margin, and zero-debt funding makes this a clean, long-cycle infrastructure asset. Pro forma FY27E EV/EBITDA compresses to 12.6x; P/E 19x.

• FY25 guidance upgraded: Revenue now pegged at Rs29,000–31,000 Cr (vs Rs26,000–27,000 Cr earlier), EBITDA at Rs18,800–18,900 Cr, and cargo volume at 460–480 MMT — upper band implies a strong Q4.

• Trades at 12.6x FY27E EV/EBITDA, APSEZ offers growth, operating leverage, and global strategic footprint and ramping port utilization. Likely disruptions in trade flows post Trump tariffs is a risk.

🇮🇳 Zomato/Eternal: Lower Foreign Ownership Limits & The BIG Passive Selling (Smartkarma) $

• Zomato Limited (NSE: ZOMATO / BSE: ZOMATO), now Eternal, listed in July 2021 with a Foreign Ownership Limit (FOL) of 100%. Since listing, foreign ownership has dropped from over 70% to just under 45%.

• Eternal is looking to cap foreign ownership at 49.5% to continue qualifying as an Indian-Owned-and-Controlled Company. That will give the company greater operational flexibility, especially for inventory ownership.

• The FOL decrease will result in selling from passive global index trackers. With the stock 23.5% off its highs and a steady increase in futures open interest, covering could ensue.

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🌍 Middle East

🇮🇱 Update on Teva Pharmaceuticals ($TEVA): Still a value opportunity while the company is rebuilding (Kontra Investments)

• After years of underperformance and litigation overhang, Teva Pharmaceutical Industries Ltd (NYSE: TEVA) is turning a corner. In my view, the company is still mis-priced, trading at a deeply discounted valuation approximately 5.8x 2025 EPS estimate, the market is largely still overlooking the structural improvements the company is undergoing. With a clear cost optimization roadmap, a rebounding branded portfolio, and new clinical catalysts on the horizon, Teva holds a lot of potential to unlocking shareholder value. Let´s dive in!

🇮🇱 Tower Semiconductor: Tariff Exemptions Arrive Just In Time (Seeking Alpha) $ 🗃️

• 🌐 Tower Semiconductor (NASDAQ: TSEM) - Foundry of high value analog semiconductor solutions. 🇼

🇮🇱 El Al Israel Airlines: Speculative Buy Opportunity With Risk Of Competition (Seeking Alpha) $ 🗃️

• 🌐 El Al Israel Airlines Ltd (TLV: ELAL / OTCMKTS: ELALF) - Israel's national airline. 🇼

🇮🇱 Elbit Systems: What Is Left After The 100% Surge? (Seeking Alpha) $ 🗃️

• 🌐 Elbit Systems Ltd (NASDAQ: ESLT) - Primary provider of the Israeli military's land-based equipment & unmanned aerial vehicles. 🇼

🇮🇱 Gilat Satellite: Stellar Blu Will Bring Stellar Returns (Seeking Alpha) $ 🗃️

• 🌐 Gilat Satellite Networks Ltd (NASDAQ: GILT) - Ground-based satellite systems for global communication on satellites. 🇼

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🌍 Africa

🇿🇦 DRDGOLD: Stay Long This Unique Gold Producer (Seeking Alpha) $ 🗃️

• 🇿🇦 DRD Gold (JSE: DRD / NYSE: DRD) - Gold mining company involved in the surface gold tailings retreatment business in South Africa. Exploration, extraction, processing & smelting activities. Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) controlled. 🇼 🏷️

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🌍 Eastern Europe & Emerging Europe

🇧🇦 🇷🇸 Adriatic Metals Wants To Join The World's Largest Silver Miners Group (Rating Upgrade) (Seeking Alpha) $ 🗃️

• 🇧🇦 🇷🇸 Adriatic Metals Plc (LON: ADT1 / FRA: 3FNA / OTCMKTS: ADTLF) - Precious & base metals explorer & developer. Vares silver project in Bosnia & Herzegovina & Raska zinc deposit in Serbia.

🇨🇿 Colt CZ Group Benefits From Expanding Demand For Ammunition (Seeking Alpha) $ 🗃️

• 🌐 Colt CZ Group SE (PSE: CZG / FRA: 6QS / OTCMKTS: CZGZF) - Firearms brands Česká zbrojovka (CZ), CZ-USA & Colt. 🇼

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🌎 Latin America

🌎 MercadoLibre: Building the Rails for Latin American Digital Life (Nikhs)

MercadoLibre (NASDAQ: MELI)

• How a marketplace startup evolved into a commerce-fintech giant by methodically constructing the missing rails for e-commerce in an infrastructure-challenged region

🌎 #84 MercadoLibre - Stock Analysis (Kroker Equity Research)

• Latin America’s E-commerce Champion for the Long Run

• MercadoLibre (NASDAQ: MELI) is often called the “Amazon of Latin America,” but that nickname only scratches the surface. Over 25 years since its founding, this Argentine-born, Montevideo-headquartered company has grown into a digital powerhouse that dominates online shopping and fintech across the region. In this deep dive, we’ll explore what MercadoLibre does, how it makes money, its latest financial performance, and the investment outlook – all in a casual but informative tone for long-term investors.

🌎 DLocal (DLO): Updated Valuation Model and Why I'm Buying More (MVC Investing)

• Two months ago, I published a Deep Dive on Dlocal (NASDAQ: DLO), outlining my full investment thesis and explaining why I was initiating a position in the company.

• You can read it here:

• DLocal (DLO): Investment Thesis Explained

• Today, I’m revisiting and updating my valuation assumptions to estimate DLocal’s intrinsic value — this time using a very conservative approach due to the current market environment.

• But first, let’s go over what has happened with the company since my last article.

🇦🇷 Pampa Energia: Strategic Infrastructure With Latent Upside (Seeking Alpha) $ 🗃️

• 🇦🇷 Pampa Energia Sa (NYSE: PAM) - Participates in power generation & transmission. 🇼 🏷️

🇧🇷 Revealed: world’s largest meat company may break Amazon deforestation pledges again (The Guardian)

• Brazilian ranchers in Pará and Rondônia say JBS SA (BVMF: JBSS3 / FRA: YJ3A / OTCMKTS: JBSAY) can not achieve stated goal of deforestation-free cattle.

• The world’s largest meat company, JBS, looks set to break its Amazon rainforest protection promises again, according to frontline workers.

🇧🇷 Brazil auto market offers warning for US tariff policy (Reuters)

• Brazil's auto market has struggled with protectionism

• Local production, employment still well below 2013 peak

• Brazilians pay far more for cars than regional peers

• High taxes and costs hinder auto competitiveness

🇧🇷 As legacy of Ford fades in Brazil, China’s BYD looks to extend global lead in EV sales (AP)

• When Chinese automaker BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) announced plans to build a massive factory in the hardscrabble city of Camacari, in Brazil’s northeastern Bahia state, locals saw a new beginning. After years of economic stagnation following Ford Motor Co.'s exit from the region in 2021, there was hope that the global leader in electric vehicles would bring back well-paying jobs and a brighter future.

• The timing seemed right. Brazil, the world’s sixth-largest auto market, is seeing a surge in EV sales—and BYD is leading the charge. For Camacari, the deal promised to fill the economic vacuum left by the American company, which had once been the city’s largest employer.

• Then plans went off track.

🇧🇷 Embraer: Growth Outlook Remains Bright Despite Near-Term Pullback (Seeking Alpha) $ 🗃️

• 🌐 Embraer SA (BVMF: EMBR3 / NYSE: ERJ) - The 3rd largest producer of civil aircraft after Boeing & Airbus & the leading provider of regional jets worldwide. 🇼 🏷️

🇧🇷 Telefonica Brasil: Market Leader, Weak Returns (Seeking Alpha) $ 🗃️

• 🇧🇷 Telefônica Brasil S.A. (NYSE: VIV) - Fixed line, mobile, data, pay TV, IT, etc. services. Subs. of Telefonica SA (NYSE: TEF). 🇼

🇧🇷 StoneCo: This Reversal May Be Just The Beginning (Seeking Alpha) $ 🗃️

• 🇧🇷 StoneCo Ltd (NASDAQ: STNE) 🇰🇾 - Fintech. Financial technology & software solutions to merchants for eCommerce.

🇧🇷 Nu Holdings: 2025 Financial Model and Valuation Update (The Wolf of Harcourt Street)

• What is the fair value of Nu Holdings (NYSE: NU)?

• Nu Holdings (NU) stock has remained flat since its IPO in December 2021. During that time, its total customer base has grown 5x.

• With the stock trading at its IPO price, what is NU’s fair value today, and is it a buy?

• In this update, I present a revised financial model and fair value assessment. The starting point for this analysis is the 2024 financial results. I’ve already shared a detailed Q4 2024 earnings analysis, which can be accessed via the link below.

• NU: Hidden Pressures Under the Hood

🇧🇷 Ultrapar: The Worst Is Over (Seeking Alpha) $ 🗃️

• 🌐 Ultrapar Participaçoes (NYSE: UGP) - Energy & logistics infrastructure conglomerate. 🇼

🇨🇦 🇧🇴 APM.TSE Quick Pitch (Chop Wood, Carry Water Newsletter)

• Andean Precious Metals Corp (TSE: APM / FRA: 6ZS / OTCMKTS: ANPMF) operates as a silver & gold producer.

• Andean Precious Metals Corp. engages in the acquisition, exploration, development, and processing of mineral resource properties. The company primarily explores for silver and gold deposits.

• APM operates the San Bartolomei silver mine (Bolivia) and Golden Queen gold mine (California). San Bartolomei’s Q4 silver production jumped 14% YoY, while Golden Queen’s gold equivalent output surged 106% YoY. This dual focus mitigates single-commodity risk and capitalizes on rising precious metal prices.

• Both mines exceeded 2024 ore processing estimates:

  • San Bartolomei processed 1,119Kt (vs. 1,097Kt estimate).

  • Golden Queen processed 3,460Kt (vs. 3,231Kt estimate).

  • Higher throughput supported 2024 revenue growth of 103% YoY to $254M.

• San Bartolomei faces FX volatility and regulatory risks in Bolivia, impacting costs.

🇨🇱 Sociedad Química y Minera de Chile: Attractive Despite The Section 232 Investigation Threat (Seeking Alpha) $ 🗃️

• 🌐 Sociedad Química y Minera de Chile (NYSE: SQM) - Lithium, potassium nitrate, iodine & thermo-solar salts. 🇼

🇲🇽 Grupo Mexico: Strong Long-Term Outlook And Possible Dip Amid Tariff-Induced Growth Concerns (Seeking Alpha) $ 🗃️

• 🌎 Grupo Mexico (BMV: GMEXICOB / FRA: 4GE / OTCMKTS: GMBXF) - Mining, Transportation, Infrastructure & Fundacion Grupo Mexico. ASARCO (American Smelting & Refining Company) + Southern Copper (NYSE: SCCO). 🇼 🏷️

🇲🇽 Bullish On Mexico Fund Though NAV Discount Is Likely To Persist (Seeking Alpha) $ 🗃️

• 🇲🇽 The Mexico Fund (NYSE: MXF) - Closed-ended equity mutual fund.

🇲🇽 Vista Energy: From Start-Up To Shale Leader In Just 7 Years (Seeking Alpha) $ 🗃️

• 🇦🇷 🇲🇽 Vista Energy (NYSE: VIST / FRA: 1CIA / BMV: VISTAA)’s - Mexico HQ’d. Main asset in Argentina is the largest shale oil & shale gas play under development outside North America. 🏷️

🇵🇦 Bladex: A Trade Finance Bank During A Trade Rift (Seeking Alpha) $ 🗃️

• 🌎 Banco Latinoamericano (NYSE: BLX) or the Foreign Trade Bank of Latin America or Bladex - Founding shareholders were the Central Banks & government entities of 23 countries in the region. Specialized in addressing trade finance needs. 🇼 🏷️

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🌐 Global

🌐 Inside Nebius's Secret GPU Strategy (Seeking Alpha) $ 🗃️

🌐 Nebius: Minutes Of Our Call With The Company (Seeking Alpha) $ 🗃️

🌐 Nebius' Neocloud Prospects Appear Promising - Albeit Somewhat Speculative (Seeking Alpha) $ 🗃️

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

🌐 Why Nebius Is a Top Choice Among Developers – GTC 2025 Key Takeaways (MVC Investing)

• Last month, the NVIDIA GTC Conference brought together the global AI developer community. Nebius Group NV (NASDAQ: NBIS) — a specialized AI cloud provider and preferred NVIDIA partner — was there all week, showcasing its solutions to developers worldwide.

• A lot happened during the event. Nebius not only delivered several talks about its platform and the broader AI landscape, but also took the opportunity to interview representatives from some of its most innovative customers.

• In this article, I’ll break down the key takeaways from those conversations to explore why developers choose Nebius and how its solutions stack up against the competition.

🌐 These Emerging Markets Will Be Hit The Hardest By A Long Trade War (ZeroHedge) $ 🗃️

• So which EMs are most exposed to the escalating trade war?

• For the answer we go to the latest EM Macro Navigator report from Goldman Sachs (available to pro subscribers), in which the bank discusses the outlook for emerging market (EM) economies and the forecast changes it has made in response to tariff increases; the report's aim is to provide a framework to explore the various vulnerabilities to tariff increases, together with a discussion of the implications of the changes made to date.

• The framework of the Goldman report focuses on the five distinct channels that the tariff shock will unleash turmoil across EMs, namely i) Direct Effects, ii) Trade Diversion, iii) Uncertainty Effects, iv) Financial Conditions/Liquidity, and v) Commodity Prices

• Let's start at the top.

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📰🔬 Further Suggested Reading

$ = behind a paywall / 🗃️ = Link to an archived article

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📅 Earnings Calendar

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

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📅 Economic Calendar

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

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🗳️ Election Calendar

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

• Cayman Islands Referendum 2025-04-30 (d) Confirmed

• Cayman Islands Cayman Legislative Assembly 2025-04-30 (d) Confirmed 2021-04-14

• Singapore Singaporean Parliament 2025-05-03 (d) Confirmed 2020-07-10

• Romania Romanian Presidency 2025-05-04 (d) Confirmed 2024-12-08

• Philippines Philippine Senate 2025-05-12 (d) Confirmed 2022-05-09

• Philippines Philippine House of Representatives 2025-05-12 (d) Confirmed 2022-05-09

• Poland Polish Presidency 2025-05-18 (d) Confirmed 2020-07-12

• Venezuela Venezuelan National Assembly 2025-05-25 (d) Date not confirmed 2020-12-06

• South Korea South Korean Presidency 2025-06-03 (t) Date not confirmed 2022-03-09

• Macau Chinese Legislative Council (Macau) 2025-09-14 (d) Confirmed 2021-09-12

• Côte d'Ivoire Ivorian Presidency 2025-10-25 (d) Confirmed 2020-10-31

• Argentina Argentinian Chamber of Deputies 2025-10-26 (t) Date not confirmed 2023-10-22

• Argentina Argentinian Senate 2025-10-26 (t) Date not confirmed 2023-10-22

• Czech Republic Czech Chamber of Deputies 2025-10-31 (t )Date not confirmed 2021-10-08

• Chile Chilean Chamber of Deputies 2025-11-16 (d) Confirmed 2021-11-21

• Chile Chilean Presidency 2025-11-16 (d) Confirmed 2021-12-19

• Chile Chilean Senate 2025-11-16 (d) Confirmed 2021-11-21

• Singapore Singaporean Parliament 2025-11-30 (t) Date not confirmed 2020-07-10

• Hong Kong Hong Kong Legislative Council 2025-12-31 (t) Date not confirmed 2021-09-05

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📅 Emerging Market IPO Calendar/Pipeline

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

Chagee Holdings Ltd. CHA Citigroup/Morgan Stanley/Deutsche Bank Securities/CICC, 14.7M Shares, $28.00-28.00, $411.2 mil, 4/17/2025 Priced

(Incorporated in the Cayman Islands)

We are a holding company. We commenced our operations in China in 2017. In December 2020, Beijing Chagee Catering Management Co., Ltd., or Beijing Chagee, was established, and we currently conduct all of our business in China through Beijing Chagee and its subsidiaries. We do not use a variable interest entity (VIE) structure.

We are a leading tea drinks brand, CHAGEE. Our brand was represented by a network of 6,440 teahouses, including 6,284 teahouses in China, as of Dec. 31, 2024. This scale represents the largest store network among all premium freshly-made tea drinks brands in China. Our network also includes 156 teahouses in other countries.

CHAGEE’s creation, in 2017, was inspired by how international coffee chains have made coffee drinking both a worldwide lifestyle and a social concept since the 1970s. This success has made us believe that tea drinking needs to be transformed, too — and led us to use the power of technology and brand to make tea drinking a modern-day experience that connects people and cultures around the world.

Today, nearly eight years after our inception and with our relentless passion for technology and pursuit of innovation, we stand out as China’s largest, fastest-growing, and most popular premium freshly-made tea drinks brand, according to iResearch:

We have ranked 1st on China’s social influence index among all freshly-made tea drinks brands in China since October 2023, according to the Social Touch Search Engine.

Note: Net income and revenue are for the 12 months that ended Dec. 31, 2024.

(Note: Chagee Holdings Ltd. priced its IPO at $28.00 – the top of its $26.00-to-$28.00 range – and sold all 14.68 million American Depositary Shares (ADS) – the number of ADS in the prospectus – to raise $411.15 million on Wednesday night, April 16, 2025. Background: Chagee Holdings Ltd. disclosed its IPO’s terms on April 10, 2025, in an F-1/A filing: 14.7 million American Depositary Shares (ADS) at a price range of $26.00 to $28.00 to raise $396.0 million, if priced at the $27.00 mid-point of its range. Each ADS represents one Class A ordinary share, the prospectus said. Moomoo Financial replaced Futu as a co-manager, according to the prospectus.)

(Note: Chagee Holdings Ltd. disclosed in its F-1/A filing on April 14, 2024, updated figures for the number of teahouses as of March 31, 2025.)

(Background: Chagee Holdings Ltd. filed its F-1 on March 25, 2025, without disclosing the terms, for its IPO. Estimated initial proceeds were $100.0 million.)

Everbright Digital Holdings Ltd. EDHL Dominari Securities/Revere Securities, 1.5M Shares, $4.00-5.00, $7.0 mil, 4/17/2025 Priced

(Incorporated in the Cayman Islands)

We are an integrated marketing solutions provider in Hong Kong that is deeply involved in the metaverse and related technologies, and (we) are committed to providing one-stop digital marketing services to support businesses through every stage of their development. Under the all-in-one service, our revenue is generated by providing tailored marketing solutions that address the specific needs of our clients in the context of the ever-developing nature of new forms of media. Operating in the digital marketing solutions industry, our comprehensive range of digital marketing solutions to our clients includes, but is not limited to, metaverse simulation, virtual reality (VR) and augmented reality (AR) design and creation, creative event planning and management, IP character creation and social media marketing. Unlike firms which provide traditional marketing solutions with boilerplate design and marketing plans, we tailor our marketing solutions based on our clients’ needs, and work together with them to implement our customized design and execute marketing plan for their target customers. We also take a hands-on approach to develop a custom metaverse solution for our clients by directly collaborating with suppliers on the design and implementation.

We also take a hands-on approach to develop a custom metaverse solution for our clients by directly collaborating with suppliers on the design and implementation. We lead the strategic design and conceptualization of these offerings, determining key objectives, target audience, and the desired level of immersion and integration between the virtual and physical realms. We also identify the essential features to be included in the metaverse solution and provide guidelines to our suppliers, who then handle the technical execution. This involves building the 3D virtual environments, developing the augmented reality components, testing the final products to identify and address any technical issues, and optimizing the performance and stability of the complete solution.

We serve customers ranging from small and medium-sized businesses to sizeable regional conglomerates. Since the commencement of our business operations in 2021 through our subsidiary, HKUML, we have worked with over 20 corporate customers from a diverse array of industries, including real estate developers, concert organizers, and public charitable organizations to serve both their domestic and overseas customers.

Note: Net income and revenue are in U.S. dollars for the 12-month period that ended June 30, 2024.

(Note: Everbright Digital Holdings Ltd. priced its IPO at $4.00 – the bottom of its $4.00-to-$5.00 price range – and sold 1.5 million shares – the number of shares in the prospectus – to raise $6.0 million on Wednesday night, April 16, 2025. Background: Everbright Digital Holdings Ltd. s offering 1.5 million shares at a price range of $4.00 to $5.00 to raise $7.0 million, according to its F-1 filing dated Feb. 25, 2025.)

Concorde International Group CIGL R.F. Lafferty & Co., 1.3M Shares, $4.00-4.00, $5.0 mil, 4/21/2025 Week of

We provide integrated security solutions and facilities management services in Singapore. (Incorporated in the Cayman Islands)

We deliver security services by combining human expertise with advanced technology. We provide mobile monitoring and response systems, which involve vehicles patrolling designated areas, covering multiple sites within a 24-hour period.

Note: Net income and revenue are for the year that ended Dec. 31, 2023.

(Note: Concorde International Group filed its F-1 on Aug. 27, 2024, and disclosed the terms for its small-cap IPO: 1.25 million shares at $4.00 to raise $5.0 million.)

Kandal M. Venture Ltd. FMFC Dominari Securities/Revere Securities, 2.0M Shares, $4.00-5.00, $9.0 mil, 4/21/2025 Week of

(Incorporated in the Cayman Islands)

Through FMF, our operating subsidiary, we are a contract manufacturer of affordable luxury leather goods with our manufacturing operations in Cambodia. We primarily manufacture handbags, such as shoulder bag, crossbody bag, tote bag, backpack, top-handle handbag, satchel, and other smaller leather goods, such as wallets. Our customers are well-known global fashion brands that are headquartered in the United States.

With our craftsmanship and extensive knowledge of the leather goods manufacturing process, our product engineers convert our customers’ vision and design into leather goods products. Our products are primarily affordable luxury products that are made of leather and/or other materials.

Our Competitive Strengths

We believe the following competitive strengths differentiate our operating subsidiary from its competitors:

• Having long-term and strong business relationships with renowned global fashion brands but we cannot assure continued good relationships with them, and they are not obligated in any way to continue placing orders with us at the same or increasing levels, or at all;

• Having long-term collaborative relationships with our suppliers but their services are susceptible to fluctuations in pricing, timing, and quality, and we have limited control over their operations and compliance with regulations as we do not have long-term contracts with them;

• Having extensive understanding of leather goods manufacturing process, up-to-date machinery and efficient management resulting in competitive pricing while maintaining quality and high efficiency; and

• Having experienced management team with extensive knowledge of the leather goods manufacturing industry where we operate but we cannot assure the retention of key executives and personnel necessary to maintain or expand our business, and the loss of any member of our management team could negatively impact our business plan and expansion.

Our Strategies

We aim to accomplish our business objective, further strengthen our market position and continue to be a competitive manufacturer of leather goods by pursing the following key strategies:

• Broadening our customer base by expanding our geographical market reach to other key markets, including the European markets but failure to implement the growth strategy in a timely or commercially acceptable manner may adversely affect our business growth and operating results;

• Enhancing our production capacity but failure to implement the growth strategy in a timely or commercially acceptable manner may adversely affect our business growth and operating results; and

• Establishing a new design and development center for enhancing our product development capabilities but failure to implement the growth strategy in a timely or commercially acceptable manner may adversely affect our business growth and operating results.

Corporate History and Structure

KMV is a holding company registered and incorporated in the Cayman Islands, and is not a Cambodian operating company. As a holding company with no material operations, we conduct our core business operations in Cambodia through our operating subsidiary, FMF.

On April 5, 2017, FMF is the Group’s key operating subsidiary and was established under the laws of Cambodia to engage in the business of leather goods manufacturing. FMF’s skilled craftsmanship and high-quality manufacturing capabilities are the cornerstones of the Group’s operations and reputation, allowing us to attract business from leading global brands. Customers issue letters of authorization directly to FMF which grant FMF the right to produce and export leather goods using their trademarks, and they frequently visit the production site of FMF located in Cambodia to inspect orders and conduct quality checks. PFL was incorporated under the laws of Hong Kong on November 3, 2016 as a trading company for the Group’s material procurement and customer invoicing.

Note: Net income and revenue are in U.S. dollars (converted from Cambodia’s currency) for the 12 months that ended March 31, 2024.

(Note: Kandal M. Venture Ltd. trimmed its small-cap IPO’s size to 2.0 million shares – down from 2.8 million shares originally – and kept the price range at $4.00 to $5.00 – to raise $9.0 million, according to its F-1/A filing dated Feb. 18, 2025.)

(Note: Dominari Securities and Revere Securities are the new joint book-runners, replacing the original book-running team of Cathay Securities and WestPark Capital.)

OMS Energy Technologies, Inc. OMSE Roth Capital Partners, 5.6M Shares, $8.00-10.00, $50.0 mil, 4/21/2025 Week of

(Incorporated in the Cayman Islands)

We are a growth-oriented manufacturer of surface wellhead systems, or SWS, and oil country tubular goods, or OCTG products used in the oil and gas industry. These products are primarily used for both onshore and offshore oil exploration and production, or E&P activities in the Asia Pacific and the Middle Eastern and North Africa (MENA) Regions.

Our customers often operate in geographic locations where the operating environment requires wellheads, casing and tubing materials capable of meeting exact standards for temperature, pressure, corrosion, torque resistance and abrasion. Our products have been designed, manufactured and certified with the American Petroleum Standards (API) and International Organization of Standardization (ISO). Through our comprehensive and technologically advanced portfolio of SWS and OCTG, we are able to serve as a single-source supplier for our customers and respond to their demand for products. Our operations benefit from our broad, strategically positioned geographic footprint, which supports our ability to supply our (i) Specialty Connectors and Pipes and (ii) Surface wellhead and Christmas tree, allowing us to serve our customers operating in the Asia Pacific and MENA Regions.

We have finishing facilities in close proximity to some of our top end-users’ E&P operations, for example, we have facilities in Saudi Arabia where our largest client, Saudi ARAMCO Oil is located, which allows us to provide our customers with customized technical solutions and to synchronize our production and logistics with evolving demands.

We primarily conduct our business through our subsidiaries (i) OMS (Singapore), (ii) OMS (Saudi Arabia), (iii) OMS (Indonesia), (iv) OMS (Thailand), (v) OMS (Malaysia Holding), (vi) OMS (Malaysia OpCo) and (vii) OMS (Brunei), operating in Singapore, Saudi Arabia, Indonesia, Thailand, Malaysia and Brunei, respectively. Furthermore, through our localization efforts in collaboration with the various governments, we operate manufacturing facilities and warehouses across these six jurisdictions that we operate in. For further information, please refer to the section entitled “Business — Real Property” in the prospectus.

Note: Net income and revenue are for the 12 months that ended March 31, 2024.

(Note: OMS Energy Technologies, Inc. is offering 5.56 million ordinary shares (5,555,556 ordinary shares) at a price range of $8.00 to $10.00 to raise $50.0 million, according to its S-1/A filings.)

The Great Restaurant Development Holdings Limited HPOT Dominari Securities/Revere Securities, 1.4M Shares, $4.00-6.00, $7.0 mil, 4/21/2025 Week of

(Incorporated in the Cayman Islands)

We operate a multi-award-winning Chinese restaurant chain. We specialize in various types of Specialty Chicken Hotpot under the brand name “The Great Restaurant (一品雞煲火鍋)” in Hong Kong. As of the date of this prospectus, we operate seven restaurants in our chain, out of which three are located in the New Territories, three in the Kowloon Peninsula and one on Hong Kong Island. We have over 12 years of experience in the restaurant services industry in Hong Kong and utilize one food factory to support our operations.

Note: Net income and revenue are for the 12 months that ended June 30, 2024.

(Note: The Great Restaurant Development Holdings Limited cut its IPO’s size to 1.4 million shares – down from 2.0 million shares in the original SEC filing – and kept the price range at $4.00 to $6.00 – to raise $7.0 million, according to its F-1/A filing dated March 3, 2025. Background: Dominari Securities is the “lead left” book-runner, joining the original sole book-runner, Revere Securities, on the cover of the prospectus.)

ALE Group Holding Limited ALEH D. Boral Capital (ex-EF Hutton), 1.5M Shares, $4.00-6.00, $7.5 mil, 4/24/2025 Week of

We are a holding company incorporated in the BVI with all of our operations conducted in Hong Kong by our wholly owned subsidiary, ALE Corporate Services Ltd., also known as ALECS. (Incorporated in the British Virgin Islands)

We provide accounting and corporate consulting services to small and medium-sized businesses. Our services include financial reporting, corporate secretarial services, tax filing services and internal control reporting. Our business is operated through our wholly owned subsidiary, ALE Corporate Services Ltd. (ALECS), a Hong Kong company incorporated on June 30, 2014. Our goal is to become a one-stop solution for all the accounting, corporate consulting, taxation and secretarial needs of small and medium enterprises operating in Asia and the U.S.

**Note: Net income and revenue figures are in U.S. dollars (converted from Hong Kong dollars) for the fiscal year that ended March 31, 2024.

(Note: D. Boral & Company (formerly E.F. Hutton) is the sole book-runner. Background: The company disclosed that E.F. Hutton was named the sole book-runner – replacing Prime Number Capital – according to an F-1/A filing dated March 26, 2024.)

Phoenix Asia Holdings Ltd. PHOE D. Boral Capital (ex-EF Hutton), 1.6M Shares, $4.00-6.00, $8.0 mil, 4/28/2025 Week of

(Incorporated in the Cayman Islands)

We operate as a holding company. We operate our business primarily through our indirectly wholly-owned Operating Subsidiary, Winfield Engineering (Hong Kong) Limited. We mainly engage in substructure works, such as site formation, ground investigation and foundation works, in Hong Kong. To a lesser extent, we also provide other construction services such as structural steelworks. We mostly undertake substructure work in the role of subcontractor for the six months ended September 30, 2024, and the fiscal years ended March 31, 2024, and March 31, 2023.

Winfield Engineering (Hong Kong) Limited was founded in 1990. Over our 30 years of operating history, we have focused on substructure works, serving as a subcontractor and building up significant expertise and a strong track record. Substructure refers to the foundation support system constructed beneath ground level. We take great pride in our capability to effectively address substructure works challenges during the completion of our works. In 2023, we were awarded with a public project for a major trunk road, which involves marine grouting works and the project is expected to be completed in late-2025. This project further demonstrates our versatility and commitment to delivering high-quality substructure solutions.

Through our Operating Subsidiary, we are mainly engaged in public sector and private sector projects in Hong Kong. In 2023, we were awarded with an infrastructure project for the redevelopment of a riding school with an initial contract sum of over HKD24.4 million (USD3.1 million), which is expected to be completed in mid-2025.

As of the date of this prospectus, Winfield Engineering (Hong Kong) Limited is (i) a Registered Specialist Contractor under the sub-registers of foundation works, site formation works and ground investigation field works categories maintained by the Buildings Department of Hong Kong; and (ii) a Registered Subcontractor under foundation and piling (sheet piles, bored piles, driven piles, diaphragm walls, micro piles and hand-dug caisson) and general civil works (earthwork and ground investigation) of the Registered Specialist Trade Contractors Scheme of the Construction Industry Council of Hong Kong.

We, through our Operating Subsidiary, have achieved significant growth in our business. For the fiscal years ended March 31, 2024 and 2023, our total revenue derived from substructure and other construction services was approximately USD5.8 million and USD2.2 million, respectively. The number of customers with revenue contribution to us was 18 for the fiscal year ended March 31, 2023 and 11 for the fiscal year ended March 31, 2024.

According to the Census and Statistic Department, between 2014 and 2023, the construction industry in Hong Kong maintained growth with a compounded annual growth rate of 1.53%. Driven by (i) sustained supply of residential units and urban renewal program; (ii) the Government’s funding support in innovative constructive methods and new technologies; (iii) the Government’s continuous effort in enhancing rail connectivity, which requires extensive substructure works; and (iii) rapid advancement in technology to optimize productivity and reduce costs such as the building information management and industrialized building system, it is expected that the Hong Kong civil engineering industry will continue to grow.

Note: Net income and revenue are for the fiscal year that ended March 31, 2024.

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🏁 Emerging Market ETF Launches

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

• 12/24/2024 - FT Vest Emerging Markets Buffer ETF - December - TDEC - Options

• 11/19/2024 - Fidelity Fundamental Emerging Markets ETF - FFEM - Equity

• 11/19/2024 - Fidelity Enhanced Emerging Markets ETF - FEMR - Equity

• 11/13/2024 - Dimensional Emerging Markets ex China Core Equity ETF - DEXC - Equity

• 10/07/2024 - First Trust WCM Developing World Equity ETF - WCME - Active, equity

• 09/20/2024 - FT Vest Emerging Markets Buffer ETF - September - TSEP - Options

• 09/11/2024 - Polen Capital Emerging Markets ex-China Growth ETF - PCEM - Equity

• 09/04/2024 - Macquarie Focused Emerging Markets Equity ETF - EMEQ - Active, equity

• 09/04/2024 - iShares MSCI Emerging Markets Value Factor ETF - EVLU - Equity

• 09/04/2024 - iShares MSCI Emerging Markets Quality Factor ETF - EQLT - Active, equity

• 09/04/2024 - SPDR S&P Emerging Markets ex-China ETF - XCNY - Equity, ex-China

• 08/13/2024 - Simplify Gamma Emerging Market Bond ETF - GAEM - Active, Bond, Latin America

• 08/13/2024 - Janus Henderson Emerging Markets Debt Hard Currency ETF - JEMB - Currency

• 07/01/2024 - Innovator Emerging Markets 10 Buffer ETF - EBUF - Equity

• 05/16/2024 - JPMorgan Active Developing Markets Equity ETF - JADE - Equity

• 05/09/2024 - WisdomTree India Hedged Equity Fund - INDH - Equity, India

• 03/19/2024 - Avantis Emerging Markets ex-China Equity ETF - AVXC - Active, equity, ex-China

• 03/15/2024 - Polen Capital China Growth ETF - PCCE - Active, equity, China

• 03/04/2024 - Simplify Tara India Opportunities ETF - IOPP - Active, equity, India

• 02/07/2024 - Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares - XXCH - Equity, leveraged, China

• 01/11/2024 - Matthews Emerging Markets Discovery Active ETF - MEMS - Active, equity, small caps

• 01/10/2024 - Matthews China Discovery Active ETF - MCHS - Active, equity, small caps

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🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

• 10/10/2024 - Pacer CSOP FTSE China A 50 ETF - AFTY

• 09/26/2024 - American Century Emerging Markets Bond ETF - AEMB

• 09/19/2024 - KraneShares S&P Pan Asia Dividend Aristocrats Index ETF - KDIV

• 09/19/2024 - KraneShares CICC China 5G & Semiconductor Index ETF - KFVG

• 09/05/2024 - Amplify Emerging Markets FinTech ETF - EMFQ

• 07/27/2024 - iPath GEMS Asia 8 ETN - AYTEF

• 05/23/2024 - Defiance Israel Fixed Income ETF - CHAI

• 05/17/2024 - Global X Next Emerging & Frontier ETF - EMFM

• 03/25/2024 - Global X MSCI Nigeria ETF - NGE

• 03/21/2024 - VanEck Egypt Index ETF - EGPT

• 03/14/2024 - KraneShares Bloomberg China Bond Inclusion Index ETF - KBND

• 03/14/2024 - KraneShares China Innovation ETF - KGRO

• 03/14/2024 - KraneShares CICC China Consumer Leaders Index ETF - KBUY

• 03/13/2024 - Xtrackers MSCI All China Equity ETF - CN

• 03/13/2024 - Xtrackers MSCI China A Inclusion Equity ETF - ASHX

• 02/16/2024 - Global X MSCI China Real Estate ETF - CHIH

• 02/16/2024 - Global X MSCI China Biotech Innovation ETF - CHB

• 02/16/2024 - Global X MSCI China Utilities ETF - CHIU

• 02/16/2024 - Global X MSCI Pakistan ETF - PAK

• 02/16/2024 - Global X MSCI China Materials ETF - CHIM

• 02/16/2024 - Global X MSCI China Health Care ETF - CHIH

• 02/16/2024 - Global X MSCI China Financials ETF - CHIX

• 02/16/2024 - Global X MSCI China Information Technology ETF - CHIK

• 02/16/2024 - Global X MSCI China Consumer Staples ETF - CHIS

• 02/16/2024 - Global X MSCI China Industrials ETF - CHII

• 02/16/2024 - Global X MSCI China Energy ETF - CHIE

• 02/14/2024 - BNY Mellon Sustainable Global Emerging Markets ETF - BKES

• 01/26/2024 - The WisdomTree Emerging Markets ESG Fund - RESE

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

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

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

Emerging Market Links + The Week Ahead (April 21, 2025) was also published on our website under the Newsletter category.

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