Emerging Market Links + The Week Ahead (April 27, 2026)

Massive growth in Asia-Pacific active ETFs, Macau margins pressured, Korean RIA accounts aim to slow overseas stock investments, EM stock picks and the week ahead for emerging markets.

I am traveling to Korea (Seoul/Jeonju/Busan, etc.) on frequent flyer miles (meaning long stopovers to and from in Taipei); but will keep publishing posts as usual. This post normally on Monday is extra late since that long layover in Taiwan with an early morning proved a bit tiring (as I had enough time to go to a nearby night market and then slept on a recliner by the gate to be safe)…

Last week, I had mentioned an Asian Century Stocks piece, The coming El Niño of 2026:

• Impacting plantations, agricultural commodity prices, CPG companies, coal miners and sellers of air conditioners

• An El Niño will have broad ramifications for asset prices in Asia. Beneficiaries include home appliances companies and coal miners. Meanwhile, plantation companies are going to have a tough year.

Its actually been chilly/rainy in Kuala Lumpur lately; but my parents sent me pictures of the aftermath of 3 inches of rain in California’s Central Valley plus anyone with cherries has probably had it ruined again (those farmers usually have crop insurance though).

I have never seen this amount of water in the almond orchard/yard - it seems worse than the last El Nino winters a couple of years ago (I just hope for a decent crop as it was looking larger than last year before the rain). The only good thing about that is if everyone’s almond yield takes a hit, almond prices will move higher and (as with El Niños during/after COVID) this might be helpful for farmers if supply chain disruptions get worse (as the Middle East/India are key almond markets).

Finally, I have updated the 🏁 Emerging Market ETF Launches and 🚽 Emerging Market ETF Closures/Liquidations sections of these posts which I should have done some months ago (but the ETF site I usually look at hadn’t updated for awhile the last times I looked at it). One non-EM observation: As with private equity/private credit, there is a tremendous amount of garbage ETFs being launched e.g. I guess the Iran/stablecoin etc grifting was not enough for certain individuals as there are even Truth Social/Trump related ETFs now.

While low cost ETFs do have a place in investor and especially retail investor portfolios, they do distort markets by investing in both good and bad companies based solely on their presence in key indices.

---

🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

• EM Fund Stock Picks & Country Commentaries (April 26, 2026) Partially $

  • Korean stock market rally, lessons from history applied to AI, TSMC, Pan African Resources, EM debt, beyond traditional safe havens, Mexican equity market, Middle East + March/Q1 fund updates, etc.

---

📰🔬 Emerging Market Stock Picks / Stock Research

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

🌏 Asia

🌏 Active ETFs gain strong momentum across Asia-Pacific (The Asset) 🗃️

• Further growth on cards amid regulatory support, rising investor demand and technological innovation

• Asia-Pacific is witnessing a surge in active exchange-traded funds ( ETFs ) as regulatory shifts, investor demand, and technology converge to accelerate the adoption of active strategies in ETF format.

• This was the assessment of senior members of State Street’s ETF servicing team, who described the massive growth in active ETFs as the next major phase in the ETF industry’s evolution. The team was visiting Hong Kong as part of an Asia Pacific tour and did an interview with The Asset.

🌏 More Asia-Pacific mature investors focus on long term (The Asset) 🗃️

• Amid volatility, continued preference for domestic investments, while tech, AI seen as key structural growth theme

• One-fifth ( 20% ) of Asia-Pacific investors say market fluctuations do not affect their investment behaviour, as they remain committed to their long-term strategy despite short-term movements; and this is particularly the case for investors aged 55 or above ( 24% ), underlining the relative resilience of older investors, finds global asset manager Fidelity International’s Be Invested Study, which surveyed over 13,000 retail investors across Asia-Pacific and Europe.

• At the same time, a higher proportion of investors are taking a more cautious approach: 25% indicate that they have temporarily stopped investing during periods of volatility, especially for investors in Hong Kong ( 35% ), Taiwan ( 28% ) and Japan ( 26% ).

• A further 17% of Asia-Pacific investors seek advice before making changes, especially in Australia ( 22% ), mainland China ( 21% ) and Singapore ( 20% ). Meanwhile, 8% report selling some of their investments in affected sectors right away.

---

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 China’s Securities and Futures Crackdown Yields $2.2 Billion in Penalties (Caixin) $

• China’s top securities regulator imposed penalties totaling 15.5 billion yuan ($2.2 billion) on market offenders last year, underscoring a broad push to tighten oversight as trading activity picked up.

• The China Securities Regulatory Commission (CSRC) said Friday that it handled 701 cases involving securities and futures violations, with insider trading and market manipulation rising sharply as secondary market activity increased.

🇨🇳 China Tightens Broker Pay Rules, Expands Clawbacks to Former Staff (Caixin) $

• China’s securities industry self-regulator has revised pay rules for brokerages, explicitly allowing firms to claw back performance-based compensation from former and retired employees.

• The updated guidelines, released Friday by the Securities Association of China, require longer-term performance assessments and stricter deferral arrangements, as regulators move to curb excessive risk-taking and better align pay with long-term financial stability.

🇨🇳 Caixin Explains: Why China Is Cooling on VIE Structures (Caixin) $

• For more than two decades, the variable interest entity (VIE) structure helped China’s most ambitious tech startups tap global capital. Now, some of the country’s hottest artificial intelligence unicorns are reassessing whether to unwind it.

• Against that backdrop, market attention has turned to AI startups StepFun and Moonshot AI, both of which use red-chip VIE structures and now face difficult choices over their listing paths.

🇨🇳 In Depth: China’s Scrutiny of Offshore Listing Structure Clouds AI Firms’ IPO Paths (Caixin) $

• Chinese regulators’ tighter scrutiny of offshore corporate structures is complicating the path to Hong Kong listings for a growing number of Chinese companies, potentially forcing some artificial intelligence (AI) startups to reconsider how they go public.

• StepFun and Moonshot AI, seen as contenders to become China’s next major listed AI company, are weighing whether to preserve their variable interest entity (VIE) structures or dismantle them at significant cost, as companies using such structures are increasingly facing an uncertain approval process from China’s securities regulator.

🇨🇳 In Depth: Dim Sum Bonds Shift Toward Main Course From Niche Appetizer (Caixin) $

• In January, streaming giant Kuaishou Technology (HKG: 1024 / 81024 / LON: 0A74 / OTCMKTS: KUASF / KSHTY) sold a 3.5 billion yuan ($500 million) five-year bond in Hong Kong, joining a parade of Chinese tech titans tapping the offshore market for yuan-denominated debt.

• It followed similar multibillion-yuan deals by Alibaba (NYSE: BABA), Baidu (NASDAQ: BIDU) and Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY), all seeking to fund their ambitions in artificial intelligence (AI). But it wasn’t just China’s tech champions tapping the dim sum bond market. In recent months, Kazakhstan’s state oil and gas company, an American insurer and a Singapore state investor have all raised funds in the Chinese currency.

🇨🇳 NetEase Is Finally Unlocking Its Potential For A New Era (Seeking Alpha) $ 🗃️

• 🇨🇳 NetEase (NASDAQ: NTES) 🇰🇾 - Premium online services centered around content creation. Mobile & PC games. Majority-controlled subs. Youdao (NYSE: DAO), technology-focused intelligent learning company; Cloud Music (HKEX: 9899), online music content community; & Yanxuan, private label consumer lifestyle brand. 🇼 🏷️

🇨🇳 Alibaba’s AI Engine Is Powering A Still Undervalued Comeback (Seeking Alpha) $ 🗃️

• 🌐 Alibaba (NYSE: BABA) 🇰🇾 - eCommerce, retail, Internet & technology. 🇼 🏷️

🇨🇳 Sohu: The Market Is Ignoring The Cash And Mispricing Changyou (Seeking Alpha) $ 🗃️

• 🇨🇳 Sohu.com Ltd (NASDAQ: SOHU) - Online media & online game platforms (Changyou). 🇼

🇨🇳 Amlogic restarts Hong Kong IPO bid amid chip stock frenzy (Bamboo Works)

• The Shanghai-listed company hopes to tap strong recent demand for semiconductor stocks fueled by the rapid rise of artificial intelligence

• Amlogic Shanghai Co Ltd (SHA: 688099) has refiled to list in Hong Kong, reporting a profit of 870 million yuan last year, up from 499 million yuan in 2023

• The chipmaker reported an operating cash outflow of 225 million yuan last year, reversing inflows the previous two years

🇨🇳 Huaqin stock rises in Hong Kong debut as AI data center business booms (Bamboo Works)

• The leading ODM is wooing global investors with rapid growth for its booming AI data center business and moves into robotics and automotive electronics

• Huaqin Technology Co Ltd (SHA: 603296 / HKG: 3296) shares rose 14% in their Hong Kong debut on Thursday, complementing its existing Shanghai listing, as it reported strong double-digit revenue and profit growth last year

• The electronics ODM began as a smartphone maker, and has more recently moved into tablets, wearables and laptops, as well as data center servers and switches

🇨🇳 ZJK tooling up for Nvidia? (Bamboo Works)

• Recent announcements, including major fundraising for a new U.S. factory, hint the maker of high-tech fasteners could soon become a supplier for Nvidia’s AI chip-cooling systems

• ZJK Industrial Co Ltd (NASDAQ: ZJK) has announced major fundraising plans for its expansion beyond China, which could include its entry into the supply chain for Nvidia’s AI chip-cooling systems

• Shares of the maker of precision screws and fasteners used in high-tech components look significantly undervalued after sinking to an all-time low last month

🇨🇳 Apple Supplier Dongshan Precision Rallies on AI-Driven Demand (Caixin) $

• Shares of Apple Inc. supplier Suzhou Dongshan Precision Manufacturing Co Ltd (SHE: 002384) surged to the 10% daily limit Wednesday, fueled by explosive growth in its artificial-intelligence optical-module business and a strong first-quarter earnings outlook.

• The Shenzhen-listed company’s stock closed at 186.3 yuan ($27.3), bringing its gains since the start of 2026 to more than 113% and lifting its market capitalization to 340 billion yuan.

🇨🇳 Analysis: Sweeping Probe Exposes China’s ‘Ghost Takeout’ Scam (Caixin) $

• China’s market regulator has fined seven major e-commerce platforms a combined 3.6 billion yuan ($527 million) after an investigation found they allowed unverified “ghost takeout” merchants to operate on their networks in violation of the country’s food safety rules.

• The unprecedented penalties expose a sprawling black market where unlicensed virtual storefronts hijacked consumer orders and outsourced food production to the cheapest bidders, underscoring the severe food safety risks fueled by cutthroat competition among e-commerce platforms.

🇨🇳 Can HSC break free from vicious cycle of global leadership but unsteady profits? (Bamboo Works)

• The maker of lithium-ion battery electrolyte additives is seeking a Hong Kong listing, but its profitability remains highly vulnerable to price cycles

• Jiangsu HSC New Energy Materials Co LTD (SHA: 688353) has applied to list in Hong Kong, saying it’s the world’s largest supplier of lithium-ion battery electrolyte additives with 15.2% of the global market

• The company returned to the black last year with a recovery in prices for its products, reporting a profit of 13.25 million yuan

🇨🇳 CATL Answers BYD With Ultra-Fast Charging Batteries of Its Own (Caixin) $

• Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750) launched new ultra-fast charging batteries and a plan for a network of supercharging stations on Tuesday, aiming to fend off intensifying competition from its rival BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF).

• CATL’s new products include an upgraded lithium iron phosphate (LFP) Shenxing battery, a Qilin ternary battery with higher energy density and a sodium battery designed for low-temperature environments. The company also announced plans to upgrade its battery-swapping stations by pairing the facilities with superchargers.

🇨🇳 China Automotive Systems: Still Worth Being Bullish On (Seeking Alpha) $ 🗃️

• 🌐 China Automotive Systems (NASDAQ: CAAS) - Power steering systems & components. 🇼

🇨🇳 Full Truck Alliance: Short-Term Headwinds Do Not Invalidate Longer-Term Growth Prospects (Seeking Alpha) $ 🗃️

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

🇨🇳 Full Truck Alliance (YMM US): Global Index Inclusion (Finally!) (Smartkarma) $

• After a long wait, Full Truck Alliance (NYSE: YMM) could (finally!) be added to a global index in May.

• Passives need to buy a fair bit, and the stock price has started to move higher over the last few weeks.

• While there will be positioning in the stock, it appears to be lower than what passives need to buy and there could be more upside in the near-term.

🇨🇳 XPeng: Near-Term Growth Pains Meet Solid, Diversified Prospects - Reiterate (Seeking Alpha) $⛔🗃️

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

🇨🇳 CiDi drives beyond China with new British partnership (Bamboo Works)

• The company will supply its autonomous mining trucks and related technology to MMD Group, as it seeks to cultivate the international market

• CiDi Inc (HKG: 3881) announced a new partnership to provide its autonomous mining trucks and related technology to Britain’s MMD Group

• The tie-up comes as CiDi tries to diversify beyond its home China market, where stiff competition is eroding its margins

🇨🇳 War-Driven Fuel Crunch Boosts China’s Electric Two-Wheeler Exports to Southeast Asia (Caixin) $

• Chinese exports of electric two-wheelers to Southeast Asia surged in the first quarter as rising fuel prices and shortages triggered by the Middle East war pushed consumers to seek alternatives.

• The rapid shift underscores how regional energy vulnerabilities are accelerating the transition to electric mobility in motorcycle-dominated markets, creating a significant growth opportunity for Chinese manufacturers.

🇨🇳 Yidu Tech swings to profit as AI healthcare edges toward viability (Bamboo Works)

• The provider of healthcare data and tools is poised to pass the breakeven point, helped by rising AI uptake, but the outlook for sustained profits remains uncertain

• The company says it expects to post a net profit ranging from around $6 million to $8 million for its financial year to the end of March

• Yidu Tech (HKG: 2158 / FRA: 0EL)’s AI tools are being adopted into medical workflows, with some client hospitals reported to use them nearly 1,000 times a day

🇨🇳 New Oriental Education: Above-Expectations Performance And Outlook (Seeking Alpha) $ 🗃️

• 🇨🇳 New Oriental Education (NYSE: EDU) 🇰🇾 - Schools & learning centers + nationwide network of online and offline bookstores. 🇼 🏷️

🇨🇳 Haidilao brings its chief ‘firefighter’ back to China to rekindle growth at home (Bamboo Works)

• The return of 31-year company veteran Yang Lijuan, who oversaw the hotpot chain’s global operation, may be its best hope for reviving stagnating revenues and declining profits at home

• Haidilao International Holding (HKG: 6862 / FRA: 8HI / OTCMKTS: HDALF) announced that veteran Yang Lijuan, CEO of its overseas business, will return to the parent company, sparking a 7% jump in its shares

• The former hotpot giant’s profit fell in 2025 after a big drop in customer traffic, despite shedding more than 11,000 employees

🇨🇳 Miniso: Why A Rebound Could Be In The Pipeline (Seeking Alpha) $ 🗃️

• 🌐 MINISO Group Holding (NYSE: MNSO) - Lifestyle products retailer who copied Japanese retail chains or brands Uniqlo, Muji & Daiso. 🇼 🏷️

🇨🇳 Qfin Holdings: Tug-Of-War Between Valuations And Regulations (Seeking Alpha) $ 🗃️

• 🇨🇳 Qifu Technology (NASDAQ: QFIN) - Lending platforms.

🇨🇳 Analysis: China’s Online Lending Crackdown Accelerates Industry Shakeout (Caixin) $

• China’s tightening grip on its once fast-growing online lending sector is accelerating an industry shakeout, as regulators move to reshape the high-cost model that drove much of its expansion.

• A regulatory push since late last year has capped borrowing costs, tightened oversight of banks’ partnerships with online lending platforms and restricted their access to credit reporting and payment services — forcing adjustments across a multitrillion-yuan market that has operated under uneven regulation.

🇨🇳 Chinese Conglomerate Fosun Sells Unfinished Skyscraper to State-Backed Insurer (Caixin) $

• Fosun International (HKG: 0656 / FRA: FNI / OTCMKTS: FOSUF / FOSUY) has agreed to sell an unfinished skyscraper in eastern China to a local state-backed insurer, as part of its efforts to shed non-core assets and reduce leverage.

• The Hong Kong-listed company signed a deal earlier this month to transfer the 53-story Fosun International Financial Center in Jinan to Fuze Life Insurance Co. Ltd.

• The sale comes as Fosun continues a multi-year divestment drive launched in 2022 to improve liquidity, with heavy property-related impairments contributing to its net loss last year.

🇨🇳 China To Import Record Amount Of US Ethane As Iran War Chokes Off Naphtha, LPG Supplies (ZeroHedge)

• One year ago, in the immediate aftermath of Trump’s Liberation Day tariffs, there was a flurry of discussion over who is more reliant on whom: the US on Chinese rare earth materials, or China on US ethane output (see “Chinese Plastics Factories Face Mass Closure As US Ethane Supply Evaporates“ and “Who Blinks First? China May Exempt Tariffs On US Ethane & Other Goods“). Following the detente in the US-China trade war, that discussion was quietly relegated to the back of the line, however the time has come to bring it up again.

• That’s because with the Iran war choking off traditional - and crucial - supplies, China is set to import a record volume of US ethane this month as petrochemical producers desperately seek alternative feedstocks for their operations.

• Shipments of US ethane are expected to rise to an all-time high of 800,000 tons in April, according to Chinese consultant JLC, which would be around 60% higher than the monthly average. Some companies can switch to using ethane, helping them offset disruptions to the supply of naphtha and liquefied petroleum gas from the Middle East after the effective closure of the Strait of Hormuz.

• Ethane is a natural gas liquid primarily used to produce ethylene, a key building block for plastics, and China depends almost entirely on the US for supply. The product became a political flashpoint between Beijing and Washington last year after the US tightened export controls during a bitter trade war.

🇨🇳 China Fast-Tracks Pricing Approvals for New Medical Technologies (Caixin) $

• China’s top state medical-insurance regulator is building a fast-track pricing system for cutting-edge medical technologies, aiming to eliminate bureaucratic bottlenecks that have historically delayed the clinical adoption of novel tools — such as surgical robots and brain-computer interfaces — and stunted commercial returns for developers.

• A prerequisite for the large-scale clinical application of any medical service is the establishment of billing categories and pricing standards by health-insurance authorities. However, the regulatory process for listing and pricing has universally lagged behind clinical practice, restricting the rollout of new medical products and clouding financial expectations for technology firms.

🇨🇳 InnoCare Pharma Limited 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🌐 InnoCare Pharma (SHA: 688428 / HKG: 9969 / FRA: 33C / OTCMKTS: INCPF) 🇰🇾 - Commercial stage biopharmaceutical company. Treatment of cancers & autoimmune diseases. 🏷️

🇨🇳 Zai Lab Limited (ZLAB) Discusses Intracranial Activity of a New Therapy in Small Cell Lung Cancer With Brain Metastases - Slideshow (Seeking Alpha)

• 🇨🇳 Zai Lab Limited (NASDAQ: ZLAB) - Commercial-stage biopharmaceutical company (oncology, immunology, neuroscience & infectious diseases).

🇨🇳 Drug spin-off trend gains traction with IPO by Hengrui offshoot (Bamboo Works)

• A company set up to develop Jiangsu Hengrui Pharmaceuticals (SHA: 600276)’s weight-loss drugs has made a strong debut on the U.S. equity market, building confidence in the “NewCo” business model

• Hengrui’s diluted stake in the hived-off company, Kailera Therapeutics (NASDAQ: KLRA), has reached a value of about $300 million after the stock’s debut

• The Kailera IPO comes a month after another NewCo success story – the lucrative sale of a firm hived off from drug developer Keymed

🇭🇰 Hong Kong Bank Stocks Hit Record Highs as Mainland Investors Seek Yield (Caixin) $

• Hong Kong-listed shares of China’s largest state-owned banks hit record highs on Monday as mainland investors snapped up the high-yielding offshore equities.

• The rally underscores a growing appetite among Chinese institutional funds for defensive, reliable returns as domestic bond yields decline and broader economic uncertainties persist.

• Hong Kong traded shares of China Construction Bank (SHA: 601939 / HKG: 0939 / VIE: CNCB / OTCMKTS: CICHY / CICHF), Industrial and Commercial Bank of China (SHA: 601398 / HKG: 1398 / FRA: ICK / OTCMKTS: IDCBY / IDCBF), and Bank of China (SHA: 601988 / HKG: 3988 / SGX: HBND / OTCMKTS: BACHY / BACHF) advanced roughly 2% on April 20. The gains pushed the Wind Hong Kong Bank Index up 1.62% to an all-time high, extending its April rally to nearly 7%.

🇭🇰 PwC fined $166mn by Hong Kong regulators over Evergrande audit (FT) $ 🗃️

• Big Four firm also faces six-month ban related to its work on failed property developer’s books

🇲🇴 Macau margins remain pressured, GGR growth likely to slow for rest of 2026: Seaport (GGRAsia)

• Macau’s first quarter this year saw the highest growth in mass-market gross gaming revenue (GGR) since the third quarter of 2024, says Seaport Research Partners, though the institution adds that “margins remain pressured” within the city’s casino industry.

• Seaport senior analyst Vitaly Umansky stated in a Tuesday memo: “We believe cost increases in 2026 will be more muted than experienced in 2025, with operating expenditure growth in the 6 percent to 7 percent range.”

• Though he cautioned: “Player reinvestment and agent commissions remain high, and we do not foresee any improvement in the market in the near/medium term, but likely see stabilisation going forward.”

• Macau’s first-quarter GGR rose by over 14 percent year-on-year, though compared to fourth-quarter 2025 it was down 0.3 percent, according to government data.

🇲🇴 Macau May holidays visitor outlook steady amid flight cost pressures: MGTO (GGRAsia)

• Macau’s tourism authority expects visitor arrivals during the upcoming May holiday season, encompassing Labour Day on May 1, to be broadly unchanged from a year earlier, notwithstanding uncertainties linked to rising aviation costs and flight disruptions.

• “According to current projections, visitor arrivals for the 2026 Labour Day holiday [period] are anticipated to remain at a level similar to the corresponding period last year,” the Macao Government Tourism Office (MGTO) said in a written reply to GGRAsia.

• It added: “We are mindful of the recent rise in flight costs and cancellations resulting from higher fuel prices and will continue to monitor the situation closely.”

🇲🇴 28 hotels in Macau casino resorts sold out for at least three nights of 2026 Labour Day break (GGRAsia)

• A total of 28 luxury Macau hotel brands – all within casino resorts – indicate they have sold out their rooms for at least three nights of the upcoming Labour Day holiday season in early May, which for mainland residents spans five days. The room-demand snapshot is based on GGRAsia’s checks of the respective official booking engines of those hotels.

• The research covered 36 luxury accommodation brands across resorts promoted by the six Macau gaming operators. Most of the hotels are in the city’s Cotai district.

🇲🇴 Wynn Macau Ltd most improved op in premium mass in April amid Chairman’s Club expansion: Citi (GGRAsia)

• Wynn Macau Ltd (HKG: 1128 / FRA: 8WY / OTCMKTS: WYNMY / WYNMF) was judged the largest month-on-month gainer in terms of percentage of observed gaming wager in Citigroup’s monthly premium mass table-betting survey of Macau casinos.

• The firm was considered by the institution to have a share of total viewed industry wager that was up 13 percentage points sequentially, to 23 percent.

• “We suspect that has to do with the ramp-up of the expanded Chairman’s Club in Wynn Palace,” wrote analysts George Choi and Timothy Chau in their April-survey memo, referring to a high-end gaming facility at Wynn Macau Ltd’s Cotai property (pictured).

• They added: “This is the first time [of]… a single operator winning ‘gold’, ‘silver’, and ‘bronze’ in our whale watch.” Whales are defined by the institution as high-value players betting HKD100,000 (US$12,768) or above.

🇲🇴 Sands China 1Q profit up as revenue climbs to US$2.1bln, MBS EBITDA rises 30pct y-o-y (GGRAsia)

• Macau casino operator Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) reported net income of US$294 million for the first three months of 2026, compared to US$202 million a year earlier.

• On a United States-GAAP basis, total net revenues for Sands China increased 23.7 percent year-on-year to US$2.11 billion. The figure was up 2.7 percent sequentially, according to results published on Wednesday by the firm’s parent, U.S.-based Las Vegas Sands Corp.

• Sands China’s adjusted property earnings before interest, taxation, depreciation, and amortisation (EBITDA) stood at US$633 million for the three months to March 31, up from US$535 million in the prior-year period.

• The increase in first-quarter net revenues generated by the Macau operations reflected a broad-based growth across the group’s Cotai portfolio.

🇲🇴 Sands China refreshing Venetian Macao room product with end-2027 targeted completion date: Dumont (GGRAsia)

• Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) is working on refreshing its hotel room product at The Venetian Macao (pictured) and creating “additional luxurious suite product,” with a goal of completing the work by the end of 2027, says Patrick Dumont, chairman and chief executive of the parent, Las Vegas Sands Corp.

• He was speaking on Wednesday’s call to discuss first-quarter earnings for the United States-based group, which also runs the Marina Bay Sands (MBS) casino complex in Singapore.

• Mr Dumont stated of the Macau operation: “We are focused on the highest return projects to increase cash flow over the next three years.

🇲🇴 Melco Resorts: Undervalued With Catalysts Coming (Seeking Alpha) $ 🗃️

• 🇲🇴 🇵🇭 🇨🇾 Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) - Management & development of casino gaming & entertainment resort facilities. 🇼

---

🇹🇼 Taiwan

🇹🇼 ASE Technology Holding Co., Ltd. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🌐 ASE Technology Holding (NYSE: ASX) - Independent semiconductor manufacturing services in assembly, test, materials & design manufacturing. 🇼 🏷️

🇹🇼 United Microelectronics Q1 Preview: Not Very Exciting (Downgrade) (Seeking Alpha) $ 🗃️

• 🌐 United Microelectronics Corp (TPE: 2303 / NYSE: UMC) - Global semiconductor foundry. 🇼 🏷️

🇹🇼 TSMC: The Vital Cog Of The AI Revolution Is Sending A Powerful Growth Signal (Seeking Alpha) $ 🗃️

🇹🇼 Taiwan Semiconductor: The AI Boom Is Broadening, And That Matters (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: The Market Is Pricing A Foundry Like A Cyclical. It Is Not One. (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: AI Supercycle Buys Don’t Come Stronger Than This (Seeking Alpha) $ 🗃️

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

🇹🇼 Yageo Corporation 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🌐 Yageo Corp (TPE: 2327 / OTCMKTS: YAGOY) - Passive component manufacturer. Surface-mount components (components that use surface-mount technology), chip-resistors, tantalum capacitor, MLCCs, Inductors. 🇼 🏷️

🇹🇼 🇰🇷 A retro rally is coming from e-merging markets (FT) $ 🗃️

• For now South Korea and Taiwan are the biggest beneficiaries of the AI wave

• [The writer is chair of Rockefeller International. His latest book is ‘What Went Wrong With Capitalism’]

---

🇰🇷 Korea

🇰🇷 Repatriation Investment Account (RIA) Surpasses 1 Trillion Won in One Month in Korea (Douglas Research Insights) $

• Repatriation Investment Account (RIA) has surpassed 1 trillion won ($690 million) since its launch about a month ago in Korea.

• Total amount of overseas listed investments by Korean investors increased from $27 billion at the end of 2020 to $131.7 billion as of 22 April 2026.

• RIA account is aiming to slow down this aggressive growth of overseas stock investments by Korean investors and rather try to repatriate these overseas investments into the Korean stock market.

🇰🇷 A Sharp Increase in the AUM of ETFs Tracking the Korea Value-Up Index in 2026 (Douglas Research Insights) $

• There has been a sharp increase in AUM of ETFs tracking the Korea Value-Up Index in 2026.

• Net assets of the 13 Korea Value-Up ETFs totaled 3.1 trillion won as of 17 April 2026, up 143% YTD (up from 1.26 trillion won as of 2 January 2026).

• Korea Value-Up Index closed at 2,826.61 on 17 April 2026, up 53% from 2 January 2026, outperforming KOSPI and KOSPI200 (up 44.3% and 49.9%, respectively in the same period).

🇰🇷 A Pair Trade Between KODEX Korea Value Up ETF (Long) And KODEX KOSPI ETF (Short) (Douglas Research Insights) $

• In this insight, I discuss a pair trade between KODEX Korea Value Up ETF (495850 KS) (long) and KODEX KOSPI ETF (226490 KS) (short).

• Key investment thesis of this trade is that regardless of the market direction in the next 6-12 months, the Korea Value Up index is likely to outperform the KOSPI index.

• KODEX Korea Value Up ETF (495850 KS) is up 193% in the past one year, outperforming KODEX KOSPI ETF (226490 KS) which is up 154% in the same period.

🇰🇷 Upcoming Launch of the BDC (Business Development Company) In Korea: Caveat Emptor (Douglas Research Insights) $

• The Korea Exchange is officially expected to launch the BDC (Business Development Company) system in Korea as early as next week.

• Under this new system, public funds in Korea will be allowed to invest in promising private venture (unlisted) companies and investors will be allowed to invest in these funds.

• Many investors are likely to tread the waters slowly on the listed BDCs in Korea in the coming months and carefully review them on a case-by-case basis.

🇰🇷 IMEC - The End Game for Potential End of War in Iran? (Positive Impact on Hyundai Rotem) (Douglas Research Insights) $

• IMEC [India-Middle East-Europe Economic Corridor] would provide an alternative to the world being held hostage by key potential chokepoints in the energy transportation routes in the Middle East.

• Preliminary estimates suggest developing the required transport and energy infrastructure for IMEC would require at least US$120 billion.

• Hyundai Rotem (KRX: 064350) could be one of the Korean companies to benefit from higher investments in railway systems by key Middle Eastern countries including Saudi Arabia and the UAE.

🇰🇷 Magnachip Semiconductor Corporation 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🌐 Magnachip Semiconductor Corp (NYSE: MX) - Designer & manufacturer of analog/mixed-signal semiconductor platform solutions. 🏷️

🇰🇷 Woori Financial Group Inc. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇰🇷 Woori Financial Group (NYSE: WF) - Commercial bank. Range of financial services to individual, business & institutional customers. 🇼 🏷️

🇰🇷 LG Display: The Market Is Right To Be Nervous (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇰🇷 LG Display: Mixed Q1 Results And Guidance (Seeking Alpha) $ 🗃️

🇰🇷 LG Display Co., Ltd. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🌐 LG Display (NYSE: LPL) - Leading display company. Innovative displays & related products through differentiated technologies such as OLED & IPS. 🇼 🏷️

🇰🇷 Shinhan Financial Group Co., Ltd. 2026 Q1 - Results - Earnings Call Presentation (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.. 🇼 🏷️

🇰🇷 KB Financial Group Inc. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🌏 KB Financial Group (NYSE: KB) - Financial holding company. Banking, credit card, financial investment, insurance business etc. 🇼 🏷️

🇰🇷 South Korea Defied the Gods to Build its Steel Colossus (Asianometry) 22:35 Minutes

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

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

• South Korean President Park Chung-hee believed that steel is national power. He wanted a huge integrated steel mill in South Korea. But the Western powers were skeptical. South Korea was extremely poor, without substantial iron reserves. Their workers, uneducated. For South Korea to go straight to what was then the most capital-intensive heavy industry was to defy economic orthodoxy. Too soon. Too inefficient. But Park Chung-hee believed Korea needed steel. So he pushed his country to build one of the world’s most advanced steel companies. In today’s video, we go back to the world of steel and recount one of South Korea’s most iconic companies: POSCO.

🇰🇷 S.Korea’s Financial Intelligence Unit fines Kangwon Land Inc US$382k and warns one executive, over alleged AML violations (GGRAsia)

• South Korea’s Financial Intelligence Unit (FIU) has ordered casino promoter Kangwon Land (KRX: 035250) to pay a fine of KRW564 million (US$382,400) and issued a warning to one executive, for alleged violations of anti-money laundering (AML) regulations.

• That is according to a FIU announcement, seen by GGRAsia. It did not name the executive issued with a warning. The FIU is a South Korean governmental agency under the Financial Services Commission, and is tasked with prevention of money laundering and financing of terrorism.

🇰🇷 Launch of Samsung Electronics and SK Hynix 2x Single-Stock Leveraged ETFs as Early as 22 May (Douglas Research Insights) $

• Korea Exchange has approved the launch of Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) and SK Hynix (KRX: 000660) 2x single-stock leveraged ETFs as early as 22 May.

• The launch of Samsung Electronics and SK Hynix single stock 2x leveraged ETFs will likely result in higher volatility on these stocks and impact their option prices as well.

• However, because this is a new product in Korea, it is uncertain if the current prices of Samsung Electronics and SK Hynix options already reflect the launch of these products.

🇰🇷 Labor Union of Samsung Electronics to Force Shut Down Starting 21 May? (Douglas Research Insights) $

• Militant labor union at Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) could force a partial shut-down of key semiconductor manufacturing operations starting 21 May.

• I think the most likely scenario with regards to Samsung Electronics’ labor union dispute is an actual partial shutdown that could last one to several days.

• This labor dispute is likely to continue to be highlighted by the local media in the next four weeks which is negative on Samsung Electronics.

🇰🇷 SK Hynix: Record Results in 1Q 2026 (Douglas Research Insights) $

• SK Hynix (KRX: 000660) reported slightly better than expected sales and operating profit in 1Q 2026. Operating margin surged from 42.2% in 1Q 2025 to 71.5% in 1Q 2026.

• Post 1Q 2026 results, I do not expect the consensus to make material changes to SK Hynix’s sales and operating profit estimates in the next two years.

• SK Hynix also predicted that the supply-demand imbalance would not be easily resolved, anticipating that HBM demand will exceed supply for the next three years.

🇰🇷 Upcoming Block Deal Sale of 9% Stake in Leeno Industrial (Douglas Research Insights) $

• Lee Chae-Yoon (CEO of LEENO Industrial (KOSDAQ: 058470)) announced plans to sell about 9% stake in the company. After this stake sale, CEO Lee’s stake will decline from 34.66% to 25.48%.

• The regulators are requiring Korean companies such as Leeno Industrial to give a public notice of the upcoming block deal sale. This helps the minority shareholders but hurts the insiders.

• If we assume additional 5-8% block deal discount, that would range about 100,594 won to 105,830 won and sales amount could range about 704 billion won to 741 billion won.

---

🌏 SE Asia

🇮🇩 PT Bank Mandiri (Persero) Tbk 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

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

🇵🇭 Bank of the Philippine Islands 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇵🇭 Bank of the Philippine Islands (PSE: BPI / OTCMKTS: BPHLF / BPHLY) - Oldest bank in the Philippines & SE Asia. 🇼

🇵🇭 Globe Telecom, Inc. 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)

• 🌐🅿️ Globe Telecom (PSE: GLO / GLOPP / OTCMKTS: GTMEY / GTMEF) - Telecommunications services + human capital management, BPO, IT, software dev’t, consultancy, data center services, etc. Subs. of Ayala Corp (PSE: AC) + Singtel (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF). 🇼

🇵🇭 Newport World Resorts posts EBITDA of US$150mln in 2025: filing (GGRAsia)

• Travellers International Hotel Group Inc (PSE: RWM), operator of the Newport World Resorts casino and leisure complex (pictured) in the Philippine capital Manila, recorded earnings before interest, taxation, depreciation, and amortisation (EBITDA) of PHP9.0 billion (US$150.2 million) in full-year 2025.

• The EBITDA figure was up 7 percent year-on-year, “supported by cost management efforts,” according to a Tuesday filing from the parent, Philippine conglomerate Alliance Global Group (PSE: AGI / OTCMKTS: ALGGF / ALGGY).

• Travellers International’s net revenues rose 2 percent year-on-year, to PHP31.9 billion last year, per the announcement.

• The increase was supported by a “4-percent growth in net gaming revenue, to PHP24.2 billion,” said the parent firm.

🇸🇬 Mapletree Pan Asia Commercial Trust 2026 Q4 - Results - Earnings Call Presentation (Seeking Alpha)

• 🌏 Mapletree Pan Asia Commercial Trust (SGX: N2IU / OTCMKTS: MPCMF) - REIT positioned to be the proxy to key gateway markets of Asia. 🇼 🏷️

🇸🇬 Wilmar International Limited (WLMIY) Shareholder/Analyst Call - Slideshow (Seeking Alpha)

• 🌐 Wilmar International (SGX: F34 / FRA: RTHA / RTH / OTCMKTS: WLMIF / WLMIY) - Agribusiness group supported by a multinational workforce of about 100,000 people. Amongst the largest listed companies in Singapore. 🇼 🏷️

🇸🇬 Seatrium Limited (SMBMY) Shareholder/Analyst Call - Slideshow (Seeking Alpha)

• 🌐🏛️ Seatrium Ltd (SGX: SE2 / FRA: S8N / OTCMKTS: SMBMF) - Offshore/marine/energy engineering solutions provider. 🇼 🏷️

🇸🇬 Frasers Centrepoint Trust 2026 Q2 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇸🇬 Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF) - REIT. One of the largest suburban retail mall owners in Singapore. 🇼 🏷️

🇸🇬 CapitaLand China Trust 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇨🇳 CapitaLand China Trust (SGX: AU8U / OTCMKTS: CLDHF) - Singapore’s largest China-focused REIT. Retail, office & industrial (business parks, logistics facilities, data centres & integrated developments). 🇼 🏷️

🇸🇬 CapitaLand Integrated Commercial Trust 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🌍🌏 CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF) - First REIT listed in Singapore & largest proxy for Singapore commercial real estate. Germany + Australia properties. 🇼 🏷️

🇸🇬 ASMPT Limited 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🌐 ASMPT (HKG: 0522 / FRA: AY7A / OTCMKTS: ASMVF) - Chip packaging equipment maker. HK founded. Singapore HQ. 🇼 🏷️

🇸🇬 Grab Holdings: The GoTo Merger Scenario Upside (Seeking Alpha) $ 🗃️

🇸🇬 Grab: The Market Got This One Wrong (Seeking Alpha) $ 🗃️

🇸🇬 Grab: Diversification And Value Are Impossible To Ignore (Seeking Alpha) $ 🗃️

🇸🇬 Grab’s Dip Buying Opportunity - Profitable Growth And Accretive M&A Efforts (Rating Upgrade) (Seeking Alpha) $ 🗃️

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

🇸🇬 Keppel Infrastructure Trust - Divestments and Capital Management Are The Bright Spots (Corporate Monitor)

• 🌐 Keppel Infrastructure Trust (SGX: A7RU / OTCMKTS: KPLIF) - 3 core segments: Energy transition, environmental services & distribution & storage. 🏷️

🇸🇬 Top Stock Market Highlights of the Week: Apple’s Leadership Change, CICT’s $6.4 Billion Asset Swap, Keppel and SGX RegCo (The Smart Investor)

• Apple’s CEO transition, CICT’s S$6.4 billion asset swap, and SGX RegCo’s new governance rules lead this week’s top global and local market highlights.

  • Apple’s Tim Cook Steps Down, Names John Ternus as Successor

  • CICT’s S$6.4 Billion Asset Swap: From AST2 to Paragon

    • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), Asia’s largest real estate investment trust (REIT), announced a landmark asset swap this week, agreeing to divest Asia Square Tower 2 (AST2) to IOI Properties for S$2.476 billion and to acquire the freehold Paragon on Orchard Road for S$3.9 billion.

  • Keppel Divests i12 Katong for S$372 Million

    • Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) announced on 22 April 2026 that it has agreed to divest its stake in suburban retail mall i12 Katong to Altallo Holdings for a cash consideration of S$372.03 million.

  • SGX RegCo Proposes Tighter Disclosures to Lift SGX Valuations

    • Singapore Exchange Regulation (SGX RegCo) launched a public consultation on 22 April 2026, proposing tighter disclosure requirements for SGX-listed companies on executive remuneration, dividend policy and investor relations — part of its ongoing efforts to address persistent valuation gaps in the local equities market.

🇸🇬 Sembcorp vs Keppel: Which Singapore Blue Chip Is the Better Buy in 2026? (The Smart Investor)

• Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF) and Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) are both riding Singapore’s energy transition story, but their business models and growth drivers differ — which is the better buy for 2026.

• As Singapore steps up its infrastructure and clean energy game, these two blue chips have landed squarely in the spotlight.

• As we move deeper into 2026, it’s worth asking: which one offers the ideal blend of growth, reliable income, and long-term stability?

  • Business Overview: How Do They Compare?

  • Growth Drivers: Where Will Future Earnings Come From?

  • Financial Snapshot

  • Dividend Comparison: Income vs Growth Trade-Off

  • Risk Factors to Consider

  • Valuation: Which Stock Looks More Attractive Today?

  • Get Smart: Strategic Focus vs. Diversified Scale

🇸🇬 Dividend vs. Growth: Is Keppel Ltd the New “Must-Own” Hybrid for Singaporeans? (The Smart Investor)

• Keppel’s transformation into an asset-light, infrastructure-focused group could make it a rare blend of dividend income and long-term growth for Singapore investors.

• In this article, I’ll talk about how Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF), or Keppel, has undergone a major transformation in recent years, which firmly solidifies this conglomerate as both an income and growth player in the Singapore market.

  • Dividend vs Growth: Why the Trade-Off Exists

  • Keppel’s Transformation: From Cyclical to Structural

  • The Dividend Case: Does Keppel Still Deliver Income?

  • The Growth Case: Where Upside Comes From

  • Financial Snapshot

  • What Makes Keppel a “Hybrid” Stock Today And Key Risks

  • Valuation: Is the Hybrid Story Already Priced In?

  • Get Smart: Consider Keppel for both growth and income exposure

🇸🇬 Coffee Price Hike Alert: 3 Singapore Food Businesses That Could Benefit (The Smart Investor)

• Rising coffee prices in Singapore could signal broader shifts, and these three food businesses may benefit from changing consumer trends and pricing power.

  • Kimly Ltd (SGX: 1D0) – A Pure-Play on Heartland Coffee Shops

    • One cannot help but wonder when Kimly will join the inflationary trend of raising food prices, with its local footprint comprising 89 food outlets and a total of 195 food retail entities.

  • Old Chang Kee (SGX: 5ML) – A Play on a Sticky Heritage Brand

    • When Old Chang Kee, or OCK, opened its first coffee shop selling the humble curry puff in 1956, who would have thought it would go on to clinch the accolade of being one of the world’s 20 best fast-food chains in 2012?

  • Food Empire Holdings Ltd (SGX: F03) – Instant Coffee Giant

    • Food Empire primarily manufactures instant coffee beverages, which are retailed under its award-winning brands of CafePHO and MacCoffee.

    • Should there be a structural shift in consumer habits from eating hawker food to home cooking, driven by rising food prices that eat into consumers’ wallets, Food Empire is the kind of business that could benefit the most.

    • In 2025, its revenue surged 21% to US$576.9 million, driving normalised net profit after tax (NPAT) up 37% to US$68.6 million, supported by broad-based growth across all core segments.

  • Get Smart: One Portfolio, Extra Strong Please

🇸🇬 3 Singapore Dividend Stocks Still Offering Yields Close to 4.5% (or More) (The Smart Investor)

• A 5% yield looks the same on a screener whether it's funded by recurring free cash flow, a long-dated lease book, or a project windfall that is already ending.

  • HRNetGroup (SGX: CHZ)

    • One of Asia’s largest recruitment and staffing specialists, HRnetGroup operates across 18 cities under brands including HRnetOne, PeopleSearch and RecruitFirst.

    • The business runs on two engines: Flexible Staffing, which contributed 89.7% of FY2025 revenue through contract and temporary workers; and Professional Recruitment, which accounted for just 9.6% of revenue but 45.2% of gross profit through permanent placements and executive search.

  • Elite UK REIT (SGX: MXNU)

    • Elite UK REIT owns 148 predominantly freehold commercial properties across the United Kingdom, anchored by the Department for Work and Pensions (DWP), which accounts for 92.3% of rental income as of 31 December 2025.'

  • Vicom Ltd (SGX: WJP)

    • All vehicle owners will be familiar with VICOM, Singapore’s dominant vehicle inspection operator with close to 73% market share.

    • This subsidiary of ComfortDelGro Corporation (SGX: C52 / FRA: VZ1 / VZ10 / OTCMKTS: CDGLF / CDGLY) appeared to have a blockbuster year.

  • Get Smart: Look past the headline yield

🇸🇬 These 3 Singapore Stocks Are at Multi-Year Highs: Buy, Hold or Sell? (The Smart Investor)

• When stocks hit multi-year highs, investors face a tough decision. Are these gains a sign of strength, or a signal to take profits?'

  • Why Stocks Reach Multi-Year Highs

  • How to Evaluate a Stock at Its Peak

  • UOL Group Limited (SGX: U14 / FRA: U1O / OTCMKTS: UOLGY / UOLGF) — The Earnings-Driven Leader

    • With a share price around S$10.80, this property developer is near its five-year high.

  • Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering — The Dividend Re-Rating Story

    • With its share price hovering around S$11, ST Engineering, or STE, is trading near a multi-year high.

  • Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX — The Structural Growth Winner

    • Hovering at a multi-year high at close to S$22, SGX’s rally is driven partially by supportive industry tailwinds.

    • With the Singapore government implementing initiatives to boost the local investing scene, SGX is poised to benefit from the increase in trading volume and listings.

  • When Selling Might Make Sense

  • When Holding or Adding May Be Reasonable

🇸🇬 Is Your 4% Dividend Enough? 5 SGX Stocks Beating Singapore’s Rising Inflation (The Smart Investor)

• Beat inflation with these 5 Singapore stocks growing dividends to outpace rising costs.

  • ComfortDelGro Corporation (SGX: C52 / FRA: VZ1 / VZ10 / OTCMKTS: CDGLF / CDGLY)

    • While you might recognise the name by its yellow and blue taxis, ComfortDelGro (CDG) has evolved into a global land transport powerhouse, recently crossing a historic milestone by achieving record revenue exceeding S$5 billion for the full year 2025.

  • BRC Asia Limited (SGX: BEC)

    • As Singapore’s leading steel reinforcement provider, BRC Asia is riding the wave of a booming construction sector.

  • PropNex (SGX: OYY)

    • As Singapore’s largest real estate agency, it has delivered an exceptionally strong performance for the full year 2025 (FY2025).

  • Lendlease Global Commercial REIT (SGX: JYEU / OTCMKTS: LLGCF)

    • REITs often struggle when rates are high, but Lendlease Global REIT (LREIT) is proving that active portfolio management pays off.

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

    • Industrial REITs are the “workhorses” of the income world, and AIMS APAC REIT (AAREIT) is leading the pack with impressive operational numbers.

  • Get Smart: Don’t Settle for Average

🇸🇬 Forget the Lambo: Why Owning 100 Shares of OCBC Is the Ultimate Flex at 25 (The Smart Investor)

• Owning 100 shares of Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) may not look flashy, but it could be one of the smartest long-term wealth moves you can make.

🇸🇬 Forget the 2.5% CPF OA: 3 Cash-Rich Stocks Paying Double CPF Interest in 2026 (The Smart Investor)

• CPF OA offers a guaranteed 2.5% return, but three Singapore cash-rich stocks stand out for delivering higher income — with strong balance sheets to support their payouts.

  • CPF OA vs Dividend Stocks: A Fair Comparison

  • Why Focus on Cash-Rich Companies

  • What Makes a “Double CPF Yield” Sustainable

  • HRNetGroup (SGX: CHZ) – The Cash Flow Fortress

    • HRnetGroup is an asset-light recruitment company in Asia, allowing it to convert a significant proportion of profits into free cash flow.

  • LHT Holdings Limited (SGX: BEI) – The Balance Sheet Champion

    • LHT Holdings is distinguished by its strong balance sheet and consistent cash flow from its pallet leasing and manufacturing activities.

  • PropNex (SGX: OYY) — The Dividend Growth Play

    • PropNex offers not only a high yield but also the prospect of future dividend increases.

    • As an asset-light real estate business, PropNex enjoys excellent cash flow efficiency.

  • What Investors Should Watch Before Making Comparisons

  • Get Smart: Higher Yield Comes With Responsibility

🇸🇬 Beyond STI: 3 Cash-Rich Dividend Stocks Paying More than Your CPF (The Smart Investor)

• Higher-than-CPF yields may look attractive, but these three cash-rich Singapore stocks show why free cash flow matters for dividend sustainability.

  • HRNetGroup (SGX: CHZ) – The Cash-Rich Staffing Specialist

    • HRnetGroup offers perhaps the cleanest story of the three.

    • As a dominant recruitment and staffing player across Asia, the group is a prime example of a capital-light business that efficiently converts its earnings into actual cash.

  • Credit Bureau Asia Ltd (SGX: TCU) – Resilience in a Quiet Market

    • Credit Bureau Asia, or CBA, which operates credit bureaus in Singapore, Cambodia and Myanmar alongside a commercial risk information business, is a classic example of what dividend resilience looks like when earnings hit a temporary speed bump.

  • QAF Ltd (SGX: Q01) – A Dividend Anchored by Cash

    • Net profit attributable to owners climbed 15% YoY to S$39.8 million – a headline reading that deserves a closer look.

    • The lift was powered largely by QAF’s share of profits from Malaysian joint venture Gardenia Bakeries (KL), which surged to S$15.4 million from S$4.7 million a year ago.

    • Within that figure sat an S$8.7 million non-cash impairment reversal – a one-off that flatters the underlying earnings picture.

  • Get Smart: Capacity Versus Quality

🇸🇬 Are Singapore Dividend Stocks Still Defensive in 2026? (The Smart Investor)

• In 2026, with shifting interest rates and changing market dynamics, are Singapore dividend stocks still as defensive as they once were?

  • Why Dividend Stocks Were Traditionally Defensive

  • What Has Changed in 2026

  • Where Dividend Stocks Still Offer Defensive Qualities

    • NetLink NBN Trust (SGX: CJLU / OTCMKTS: NETLF), or NetLink — The Cash Flow Stronghold

      • As a key provider of Singapore’s nationwide broadband network, NetLink owns the fibre network infrastructure that provides high-speed internet access to both consumers and companies island-wide.

    • Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF), or Sembcorp — The Essential Services Player

      • As an integrated energy company with operations spanning gas, renewable energy, and urban solutions, Sembcorp also enjoys resilient demand for its services across the market cycle.

    • Vicom Ltd (SGX: WJP), or VICOM — The Balance Sheet Leader

      • Other than providing essential inspection and testing services, VICOM stands out with its fortress-like balance sheet.

  • Where Dividend Stocks May No Longer Be Defensive

  • What Investors Should Focus on Instead

  • Get Smart: Defensive Investing Is Evolving

🇸🇬 5 Singapore Stocks Paying Out Dividends in May (The Smart Investor)

• Here are five stocks that will be dishing out dividends in May.

  • Delfi Limited (SGX: P34 / OTCMKTS: PEFDF)

    • Delfi is a manufacturer of branded consumer products which are sold in over 17 countries such as Indonesia, the Philippines, Malaysia, Singapore, and Hong Kong.

  • Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY)

    • Genting Singapore owns and operates the Integrated Resort (IR), Resorts World Sentosa (RWS).

  • Haw Par Corporation (SGX: H02 / OTCMKTS: HAWPF)

    • Haw Par is a conglomerate with four core divisions – healthcare, leisure, property, and investments.

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

    • OCBC is Singapore’s second-largest bank by market capitalisation and offers a comprehensive range of banking, insurance, and investment services to its customers.

  • Nordic Group Ltd (SGX: MR7)

    • Nordic Group is a solutions provider in the area of maintenance, repair, and overhaul (MRO), system integration solutions, vessel maintenance, and scaffolding and insulation, among others.

🇸🇬 3 Dividend Stocks I’d Buy As Inflation Hits (The Smart Investor)

• Inflation can quietly erode your purchasing power. These three dividend stocks stand out for their ability to generate income while staying resilient when prices rise.

  • Why Dividend Stocks Can Help During Inflation

  • What I Look for When Inflation Is Rising

  • Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) — The Pricing Power Leader

    • Keppel, a leading Singapore blue-chip company, runs a tight ship as a global asset manager with a clear focus on growing its income from infrastructure, real assets, and fund management.

  • Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) — The Dividend Growth Compounder

    • OCBC’s dividend growth has been both consistent and accelerating in recent years.

  • Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF), or MIT — The High-Quality Income Anchor

    • MIT stands out as a steady income anchor due to its diversified portfolio – covering everything from data centres and business parks to high-tech buildings.

  • What I Would Avoid

  • Get Smart: Inflation Rewards the Right Kind of Income

🇹🇭 Bumrungrad Hospital Public Company Limited 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇹🇭🅿️ Bumrungrad Hospital PCL (BKK: BH / BH-R / OTCMKTS: BUHPF) - Internationally accredited, multi-specialty hospital. One of the largest private hospitals in SE Asia. 🇼 🏷️

🇹🇭 TMBThanachart Bank Public Company Limited 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇹🇭 TMBThanachart Bank PCL (BKK: TTB / TTB-F / FRA: TMLF / NVPJ / OTCMKTS: TMBBY) - Various commercial banking products. 🇼 🏷️

🇹🇭 Kasikornbank Public Company Limited 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇹🇭 Kasikornbank PCL (BKK: KBANK / SGX: TKKD / FRA: TFBF / OTCMKTS: KPCPY / KPCPF) - Commercial Banking. 🇼 🏷️

🇻🇳 VPBank to become Vietnam’s largest bank by capital after massive share sale (The Asset) 🗃️

• Two-stage expansion plan targets US$4.18 billion in charter capital and 35% jump in pre-tax profit in 2026

• Vietnam Prosperity Bank (VPB) (HOSE: VPB) or VPBank is set to become the largest Vietnamese bank by charter capital as it plans to issue shares to domestic and foreign investors, a move that will push its capital base to over 106,243 billion Vietnamese dong ( US$4.18 billion ).

• The bank aims to solidify its position as the country’s top-tier private commercial lender by using this massive capital injection to drive long-term growth and competitiveness, according to documents released for its upcoming annual general shareholders’ meeting.

• Although the specific identity of the foreign buyer has not been revealed, the bank says it could be an existing strategic partner or a new international organization that meets the required financial criteria.

---

🇮🇳 India / South Asia / Central Asia

🇮🇳 MakeMyTrip: Rising Competition, Demanding Valuation (Seeking Alpha) $ 🗃️

• 🇮🇳 Makemytrip (NASDAQ: MMYT) - Online travel services. 🇼

🇮🇳 ICICI Bank: Strong Growth, But Emerging Risks Cap Upside(Rating Downgrade) (Seeking Alpha) $ 🗃️

🇮🇳 ICICI Bank Limited 2026 Q4 - Results - Earnings Call Presentation (Seeking Alpha)

🇮🇳 ICICI Bank: Getting Bullish After Q4 Outperformance (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇮🇳 ICICI Bank: Solid Q4 Results Should Support Recovery From Recent Over-Correction (Seeking Alpha) $ 🗃️

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

🇮🇳 Wipro: Still Hard To Love (Seeking Alpha) $ 🗃️

• 🌐 Wipro Ltd (NYSE: WIT) - IT, consulting & business process services. 🇼 🏷️

🇮🇳 Sify Technologies: All Eyes On Proposed Data Center Segment IPO - Buy (Rating Upgrade) (Seeking Alpha) $ 🗃️

• 🌐 Sify Technologies (NASDAQ: SIFY) - ICT service provider, systems integrator & all-in-one network solutions. Silicon Valley HQ. 🇼

🇮🇳 Shadowfax Acquires High-Value Logistics Company CriticaLog (Smartkarma) $

• Shadowfax Technologies Ltd (NSE: SHADOWFAX / BOM: 544685), a technology-led logistics platform, has completed the final equity acquisition of Criticalog India, making it a wholly owned subsidiary as of April 2026.

• Full integration of Criticalog strengthens Shadowfax’s presence in high-value, time-sensitive logistics, a fast-growing and higher-margin segment within India’s logistics industry.

• Higher D2C margins and upcoming white goods logistics could significantly improve profitability, making Criticalog a key driver for scaling Shadowfax’s high-margin “Other Logistics Services” segment.

🇮🇳 The Beat Ideas- Groww: A Game-Changer in India’s Digital Broking Space (Smartkarma) $

• Groww [Billionbrains Garage Ventures Limited (NSE: GROWW / BOM: GROWW)], a digital investment platform, saw an 18% QoQ income increase in Q3 FY26, driven by a 7.5% rise in active users and 49% growth from new products.

• Groww has partnered with State Street Global Advisors to distribute mutual funds, expanding its wealth management offerings and enhancing its investment product portfolio.

• New products like MTF and Commodity Derivatives are key growth drivers, enhancing revenue and user engagement, and will be vital in navigating market challenges and securing long-term expansion.

🇮🇳 HCLTech: Muted Q4 and Weak FY27 Guidance Signal Demand Uncertainty (Smartkarma) $

• HCL Technologies (NSE: HCLTECH / BOM: 532281), a global IT services company, reported Q4 FY26 revenue of USD 3,682M, below expectations due to telecom spending cuts and two SAP exits.

• Management’s three-bucket AI strategy: disrupted, amplified, native which highlights structural pricing pressure, while a USD 100M+ AI Factory deal signals a shift toward higher-value AI-led infrastructure services.

• FY27 guidance of 1-4% CC growth remains conservative, factoring near-term headwinds. Re-rating depends on Advanced AI scaling beyond USD 1Bn in 12-18 months and margin recovery.

🇮🇳 IRFC 2.0: From Rail Financier to India’s Infrastructure Bank (Smartkarma) $

• Indian Railway Finance Corp Ltd (NSE: IRFC / BOM: 543257) targets 3 lakh crore in loan sanctions by 2030, with 70% expected to be disbursed. FY26 disbursements of 35,000 crore already exceeded the 30,000 crore internal target

• The strategic expansion into non-railway PSU lending NTPC, IOCL, Coal India offers 100-120 bps margins vs. 40 bps on railway business, materially reshaping NIM trajectory

• The margin math behind IRFC 2.0, the multi-currency ECB playbook, the metro opportunity, and why IRFC’s bond redemption record stands in sharp contrast to peers

🇮🇳 SBI 2030: Growing the Balance Sheet to 25% of India’s GDP (Smartkarma) $

• State Bank of India (NSE: SBIN / BOM: 500112) targets balance sheet expansion from ~20% to 25% of GDP by 2030, driven by district-level market share strategy across ~800 districts

• Scale isn’t the story; execution is. Growth depends on micro-market share gains while managing YONO 2.0, Seva Sarathis and unclaimed deposits.

• If GDP hits Rs. 357 lakh crore by FY26, SBI needs Rs. 130+ lakh crore balance sheet. Key risk: funding growth without margin pressure

🇬🇪 Georgia Capital PLC 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇬🇪 Georgia Capital Plc (LON: CGEO / FRA: 2IX / OTCMKTS: GRGCF) - Investing in & developing businesses in Georgia.

🇰🇿 Freedom Holding Remains A Compelling Buy Ahead (Earnings Preview) (Seeking Alpha) $ 🗃️

• 🌍 Freedom Holding Corp (NASDAQ: FRHC) - Securities brokerage & financial services. 🇼

🇰🇿 Kaspi.kz: Tencent Sees It, The Numbers Confirm It (Rating Upgrade) (Seeking Alpha) $ 🗃️

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

---

🌍 Middle East

🇮🇱 Mobileye Is An Overlooked Physical AI Play (Seeking Alpha) $ 🗃️

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

🇹🇷 Akbank T.A.S. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇹🇷 Akbank (IST: AKBNK / FRA: AKB2 / OTCMKTS: AKBTY) - One of Turkey’s largest banks. 🇼

🇹🇷 Turkcell: Cheap Valuation, But Rising CapEx And Forex Risks (Rating Downgrade) (Seeking Alpha) $ 🗃️

• 🇹🇷 🇧🇾 Turkcell Iletisim Hizmetleri AS (NYSE: TKC) - Converged telecommunication & technology services provider. 🇼

---

🌍 Africa

🇿🇦 Clicks Group Limited 2026 Q2 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇿🇦 Clicks Group (JSE: CLS / FRA: N1C / OTCMKTS: CLCGY) - Foremost health & beauty retailer + leading full-range pharmaceutical wholesaler. 🇼 🏷️

🇿🇦 Sibanye Stillwater: Valuation Multiples Should Expand As The Turnaround Continues (Seeking Alpha) $ 🗃️

🇿🇦 Sibanye Stillwater Limited (SBSW) Analyst/Investor Day - Slideshow (Seeking Alpha)

• 🌐 Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) - World’s largest primary producers of platinum, palladium & rhodium & is a top-tier gold producer. Projects & investments across 5 continents. 🇼 🏷️

🇿🇦 Salares Norte Changed The Story For Gold Fields (Seeking Alpha) $ 🗃️

• 🌐 Gold Fields (JSE: GFI / NYSE: GFI) - One of the world’s largest gold mining firms. 9 operating mines in Australia, Peru, South Africa & Ghana (including the Asanko JV) & 2 projects in Canada & Chile. 🇼 🏷️

🇿🇦 Prosus: Suffering From Its Own Success (Seeking Alpha) $ 🗃️

• 🌐 Prosus (AMS: PRX / JSE: PRX / FRA: 1TY / OTCMKTS: PROSY / PROSF) - Global investment group that invests & operates across sectors & markets with long-term growth potential. Majority-owned by South African MNC Naspers (JSE: NPN / FRA: NNWN / NNW0 / OTCMKTS: NAPRF / NPSNY). 🇼 🏷️

---

🌍 Eastern Europe & Emerging Europe

🌍 Raiffeisen Bank International – the Ukraine proxy still on sale (Undervalued Shares)

• Raiffeisen Bank International AG (VIE: RBI / FRA: RAW / RAW0 / OTCMKTS: RAIFY) (ISIN AT0000606306, VIE:RBI) is a Vienna-listed Austrian bank with a market cap of over EUR 14bn.

• Over the past two years, investor interest in the bank's role as a major player across Central and Eastern Europe (CEE) – spanning Ukraine, Belarus, and Russia – has increased significantly.

• Gaining exposure to these markets isn’t straightforward:

  • Not every broker offers access to regional exchanges such as Warsaw or Prague.

  • With the exception of Poland and Ukraine, most countries in the region have relatively small populations, limiting the number of investable companies.

  • Many investors prefer broad regional exposure rather than single-country bets, which narrows the opportunity set further.

• At the same time, Raiffeisen Bank International has long carried a number of perceived (and real) “flaws”:

  • Its remaining business in Russia is politically sensitive and operationally complex.

  • Legal challenges related to its Russian subsidiary have added further uncertainty.

  • Its co-op-based ownership structure has raised governance questions.

🇧🇬 Populism Is Not Dead Yet: Bulgaria's Pro-Russia Ex-President Radev Wins In Landslide Victory (ZeroHedge)

• Despite Orban's loss in Hungary earlier this month, Europe's populist right is not dead by a longshot. Official results released Monday show former President Rumen Radev’s Progressive Bulgaria coalition capturing roughly 44.6-44.7% of the vote in Sunday’s snap parliamentary elections, delivering an absolute majority of approximately 130-135 seats in the 240-seat parliament. It marks the first time since 1997 that a single political force in Bulgaria will be able to govern without coalition horse-trading.

🇵🇱 Alior Bank S.A. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇵🇱 Alior Bank (WSE: ALR / FRA: A6O) - Universal bank. A subs. of insurance company PZU (WSE: PZU / FRA: 7PZ / FRA: 7PZ0). 🇼 🏷️

🇵🇱 CD Projekt: Carrying Minimum Upside Ahead Of Witcher 4 Launch Date Announcement (Seeking Alpha) $ 🗃️

• 🇵🇱 CD Projekt SA (WSE: CDR / FRA: 7CD / 7CD0 / OTCMKTS: OTGLY / OTGLF) - Development of videogames & global digital distribution. 🇼 🏷️

🇵🇱 Orange Polska S.A. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇵🇱 Orange Polska SA (WSE: OPL / OTCMKTS: PTTWF) - Leading telecommunication providers in Poland, operating in all segments of the Polish telecoms market. 🇼 🏷️

---

🌎 Latin America

🌎 Pan American Silver: Still Room To Run With Silver Near $80 (Seeking Alpha) $ 🗃️

• 🌎 Pan American Silver Corp (NYSE: PAAS) - Owns & operates silver & gold mines located throughout the Americas. Canada HQ. 🇼

🌎 First Quantum Minerals: A Mine That Could Change The Valuation(Seeking Alpha) $ 🗃️

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

🌎 Ternium: Retest Of $45+ Likely As We Approach Q1 Earnings Release (Rating Upgrade) (Technical Analysis) (Seeking Alpha) $ 🗃️

• 🌎 Ternium S.A. (NYSE: TX) 🇱🇺 - Manufactures & processes steel products (including for oil & gas) with 18 production centers in Argentina, Brazil, Colombia, United States, Guatemala & Mexico. Subs. of Argentine-Italian conglomerate Techint. 🇼 🏷️

🌎 Millicom’s Next Growth Is Built On Colombian Simplicity And Chilean Optionality (Seeking Alpha) $ 🗃️

• 🌎 Millicom (NASDAQ: TIGO) - Fixed & mobile, telecommunications services, cable & satellite TV, mobile financial services & local content such as music & sports in Latin America. 🇼 🏷️

🌎 MercadoLibre Could Deliver 25% Annual Earnings Growth And 3-4x Returns By 2031 (Seeking Alpha) $ 🗃️

• 🌎 MercadoLibre (NASDAQ: MELI) - Uruguay HQ’d. The largest online commerce & payments ecosystem in Latin America. 🇼 🏷️

🇦🇷 Pampa Energía: No New Catalysts, But Potential In Prices (Seeking Alpha) $ 🗃️

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

🇧🇷 Sendas Distribuidora S.A. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

🇧🇷 Sendas Distribuidora S.A. (ASAIY) Shareholder/Analyst Call - Slideshow (Seeking Alpha)

• 🇧🇷 Sendas Distribuidora SA (BVMF: ASAI3 / OTCMKTS: ASAIY) or Assaí Atacadista - Self-service wholesale company (Cash & Carry). 🇼 🇼 🏷️

🇧🇷 Gerdau S.A. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🌎🅿️ Metalurgica Gerdau SA (BVMF: GOAU3 / GOAU4) - Leading global steel producer & the largest producer of long steel in the Americas. 🇼 🏷️

🇧🇷 Banco do Brasil S.A. (BDORY) Analyst/Investor Day - Slideshow (Seeking Alpha)

• 🌐🅿️🏛️ Banco do Brasil (BVMF: BBAS3 / FRA: BZLA / OTCMKTS: BDORY) - Oldest bank in Brazil. 🇼

🇧🇷 The Market Has Totally Misread The Petrobras Opportunity (Seeking Alpha) $ 🗃️

• 🌐🏛️ Petrobras (NYSE: PBR / PBR-A / BCBA: PBR / PETR4) or Petróleo Brasileiro SA - Explores, produces & sells oil & gas. 🇼

🇧🇷 Vale: A Re-Rating Without A Cycle Shift Into Q1 (Rating Downgrade) (Seeking Alpha) $ 🗃️

• 🌐 Vale (NYSE: VALE) - Iron Solutions & Energy Transition Materials segments. Produces & sells iron ore, iron ore pellets, nickel, copper etc + related logistic service. 🇼 🏷️

🇧🇷 AXIA: Key Infrastructure For AI, Beyond Electrical Potential (Seeking Alpha) $ 🗃️

• 🇧🇷🅿️ AXIA Energia SA (NYSE: AXIA) - Formerly Centrais Elétricas Brasileiras SA (NYSE: EBR / EBR.B / BVMF: ELET3 / ELET5 / ELET6) or Eletrobras. Electric power holding company. Largest generation & transmission company in Brazil. 🇼

🇧🇷 Sigma Lithium: Out Of The Fire (Upgrade To Hold From Sell) (Seeking Alpha) $ 🗃️

• 🇧🇷 Sigma Lithium Corporation (CVE: SGML) - Exploration & development of lithium deposits in Brazil. 🏷️

🇧🇷 XP: Growth Is Improving, But Retail Flows Are Still Missing (Seeking Alpha) $ 🗃️

• 🌎 XP Inc (NASDAQ: XP) - Wealth management & other financial services (fixed income, equities, investment funds & private pension products). 🇼

🇧🇷 Patria Investments: Still A Buy After Acquisition Spree (Rating Downgrade) (Seeking Alpha) $ 🗃️

• 🌎🇰🇾 Patria Investments Limited (NASDAQ: PAX) - Asset management services to investors focusing on private equity, infrastructure development, co-investments, constructivist equity & real estate & credit funds. 🏷️

🇲🇽 Wal-Mart De Mexico S.A.B. de C.V. ADR 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇲🇽 Wal-Mart de Mexico SAB de CV (BMV: WALMEX) - Discount warehouses & stores, hypermarkets, supermarkets & membership self-service wholesale stores. 🇼 🏷️

🇲🇽 Regional S.A.B. de C.V. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇲🇽 Regional SAB (BMV: RA / OTCMKTS: RGNLF) aka Banco Regional de Monterrey S.A. or BanRegio - Focused on serving the financial needs of SMEs. 🇼 🏷️

🇲🇽 Controladora Vuela Compañía de Aviación, S.A.B. de C.V. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🌎 Controladora Vuela Compania de Aviacion SAB de CV (NYSE: VLRS) or Volaris - Ultra-low-cost carrier that operates in Mexico, USA, Central & South America. 🇼 🏷️

🇲🇽 América Móvil, S.A.B. de C.V. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🌎 America Movil SAB de CV (NYSE: AMX) - Leading Latin America telecommunication service provider. 🇼 🏷️

🇲🇽 Sigma Foods, S.A.B. de C.V. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🌎🌍 Sigma Foods SAB de CV (BMV: SIGMAFA / FRA: G4L / OTCMKTS: ALFFF) - Cooked & fresh meats, dry meats, dairy & other brands. Part of Alfa SAB de CV (BMV: ALFAA / OTCMKTS: ALFFF). 🇼 🏷️

🇲🇽 Vinte Viviendas Integrales, S.A.B. de C.V. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇲🇽 Vinte Viviendas Integrales SAB De CV (BMV: VINTE / OTCMKTS: VNTEF) - Vertically integrated real estate developer (low, middle & middle-high incomes).

🇲🇽 GCC, S.A.B. de C.V. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇲🇽 GCC SAB de CV (BMV: GCC / FRA: AK4 / OTCMKTS: GCWOF) - Gray Portland cement, ready-mix concrete, aggregates, coal & construction-related services. 🏷️

🇲🇽 Grupo Financiero Banorte, S.A.B. de C.V. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇲🇽 Grupo Financiero Banorte SAB de CV (BMV: GFNORTEO / FRA: 4FN / OTCMKTS: GBOOY / GBOOF) - Leading financial institution in Mexico. 🇼 🏷️

🇵🇦 Bladex Can Benefit From The Middle East Conflict Incrementing Trade Financing (Seeking Alpha) $ 🗃️

🇵🇦 Banco Latinoamericano de Comercio Exterior, S. A. 2026 Q1 - Results - Earnings Call Presentation (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. 🇼 🏷️

🇵🇪 Peru’s 2026 election is a mess (Latin America Risk Report)

• The country can’t even decide who they want to be the next president removed from power

• In the week prior to Peru’s election, I wrote six questions worth considering. Much of it holds up well, though some of it has been overtaken by subsequent events. I’ve dropped the paywall on that piece if you want to read it now

🇵🇪 Cementos Pacasmayo S.A.A. 2026 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🇵🇪 Cementos Pacasmayo (NYSE: CPAC) - Produces, distributes & sells cement & cement-related materials. 🇼

---

🌐 Global

🌐 US stablecoins pose danger to emerging markets, say central bankers (FT) $ 🗃️

• Growth of dollar-pegged crypto assets under Donald Trump risks accelerating dollarisation and enabling criminal misuse

• Growing use of US stablecoins for international payments threatens to accelerate the dollarisation of emerging market economies, undermine their control of money flows and open the door to criminal activity, senior central bank officials have warned.

🌐 1Q2026: Emerging Markets Expected Returns (The Emerging Markets Investor)

• As of year-end 2025, Emerging Markets (EM) have begun to challenge “U.S. exceptionalism,” driven by shifting growth dynamics and a turbulent U.S. political landscape. While the S&P 500 remains at high valuation premiums, a CAPE-based analysis suggests superior expected returns in “cheap” EM markets like Brazil, particularly as EM earnings are projected to finally break out of a 14-year plateau in 2026.

• Emerging Markets for the twelve months ending in March 2026 outperformed the S&P 500 by 10%. The East Asian tech powerhouses, Korea and Taiwan, and Latin America (with the exception of Argentina) have led the way, while Southeast Asia continues to sputter.

🌐 Affluent investors target diversification amid volatility (The Asset) 🗃️

• Younger investors favour gold, alternatives, while older investors emphasize liquidity, income, alongside growth strategies

• Global affluent and high-net-worth investors set their long-term positioning at the start of 2026 with a clear diversification agenda: stay invested for growth through stocks while building resilience with cash-like instruments, bonds, gold and alternatives to help mitigate market volatility, according to a recent report.

• Many affluent investors have reached a turning point in their approach to cash, finds the latest HSBC Affluent Investor Snapshot, an HSBC-commissioned survey, which polled close to 10,000 affluent and high-net-worth individuals in January 2026 across ten markets, capturing portfolio positioning and future investment intentions’.

🌐 Nebius: The Neocloud Window Is Temporary (Seeking Alpha) $ 🗃️

🌐 Nebius Q1 Preview: The Market Is Saying This Is An Outlier Among Outliers (Seeking Alpha) $ 🗃️

🌐 Nebius: Real Contracts, Real Economics, Real Upside (Seeking Alpha) $ 🗃️

🌐 Nebius: The Profit Inflection Point (Seeking Alpha) $ 🗃️

🌐 Nebius’s Significant Downside Exacerbated By AI Bubble Re-Inflation (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. 🇼 🏷️

---

📅 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):

---

📅 Economic Calendar

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

---

🗳️ Election Calendar

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

• Bulgaria Bulgarian National Assembly 2026-04-19 (d) Confirmed 2024-10-27

• Cyprus Cypriot House of Representatives 2026-05-24 (d) Confirmed 2021-05-30

• Colombia Colombian Presidency 2026-05-31 (d) Confirmed 2022-06-19

• Peru Peruvian Presidency 2026-06-07 (t) 2026-06-07 (t) Date not confirmed

• Kazakhstan Kazakh National Congress 2026-08-31 (t) 2026-08-31 (t) Date not confirmed

• Morocco Moroccan Chamber of Representatives 2026-09-30 (t) Confirmed 2021-09-08

• Russian Federation Russian Federal Duma 2026-09-30 (t) Date not confirmed 2021-09-19

• Brazil Brazilian Federal Senate 2026-10-04 (d) Confirmed 2022-10-02

• Brazil Brazilian Chamber of Deputies 2026-10-04 (d) Confirmed 2022-10-02

• Brazil Brazilian Presidency 2026-10-04 (d) Confirmed 2022-10-30

• Czech Republic Czech Senate 2026-10-09 (d) Confirmed 2024-09-27

• Israel Israeli Knesset 2026-10-27 (d) Confirmed 2022-11-01

• Bahrain Bahraini Council of Representatives 2026-11-30 (t) Date not confirmed 2022-11-12

• Bulgaria Bulgarian Presidency 2026-11-30 (t) Date not confirmed 2021-11-21

---

📅 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):

Riku Dining Group RIKU Eddid Securities USA, 5.0M Shares, $4.00-6.00, $25.0 mil, 4/27/2026 Week of

(Incorporated in the Cayman Islands)

We operate and franchise Japanese-style restaurants in Canada and Hong Kong:

In Canada – Ajisen Ramen is our franchise. We run four restaurants and we franchise nine more restaurants across Ontario.

In Hong Kong – We have seven restaurants under three franchised brands – Yakiniku Kakura, Yakiniku 802 and Ufufu Cafe.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended March 31, 2025.

(Note: Riku Dining Group more than doubled its IPO’s size – to $25 million – up from $11.25 million – in an F-1/A filing on March 16, 2026: The company now plans to offer 5.0 million shares – up from 2.25 million shares previously – at a price range of $4.00 to $6.00 – the same as before – to raise $25 million, according to its March 16, 2026, F-1/A filing. Earlier today, the company withdrew its previous IPO filing. Background: Riku Dining Group disclosed the terms for its IPO in an Oct. 8, 2025, filing with the SEC: The company is offering 2.25 million shares at a price range of $4.00 to $6.00 to raise $11.25 million. Background: Riku Dining Group filed its F-1 for its IPO in September 2025 without disclosing the terms. Estimated IPO proceeds are $16 million.)

---

🏁 Emerging Market ETF Launches

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

• 04/10/2026 - Baron Emerging Markets Select ETF - BCEM

• 04/08/2026 - FT Vest Laddered Emerging Markets Buffer ETF - BUFE

• 03/12/2026 - T. Rowe Price Emerging Markets Equity Research ETF - TEMR

• 03/06/2026 - MFS Blended Research Emerging Markets Equity ETF - BREE

• 02/19/2026 - VanEck India Select ETF - INDZ

• 02/05/2026 - Virtus Emerging Markets Dividend ETF - VEM

• 01/21/2026 - Templeton Emerging Markets Debt ETF - TEMD

• 12/17/2025 - Man Active Emerging Markets Alternative ETF - MEMA

• 12/04/2025 - Kraneshares Dragon Capital Vietnam Growth Index ETF - KPHO

• 11/20/2025 - KraneShares 2x Long BIDU Daily ETF - KBDU

• 10/25/2025 - Lazard Emerging Markets Opportunities ETF - EMKT

• 10/16/2025 - iShares Emerging Markets Bond Active ETF - BREM

• 10/07/2025 - VanEck Emerging Markets Bond ETF - EMBX

• 09/17/2025 - Vanguard Emerging Markets Ex-China ETF - VEXC

• 09/13/2025 - WisdomTree Asia Defense Fund - WDAF

• 08/12/2025 - Neuberger Berman Emerging Markets Debt Hard Currency ETF - NEMD

• 07/15/2025 - OTG Latin America ETF - OTGL

• 06/21/2025 - FT Vest Emerging Markets Buffer ETF June - TJUN

• 06/18/2025 - AB Emerging Markets Opportunities ETF - EMOP

• 06/05/2025 - Harbor Emerging Markets Equity ETF - EPEM

• 06/03/2025 - Russell Investments Emerging Markets Equity Active ETF - ZJUN

• 05/30/2025 - Emerging Markets Equity Active ETF - REMG

• 05/16/2025 - Harbor Emerging Markets Select ETF - EMES

• 04/02/2025 - Goldman Sachs India Equity ETF - GIND

• 03/21/2025 - FT Vest Emerging Markets Buffer ETF - March - TMAR

• 02/25/2025 - Touchstone Sands Capital Emerging Markets ex-China Growth ETF - TEMX

• 02/19/2025 - abrdn Emerging Markets Dividend Active ETF - AGEM

• 02/14/2025 - GMO Beyond China ETF - BCHI

• 02/06/2025 - PLUS Korea Defense Industry Index ETF - KDEF

• 01/04/2025 - Simplify China A Shares PLUS Income ETF - CAS

---

🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

• 03/13/2026 - Polen Capital Emerging Markets ex China Growth ETF - PCEM

• 11/28/2025 - Rayliant Quantamental China Equity ETF - RAYC

• 10/30/2025 - Direxion Daily MSCI Emerging Markets ex China Bull 2X - XXCH

• 08/28/2025 - Range India Financials ETF - INDF

• 07/17/2025 - First Trust Brazil AlphaDEX Fund - FBZ

• 07/07/2025 - Franklin FTSE Hong Kong ETF - FLHK

• 05/20/2025 - KraneShares Dynamic Emerging Markets Strategy ETF - KEM

• 05/20/2025 - KraneShares MSCI All China Index ETF - KALL

• 04/08/2025 - First Trust TCW Emerging Markets Debt ETF - EFIX

• 04/03/2025 - JAKOTA K-Pop and Korean Entertainment ETF - KPOP

• 02/14/2025 - Global X MSCI Emerging Markets Covered Call ETF - EMCC

• 01/06/2025 - iShares Frontier and Select - FM

---

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 27, 2026) was also published on our website under the Newsletter category.

---

---

---