Emerging Market Links + The Week Ahead (April 28, 2025)

China's ethane Achilles heal, luxury brands cut price for exclusivity in China, Macau risks for US casino ops overblown, Mekong canal plan, EM stock picks & the week ahead for emerging markets.

Apr 28, 2025

Alt-finance site ZeroHedge (and apparently Bloomberg to a much lesser degree) has noted that China’s export market has a bit of an Achilles heal in the form of something called ethane:

Chinese Plastics Factories Face Mass Closure As US Ethane Supply Evaporates 🗃️ / Who Blinks First? China May Exempt Tariffs On US Ethane & Other Goods 🗃️

"The situation is dire for China’s ethane crackers as they have no alternative to US supply,” said Manish Sejwal, an analyst at Rystad Energy AS, using an industry term for such facilities. "Unless they are granted tariff exemptions, they may have to stop production or close shop."
Needless to say, that would be catastrophic for China's plastics industy…
… So for those seeking to time the moment of max pain, and greatest malleability of Beijing, keep an eye on Chinese plastic prices and/or labor strikes in the region.
The lower the former goes, the higher the latter will move, and the faster the trade war will come to an end…

And:

According to Bloomberg, the extra costs are another blow for China’s plastics sector, which is already dealing with a glut as the growth in production capacity exceeds demand. The tussle is also threatening other feedstocks, including natural gas liquids and propane, and has led to sharp drops in US prices, hardly the inflationary shock so many have predicted.

And that’s very good news for American consumers (heating oil and oil for stoves), industry, and farmers in particular (as irrigation pumps, grain drying equipment, etc. often run on propane/natural gas).

However, FreightWaves, a good resource for logistics and trade war news, has been reporting the negative impacts on certain US ports and the trucking industry (e.g. Plunging LA port volumes spell trouble for truckers, ‘No way’ US can recoup lost China container imports: Analyst, etc.).

Note that around Easter, I ordered from Temu and sent to my parents another garden trellis to put up in their yard when I visit in the summer as it was on sale for around $50. Looking at the same or similar style of trellises now, it looks like the cheapest ones are up a minimum $20-30+ since then while other products look to be around the same prices as a few weeks ago. Temu also has added a link to the following note for local warehoused items:

🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

🇨🇳 🇭🇰 China & Hong Kong Stock Picks (March 2025) Partially $
🌐 EM Fund Stock Picks & Country Commentaries (April 27, 2025) Partially $
- Debunking China's claims on luxury brands, “misunderestimate” Asia, India trip report, Middle East investment opportunities, South Africa listed property, Trump 2.0/tariffs, March/Q1 fund updates, etc

📰🔬 Emerging Market Stock Picks / Stock Research

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

🌏 Asia

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 Chinese factories slow production and send workers home as US tariffs bite (FT) 🗃️ & "Our Export Orders Disappeared": Chinese Factories Shutting Down, Laying Off Workers, FT Finds (ZeroHedge) 🗃️

Owners say American customers have cancelled or suspended orders

🇨🇳 BYD (1211 HK): Rev up by 36% in 1Q25, Scale to Bring 60% Upside (Smartkarma) $

In 1Q25, BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF)’s revenue increased by 36% YoY and sales volume increased by 60% YoY.
We believe BYD’s scale advantage will help cashflow and the competition in the coming market concentration.
The P/E band suggests an upside of 59% for the end of 2025.

🇨🇳 BYD (1211 HK): Some Threats Before 1Q25 Result (Smartkarma) $

The growth rate of sales volume slowed down in March 2025.
Geely’s sales volume reached 46% of BYD’s in 1Q25, compared to 23% in 2024.
We set a downside of 18% and a price target of HK$300 for the next twelve months.

🇨🇳 JD Logistics Enters South Korea: Accelerated by Tariff War Between China and the US? (Douglas Research Insights) $

In the past week, one of the biggest stories in the Korean e-commerce/logistics market has been the entrance of JD Logistics Inc (HKG: 2618 / FRA: 822 / OTCMKTS: JDLGF) into the South Korean market.
We believe that the ongoing tariff war between the US and China is likely to have accelerated this move by JD Logistics to find new markets for its products.
If JD.com (NASDAQ: JD)/JD Logistics decide to expand aggressively in Korea, the major Korean e-commerce players (such as Coupang, Inc. (NYSE: CPNG), NAVER (KRX: 035420 / OTCMKTS: NHNCF), Gmarket, and 11st) may be negatively impacted.

🇨🇳 New Oriental gets new lesson from souring U.S.-China relations (Bamboo Works)

China’s leading private provider of education services blamed changing international relations for a slowdown in its business catering to students planning to study abroad
New Oriental Education (NYSE: EDU)’s revenue from overseas test preparation services grew just 7% in its latest fiscal quarter, down sharply from 21% growth in the previous quarter
The education company expects revenue from its overseas study consulting business to be flat in its new fiscal year that starts in June, a huge slowdown from previous strong gains

🇨🇳 Webull’s charge from IPO gate looks unsustainable as China risks hover (Bamboo Works)

The online stockbroker’s shares surged following a backdoor listing, but its China ties and growing economic uncertainty could be major risks
Webull Corp (NASDAQ: BULL) shares soared 375% on the second trading day after completion of its listing through a SPAC merger, valuing the company at $30 billion
The company gets most of its revenue from the U.S. but harkens from China, where more than half of its employees are still based

🇨🇳 Undervalued CICC banks on Hong Kong IPO pickup (Bamboo Works)

China’s largest underwriter of Hong Kong listings helped its clients to raise $3.84 billion last year, as it reportedly gets set to sponsor another blockbuster IPO by battery giant Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750)
China International Capital Corp Ltd (SHA: 601995 / HKG: 3908 / FRA: CIM) said its net profit rose between 50% and 70% in the first quarter, as it capitalized on rebounds in the Hong Kong IPO and stock markets
The leading investment bank’s valuation is significantly lower than its U.S. peers due to its weaker return on equity

🇨🇳 In Depth: Luxury Brands Cut Price of Exclusivity as Chinese Spending Drops (Caixin) $

On a recent spring afternoon, models paraded Louis Vuitton’s latest collection inside the French brand’s Beijing flagship store, to the clink of champagne flutes and polite applause from a select batch of clients.
These private fashion shows — known as VIC, or “very important client,” events — were once reserved for only the biggest spenders. Today, they’re being deployed by luxury brands more often, and the bar to entry is lower.

🇨🇳 In Depth: China’s Pet Boom Bites Back (Caixin) $

China’s pet economy looks like a sure bet — a booming multibillion-dollar market fueled by young urbanites seeking furry companions in a fast-paced world. This emotional bond, coupled with rising demand for domestic brands and the power of e-commerce, has created a frenzy of growth.
But the industry is also facing biting headwinds: fierce price wars are cutting into profits and forcing closures, especially of veterinary clinics, while concerns mount over a shadow industry of unethical breeders and a chill in funding.

🇨🇳 The Rise of China’s Pet Industry: Market Trends, Top Companies, and Investment Insights (The Great Wall Street - Investing in China)

Recently one of our secretaries quit her job—to reopen her pet grooming and boarding shop. It was something she had to shut down during COVID, but now business is so good she left us without hesitation. Apparently, she prefers working with cats and dogs over working with me. I understand. I didn’t take it personally.
And yes, there are cat cafés. So many of them. People sip overpriced lattes while a feline silently judges them from a shelf. The cat ignores them. They smile and take photos.
This is classic China. Once something catches on, it spreads like wildfire. And for now, what’s catching on is pets. Not just as animals, but as family members and miniature consumers with accessories, routines, and food tailored to every imaginable dietary quirk these little creatures supposedly need—from grain-free to single-protein to freeze-dried yak lung.

🇨🇳 Tongcheng beefs up its hotel management, as Wanda buys more time (Bamboo Works)

China’s third-largest online travel company is buying the hotel management unit of a former highflying operator now struggling to stay one step ahead of its creditors
Tongcheng Travel Holdings (HKG: 0780) has agreed to buy the hotel management arm of Dalian Wanda, adding high-end properties to its growing portfolio of 2,300 managed hotels
The deal gives Dalian Wanda, a former property and entertainment giant, more cash to meet its debt commitments

🇨🇳 Sa Sa tries on new e-commerce face in China as its Hong Kong core shrinks (Bamboo Works)

The cosmetics retailer said revenue from its core Hong Kong and Macao markets fell by 11% to 12% in its fiscal year through March, causing profits to plunge by up to 68%
Sa Sa International Holdings Ltd (HKG: 0178)’s business in its core Hong Kong market contracted last year, as many local residents headed across the border to shop in Shenzhen
The cosmetics seller’s Mainland China revenue fell by 40.5% in its fiscal fourth quarter through March, as it closed stores and shifted its focus to e-commerce

🇨🇳 Will Chagee become the “Starbucks of tea” globally? (Momentum Works)

Last Friday, Chagee Holdings Limited (NASDAQ: CHA), a leading chain of tea drinks from China, went public on Nasdaq. On its first trading day, the share price closed almost 16% up, giving the company a market cap of US$5.95 billion.
In its IPO prospectus, Chagee gave an impressive set of numbers: 6,440 outlets as of 31 Dec 2024, a 83% growth YoY; RMB29.5 billion (US$4 billion) GMV in 2024, growing 173% YoY; each outlet sold an average of 52,000 cups a month in 2024; and Chagee has 177+ million registered members with whom the company has direct touch points.
Chagee’s first day stock performance was also a bright spot during the current market turmoil caused by Trump’s trade war. The fact that a Chinese company was allowed to list (think of SHEIN) was already a surprise to many.
How is Chagee doing beyond what you can read in the IPO prospectus? Why would it rush to list now instead of waiting for calmer waters?
Some thoughts:

🇨🇳 Liuliu offers ‘plum’ investment with Hong Kong IPO plan (Bamboo Works)

After ditching its earlier attempt to list on China’s domestic A-share market, the maker of popular plum-based snacks has moved its sights to Hong Kong
Liuliu has applied to list in Hong Kong, reporting its profit rose nearly 50% to 148 million yuan last year
HongShan was one of the popular plum-based snack maker’s previous backers, but exited the investment last year

🇨🇳 Xiao Noodles serves up IPO plan to take its tangy taste global (Bamboo Works)

The restaurant company wants to keep expanding its network of spicy Chongqing noodle shops, but price cuts may be eating into profits
The noodle chain more than doubled its revenue from 418 million yuan in 2022 to 1.15 billion yuan last year
But the operator’s same-store sales slipped from 740 million yuan in 2023 to 709 million yuan last year

🇨🇳 Vanguard rules out China in big international push (FT) $ 🗃️

Second-largest asset manager has its sights set on UK, Europe, Canada, Latin America and Australia instead

🇭🇰 Vitasoy International: Watch Short-Term Catalysts And Long-Term Drivers (Seeking Alpha) $ 🗃️

🌐 Vitasoy International Holdings Ltd (HKG: 0345 / OTCMKTS: VTSYF) 🇭🇰 - Plant-based soyabean range products. 🇼

🇭🇰 Despite A Choppy Environment, Orient Overseas International Had A Good Year In 2024 (Rating Upgrade) (Seeking Alpha) $ 🗃️

🌐 Orient Overseas International (HKG: 0316 / FRA: ORI1 / OTCMKTS: OROVF) - Container transport & logistics services. 🇼

🇲🇴 Risks of retaliatory action against U.S. operators in Macau appear overblown: CBRE (GGRAsia)

The potential for political risks related to the United States-China trade tariff row might raise some concerns among observers regarding the operations of U.S. firms in Macau’s gaming industry, but any possible concerns “appear overblown,” says CBRE Equity Research.
“Political risks, such as retaliatory actions against U.S. gaming operators in Macau, are a concern but appear overblown,” wrote analysts John DeCree and Max Marsh in a Monday memo.
The institution added: “Macau’s integrated resorts are critical to the region’s economy, contributing over 80 percent of government tax revenue and U.S.-based operators alone employ 14 percent of the workforce,”
It added: “Direct actions against operators could destabilise the [Macau] SAR [Special Administrative Region], making such moves unlikely.”

🇲🇴 Las Vegas Sands 1Q profit down as Sands China net income dips 32pct from a year earlier (GGRAsia)

Net income attributable to casino operator Las Vegas Sands (NYSE: LVS) in the first quarter was down 28.7 percent year-on-year, but rose 8.6 sequentially, according to information in a Wednesday filing in the United States.
Such net income in the three months to March 31 this year was US$352 million, versus US$494 million in the first quarter of 2024, and US$324 million in the fourth quarter last year.
The latest result was on revenues that went down 3.3 percent year-on-year, to US$2.86 billion. Quarter-on-quarter, revenues for the first three months this year declined by 1.2 percent.

🇲🇴 LVS bows out of New York licence bidding process, expects boost from The Londoner Macao (GGRAsia)

Casino operator Las Vegas Sands (NYSE: LVS) has decided not to take part in a bidding process for up to three commercial casino licences in downstate New York, in the United States.
The decision was announced by Patrick Dumont, the group’s president and chief operating officer, on a conference call with investment analysts on Wednesday, following the firm’s first-quarter earnings announcement.
Las Vegas Sands is the parent of Macau casino operator Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF), and also runs – via a subsidiary – the Marina Bay Sands casino complex in Singapore.

🇲🇴 LVS’ Goldstein downplays U.S.-China trade row, Fitch warns of growing geopolitical risk (GGRAsia)

The boss of casino group Las Vegas Sands (NYSE: LVS) has played down the idea of geopolitical risk to the group’s Macau business in the wake of the U.S.-China tariff row.
Robert Goldstein (pictured in a file photo), chairman and chief executive, stated, referring to the firm’s Macau business, Sands China Ltd: “We are not in mainland China, we are in Macau. I think there is a difference. Number one, I do think Macau is a different orientation vis-a-vis Beijing.”
Mr Goldstein was speaking on the parent group’s first-quarter earnings call on Wednesday, in response to a question from an analyst regarding geopolitical risk for Las Vegas Sands’ Macau investments, given strained U.S.-China relations.
The International Monetary Fund (IMF) has halved its forecast for Macau’s economic growth in 2025, according to its World Economic Outlook report published on Tuesday.

🇲🇴 Melco International to raise US$101mln through rights issue (GGRAsia)

Hong Kong-listed Melco International (HKG: 0200 / FRA: MX7A / OTCMKTS: MDEVF), the parent of casino firm Melco Resorts & Entertainment Ltd, has announced plans to raise up to HKD781.1 million (US$100.7 million) through a rights issue of up to 759,350,377 new shares offered to existing shareholders.
The firm said in a stock exchange filing on Friday that the proceeds would be used to repay part of an outstanding credit facility, which matures later this year, alongside associated interest payments.

🇹🇼 Taiwan

🇹🇼 TSMC: Hard Pill To Swallow, AI Demand Is Moderating - Downgrading To Sell (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: Taiwan Concerns Are Overblown (Seeking Alpha) $ 🗃️

🇹🇼 Upgrading TSMC On Management Confidence Despite Tariff Uncertainty (Seeking Alpha) $ 🗃️ (?)

🇹🇼 TSMC: Irrational Selloff Is A Gift (Technical Analysis) (Seeking Alpha) $ 🗃️

🇹🇼 TSMC's New Moat Isn't In Chips (Seeking Alpha) $ 🗃️

🇹🇼 TSMC Is Finally Undervalued Again (Rating Upgrade) (Seeking Alpha) $ 🗃️

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

🇹🇼 TSMC Earnings Recap: Strong Fundamentals, One Big Risk (Elliot’s Musings)

Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM)'s earnings just dropped, and after combing through the numbers, nothing really jumped off the page. Revenue came in slightly better than expectations at about $25.5 billion, down around 5% quarter-over-quarter due to the typical smartphone seasonality, but still cushioned by strong ongoing AI demand. Gross margins dipped a touch to 58.8%, mostly because of an earthquake in January and the ramp-up of their overseas fabs, particularly the one in Japan.

🇰🇷 Korea

🇰🇷 Lee Jae-Myung's Campaign Pledge - Cancellation of Treasury Shares (Douglas Research Insights) $

Lee Jae-Myung (who is leading in most election polls) has mentioned cancellation of treasury shares as one of the key campaign pledges to improve the corporate governance in Korea.
If the cancellation of these shares becomes mandatory, the SK Group and Lotte Group will be most affected.
We provide a list of 21 stocks in KOSPI200 that have the highest ratios for treasury shares/total outstanding shares. These stocks could receive more attention in the next several months.

🇰🇷 Lee Jae-Myung's Policies Likely to Negatively Impact Korean Banks (Douglas Research Insights) $

Among the various industries, the banking sector could be negatively impacted if Lee Jae-Myung becomes the next President of Korea.
Lee Jae-Myung has pledged providing a "basic loan" of 10 million won per citizen which is likely to negatively impact the Korean banks since it lacks rigorous credit checks.
There is an increasing likelihood that Lee Jae-Myung could raise the pressure on local banks to share the responsibility of social policies by contributing more money to support them.

🇰🇷 Potential Change in Dividend Income Taxes in Korea - Will the Lawmakers Finally Make the Change? (Asian Dividend Stocks)

There is an important potential change in dividend income taxes that may finally be passed into law in Korea.
The Democratic Party of Korea (led by Democratic Party lawmaker Lee So-Young) is pushing legislation to separate the taxation of dividends from comprehensive income for publicly listed companies.
Among the top 100 companies in KOSPI (by market cap), there are 21 companies with more than 35% estimated dividend payout in 2025, including SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA), POSCO Holdings (NYSE: PKX), and KT&G Corp (KRX: 033780).

🇰🇷 Indirect Beneficiaries of the Smash Hit Movie "King of Kings" In the Korean Stock Market (Douglas Research Insights) $

In this insight, we discuss the indirect beneficiaries of the global hit movie "King of Kings" in the Korean stock market.
The King of Kings is a 3D animation movie produced by a Korean company called Mofac Studio (unlisted). This film made $45mn in N. American box office in 10 days.
Dexter Studios Co Ltd (KOSDAQ: 206560), Wysiwyg Studios Co Ltd (KOSDAQ: 299900), and GiantStep Inc (KOSDAQ: 289220) (listed competitors to Mofac Studios) are up on average 17% in the past one month.

🇰🇷 Top 80 Companies in Korea by Short Interest and Days to Cover (Potential Short Squeeze Candidates) (Douglas Research Insights) $

In this insight, we discuss potential short squeeze opportunities in the Korean stock market, using short interest and days to cover as main screening tools.
In KOSPI, the top three stocks with highest combination of short interest and days to cover include Doosan Fuel Cell (KRX: 336260 / 33626K), Posco Future M Co Ltd (KRX: 003670), and Hotel Shilla (KRX: 008770 / 008775).
In this insight, we provided 80 companies (40 companies in KOSPI and KOSDAQ, respectively) that have high combination of short interest and days to cover ratios.

🇰🇷 HMM’s 2T KRW Buyback Tender to Drop Before June End (Douglas Research Insights) $

This buyback facilitates KDB’s exit, as rules prevent a block trade benefiting one shareholder. KDB plans to tender a 4–5% stake, or about 40% of the 2 trillion KRW buyback.
Given HMM (KRX: 011200)'s tight float, the premium is likely above the usual 10%, making it a strong opportunity for short-term arbitrage trading.
The key is timing the announcement. With the June deadline, we need to monitor hot money flows into HMM to build our position before the news breaks.

🇰🇷 Big Crypto Money Move in Korea - Impact on Key Listed Korean Companies (Douglas Research Insights) $

There has been a big crypto money move in Korea. Market cap of crypto currencies held in crypto exchanges in Korea nearly doubled from October to November 2024.
We discuss 8 major listed companies in Korea that are major beneficiaries (directly and indirectly) of this big move into crypto currencies in Korea.
Some of the major beneficiaries include Kakao Corp (KRX: 035720), KT Corp (NYSE: KT / KRX: 030200 / FRA: KTC), Hanwha Investment & Securities Co Ltd (KRX: 003530), Woori Technology Investment Co Ltd (KOSDAQ: 041190), and Vidente Co Ltd (KOSDAQ: 121800).

🇰🇷 Korea Value Up (3 Winners and 7 Losers Among KOSPI 200 Companies) In March and April 2025 (Douglas Research Insights) $

In this insight, we provide the details of the 10 most recent companies in KOSPI 200 that have announced their Corporate Value Up plans (April and March 2025).
These 10 companies in KOSPI 200 that have announced their Corporate Value Up plans are down on average 1.3% versus KOSPI which is down 2% in the same period.
Three companies that have outperformed KOSPI (since their Corporate Value Up report announcement) include Hanmi Semiconductor Co Ltd (KRX: 042700), Hyundai Engineering & Construction (KRX: 000720 / 000725), and Samyang Foods Co Ltd (KRX: 003230).

🇰🇷 A Tender Offer of 6.2% Stake in KC Tech by KC Co (Douglas Research Insights) $

After the market close today, it was reported that KC Co (KRX: 029460) plans to conduct a tender offer 35 billion won worth of KCTech Co Ltd (KRX: 281820) shares.
KC Co plans to conduct a tender offer of 1.283 million shares (6.2% stake) of KC Tech shares for 20 days from 23 April to 12 May.
The tender offer price for KC Tech is 27,100 won, which is 13.4% higher than the closing price on 22 April.

🇰🇷 LS Cable Plans to Purchase Up To 70 Billion Won of Gaon Cable - Will It Take It Private? (Douglas Research Insights) $

On 22 April, LS Cable & System announced that it plans to acquire up to 70 billion won worth of Gaon Cable Co Ltd (KRX: 000500).
If LS Cable purchases 70 billion won worth of Gaon Cable's shares (7.4% stake at current price), its stake in the company would rise to 89%.
There are numerous options for Gaon Cable going forward including privatization or a merger with LS Cable.

🇰🇷 SK Telecom's Block Deal Sale of 10.8 Million Shares of Kakao Corp (Douglas Research Insights) $

Prior to market open on 25 April, SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA) announced that it plans to sell 10.8 million shares of Kakao, representing 2.4% of outstanding shares in a block deal sale.
The sale of Kakao Corp (KRX: 035720) shares and using the proceeds to further acquire shares in SK Broadband and invest in AI businesses is a solid move by SK Telecom.
We believe that this trading down gap of Kakao Corp is likely to be covered soon in the next several days/weeks so it represents a short term buying opportunity.

🇰🇷 Initial Thoughts on the Sono International IPO (Douglas Research Insights) $

Sono International, the largest resort operator in Korea, is getting ready to complete its IPO in 3Q 2025.
Company is aiming for valuation of about 3 trillion won. Treasury shares accounted for 35.93% of total outstanding shares at the end of 2024.
One of the noticeable aspects of the company's income statement is that although the company's sales growth was modest from 2019 to 2024, its operating margin growth has been spectacular.

🇰🇷 Coupang One Pager (Coughlin Capital)

Coupang, Inc. (NYSE: CPNG) is South Korea's dominant e-commerce platform, founded in 2010 by Bom Kim after he dropped out of Harvard's MBA program.
Originally launched as a Groupon-style daily deals site, Coupang quickly pivoted to a vertically integrated e-commerce model, developing one of the most extensive logistics networks in South Korea. Founder and CEO Bom Kim retains tight control over the company through a dual-class share structure—he owns roughly 10% of the equity but commands approximately 76% of voting power.

🌏 SE Asia

🇰🇭 Cambodia, China sign US$1.2 billion canal deal (The Asset) 🗃️

New waterway between Mekong River and Gulf of Thailand seen as ‘strategic enabler’ in multiple sectors
Cambodia and China have signed a public-private partnership contract and related agreements for a US$1.2 billion canal linking the Mekong River with the Gulf of Thailand, reducing Cambodia’s reliance on ports in Vietnam.
The signing took place in Phnom Penh on April 17 during Chinese President Xi Jinping’s state visit to Cambodia, the third and final leg of a five-day tour of Southeast Asia, which also included Vietnam and Malaysia.
Expected to take four years to complete, the Funan-Techo Canal project was launched with a groundbreaking ceremony in August last year.
Cambodian investors, including Overseas Cambodia Investment Corporation, Phnom Penh Autonomous Port (CSX: PPAP), and Sihanoukville Autonomous Port (CSX: PAS), hold 51%. The Chinese partner is China Road and Bridge Corporation, a subsidiary of China Communications Construction Company ( CCCC ).

🇮🇩 Telekomunikasi Indonesia: Buyback Program And ARPU Growth Are Positive Signals (Seeking Alpha) $ 🗃️

🇮🇩🏛️ Telkom Indonesia Persero Tbk PT (NYSE: TLK) - Fixed line telephony, internet & data communications. 🇼

🇸🇬 🇲🇾 Singapore Retail Sector: Will It Be Impacted by Improved Connectivity with Malaysia? (Smartkarma) $

The upcoming Johor Bahru-Singapore Rapid Transit System and the ease of cross-border movements could impact Singapore’s retail sector as more consumers may choose to spend across the border.
DFI Retail Group (SGX: D01 / FRA: DFA1 / OTCMKTS: DFIHY) CEO cited this as rationale for exiting Singapore based grocery retail business under Cold Storage and Giant's brands. Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) said it will carefully monitor this development.
Singapore retail prices for branded consumer discretionary and staples are between 30%-50% higher than in Malaysia. With greater ease of commute and shipping, this price differential may not be sustainable.

🇸🇬 Sheng Siong Group Ltd. - Inflection Point for a Great Performer (Corporate Monitor)

We analysed Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF)’s success over the years to see what its secret sauce is and what made the retailer so successful. It has punched its weight above its competitors with a set of strong financial metrics. Its ability to generate free cash flow and achieve a high return on equity are truly impressive.
However, Sheng Siong is at an inflection point now as its revenue and net profit have stagnated since the pandemic. Moreover, there are new threats emerging which threaten the retailer’s dominant position and could negatively impact its business in the coming years.
At the same time, we also looked at several corporate finance and corporate governance issues to see if the company can do better. This report makes suggestions on how corporate governance can be improved and provides recommendations on remuneration policies and disclosures that will assure shareholders that management’s interests are aligned with theirs.

🇸🇬 DBS Group: Reassessing Growth Outlook Amid Trump-Era Tariff Risks (Seeking Alpha) $ 🗃️

🌏 DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) - Financial services group in Asia with a presence in 19 markets: Greater China, Southeast Asia & South Asia. 🇼 🏷️

🇸🇬 Frasers Centrepoint Trust: Still Neutral Based On Performance And Proposed M&A (Seeking Alpha) $ 🗃️

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

🇸🇬 4 Singapore Blue-Chip Stocks Undergoing Strategic Reviews: Are They Worth a Second Look? (The Smart Investor)

Strategic reviews can help to unlock significant value for shareholders. These four blue-chip stocks may have what it takes to deliver enduring value for investors.
Hongkong Land Holdings (SGX: H78 / LON: HKLJ / FRA: HLH / OTCMKTS: HKHGF / HNGKY), or HKL, is a property development, investment, and management group with a real estate portfolio spanning more than 850,000 square metres of luxury retail, grade A office, and residential assets across Singapore, Hong Kong, and Shanghai.
Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel is Singapore’s largest telecommunication company and offers a range of mobile, broadband, and Pay TV services.
Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) is a global asset manager providing sustainability-related solutions for the infrastructure, real estate, and connectivity sectors.
Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF), or SCI, is an energy and urban solutions provider with a balanced energy portfolio of 25.1 GW and urban development projects spanning close to 14,800 hectares across Asia.

🇸🇬 Looking to Improve Your Dividend Income? These 4 Singapore Stocks Should Do the Trick (The Smart Investor)

If you are looking to increase your passive income flow, these four Singapore stocks could be the right ones for you.
United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF), or UOB, is Singapore’s third-largest bank by market capitalisation.
Centurion Corporation Ltd (SGX: OU8) is a provider of purpose-built worker accommodation (PBWA) assets in Singapore, Malaysia and China, and student accommodation assets (PBSA) in Australia, the UK, the US, and China.
Tat Seng Packaging Group Ltd (SGX: T12) is an industry leader in the delivery of corrugated packaging solutions for a wide range of industries.
Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering, or STE, is an engineering and technology group serving customers in the aerospace, smart city, defence, and public security sectors.

🇸🇬 4 Mid-Cap Singapore Stocks Providing Both Growth and Dividends (The Smart Investor)

Look to these four stocks if you want an attractive mix of growth and dividends.
Here are four mid-cap Singapore stocks that can provide an attractive mix of both growth and dividends.
SBS Transit (SGX: S61), or SBST, operates around 200 bus services and owns a fleet of around 3,400 buses.
StarHub (SGX: CC3 / FRA: RYTB / OTCMKTS: SRHBY / SRHBF) is a telecommunication company (telco) offering a variety of mobile, broadband, and pay TV services to individuals along with cybersecurity offerings to businesses.
Oiltek International Ltd (SGX: HQU) is an integrated process technology and renewable energy solution provider.
Riverstone Holdings (SGX: AP4) manufactures nitrile and natural rubber clean room gloves for highly-controlled environments, and also produces premium nitrile gloves for the healthcare industry.

🇸🇬 5 Dividend-Paying Singapore Stocks That Are Perfect for an Income Investor’s Portfolio (The Smart Investor)

Here are five dividend-paying stocks that income investors can add to their buy watchlists.
Daiwa House Logistics Trust (SGX: DHLU / OTCMKTS: DHAWF), or DHLT, is a logistics REIT with a portfolio of 18 properties across Japan (17) and Vietnam (1).
Frencken Group Ltd (SGX: E28) is a global technology solutions company offering a comprehensive range of product solutions spanning the entire value chain.
APAC Realty Ltd (SGX: CLN) is a real estate services provider with close to 24,700 advisors across 590 offices in 13 countries.
UOB-Kay Hian Holdings Ltd (SGX: U10 / FRA: 4LJ), or UOBKH, is one of Asia’s largest brokerage firms and has more than 80 branches worldwide.

🇸🇬 5 Singapore Companies Announcing Promising Business Developments: Are They a Buy? (The Smart Investor)

These five Singapore companies recently announced promising developments that could result in higher profits.
Raffles Medical Group (SGX: BSL / FRA: 02M1 / OTCMKTS: RAFLF) is an integrated healthcare player operating in 14 cities in five Asian countries.
SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) provides air cargo handling services and is also Asia’s leading airline caterer.
Boustead Singapore (SGX: F9D / OTCMKTS: BSTGF) or BSL, is an engineering conglomerate with four key divisions – energy engineering, real estate, geospatial, and healthcare.
Grand Banks Yachts (SGX: G50), or GBY, is a renowned manufacturer of luxury recreational motor yachts under the Grand Banks, Eastbay, and Palm Beach brands.
Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF), or SCI, is an energy and urban solutions provider with a balanced energy portfolio of 25.1 GW and urban development projects that span close to 14,800 hectares across Asia.

🇸🇬 Mapletree Industrial Trust’s Share Price Slid Nearly 10% Year-to-Date: Can the Industrial REIT See Better Days Ahead? (The Smart Investor)

With the REIT sector still mired in the doldrums, can the industrial REIT pull its weight and see a recovery?
Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF), or MIT, is one of the REITs that saw its unit price come under pressure this year.
Year-to-date, the industrial REIT’s unit price has slid nearly 10% to end at S$2.02 after hitting a 52-week low of S$1.83.
Is there light at the end of the tunnel for the REIT?
A resilient set of earnings
Distributions, interrupted
Sturdy portfolio metrics
Acquisitions and divestments
Get Smart: Keep a close eye on the upcoming results

🇹🇭 Thai casino resorts could have best EBITDA margins in Asia: Maybank (GGRAsia)

Any Thai casino resorts could be supported by the highest margins on earnings before interest, taxation, depreciation and amortisation (EBITDA) to be found among any Asian casinos, suggests a Monday report from Maybank Securities (Thailand) PCL.
Some commentators recently told GGRAsia that the process of bids and licensing for Thai casino resorts – known there as ‘entertainment complexes’ – might only come in 2027. That coincides with end of the term of the current government. It is a coalition headlined by the Pheu Thai Party, but with other parties recently expressing dissenting views on the casino policy.
But Maybank was bullish on the timetable for casino legalisation. “We still believe the process will remain aligned with the previously stated timeline, leading to Senate approval and enactment of the law by first quarter 2026,” wrote analyst Boonyakorn Amornsank.

🇮🇳 India / South Asia / Central Asia

🇮🇳 JD Vance hails ‘very good progress’ on US trade deal with India (FT) $ 🗃️

Vice-president lavishes praise on Indian Prime Minister Narendra Modi in speech in Jaipur

🇮🇳 MSL: High ROCE, Strong Moat - Rides Energy Capex Surge (Smartkarma) $

Maharashtra Seamless Ltd (NSE: MAHSEAMLES / BOM: 500265)

Market leader with 55% share in seamless pipes, Rs2,400 Cr net cash, and stable Rs15,000–17,000/ton EBITDA backed by strong oil & gas demand.
Efficient capital allocator delivering 20%+ ROCE, with consistent insider buying reflecting high promoter confidence.
26% profit CAGR over 5 years, yet trades at ~12x P/E, offering value in a structurally growing industry.

🇮🇳 The Beat Ideas: Danish Power Limited – Riding the Green Energy Wave (Smartkarma) $

Danish Power Ltd (NSE: DANISH) stands to benefit from India's aggressive shift towards renewable energy, particularly solar, supported by strong product offerings like Inverter Duty Transformers, which drive substantial revenue growth.
DPL’s strategic shift to higher-margin products, improved operating leverage, and expanded capacity should fuel margin expansion and support sustained profitability, positioning it well for continued growth and competitiveness.
With a robust order book exceeding INR 400 crore and an active pipeline, DPL has solid revenue visibility supported by strong demand in domestic and international markets.

🇮🇳 The Beat Ideas- Shilchar Technologies: Powering the Grid, Energizing Growth (Smartkarma) $

Shilchar Technologies Ltd (BOM: 531201)’s focus on Inverter Duty Transformers positions it to capitalize on the booming renewable energy sector, especially solar, supporting long-term growth and profitability.
Shilchar’s recent capacity expansion, with a potential to scale further, ensures it can meet increasing domestic and export demand for transformers, positioning it for sustained market leadership.
Shilchar’s debt-free balance sheet and strong cash reserves enable strategic reinvestment in capacity and technology, ensuring continued growth in the competitive transformer industry.

🇮🇳 Devyani Intnl.: Yum Brands India Franchisee to Acquire Cloud Kitchen Operator. In Pursuit of Growth (Smartkarma) $

Devyani International (NSE: DEVYANI / BOM: 543330) which operates QSRs such as KFC, Pizza Hut in India plans to acquire Sky Gate Hospitality Pvt. Ltd., the operator of the “Biryani By Kilo”.
This acquisition can diversify Devyani's portfolio beyond its core quick‑service restaurant (QSR) franchises—KFC and Pizza Hut—at a time when same‑store sales growth has softened.
With the rise of off-premise dining and food delivery post pandemic, cloud kitchens are expanding across the board thanks to scalable, asset‑light model, and ability to bypass traditional dine‑in overheads.

🇮🇳 Jio Financial Q4 FY25 Update: Strategic Growth and Digital Expansion Drive Strong Performance (Smartkarma) $

Jio Financial Services (NSE: JIOFIN / BOM: 543940) reported a substantial increase in its Assets Under Management (AUM) to 10,053 crore, marking a 139% QoQ growth.
The company's digital-first approach through the JioFinance app and the rapid growth in Jio Payments Bank’s customer base demonstrate its expanding market footprint and customer engagement.
The strategic investments in technology, robust growth in core segments, and improved customer acquisition processes provide strong momentum for FY26 and beyond, reinforcing confidence in JFSL’s growth trajectory.

🇮🇳 Waaree Energies Pre IPO Lock-In Opens: What's The Way Ahead (Smartkarma) $

Waaree Energies Ltd (NSE: WAAREEENER / BOM: 544277) posted exceptional Q4 and FY25 results, reporting a 72.6% YoY increase in EBITDA and a robust order book of INR 47,000 crores.
The company continues to ramp up its manufacturing capacities, with a focus on solar cells, modules, and energy storage, positioning itself as a leader in India’s solar transition.
Strong operational performance, strategic investments in green energy, and a solid order book enhance confidence in Waaree’s growth prospects for FY26 and beyond.

🇮🇳 HZ IN: Operational Targets and Valuation Framework (Smartkarma) $

Hindustan Zinc Ltd (NSE: HINDZINC / BOM: 500188)’s Q4 FY25 PAT rose 47% YoY to Rs3,003 crore; EBITDA grew 32% YoY; zinc cost of production hit a 16-quarter low at $994/t.
FY26 guidance targets 1.12 Mt mined metal, 700–710 MT silver, and zinc cost of production between $1,025–1,050/t, slightly higher due to ore grade normalization.
HZL trades at ~21.5x P/E and ~12x EV/EBITDA, at a premium to some global peers, with valuations sensitive to commodity prices, cost trends, and execution on expansion plans.

🇮🇳 GPIL: Mining to Recycling (Smartkarma) $

Godawari Power and Ispat Limited (NSE: GPIL / BOM: 532734) operates integrated iron ore mining, pellet, and steel facilities with captive power assets in Chhattisgarh.
Acquired 51% stake in Jammu Pigments to enter non-ferrous recycling.
Focused on mining and pellet capacity expansion, with selective growth in recycling and smaller steel projects.

🇱🇰 Sri Lanka bill to regulate online gambling, and ‘offshore casinos’ at Colombo Port City, to be sent to parliament (Smartkarma) $

Sri Lanka’s cabinet has approved the gazetting of a draft bill to set up a body called the Gambling Regularisation Authority. It will oversee forms of online gambling and ship-based gambling, as well as what are termed “offshore casinos” in an area called Colombo Port City.
Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) is to manage a land-based casino at City of Dreams Sri Lanka, a US$1-billion real estate development to the southeast of Colombo Port City, which was created by John Keells Holdings PLC (CSE: JKH).
Hong Kong-listed Melco International (HKG: 0200 / FRA: MX7A / OTCMKTS: MDEVF), the parent of Melco Resorts, said in a March filing, that City of Dreams Sri Lanka “is expected to commence operations in the third quarter of 2025,” via a 20-year licence that took effect from April 1 last year.
Earlier this year, Sri Lanka’s government announced a string of measures as part of its 2025 budget plan, including a proposal to double the entrance fee at the country’s casinos to US$100 per person, up from US$50. It also announced a plan to raise the turnover tax on gaming establishments from 15 percent to 18 percent.

🌍 Africa

🇿🇦 Thungela Resources Is A Tempting Value Trap (Seeking Alpha) $ 🗃️ (?)

🇿🇦 Thungela Resources (JSE: TGA / LON: TGA / FRA: 6UP / OTCMKTS: TNGRF) - Mining & production of thermal coal in South Africa. Exports its products to Indian, Asian, SEA, Middle East, & North African markets. Anglo American Plc (LON: AAL / JSE: AGL / OTCMKTS: NGLOY) spinoff. 🏷️

🇿🇦 🇨🇳 Prosus: Best Proxy To Internet Giant Tencent (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). 🇼 🏷️

🇿🇦 Anglo American: 2025 Guidance Unchanged, Buy Confirmed (Seeking Alpha) $ 🗃️

🌐 Anglo American Plc (LON: AAL / JSE: AGL / OTCMKTS: NGLOY) - World's largest primary producer of platinum metals (platinum, palladium, rhodium, iridium, ruthenium & osmium; base metals as in copper, nickel, cobalt sulphate, sodium sulphate & chrome; & precious metals as in gold). 🇼 🏷️

🌎 Latin America

🌎 Nine takeaways from the IMF outlook on Latin America (Latin America Risk Report)

High uncertainty and stagflation light will be narratives over the next two years.
The IMF published its updated World Economic Outlook this morning. Here is the relevant chart for Latin America.

🇦🇷 Banco Galicia: Poised To Benefit From FX Control Liberalization And Bancarization Growth In Argentina (Seeking Alpha) $ 🗃️

🇦🇷 Grupo Financiero Galicia Sa (NASDAQ: GGAL) - A group of financial services companies in Argentina. 🇼 🏷️

🇧🇷 Vale Q1 Earnings Preview: A Bumpy Road But Still A Buy At These Valuations (Seeking Alpha) $ 🗃️

🇧🇷 Vale Q1: Still Undervalued? Let's Revisit The Thesis After A Challenging Quarter (Seeking Alpha) $ 🗃️

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

🇧🇷 Embraer: Can This Discounted Stock Fly Higher? (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. 🇼 🏷️

🇧🇷 Why Nu Holdings Is Attractive At Current Levels (Seeking Alpha) $ 🗃️

🌎 Nu Holdings (NYSE: NU) - Digital banking platform / fintech. 🇼

🇧🇷 Is Nubank About to Become My Third Portfolio Position? (FJ Research)

Now, there’s a new candidate standing at the door: Nu Holdings (NYSE: NU) .
There’s a lot I admire about this business:
The company culture is outstanding — a real, living operating system for innovation and resilience.
The backing from Sequoia Capital and Berkshire Hathaway gives me confidence that Nubank is playing the long game.
Management is not optimizing for short-term quarterly wins; they are building fundamental strength for decades.
Nubank stands in front of a massive market opportunity — millions of people underserved by traditional financial institutions, especially across Brazil and Mexico.
But it’s not just the obvious TAM (Total Addressable Market) that excites me.

🇧🇷 Sabesp: Looking Forward After Privatization (Seeking Alpha) $ 🗃️ (?)

🇧🇷 Sabesp: Market's Just Starting To Price The New Playbook (Seeking Alpha) $ 🗃️

🇧🇷🏛️👼🏻 Companhia de Saneamento Básico do Estado de São Paulo - SABESP (BVMF: SBSP3) - Water & sewage service provider in São Paulo State. 🇼

🇧🇷 Shaky Grounds: Core Market Erosion Complicates Cemig's Future (Seeking Alpha) $ 🗃️(?)

🇧🇷🏛️🅿️ Companhia Energética de Minas Gerais (CEMIG) (BVMF: CMIG3 / CMIG4 / NYSE: CIG) - Generation, transmission, distribution & commercialization of electric energy + distribution of natural gas. 🇼

🇧🇷 BrasilAgro: A Possible Beneficiary Of The Trade War (Seeking Alpha) $ 🗃️(?)

🇧🇷 Brasilagro - Co Brasileira De Proprieda (NYSE: LND / BVMF: AGRO3 / FRA: 52BA) - One of Brazil’s largest companies in terms of arable land. Acquisition, development, operation & sale of rural properties suitable for agricultural activities. IRSA (NYSE: IRS) has a stake. 🏷️

🇧🇷 Equatorial: Strong Track Record Meets High-Rates Reality (Seeking Alpha) $ 🗃️

🇧🇷 Equatorial SA (BVMF: EQTL3 / OTCMKTS: EQUEY) - Electricity generation, distribution & transmission operations.

🇧🇷 Sigma Lithium: Expanding Production In A Time Of Lithium Overabundance (Seeking Alpha) $ 🗃️

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

🇨🇷 Establishment Labs Holdings: Impressive Growth, Several Caveats (Seeking Alpha) $ 🗃️

🌐 Establishment Labs Holdings Inc (NASDAQ: ESTA) - Portfolio of advanced breast health & wellness solutions.

🇲🇽 FEMSA: Mexico's Premier Conglomerate Is On The Right Track (Seeking Alpha) $ 🗃️

🌎🇪🇺 Fomento Economico Mexicano SAB de CV (NYSE: FMX) - Operates OXXO (a small-format store chain), OXXO Gas (retail service stations) Valora (operator of convenience & foodvenience in 5 countries in Europe) & Coca-Cola Femsa SAB de CV (NYSE: KOF). 🇼 🏷️

🇲🇽 Another LatAm report: Mexico (TheOldEconomy Substack)

Mexican airports as genuine momentum ideas
This April report for TheOldEconomy paid members covers Mexico and presents airports as an investment opportunity to wager on the growing Mexican economy. Like banks, airports are superconductors for economic changes. Their performance serves as a leading indicator for economic conditions.
In Mexico, the leading sectors are telecoms and food and beverage. Airports follow closely. Energy stocks have lagged considerably in recent quarters. Take, for example, Vista Energy (NYSE: VIST / FRA: 1CIA / BMV: VISTAA). To clarify, the company is not a Mexican pure play. It exploits assets in Argentina. Thus, by investing in VIST, we get exposure to energy prices and Argentina's political and economic climate.
Banks are the first to sense changes during bull markets in emerging economies. The big three, Banco Bilbao Argentaria, Grupo Financiero Banorte SAB de CV (BMV: GFNORTEO / FRA: 4FN / OTCMKTS: GBOOY / GBOOF), and Grupo Financiero Inbursa (BMV: GFINBURO / FRA: 4FY / OTCMKTS: GPFOF) delivered attractive gains YTD.

🌐 Global

🌐 Nebius: A Small Player With Big Potential In The AI Boom, Initiate With Buy (Seeking Alpha) $ 🗃️

🌐 Burning Cash, Chasing Chips: The Nebius Value Trap (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. 🇼 🏷️

🌐 A New Cycle for International Markets (The Emerging Markets Investor)

American stocks have experienced a stratospheric rise since the Great Financial Crisis, while foreign stocks have languished. This long period of “American Exceptionalism” was marked by enormous inflows of foreign capital into the U.S., which boosted the value of the dollar and U.S. assets to altitudinous levels. However, recent political shifts and new market trends point to a tidal change that could lead to a sustained reversion in U.S. asset prices and a relative outperformance of international assets.
In recent American financial history, periods of “American Exceptionalism” have been followed by bouts of “American Malaise.” These cycles—from euphoria to despair and back—are typically marked by the relative GDP growth of the United States compared to the global economy.

🌐 Scarce and undervalued: offshore drillships as an asymmetric bet (TheOldEconomy Substack)

Energy Infrastructure March issue, the Drillships edition
The people of India, Nigeria, and Indonesia want to live better. This means higher energy consumption per capita . Take a look at the chart below (via Tsakos Energy Navigation):
The first step is to examine the demand. The revival of UDW/DW in South America and West Africa is creating an increasing demand for offshore equipment.

📅 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):

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

📅 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):

Phoenix Asia Holdings Ltd. PHOE D. Boral Capital (ex-EF Hutton), 1.6M Shares, $4.00-4.00, $6.4 mil, 4/25/2025 Priced

(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.

(Note: Phoenix Asia Holdings Ltd. priced its small-cap IPO at $4.00 – the low end of its $4.00-to-$6.00 price range – and sold all 1.6 million shares – the number of shares in the prospectus – to raise $6.4 million on Thursday night, April 24, 2025.)

ALE Group Holding Limited ALEH D. Boral Capital (ex-EF Hutton), 1.5M Shares, $4.00-6.00, $7.5 mil, 4/28/2025 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.)

Kandal M. Venture Ltd. FMFC Dominari Securities/Revere Securities, 2.0M Shares, $4.00-5.00, $9.0 mil, 4/28/2025 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, 4/29/2025 Tuesday

(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.)

Yuanbao Inc. YB Goldman Sachs (Asia) LLC/Citigroup/CICC, 2.0M Shares, $13.00-15.00, $28.0 mil, 4/30/2025 Wednesday

We are a holding company whose subsidiary offers insurance through agents and brokers in China. (Incorporated in the Cayman Islands)

We are a leading technology-driven online insurance distributor in the People’s Republic of China. We take pride in pioneering the seamless integration of insurance with cutting-edge technologies, and have constructed a highly efficient full consumer service cycle engine. Through this engine, we successfully distribute suitable and high-quality insurance products to millions of insurance consumers. According to Frost & Sullivan, we were the largest independent insurance distributor in China’s personal life and accident & health (A&H) insurance market in terms of first year premiums in 2023.

Our engine enables us to provide customized services for each insurance consumer across personalized recommendation, purchasing, policy management, claim settlements and post-sales services. Built upon a scalable architecture, our engine is equipped with effective predictive capabilities generated from interconnected networks of models. This allows us to continually optimize model outcomes across different media channels, diverse consumer preferences and product depth and breadth. As of June 30, 2024, we had over 4,400 models supporting our operations.

Our engine offers significant value propositions for insurance consumers and insurance carriers. We act as a unique and efficient gateway to distribute customized insurance products underwritten by our partnered insurance carriers. We have robust collaboration with insurance carriers by empowering them to tailor a variety of flagship insurance products, which in turn enables us to attract and retain a vast consumer base and stimulate their demand for insurance products. By accumulating and analyzing more big data, we gain deeper and wider understanding of consumer demands and behavior. Through all this, we are able to fulfill consumers’ evolving needs and enhance insurance carriers’ sales at the same time.

We believe there is substantial untapped market potential for online insurance distribution. According to Frost & Sullivan, the penetration rate of online insurance sales still lags behind the penetration rate of online retail sales. Moreover, the penetration rate of online distribution for personal life and A&H insurance in China, in terms of gross written premium (“GWP”), is anticipated to double over the next five years. Driven by our engine and our market- leading position, we are well-positioned to further penetrate this rapidly growing market.

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

(Note: Yuanbao Inc. is offering 2.0 million American Depositary Shares (ADS) at a price range of $13.00 to $15.00 to raise $28.0 million, if priced at the $14.00 mid-point of its range, according to its F-1/A filing dated April 24, 2025. Each ADS represents six Class A ordinary shares.)

(Note: Yuanbao Inc. filed its F-1 for its IPO on Sept. 17, 2024, an initial public offering of American Depositary Shares (ADS), without disclosing the terms. Estimated initial proceeds are $100 million, which could be a placeholder figure. Background: Yuanbao Inc. submitted confidential IPO documents to the SEC in November 2023.)

Enigmatig Limited EGG Prime Number Capital, 3.8M Shares, $4.00-5.00, $16.9 mil, 5/1/2025 Thursday

(Incorporated in the Cayman Islands)

We are an international consultancy firm providing one-stop cross-border licensing solutions and related services. Our services range from assisting clients incorporate companies in overseas jurisdictions and related corporate secretarial services to a wide range of licensing and regulatory maintenance services.

Most of our clients were headquartered in the Asian-Pacific region, primarily including Hong Kong, Malaysia, the UAE, Thailand and mainland China. We service our clients through four global offices located in Singapore, Hong Kong, Shanghai and London, and maintain a desk in Bangkok, Thailand.

Our corporate services income is mainly generated from fees we receive assisting our clients obtain, renew and comply with a range of business licenses (primarily including brokerage licenses and other financial licenses) in a variety of jurisdictions (primarily in London, Cyprus and Belize). In Fiscal 2022, Fiscal 2023 and Fiscal 2024, corporate services income from our licensing services, together with related regulatory consultancy services, was US$2,386,085, US$3,201,761 and US$2,126,338, respectively, accounting for 84.6%, 69.5% and 53.6%, respectively, of our corporate services income for those periods. The remainder of our corporate services income is derived from a wide range of corporate secretarial and other related services we provide to our clients. In Fiscal 2022, Fiscal 2023 and Fiscal 2024, we recognized net profit of US$137,694, US$1,134,436 and US$821,192, respectively. We believe the broad range of services we are able to offer our clients in the form of one-stop solutions represents a key competitive advantage over our peer competitors.

Our clients consist primarily of small and medium-sized corporations setting up contract for difference brokerage businesses, in particular foreign exchange brokerage businesses in overseas jurisdictions. We had 87 clients from nine distinct jurisdictions in Fiscal 2022, 60 clients from 17 distinct jurisdictions in Fiscal 2023 and 55 clients from 15 distinct jurisdictions in Fiscal 2024. We received a substantial portion of our corporate services income from a limited number of customers. For the years ended September 30, 2022, 2023 and 2024, corporate services income generated from our two largest customers accounted for approximately 46.3%, 54.7%, and 47.9%, respectively, of our total corporate services income.

Note: Net income and revenue are in U.S. dollars for the fiscal year (FY 2024) that ended Sept. 30, 2024.

(Note: Enigmatig Limited filed its F-1 on March 28, 2025, and disclosed the terms for its small IPO: The company is offering 3.75 million shares at a price range of $4.00 to $5.00 to raise $16.88 million.)

Rainbow Capital Holdings Ltd. RNBW Cathay Securities, 1.4M Shares, $4.00-5.00, $6.2 mil, 5/2/2025 Week of

(Incorporated in the British Virgin Islands)

RCHL is a holding company incorporated in the BVI. As a holding company with no material operations, RCHL conducts all of its operations through our sole Operating Subsidiary, Rainbow Capital, a company incorporated in Hong Kong. Investors of our Class A Ordinary Shares should be aware that they will not and may never directly hold equity interests in our Operating Subsidiary, but rather purchasing equity solely in RCHL, the BVI holding company.

We principally engage in providing corporate finance services in Hong Kong. Our sole Operating Subsidiary, Rainbow Capital, is a corporation licensed by the SFC to carry on Type 6 (advising on corporate finance) and Type 1 (dealing in securities) regulated activities under the SFO. Over the years, through our dedication, passion and commitment in the industry, Rainbow Capital has emerged to be one of the most active financial advisers in Hong Kong based on the league tables set out in the section headed “Industry” in this prospectus. From 2022 to 2024, Rainbow Capital has been among the top five service providers in terms of the number of deals for various corporate finance services in Hong Kong, according to Frost & Sullivan. Specifically, during the same period, Rainbow Capital ranked 2^nd, 2^nd, 4^th, 5^th and 4^th in terms of the number of deals for acting as financial adviser to offerors in takeover transactions, one-time financial adviser to listed companies in Hong Kong, independent financial adviser in transactions related to the Listing Rules and the GEM Listing Rules, independent financial adviser in transactions related to the Takeovers Code and compliance adviser, respectively.

Since the commencement of our corporate finance services business in January 2020 and up to the date of this prospectus, we have acted for over 200 clients, a majority of which are listed companies in Hong Kong, engaging in a variety of industry sectors including biotechnology, technology, consumer products, food and beverage, property development and management, manufacturing, logistics, construction services, energy, natural resources and financial services. For the years ended September 30, 2023 and 2024, our net income amounted to approximately US$1.0 million and US$1.6 million, respectively.

Note: Net income and revenue are in U.S. dollars (converted from Hong Kong dollars) for the fiscal year that ended Sept. 30, 2024.

(Note: Rainbow Capital Holdings Ltd. is offering 1.375 million shares at a price range of $4.00 to $5.00 to raise $6.19 million, according to its F-1 filing dated Feb. 14, 2025.)

Dalu International Group DLHZ Revere Securities, 1.5M Shares, $4.00-6.00, $7.5 mil, 5/5/2025 Week of

We provide property management services as well as real estate leasing services in China. (Incorporated in the Cayman Islands)

We are an integrated property management services and commercial operation services provider, and we operate a real estate leasing business in Chengdu, the capital city of Sichuan Province, China.

With an operating history of two decades, our PRC subsidiaries have been focusing on providing property management services to owners, developers and occupiers of residential and commercial properties in Chengdu. Our PRC subsidiaries have accumulated extensive experience in the property management services sector. In addition, to drive our value growth and diversify our revenue streams, we also provide a variety of commercial operation services, primarily consisting of brand planning, market research and positioning consultancy, tenant sourcing and management, marketing and business support to owners and developers of commercial properties, and (we) engage in real estate leasing business.

We are a well-known property management brand in Chengdu, having undertaken property management and related services for well-known projects in some of the most prosperous commercial areas, such as the fashion center of Chengdu and one of the most popular pedestrianized shopping streets, Chunxi Road, and South Renmin Road in Chengdu’s central business district.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended September 30, 2024.

(Note: Dalu International Group is offering 1.5 million shares at a price range of $4.00 to $6.00 to raise $7.5 million, according to its F-1 filings with the SEC.)

Fast Track Group (New IPO Filing) FTRK Alexander Capital/Network 1 Financial Securities, 3.8M Shares, $4.00-5.00, $16.9 mil, 5/5/2025 Week of

Note: Fast Track Group re-filed its IPO plans in a new F-1 filing dated April 14, 2025 – the same date that it withdrew its previous IPO plans in a letter to the SEC dated April 14, 2025.

(Incorporated in the Cayman Islands)

Fast Track Events Pte. Ltd. was incorporated as an exempt private company limited by shares in Singapore on March 8, 2012 as an operating company of our businesses. We are a regional entertainment-focused event management and marketing company that provides a full range of services including experiential marketing, artiste endorsement and management, movie premiere organizations, grand openings and concerts. In addition to our expertise in event and concert management, we offer comprehensive value-added services tailored to meet specific client demands. These include media planning and PR management to boost event visibility, technical production planning for seamless execution of audiovisual requirements, and event manpower support for logistical efficiency. Internally, we handle project management and select media press releases, while sourcing technical support from specialized suppliers across event locations. This integrated approach ensures that we deliver high-quality, customized solutions that meet the diverse needs of our clients, enhancing the success and impact of each event we undertake.

Since our inception, we have been instrumental in creating, developing, organizing, hosting, and managing a diverse range of events and concerts for our clients. Leveraging our extensive experience, we have successfully orchestrated large-scale events featuring renowned Asian bands and artistes such as B.A.P, BTS, and David Tao. Additionally, we have hosted international speakers including Michael Franzese and Michelle Yeoh, as well as organized appearances by global celebrities like John Cena and Steven Seagal. Notable milestones include organizing Malaysia’s inaugural Hollywood Movie Premiere Red Carpet event for “Baby Driver,” as well as the acclaimed 2015 BTS Live Trilogy: Episode II The Red Bullet concerts. Furthermore, we managed the successful 2018 Wild Kard Tour showcases held in Sydney and Melbourne, Australia. These events underscore our capability to deliver memorable experiences and highlight our expertise in managing high-profile engagements across different regions and entertainment genres.

We derive a significant portion of our revenue from a small number of customers. For example, one major customer accounted for 100% of our total revenue for the year ended February 28, 2023, and approximately 75% of our total revenue for the year ended February 29, 2024 was generated from two major customers, who are also related parties. Due to the nature of our business, our portfolio of major customers may vary from year to year as our customers may only be holding one or two events and/or concerts in a year and such events and/or concerts may not be held on a regular basis. We may continue to have a concentration of customers in the future, and we face the risk of losing a significant source of revenue if our major customers do not engage our services and we cannot secure new customers on time. Part of our diversification strategy involves expanding into various facets of the entertainment industry, including Live Entertainment and Agency services, which would allow us to not be reliant on a single revenue source and maintain stability even when one segment faces challenges.

Note: Net income and revenue are in U.S. dollars for the Fiscal Year that ended Feb. 29, 2024.

(Note: Fast Track Group revived its IPO plans in a new F-1 filing dated April 14, 2025 – the same date that it withdrew its previous IPO plans in a letter to the SEC – and disclosed the new terms for its revived IPO: The company is offering 3.75 million shares – up from 3.0 million shares in the old and withdrawn prospectus – and kept the price range at $4.00 to $5.00 – the same price range as in the old and withdrawn prospectus – to raise $16.88 million – with Alexander Capital added as the “lead left” joint book-runner. Alexander Capital and Network 1 Financial Securities, the original sole book-runner, now make up the joint book-running team.)

(Note: Fast Track Ltd. cut its IPO’s size to 3.0 million shares – down from 3.75 million shares initially – and kept the price range at $4.00 to $5.00 – to raise $13.5 million, according to an F-1/A filing dated Nov. 15, 2024. Background: Fast Track Ltd. disclosed the terms for its IPO in an F-1/A filing on Sept. 6, 2024.)

OFA Group OFAL R.F. Lafferty & Co., 3.4M Shares, $4.50-4.50, $15.1 mil, 5/5/2025 Week of

Note: Fast Track Group re-filed its IPO plans in a new F-1 filing dated April 14, 2025 – the same date that it withdrew its previous IPO plans in a letter to the SEC dated April 14, 2025.

(Incorporated in the Cayman Islands)

Fast Track Events Pte. Ltd. was incorporated as an exempt private company limited by shares in Singapore on March 8, 2012 as an operating company of our businesses. We are a regional entertainment-focused event management and marketing company that provides a full range of services including experiential marketing, artiste endorsement and management, movie premiere organizations, grand openings and concerts. In addition to our expertise in event and concert management, we offer comprehensive value-added services tailored to meet specific client demands. These include media planning and PR management to boost event visibility, technical production planning for seamless execution of audiovisual requirements, and event manpower support for logistical efficiency. Internally, we handle project management and select media press releases, while sourcing technical support from specialized suppliers across event locations. This integrated approach ensures that we deliver high-quality, customized solutions that meet the diverse needs of our clients, enhancing the success and impact of each event we undertake.

Since our inception, we have been instrumental in creating, developing, organizing, hosting, and managing a diverse range of events and concerts for our clients. Leveraging our extensive experience, we have successfully orchestrated large-scale events featuring renowned Asian bands and artistes such as B.A.P, BTS, and David Tao. Additionally, we have hosted international speakers including Michael Franzese and Michelle Yeoh, as well as organized appearances by global celebrities like John Cena and Steven Seagal. Notable milestones include organizing Malaysia’s inaugural Hollywood Movie Premiere Red Carpet event for “Baby Driver,” as well as the acclaimed 2015 BTS Live Trilogy: Episode II The Red Bullet concerts. Furthermore, we managed the successful 2018 Wild Kard Tour showcases held in Sydney and Melbourne, Australia. These events underscore our capability to deliver memorable experiences and highlight our expertise in managing high-profile engagements across different regions and entertainment genres.

We derive a significant portion of our revenue from a small number of customers. For example, one major customer accounted for 100% of our total revenue for the year ended February 28, 2023, and approximately 75% of our total revenue for the year ended February 29, 2024 was generated from two major customers, who are also related parties. Due to the nature of our business, our portfolio of major customers may vary from year to year as our customers may only be holding one or two events and/or concerts in a year and such events and/or concerts may not be held on a regular basis. We may continue to have a concentration of customers in the future, and we face the risk of losing a significant source of revenue if our major customers do not engage our services and we cannot secure new customers on time. Part of our diversification strategy involves expanding into various facets of the entertainment industry, including Live Entertainment and Agency services, which would allow us to not be reliant on a single revenue source and maintain stability even when one segment faces challenges.

Note: Net income and revenue are in U.S. dollars for the Fiscal Year that ended Feb. 29, 2024.

(Note: Fast Track Group revived its IPO plans in a new F-1 filing dated April 14, 2025 – the same date that it withdrew its previous IPO plans in a letter to the SEC – and disclosed the new terms for its revived IPO: The company is offering 3.75 million shares – up from 3.0 million shares in the old and withdrawn prospectus – and kept the price range at $4.00 to $5.00 – the same price range as in the old and withdrawn prospectus – to raise $16.88 million – with Alexander Capital added as the “lead left” joint book-runner. Alexander Capital and Network 1 Financial Securities, the original sole book-runner, now make up the joint book-running team.)

(Note: Fast Track Ltd. cut its IPO’s size to 3.0 million shares – down from 3.75 million shares initially – and kept the price range at $4.00 to $5.00 – to raise $13.5 million, according to an F-1/A filing dated Nov. 15, 2024. Background: Fast Track Ltd. disclosed the terms for its IPO in an F-1/A filing on Sept. 6, 2024.)

Delixy Holdings Ltd. DLXY Bancroft Capital, 2.0M Shares, $4.00-5.00, $9.0 mil, 5/12/2025 Week of

We trade crude oil and oil-based products, including fuel oils, gasoline, additives, gas condensate, in Southeast Asia and East Asia. (Incorporated in the Cayman Islands)

We are principally engaged in the trading of oil related products, which can be broadly categorized into (i) crude oil and (ii) oil-based products such as fuel oils, motor gasoline, additives, gas condensate, base oil, asphalt, petrochemicals and naphtha (heavy gasoline), in Southeast Asia and East Asia..

We have the financial capability to provide our customers with financing alternatives and credit terms

We are able to provide our customers with credit terms of up to 90 days by leveraging our strong balance sheet position as well as short term credit facilities available to the Group. Our ability to extend these advantageous credit terms to our customers allows us to cater to the diverse needs of our customers across multiple countries and to provide them with the financial flexibility they may require for their business operations. As of the date of this prospectus, the amount outstanding with respect to these credit facilities is zero.

We have an experienced management team with strong relationships across our value chain

Our management team headed by our Executive Chairman, Chief Executive Officer and Executive Director Mr. Xie, has decades of trading experience and experience in oil trading as well as in the oil industry generally, including oil refining and logistics. We also maintain strong relationships with our suppliers, storage facilities providers and fleet and logistics providers, and are able to effectively service our clients and ensure a reliable supply of crude oil and oil-based products.

We have robust and strong risk management and internal controls capabilities

We believe that the ability to manage risk is one of our key strengths. Risk management is a core function under the supervision of our senior leadership structure. Our sound risk management practices have contributed to our positive performance through the volatile market environment in recent years and have helped to mitigate earnings volatility.

We are strategically located in Singapore, Asia’s refined products trading hub.

(Note: Delixy Holding Corp. is offering 2.0 million shares at a price range of $4.00 to $5.00 to raise $9.0 million, according to its F-1/A filings. Of the 2.0 million shares in the IPO. Delixy Holdings Ltd. is offering 1.35 million ordinary shares and the selling shareholders are offering 650,000 ordinary shares.)

🏁 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:

04/02/2025 - 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
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

🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

02/14/2025 - Global X MSCI Emerging Markets Covered Call ETF - EMCC
01/06/2025 - iShares Frontier and Select - FM
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 - iPathGEMS 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

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 28, 2025) was also published on our website under the Newsletter category.

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Emerging Market Links + The Week Ahead (April 28, 2025)

China's ethane Achilles heal, luxury brands cut price for exclusivity in China, Macau risks for US casino ops overblown, Mekong canal plan, EM stock picks & the week ahead for emerging markets.

🔬 Emerging Market Stock Pick Tear Sheets

📰🔬 Emerging Market Stock Picks / Stock Research

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇮🇳 India / South Asia / Central Asia

📅 Earnings Calendar

📅 Economic Calendar

🗳️ Election Calendar

📅 Emerging Market IPO Calendar/Pipeline

(Incorporated in the Cayman Islands)

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

(Note: Phoenix Asia Holdings Ltd. priced its small-cap IPO at $4.00 – the low end of its $4.00-to-$6.00 price range – and sold all 1.6 million shares – the number of shares in the prospectus – to raise $6.4 million on Thursday night, April 24, 2025.)

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)

**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.)

(Incorporated in the Cayman Islands)

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

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.

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.)

(Incorporated in the Cayman Islands)

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.)

We are a holding company whose subsidiary offers insurance through agents and brokers in China. (Incorporated in the Cayman Islands)

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

(Note: Yuanbao Inc. is offering 2.0 million American Depositary Shares (ADS) at a price range of $13.00 to $15.00 to raise $28.0 million, if priced at the $14.00 mid-point of its range, according to its F-1/A filing dated April 24, 2025. Each ADS represents six Class A ordinary shares.)

(Incorporated in the Cayman Islands)

Most of our clients were headquartered in the Asian-Pacific region, primarily including Hong Kong, Malaysia, the UAE, Thailand and mainland China. We service our clients through four global offices located in Singapore, Hong Kong, Shanghai and London, and maintain a desk in Bangkok, Thailand.

Note: Net income and revenue are in U.S. dollars for the fiscal year (FY 2024) that ended Sept. 30, 2024.

(Note: Enigmatig Limited filed its F-1 on March 28, 2025, and disclosed the terms for its small IPO: The company is offering 3.75 million shares at a price range of $4.00 to $5.00 to raise $16.88 million.)

(Incorporated in the British Virgin Islands)

Note: Net income and revenue are in U.S. dollars (converted from Hong Kong dollars) for the fiscal year that ended Sept. 30, 2024.

(Note: Rainbow Capital Holdings Ltd. is offering 1.375 million shares at a price range of $4.00 to $5.00 to raise $6.19 million, according to its F-1 filing dated Feb. 14, 2025.)

We provide property management services as well as real estate leasing services in China. (Incorporated in the Cayman Islands)

We are an integrated property management services and commercial operation services provider, and we operate a real estate leasing business in Chengdu, the capital city of Sichuan Province, China.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended September 30, 2024.

(Note: Dalu International Group is offering 1.5 million shares at a price range of $4.00 to $6.00 to raise $7.5 million, according to its F-1 filings with the SEC.)

Note: Fast Track Group re-filed its IPO plans in a new F-1 filing dated April 14, 2025 – the same date that it withdrew its previous IPO plans in a letter to the SEC dated April 14, 2025.

(Incorporated in the Cayman Islands)

Note: Net income and revenue are in U.S. dollars for the Fiscal Year that ended Feb. 29, 2024.

Note: Fast Track Group re-filed its IPO plans in a new F-1 filing dated April 14, 2025 – the same date that it withdrew its previous IPO plans in a letter to the SEC dated April 14, 2025.

(Incorporated in the Cayman Islands)

Note: Net income and revenue are in U.S. dollars for the Fiscal Year that ended Feb. 29, 2024.

We trade crude oil and oil-based products, including fuel oils, gasoline, additives, gas condensate, in Southeast Asia and East Asia. (Incorporated in the Cayman Islands)

We have the financial capability to provide our customers with financing alternatives and credit terms

We have an experienced management team with strong relationships across our value chain

We have robust and strong risk management and internal controls capabilities

We are strategically located in Singapore, Asia’s refined products trading hub.

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