Emerging Market Links + The Week Ahead (February 17, 2025)
The shorts circle PDD & XP Inc (?), China’s insurers under pressure, Guming IPO upsized, the OPEC of Nickle (Indonesia), rebuilding Ukraine ideas, EM stock picks & the week ahead for emerging markets.
As explained yesterday, I have been experimenting with some Chinese AI offerings to improve Sunday fund focused posts and the continuously updated post it summarizes; but ran into a Substack technical glitch trying to save the final edits to the later.
Given the likely problem is that I hit a character or memory limit (maybe in part to the use of emojis + embedding videos/podcasts) plus Substack’s continued lack of an in-house table creation feature (beyond the Datawrapper integration) to cleanly organize info/data, the easiest solution would be to just list the titles/date, etc. to any research pieces along with appropriate emojis/symbols (e.g. I have started using a 🚩 to denote that something discusses/mentions stocks by name) and leave out video/podcast embeds.
I know of some newsletters or those with regular summary posts focused on special situations, spinoffs, event driven trades/actions, earnings call quotes/summaries, etc. but mostly covering US listed stocks. I’d like to add something similar for EM-international stocks once I finish improving Sunday posts and further build up our Frontier & Emerging Market Stock Index (already a database of 1,600+ stocks + useful resources/research).
Finally, anyone researching Hong Kong stocks/economy knows that the (free) Webb-site Database is incredibly useful:
However, its founder (David M Webb) has been struggling with metastatic prostate cancer and his attempts to find a way to keep the site functioning after he is gone have not been fruitful:
Maybe a reader can think of or offer a solution and contact him to at least keep more of the site and the Hong Kong stock data/information it contains functioning as a public service using crowdsourcing/AI, etc.
David has not disclosed how much he spends per month for keeping the site and all its data hosted; he appears to have made no real effort to monetize what he has (e.g. with ads or a premium subscription, etc.) in order to offset these costs (as he’s been doing it as a public service); and the site also looks pretty old school at the frontend - meaning it may not be too hard to maintain from a technical standpoint…
🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
🌐 EM Fund Stock Picks & Country Commentaries (February 16, 2025) Partially $
AI experiments to improve these posts + Substack tech glitch. DeepSeek deep dives, searching for black swans, South Africa in a cyclical uptrend, Argentina turnaround, dollar "Mar-a-Lago Accord?" etc
📰🔬 Emerging Market Stock Picks / Stock Research
$ = behind a paywall / 🗃️ = Link to an archived article
🇨🇳 JD.com seeks place at China’s massive takeout dining table (Bamboo Works)
The e-commerce giant is working with major chains and ‘high-quality’ restaurants as it prepares to challenge the duopoly of Meituan (HKG: 3690 / 83690 / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) and Ele.me
JD.com (NASDAQ: JD) has signaled it’s preparing to enter China’s massive takeout dining market, most likely using its Dada Nexus local delivery service as a foundation
The initiative is likely to do well over the longer term by targeting large chains and using existing infrastructure, but could weigh on JD.com’s profits over the shorter term
🇨🇳 Alibaba (9988 HK): Results This Week; Over US$1bn Passive Selling in 3 Weeks (Smartkarma) $
Alibaba (NYSE: BABA) stock has rallied bigly over the last month and has gained 55% over that period.
That has led to Alibaba's weight in the HSI INDEX, HSCEI INDEX, HSTECH INDEX and HSIII Index rising above the cap of 8%/12% and passives will sell on 7 March.
We estimate passive trackers will need to sell US$1.2bn of stock due to capping. Shorts have been increasing, and quarterly results will be announced on 20 February.
🇨🇳 BREAKING: As PDD Hit by Tariffs, Companies Enabling Chinese Surveillance Remain Nasdaq Listed (Hunterbrook)
Temu’s parent company PDD Holdings (NASDAQ: PDD) or Pinduoduo is also the focus of a federal class action lawsuit alleging surveillance malware and the sale of banned products using forced labor. A Hunterbrook investigation reveals that other Nasdaq-listed Chinese companies — Datasea (NASDAQ: DTSS), Taoping Inc (NASDAQ: TAOP), and Luokung Technology Corp (NASDAQ: LKCO) — appear to support Chinese surveillance. Their market caps have each plummeted below $15 million. How much longer will the Nasdaq let these microcaps access U.S. capital?
Based on Hunterbrook Media’s reporting, Hunterbrook Capital is short $PDD at the time of publication. Positions may change at any time. See full disclosures below.
🇨🇳 A Nick Sleep Type Idea (Favona Hathaway Substack)
PDD Holdings (NASDAQ: PDD) or Pinduoduo carries some serious risks. The company is highly secretive—employees are banned from interviews, advertising, and even listing bios on job sites, which is a red flag. However, its financials are audited by EY, a top accounting firm, so I’m not too concerned about reporting risk. I could dive into economic and geopolitical risks, but I generally avoid those. Yes, China’s economy is struggling, but long term, I think it will be fine (though I’m not an economist). You might be thinking to yourself ‘’why not write about geopolitical or economic risk’’. Well in the Berkshire Hathaway’s 2018 Shareholder Letter Buffett wrote ‘‘In the 54 years we (Charlie Munger) have worked together, we have never forgone an attractive purchase due to the macro or political environment, or the views of others’’
🇨🇳 Business school teaching case study: how does Temu respond to tariff threats? (FT) $ 🗃️
The Chinese ecommerce group has taken various measures to protect its global business
🇨🇳 Chinese EV leader BYD to offer ‘God’s Eye’ self-driving system on all models (FT) $ 🗃️
BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) / BYD Electronic International Co Ltd (HKG: 0285)
Tesla rival will equip hatchback on sale for less than $10,000 with features usually found only on upscale vehicles
🇨🇳 China Automotive Systems (NASDAQ: CAAS) (Small Cap Value Investing)
China Automotive Systems, Inc (NASDAQ: CAAS)
When your customer's name is BYD, you grow revenue by 19% YoY and have a P/E below 7
Here's why I believe this stock is poised for growth in the near future:
Revenue growth: +19.4% YoY, Annualized P/E < 7
Leading car brands as customers: BYD, Stellantis, Mahindra & Mahindra, Chery
Diversified revenue streams, Strong balance sheet
Healthy dividend payout
High insider ownership ( >67%)
🇨🇳 🇰🇷 Chinese chip champion’s ‘snowballing’ growth threatens Korean dominance (FT) $ 🗃️
🇨🇳 In Depth: Chinese AI developers struggle to win over health care (Caixin) $
The use of artificial intelligence (AI) in Chinese health care is expanding as companies eagerly explore the potential of the burgeoning technology. But finding customers is proving challenging, as hospitals and regulators remain skeptical about the accuracy of AI products and whether they are worth the money.
Diagnostic tool and gene technology developer Sansure Biotech Inc (SHA: 688289) announced Wednesday that it has integrated its intelligent sequencing system with DeepSeek’s AI model and will fully apply it to pathogen sequencing solutions. In December, medical-equipment maker Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (SHE: 300760) and Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) jointly launched a large language model (LLM) designed to rapidly process clinical data from critically ill patients, providing doctors with more lead time for treatment.
🇨🇳 Chinese Real Estate Sector Analysis Part 1: Exploring the debacle and undervalued stocks in an absolutely despised sector (Dragon Invest)
Sometimes the best opportunities are found where no one else is willing to look
To understand the sector and the stocks that I’ll cover on a deeper level, let’s take a history lesson first in the next section.
China Overseas Land & Investment (HKG: 0688 / OTCMKTS: CAOVF), incorporated in 1992 with a head office in Hong Kong, is a subsidiary of Fortune Global 500 firm China State Construction Engineering Corporation (CSCEC).
Joy City Property Ltd (HKG: 0207), a subsidiary of China Oil and Foodstuffs Corporation (COFCO), is a leading developer and operator of mixed-use commercial complexes as well as residential real estate in China.
🇨🇳 Power tool king Techtronic meets ‘Damocles Sword’ in U.S. tariffs (Bamboo Works)
The Milwaukee power tool maker’s stock came under pressure after U.S. President Donald Trump slapped additional 10% tariffs on Chinese imports
Techtronic Industries (HKG: 0669 / FRA: TIB1 / OTCMKTS: TTNDY / OTCMKTS: TTNDF) estimates that new tariffs imposed by the U.S. on Chinese imports will have an ‘immaterial’ impact on its results this year
The power tool maker has diversified its manufacturing outside China to ease the risk of too much reliance on one country
🇨🇳 Yan Palace flies back to profit growth as revenue sags (Bamboo Works)
The birds-nest products maker’s profit rose about 3.8% in the second half of last year, reversing a decline in the first half, even as its second-half revenue fell 2%
Yan Palace (HKSE: 1497)’s revenue fell in the second half of last year, but its profit returned to a growth track during the six-month period after falling in the first half
The company is aggressively courting a generation of younger Chinese consumers by using movie stars as brand ambassadors and collaborating with a Michelin-star chef
🇨🇳 Nissin warns of steep profit slide but sees solid core business (Bamboo Works)
The instant noodle maker has told investors to brace for a bitter taste in its next set of earnings, with one-off charges taking a big bite out of profits
Nissin Foods (TYO: 2897 / HKG: 1475 / FRA: NF2 / OTCMKTS: NFPDF) projected that profits for 2024 would fall between 38% and 41%
But other figures show that underlying revenue from China grew nearly 10% in the first nine months of last year
🇨🇳 Ninja Turtles slowdown breaks Playmates two-year winning streak (Bamboo Works)
The storied Hong Kong toymaker said its revenues and profit before income tax fell by 16% and 32% last year, respectively
Playmates Toys (Playmates) (HKG: 0869 / 0635 / FRA: 45P / OTCMKTS: PMTYF / PYHOF) said its revenue and profit both fell by double-digit amounts last year, sending its shares down by 3.3%
Inflation worries in its major U.S. market hit sales of its mainstay Teenage Mutant Ninja Turtles toys in the second half of last year
🇨🇳 AstraZeneca could face limited fallout from Chinese tax probe (Bamboo Works)
The drugs giant and one of its top executives are being investigated over business tactics in China, but a potential fine for one alleged offence would not break the bank
AstraZeneca (NASDAQ: AZN) said it was facing prosecution on charges of illegally importing drugs into mainland China with a fine of up to $4.5 million
The update on the case was contained in an earnings release that showed Chinese revenues rising 11% last year, accounting for 12% of the firm’s total income
🇨🇳 Shanghai Henlius Biotech (2696 HK)- LVC Is Betting on Higher Valuation Upside Due to Business Update (Smartkarma) $
LVC continues to increase its holdings in Shanghai Henlius Biotech (HKG: 2696 / OTCMKTS: SGBCF), indicating that LVC remains optimistic about Henlius as its internationalization process significantly accelerated. We are interested to see Lin Lijun’s next move.
In the short to medium term, based on our conservative forecast on peak sales of HANQUYOU/HANSIZHUANG in overseas markets and domestic product sales, Henlius’ market value could reach RMB13-16 billion.
Considering other candidates(e.g. HLX15, HLX11, HLX14), indication expansion, drug combination, etc., revenue of Henlius could reach about RMB8-9 billion in the long term, with market value to reach RMB24-27 billion.
🇨🇳 🇭🇰 Guming (1364 HK): Upsized at Top-Price. Strong Retail Demand (Smartkarma) $
Guming Holdings (HKG: 1364), the leading mid-priced milk tea player in China, has priced its IPO at the top-end and upsized it to 182.6 mn shares, raising a total of HKD1.8 Bn.
With strong HK retail investor demand, International investors bidding for Guming stock in the IPO had their allocations scaled back to 56.5% from 90% earlier.
Guming will list at the HK stock exchange today and could likely see a good uptick upon listing given robust investor demand.
🇨🇳 🇭🇰 World’s largest EV battery maker CATL files for Hong Kong listing (FT) $ 🗃️
Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750) is one of several Chinese companies expected to list in Hong Kong this year as activity revives
🇨🇳 🇭🇰 CATL IPO Listing in Hong Kong Preview (Douglas Research Insights) $
Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750) is getting ready to complete its IPO on the Hong Kong exchange. CATL is expected to raise at least US$5 billion.
CATL maintained its 36.8% share in the global EV battery market in 2023 and January to November 2024. CATL has excellent fundamentals and improving profit margins.
Major risk factors include additional tariffs by the US, recent addition to Pentagon's blacklist, declining sales in 2024, and lower government subsidies for EVs globally.
🇨🇳 🇭🇰 CATL IPO (Hong Kong) Valuation Analysis (Douglas Research Insights) $
Our valuation analysis suggests that Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750) is undervalued. Our base case valuation suggests implied market cap of 1.5 trillion CNY, which represents 33% higher than current levels.
Our valuation sensitivity analysis suggests a market cap valuation range of 1.2 trillion CNY to 1.8 trillion CNY.
We estimate CATL to generate revenue of 431.7 billion RMB (up 16.8% YoY) and net profit of 61.4 billion RMB (up 10.5% YoY) in 2025.
🇭🇰 The Blackout Period Series (The Great Wall Street - Investing in China)
Profit Warnings, Financial Moves, and Some Filings That Just Make You Go “Wait, What?”
China Starch Holdings Ltd (HKG: 3838 / OTCMKTS: CHNSF) might not be the sexiest stock out there, but it’s certainly punching above its weight.
Silver Grant International Holdings Group Ltd (HKG: 0171 / FRA: YSG) (market cap: HK$200 million) is pulling off a huge move—they’re selling off their non-performing loans to Guangdong Zhuguang for a potential HK$509 million gain.
Perennial International Ltd (HKG: 0725), a company specializing in the manufacturing and trading of electronic cables and wire products, has just sold HKD 15 million worth of Alibaba shares.
🇲🇴 Time to bet the house? Macau gears up for recovery (Pyramids and Pagodas) $
Recovery will look different for each of the enclave's casino operators – we pick out two set to ramp up shareholder returns with high potential for mean reversion
A turnaround appears to be underway, with arrivals rising 26% YoY in 2024. In 2022, COVID-19 lockdowns in China raised doubts around casino license renewals and increased debt. However in 2022, licenses for Macau’s six casino operators – Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF), MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY), Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF), Wynn Macau Ltd (HKG: 1128 / FRA: 8WY / OTCMKTS: WYNMY / WYNMF), SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY), and Melco Resorts & Entertainment Ltd (NASDAQ: MLCO). – were renewed for 10 years.
🇲🇴 🇹🇭 Any investment in Thailand to be done via Wynn Resorts: CEO (GGRAsia)
International casino developer Wynn Resorts Ltd (NASDAQ: WYNN) says the company’s current focus is on developing the Wynn Al Marjan Island casino resort in Ras Al Khaimah, in the United Arab Emirates. But the firm wants to be ready to take part in a bidding process in case Thailand legalises casinos in large entertainment complexes, stated the group’s chief executive, Craig Billings (pictured in a file photo).
🇲🇴 MGM China leverage metrics ‘healthy’, could further improve in 2025: CreditSights (GGRAsia)
Macau casino operator MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY)’s leverage metrics remained “healthy” and could show a “slight improvement” within 2025, following an expected marginal recovery in the firm’s earnings before interest, taxation, depreciation, and amortisation (EBITDA) post-completion of ongoing revamp projects at its two properties in the city, suggested CreditSights Inc in a Thursday memo.
The memo was issued following the publishing of the company’s fourth-quarter financial results.
🇹🇼 TSMC: OpenAI Partnership Changes The Game (Seeking Alpha) $ 🗃️
🇹🇼 TSMC: AI Foundry Leader For GPUs And ASICs (Seeking Alpha) $ 🗃️
🌐 Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) - World's largest dedicated independent (pure-play) semiconductor foundry. 🇼 🏷️
🇰🇷 Magnachip: Potential Sale Is The Only Way Out (Seeking Alpha) $ 🗃️
🌐 Magnachip Semiconductor Corp (NYSE: MX) - Designer & manufacturer of analog/mixed-signal semiconductor platform solutions.
🇰🇷 Lotte Tour 2024 operating income at US$27mln as sales surge: filing (GGRAsia)
Lotte Tour Development (KRX: 032350), promoter of Jeju Dream Tower (pictured in file photo), a facility with foreigner-only casino on South Korea’s holiday island of Jeju, saw its full-year 2024 operating income turn to black as the firm’s sales grew by 50.4 percent year-on-year.
That is according to Lotte Tour’s filing lodged with the Korea Exchange on Thursday. The filing contains Lotte Tour’s unaudited financial highlights covering the 2024 fiscal year.
Lotte Tour posted a net loss of about KRW114.35 billion for full-year 2024, an improvement on the KRW202.33-billion loss in the previous year.
🇰🇷 Impact of Nextrade Alternative Trading System Going Live on the Korean Stock Market on 4 March (Douglas Research Insights) $
Nextrade (NXT) is an alternative trading system (ATS) in Korea which will start to go live on 4 March.
Nextrade provided a list of 10 stocks including Lotte Shopping Co Ltd (KRX: 023530), Cheil Worldwide (KRX: 030000), Kolon Industries Inc (KRX: 120110 / KRX: 120115), LG Uplus (KRX: 032640), and S-Oil Corp (KRX: 010950 / 010955) that will start to trade on NXT starting 4 March.
Most of these 10 stocks tend to be lower beta stocks with relatively low amounts of share volatility. These 10 stocks are up on average 2.8% YTD, underperforming KOSPI.
🇰🇷 Samsung Electronics - Positive Impact from the Potential Involvement in the Stargate Project (Douglas Research Insights) $
Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF)'s shares were up 3.5% (55,600 won) while KOSPI was down 0.3% today. We believe there were two major reasons for this.
First, there was a recent meeting among Lee Jae Yong (Samsung Electronics), Masayoshi Son (Softbank), and Sam Altman (Open AI) regarding a potential alliance regarding the new Stargate Project.
Second, there has been increased speculation regarding additional total shareholder returns measures by Samsung Electronics that could be announced in the coming weeks.
🇰🇷 Block Deal Sale of About 278 Billion Won of Samsung Electronics by Samsung Life and Samsung F&M (Douglas Research Insights) $
Samsung Life Insurance (KRX: 032830) and Samsung Fire & Marine Insurance (KRX: 000810 / 000815) plan to sell about 278 billion won of Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) in block deal sales.
A total of 5 million shares of Samsung Electronics shares that are expected to be sold in this block deal sale represents 0.1% of Samsung Electronics' outstanding shares.
If Samsung Life Insurance is able to sell 4.256 million shares of Samsung Electronics for 236.4 billion won, this would represent 1.3% of Samsung Life Insurance's market cap.
🇰🇷 Hanwha Aerospace Acquiring Additional 7.3% Stake in Hanwha Ocean for About 1.3 Trillion Won (Douglas Research Insights) $
Hanwha Aerospace (KRX: 012450) announced that it plans to purchase a 7.3% stake in Hanwha Ocean (KRX: 042660).
This 7.3% stake in Hanwha Ocean is currently worth about 1.3 trillion won (US$0.9 billion). After this purchase, Hanwha Aerospace's stake in Hanwha Ocean will increase from 23.14% to 30.44%.
There could be a further positive momentum on Hanwha Aerospace in the near-term due to its positive earnings report in 4Q24 combined with acquisition of additional stake in Hanwha Ocean.
🇰🇷 Hugel Inc (145020 KS): Record High Performance in 2024; Continued Global Expansion to Drive Growth (Smartkarma) $
Hugel (KOSDAQ: 145020) reported record high sales, operating profit, and net profit in 2024, with the strong performance of botulinum toxin and fillers backed by the company’s global expansion.
Hugel aims to launch botulinum toxin in the U.S. within 1H25. The company aims for a 10% U.S. market share for aesthetic purposes within three years from the product release.
Hugel aims to expand its presence in more than 80 toxin markets (from 67 now), 70 dermal filler markets (current 52), and more than 10 cosmetics markets by 2028.
🇰🇷 Daemyung Sono Group: Close to Acquiring the Controlling Stake in T'Way Air (Smartkarma) $
After the market close on 17 February, it was announced that the Daemyung Sono Group is close to acquiring the controlling stake in T'Way Air (KRX: 091810) from Yelimdang.
As the negotiations between the two sides have come to a near agreement, Daemyung Sono is expected to be able to appoint nine directors at the next upcoming AGM.
Typically in cases like this in Korea, the near term impact would be decline in share prices of T'Way Air and TWay Holdings Incorporation (KRX: 004870) due to lack of an M&A play.
🇰🇷 Coupang’s Competitive Edge (CPNG) (Coughlin Capital) $
How a steadfast dedication to the customer has transformed this modest online venture into one of Asia’s most dynamic e-commerce giants.
In today’s hyper-competitive business environment, where permanent competitive advantages are increasingly rare, companies are under immense pressure to find ways to stand out and foster deep, lasting relationships with their customers. Few have achieved this as effectively as Coupang, Inc. (NYSE: CPNG), South Korea’s e-commerce giant. What truly distinguishes Coupang isn’t merely its state-of-the-art technology or vast logistics infrastructure—it’s the company’s unrelenting dedication to customer obsession. This customer-centric philosophy has driven Coupang’s meteoric rise from a modest startup to a global retail powerhouse in less than two decades, drawing comparisons to industry titans like Amazon.
🇮🇩 🇳🇬 How Indonesian Instant Noodles Became a Nigerian Sensation (Asianometry)
First Pacific Co Ltd (HKG: 0142 / FRA: FPC / OTCMKTS: FPAFY / FPAFF) / Indofood CBP Sukses Makmur (IDX: INDF)
Despite the area cuisine not being particularly known for wheat, Indonesia is the world's second biggest consumer of instant noodles. In 2023, they ate 14.5 billion servings according to the World Instant Noodles Association. 99% of its 285 million people have eaten it at one time or the other. There is another name on this list that kind of sticks out: Nigeria. What? Turns out - and this came as a surprise to me too - but the Indonesian noodle brand Indomie is super popular there. It is likely the single most popular packaged food in all of Africa. So popular it occasionally shows up in rap lyrics. How did that happen? In this video, we look at how a noodle brand from Indonesia became a sensation in Nigeria and the rest of Africa.
🇮🇩 Gudang Garam: A Sell On Unexciting Outlook And Demanding Valuations (Seeking Alpha) $ 🗃️
🇮🇩 Gudang Garam Tbk PT (IDX: GGRM / FRA: GGG / OTCMKTS: GDNGY / GGNPF) - Indonesia's 2nd-largest tobacco manufacturer. Known for its kretek (clove cigarette) products. 🇼
🇸🇬 Grab This Buying Opportunity Before It Is Gone (Seeking Alpha) $ 🗃️
🇸🇬 Grab Holdings: We Could Not Be More Bullish (Seeking Alpha) $ 🗃️
🌏 Grab Holdings Limited (NASDAQ: GRAB) - Superapp in SE Asia for mobility, deliveries, & digital financial services to millions of Southeast Asians. 🇼 🏷️
🇸🇬 Grab. The Makings of a SuperApp! Equity Research! Part 3/3. (Global Equity Briefing)
Financial Services, SuperApp, Grab Holdings Limited (NASDAQ: GRAB)'s Finances, and Valuation!
Welcome to the 3rd and final part of my Grab Deep Dive!
In the first part, we discussed how Grab came to dominate the 700M people-strong region of Southeast Asia!
Meanwhile, in the second part, we explored Grab’s network effects and took a look at the competition!
Today, I am going to explain Grab’s biggest opportunities (290M underbanked people) and take a look at its finances. Lastly, this report will conclude with the valuation (200% upside? Maybe)
🇸🇬 Wilmar International: Market's Focus Is On Upcoming Earnings And Indian Acquisition (Seeking Alpha) $ 🗃️
🌐 Wilmar International (SGX: F34 / FRA: RTHA / RTH / OTCMKTS: WLMIF / WLMIY) - Agribusiness group supported by a multinational workforce of about 100,000 people. Amongst the largest listed companies in Singapore. 🇼 🏷️
🇸🇬 The Straits Times Index Has Broken its Record High: What’s Next for the Bellwether Index? (The Smart Investor)
The Straits Times Index broke through its record-high set back in October 2007. Can it continue to make new highs?
The index’s superb run can be attributed to the stellar share price performance of Singapore’s three local banks, namely DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF), United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF) or UOB, and Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY).
Higher dividends from Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) and CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF)
Apart from Singtel and CICT, other stocks within the STI’s top 10 list are also doing well.
Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) saw its net profit from continuing operations rise 5% year on year to S$1.1 billion for 2024.
CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF)also delivered a good performance with its DPU for 2024 increasing by 0.3% year on year to S$0.15205.
Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), which occupies a 2.78% weight within the index, saw its net profit (excluding exceptional items) climb 27.3% year on year to S$320.1 million.
🇸🇬 4 Dividend-Paying Singapore Stocks: The Valentine’s Day Gift That Keeps Giving (The Smart Investor)
Read on to find out why a Valentine’s Day gift of shares is the gift that will keep giving for many years to come.
Here are four solid dividend-paying Singapore stocks that you can consider gifting for Valentine’s Day.
Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF), or FCT, is a retail REIT with a portfolio of nine suburban malls and an office building.
Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) is a supermarket operator with 74 outlets across Singapore.
The Hour Glass (SGX: AGS), or THG, is a retailer of luxury watches and owns 65 boutiques in 14 cities.
Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel needs no introduction, being Singapore’s largest telco by market capitalisation.
🇸🇬 ST Engineering’s Share Price Shot Up 32% to Its All-Time High: Can its Run Continue? (The Smart Investor)
The engineering giant has done well in garnering contracts and building up its order book over the years.
The technology and engineering giant saw its share price soar 32% in the past year and has settled at S$5 after hitting its all-time high of S$5.06.
Can Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering continue its run to break new highs in 2025? Let’s find out.
A strong financial performance
Steadily growing its order book
A slew of new contract wins
A steady payer of quarterly dividends
Get Smart: The best is yet to be
🇸🇬 4 Singapore Companies Reporting Higher Profits: Should They Be in Your Portfolio? (The Smart Investor)
Looking for Singapore growth stocks to add to your portfolio? These four companies recently saw their profits rise during the latest earnings season.
Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) is a global asset manager that provides sustainability-related solutions in infrastructure, real estate, and connectivity.
iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF) is a financial technology firm that operates a platform for the buying and selling of a wide variety of unit trusts, equities, and bonds.
Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX, is Singapore’s sole stock exchange operator.
Fraser and Neave (SGX: F99 / FRA: FNV2 / OTCMKTS: FNEVF) or F&N, or F&N, is a food and beverage manufacturer and seller with popular brands such as Magnolia, 100-Plus, and Seasons Tea.
🇹🇭 Thai Beverage: In Low Spirits. Now a Low- Risk Dividend Play (Smartkarma) $
Thai Beverage (SGX: Y92 / OTCMKTS: TBVPF / TBVPY) reported marginal revenue growth and a slight decline in EBITDA for the December quarter (1QFY25), even as its spirits segment experienced a sharper drop in both.
With its primarily Thailand-based spirits segment seemingly in a structural decline, growth in other segments must offset the impact on overall sales.
With limited potential to unlock value from its beer division, particularly amid the sharp decline in BeerCo's valuations, Thai Bev seems increasingly off investors' radar.
🇮🇳 IndiGo sheds budget domestic airline tag with upmarket overseas push (FT) $ 🗃️
Interglobe Aviation Ltd (NSE: INDIGO / BOM: 539448)
India’s largest carrier adds business class and more international routes
🇮🇳 ICICI Bank: Poised For Growth (Seeking Alpha) $ 🗃️
🌐 ICICI Bank (NYSE: IBN) - MNC bank & financial services. Wide range of banking & financial services for corporate & retail customers. 🇼 🏷️
🇮🇳 The Beat Ideas: Borosil Renewables- 50% Capacity Expansion (Smartkarma) $
Borosil Renewables Ltd (NSE: BORORENEW / BOM: 502219) is India’s largest solar glass manufacturer having c apacity of 1000TPD in India and 350TPD in Germany.
With the rising demand and government anti-dumping duty support company is increasing 50% capacity in India to 1500TPD in the upcoming 18 Months.
Company also raised INR 700Crs of funds via preferential, 100Crs via equity from promoter and 600Crs via warrants from HNIs and family offices for capex and loan repayment.
🇮🇳 Vishnu Chemicals Limited: Q3 FY25 Update (Smartkarma) $
Vishnu Chemicals (NSE: VISHNU / BOM: 516072) posted strong Q3 financials with 22% revenue, 55% EBITDA, and 66% PAT YoY growth; new capex in chromium and expansion of barium, Strontium Carbonate production underway.
Capacity of chromium has potential to operate at 90% utilization level, where Barium segment is operating at 60-70%, can be used till 80-85%.
Company is plan to gain market share in US due to reduced competition.
🇮🇳 Action Construction Equipment Limited: Q3 FY25 Update (Smartkarma) $
Action Construction Equipment (NSE: ACE / BOM: 532762)’s Q3/9M-FY25 performance shows strong revenue growth (up 16.6% in Q3, 15.2% over nine months), improved EBITDA margins, and robust unit sales in key equipment segments.
Improved product mix and a focus on high-value equipment drive operational efficiency, boosting profitability amid increasing infrastructure and capital expenditure trends.
In the next 2 years, company will increase the proportion of exports that will drive the revenue growth.
🇮🇳 Globus Spirits Limited Q3 FY25: Navigating Cost Pressures & Charting Future Growth (Smartkarma) $
Globus Spirits Ltd (NSE: GLOBUSSPR / BOM: 533104)’ Q3 FY25 performance saw a 12.5% YoY revenue decline and significant cost pressures, while its consumer segment, especially luxury posted remarkable double-digit growth.
After reduction of FCI price, Company anticipate achieving margins of Rs. 5-7 per liter from ethanol, aiming for a long-term average of Rs. 7 per liter.
From Q4 onwards, manufacturing segment will also perform well along with growth in the consumer segment as well.
🇮🇳 HIL Limited: Q3 & 9M FY25 Earnings Analysis (Smartkarma) $
[Comprehensive building materials & solutions] HIL Ltd (NSE: HIL / BOM: 509675)'s Q3 FY25 revenue grew modestly by 3% YoY, but EBITDA and PAT declined amid weak industry demand and sluggish pricing.
Lower government spending and volatile input costs underscore significant challenges in the building solutions segment, impacting overall profitability.
Investors should remain cautious, yet note strategic initiatives, such as distribution expansion and new product launches, offer potential for future growth.
🇮🇳 Natco Pharma Q3 FY25 Earnings Analysis: 20% Lower Circuit Post Result (Smartkarma) $
There will be significant drop in revenue in FY26 due to the loss of exclusivity of the key product, but company is looking for acquisition & doing R&D.
Natco Pharma Ltd (NSE: NATCOPHARM / BOM: 524816) is focusing on launching the oral version of Semaglutide in the Indian market and is awaiting regulatory approvals for clinical trials.
Primary reason of fall in revenue was the absence of sales from a key product.
🇮🇳 WeWork India IPO: A Homegrown Success Story Amid Global Turmoil (Smartkarma) $
WeWork India Management Ltd (1690124D IN), operating independently, has turned profitable and is preparing for an IPO via an OFS, diverging from its troubled global parent.
The OFS structure, driven by a revenue-sharing model and a focus on enterprise clients, demonstrates strong operational resilience and an asset-light business model.
Investors can re-assess risk and growth potential as WeWork India’s strategic shift, improved governance, and profitability offer a compelling alternative to its global counterpart as well as other competitor.
🇹🇷 Pegasus Airlines: 4x In The Next 5 Years? (Capitalist Letters)
This is one of the cheapest and highest quality businesses I have ever seen.
🎯 Pegasus Hava Tasimaciligi AS (IST: PGSUS) holds a duopoly position in the Turkish civil aviation market with Turkish Airlines. It has a giant that stems from the market structure and lack of strong capital markets.
🎯 It’s set to triple its fleet in the next 10 years and expand operations both globally and domestically.
🎯 Its financial position is rock solid. It has four times more equity than debt and its EBITDA is enough to pay the debt in a year.
🎯 It generates higher returns on invested capital than the average of American companies. Its returns are vastly superior to industry peers.
🎯 Valuation is ridiculously cheap given that investors are mistaken the possible currency exchange rate effects on its business. It’s positioned to benefit from a possible weakening in Turkish currency, not harmed by it.
🇿🇦 Lesaka Technologies: The Latest Results And Guidance Reiterate The Bull Case (Seeking Alpha) $ 🗃️
🌍 Lesaka Technologies (NASDAQ: LSAK) - Full-service fintech platform (financial services & software). 🇼
🇿🇦 Barloworld bidding consortium won’t up its offer, despite a shareholder rejecting the deal (IOL)
The Saudi Arabia-based consortium making a R23 billion bid for Caterpillar dealer Barloworld (JSE: BAW / BAWP / FRA: BRL1 / OTCMKTS: BRRAY / BRRAF) said Thursday it is not upping a buyout offer that has already been rejected by a big shareholder.
The Zahid Group and another company, Entsha, linked to Barloworld CEO Dominic Sewela, made a R120 per share offer in December. Some concerns were expressed among investors about Sewela’s dual role as CEO and as part of the bidding consortium, although the group said it had addressed potential conflicts of interest adequately. According to reports, UK-based Silchester International Investors, which holds 17.7% of Barloworld, has rejected the offer- it wants R130 a share.
🇺🇦 Rebuilding Ukraine – 99 stock ideas for a peace deal (Undervalued Shares)
🇦🇷 Bioceres Is Approaching Distressed Prices, But I Remain On The Sidelines (Seeking Alpha) $ 🗃️
🇦🇷 Bioceres Crop Solutions Corp (NASDAQ: BIOX) - Fully-integrated provider of crop productivity technologies. 🏷️
🇦🇷 IRSA Is Only Fairly Valued After Dealing With Its Complex Accounting (Seeking Alpha) $ 🗃️
🇦🇷 IRSA Inversiones y Representaciones Sociedad Anónima (NYSE: IRS) - One of Argentina’s leading real estate companies. 🇼 🏷️
🇦🇷 Pampa Energia: Great Company, But Fairly Valued (Seeking Alpha) $ 🗃️
🇦🇷 Pampa Energia: Attractive Valuation Despite Recent Gains (Seeking Alpha) $ 🗃️
🇦🇷 Pampa Energia Sa (NYSE: PAM) - Participates in power generation & transmission. 🇼 🏷️
🇧🇷 XP: the leading Brazilian retail broker (Quipus Capital)
A 20-page primer on one of the companies best positioned to capture a Brazilian equities recovery.
🇧🇷 IMPORTANT COMMENT ON HINDENBURG REPORT RUMORS REGARDING XP. (Quipus Capital)
Last Sunday, I published an analysis of XP Inc (NASDAQ: XP), the Brazilian brokerage firm. My report highlighted several critical points, including risks related to its banking activities and advisor network issues, but overall, my assessment was positive.
After publishing, I came across rumors suggesting that Hindenburg Research might be preparing a report on XP. I have no way to verify or refute these claims. It is unclear whether such a report even exists, whether Hindenburg is indeed behind it, or if it will ever be published. Nevertheless, I believe it is crucial to bring this information to the attention of anyone who has read my analysis, as these rumors introduce significant additional risks to the investment thesis.
Regardless of the accuracy of any potential claims against XP, two major risks stand out:
🇧🇷 Embraer: Largest Order For Executive Jets In History Opens New Opportunity (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. 🇼 🏷️
🇧🇷 Banco Santander (Brasil): Better Positioned For A Tightening Cycle (Seeking Alpha) $ 🗃️
🇨🇱 Banco Santander-Chile (NYSE: BSAC) - Part of the Santander group & majority controlled by Santander Spain. The largest bank in Chile by loans & the second largest by deposits. 🇼 🏷️
🇧🇷 Itaú Unibanco: Q4, Setting The Stage For A Successful 2025 (Seeking Alpha) $ 🗃️
🌐 Itau Unibanco (NYSE: ITUB / BVMF: ITUB3 / ITUB4) - Largest banking institution in Brazil + Latin America. 🇼 🏷️
🇧🇷 Inter Price Is Too Low Despite The Risks, It Is An Opportunity (Seeking Alpha) $ 🗃️
🇧🇷 Inter & Co Inc (BVMF: INBR32 / NASDAQ: INTR) - Holding company of Inter Group & indirectly holds all of Banco Inter’s shares. Inter is a Super App providing financial & digital commerce services. 🏷️
🇧🇷 The Bottom Fishing Club - StoneCo: Playing Brazil's Rebound (Seeking Alpha) $ 🗃️
🇧🇷 StoneCo Ltd (NASDAQ: STNE) 🇰🇾 - Fintech. Financial technology & software solutions to merchants for eCommerce.
🇧🇷 BrasilAgro's Markets Are Improving Moderately, But The Stock Remains Uninteresting (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. 🏷️
🇧🇷 Vale: Upgrading To Buy On Improving Commodity Prices, Earnings On Deck (Seeking Alpha) $ 🗃️
🌐 Vale (NYSE: VALE) - Iron Solutions & Energy Transition Materials segments. Produces & sells iron ore, iron ore pellets, nickel, copper etc + related logistic service. 🇼 🏷️
🇨🇱 Banco de Chile Stock: A Low-Beta Proxy For The Copper Commodity (Seeking Alpha) $ 🗃️
🌎 Banco de Chile (NYSE: BCH) - Range of financial services. 🇼
🇲🇽 Grupo Financiero Banorte: Sit And Wait For The Re-Rate (Seeking Alpha) $ 🗃️
🇲🇽 Grupo Financiero Banorte SAB de CV (BMV: GFNORTEO / FRA: 4FN / OTCMKTS: GBOOY / GBOOF) - Leading financial institution in Mexico. 🇼 🏷️
🇲🇽 Grupo Aeroportuario del Centro Norte: My Favorite Mexican Airport Operator (Seeking Alpha) $ 🗃️
🇲🇽 Grupo Aeroportuario del Centro Norte or OMA (NASDAQ: OMAB / BMV: OMA) - Operate, manage & develop 13 international airports in central & northern Mexico. 🇼 🏷️
🇵🇦 Copa Holdings: Solid Business Model Continues To Deliver (Seeking Alpha) $ 🗃️
🌎 Copa Holdings (NYSE: CPA) - Leading Latin American provider of airline passenger & cargo service through Copa Airlines & AeroRepública. 🇼 🏷️
🌐 A not-so-late Bull Case for Burford Capital (Under The Hood) $
Burford Capital Limited (NYSE: BUR)
$16Bn court win, 20% ROE, the largest Litigation firm nobody loves
🌐 Nebius Group: Ready To Storm New Peaks (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. 🇼 🏷️
📰🔬 Further Suggested Reading
$ = behind a paywall / 🗃️ = Link to an archived article
🇨🇳 My thoughts on the Chinese stock market right now and some undervalued sectors and companies (Dragon Invest)
There are decades where nothing happens and there are weeks where decades happen
Just over a year ago, Western media piled article upon article stating that President Xi had killed innovation in China and that China would never be able to compete with Silicon Valley. Well guess what- perhaps this is the best example of projection out there- China has just proven to the world that it can out innovate Silicon Valley and beat it at its own game. As a double whammy, Elon Musk has just shut down USAID so very few are now asking the age old cliché- “at what cost?”.
Now this raises a few questions for us investors:-
Is this rally sustainable and is it wise to invest now?
Are there still stocks in the Chinese market unaffected by this rally that can end up being good investments?
I’ll try and answer all these questions beginning first with talking about whether this rally is sustainable and if it’s wise to invest now.
🇨🇳 Chinese Insurers Likely to Get Larger Overseas Investment Quotas, Sources Say (Caixin) $
China’s insurers may soon be able to expand their overseas investment as the quota for the Qualified Domestic Institutional Investor (QDII) program is likely to be raised, sources with knowledge of the matter said.
Industry insiders have been calling for insurance companies to be allowed to increase their overseas investments to boost returns, as China’s persistently low interest rates have eroded their profitability. The QDII program allows eligible institutional investors to trade offshore securities.
🇨🇳 Charts of the Day: China’s New Marriages Fall to 46-Year Low (Caixin) $
Last year, the number of couples tying the knot dropped again in China, tumbling to the lowest level in 46 years and fueling concerns over the country’s looming demographic crisis.
There were just 6.1 million new marriage registrations in 2024, down 20.5% from the previous year and less than half the peak figure of 13.5 million recorded in 2013, according to data published Saturday by the Ministry of Civil Affairs.
While marriages saw an uptick to 7.7 million in 2023 — after declining to 6.8 million in 2022 as China battled the Covid pandemic — last year’s figure shows that the downward trend isn’t over.
🇨🇳 In Depth: Falling Yields Pile Pressure on China’s Insurers (Caixin) $
China’s insurance companies reported higher investment returns in 2024 despite falling market interest rates and an economy flirting with deflation, as the bond market soared, the stock market took off in the latter part of the year, and companies increased their dividend payouts.
Insurance companies’ annualized total returns were 7.16% in the first three quarters of 2024, compared with 3.28% in the year-earlier period, according to the latest data from the National Financial Regulatory Administration (NFRA), the country’s top insurance watchdog.
🇰🇷 Korea Exchange Announces 8 Major Incentives for Selected Excellent Value-Up Companies (Douglas Research Insights) $
On 11 February, the Korea Exchange announced eight major incentives for selected excellent Corporate Value Up companies every May starting this year.
Some of the major incentives include preferential tax treatment and preferential inclusion in the Korea Value Up index.
The Korea Exchange plans to select and announce 10 companies that will be included as Excellent Value Up Companies for the first time in May 2025.
🇮🇩 ‘The Opec of nickel’: Indonesia’s control of a critical metal (FT) $ 🗃️
What the country does with its newfound power will be crucial for everything from prices to the future of mining investments
🇿🇦 South Africa fights to save its apartheid-era steel mills (FT) $ 🗃️
Looming closure of century-old plants threatens to kill manufacturing in continent’s most industrialised economy
🇨🇴 Colombia’s leftist government in chaos as elections loom (FT) $ 🗃️
Meltdown prompted by fresh appointments as president prepares for 2026 polls
📅 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):
Bermuda Bermudian House of Assembly 2025-02-18 (d) Confirmed 2020-10-01
Greenland Greenland Diet 2025-03-11 (d) Confirmed 2021-04-06
Venezuela Venezuelan National Assembly 2025-04-27 (t) Date not confirmed 2020-12-06
Cayman Islands Referendum 2025-04-30 (d) Confirmed
Cayman Islands Cayman Legislative Assembly 2025-04-30 (d) Confirmed 2021-04-14
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
Macau Chinese Legislative Council (Macau) 2025-09-21 (t) Date not 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):
Epsium Enterprise Ltd. EPSM Benjamin Securities/ D. Boral Capital (ex-EF Hutton), 1.3M Shares, $4.00-5.00, $5.6 mil, 2/25/2025 Tuesday
(Incorporated in the British Virgin Islands)
We are a holding company incorporated under the laws of British Virgin Islands. As a holding company with no material operation of its own, we conduct substantially all our operations through an indirect Macau subsidiary, Companhia de Comercio Luz Limitada in Macau, or Luz. Luz is an 80%-owned subsidiary of Epsium Enterprise Limited in Hong Kong, or Epsium HK. Mr. Son I Tam, our CEO, CFO, Chairman, principal shareholder, and the founder of Epsium and Luz directly holds (i) 89.996% ownership interest in Epsium, (ii) 19% interest in Epsium HK, and (iii) 20% ownership interest in Luz.
Luz is an import trading and wholesaler of primarily alcoholic beverages in Macau. Through Luz, we import and sell a broad range of premium beverages, primarily alcoholic beverages and, in 2022, a small quantity of tea and fruit juice. The alcoholic beverages we sell include Chinese liquor, French cognac, Scottish whiskey, fine wine, Champagne, and other miscellaneous beverage alcohol. Sales of Chinese liquor is by far our most significant operations, and we are a top wholesaler of high-end Chinese liquor in Macau. We operate only in Macau.
Note: Net income and revenue are for the 12 months that ended June 30, 2024.
(Note: Epsium Enterprise Ltd. increased its IPO’s size to 1.25 million shares – up from 1.0 million shares – and cut the price range to $4.00 to $5.00 – down from $5.00 to $7.00 – to raise $5.63 million, according to an F-1/A filing dated Feb. 3, 2025.)
(Note: Epsium Enterprise Ltd. made a change in its joint book-running team, according to an F-1/A filing dated Jan. 8, 2025: D. Boral Capital (formerly known as EF Hutton) was named as a joint book-runner, replacing Prime Number Capital, to work with Benjamin Securities. Background: This is a micro-cap IPO – just 1.0 million shares at a price range of $5.00 to $7.00 to raise $6.0 million.)
Ruanyun Edai Technology Inc. RYET AC Sunshine Securities, 3.8M Shares, $4.00-5.00, $16.9 mil, 2/26/2025 Wednesday
We are not a Chinese operating company but a Cayman Islands holding company with no operations. (Incorporated in the Cayman Islands)
**Note: The ordinary shares offered in this (initial public) offering are shares of our offshore holding company, Ruanyun Edai Technology Inc., instead of shares of the VIE or its subsidiaries in China. (From the prospectus – See link to the prospectus in the chart below.)
We are a data driven artificial intelligence, or A.I., technology company focused on kindergarten through year twelve, or K-12 education in China. We bring technology to schools, and we are committed to reforming the traditional Chinese education and learning model by facilitating schools, teachers and students with new teaching, learning, and assessment methods in the A.I. era.
We believe the road to college should come with directions. Our mission is to help each K-12 student understand their specialty and find their way to higher education and future success. We believe we have one of the most comprehensive online learning ecosystems covering all K-12 subject fields and grade levels, one of the largest academic exercise question banks that is designed and built for interactive learning, and one of the most advanced A.I. algorithms that power such questions, all of which are accessible online and on demand.
As of Nov. 30, 2022, our online academic exercise question bank has accumulated more than 10 billion test data generated by approximately 14.26 million students from more than 27,000 schools and we have issued over 298 million evaluation reports. With the continuous collection and analyzing of students’ online learning data, our A.I. algorithms are constantly expanding and upgrading, reaching an evaluation accuracy rate of 97% (based on our own calculations), allowing us to provide students with tailored and effective learning strategies. We believe that, in time, our online learning platform will be proven revolutionary in affecting the advancement of China’s K-12 education system.
As of Nov. 30, 2022, approximately 14.26 million students use Jiangxi Ruanyun to collect their daily homework exercise data, prepare for a test or attend the Academic Proficiency Assessment, which is an official assessment across all subjects taught in schools, conducted by the Education Testing Authority in China. This allows us to understand each student better and enables us to help them reach the next level of educational success with an effective strategy, every step of the way.
We value our proprietary technologies and strong research and development capabilities, which we believe differentiate us from other companies in our industry. As of the date of this prospectus, we have an intellectual property portfolio consisting of 11 patents (9 of which have been registered and 2 are pending) and 23 trademarks filed with the PRC State Intellectual Property Administration, 50 copyrights registered with the PRC State Copyright Bureau, and 8 domain names.
Over the last decade, our A.I. learning platform has expanded from learning to assessment in school to A.I application, services and hardware. We believe we are a trend-setter in reforming the traditional education model in China using the technological progress brought about by the advent of A.I. technology. We believe we are the only educational A.I. company in China that serves both everyday learning and Academic Proficiency Test in school. We provide computerized testing for China’s Academic Proficiency Test, or ATP, which is equivalent to the SAT in China. Our everyday learning to official assessment model allows us to expand into a range of personalized “online” services and “offline” products for students in high demand.
We currently sell our products and services through two primary product lines, namely our SmartExam® solution and SmartHomework® solution. Our SmartHomework® solution delivers personalized learning solutions for students to study more effectively. Teachers can adjust instructions for students based on their specific needs. In addition, our SmartExam® solution helps deliver China’s Academic Proficiency Test, which is required in China for obtaining a high-school diploma, in computer-based format. We also provide self-learning solutions and smart-devices, such as smart printer / smart headset for everyday study and test preparation.
*Note – Re corporate structure: We conduct substantially all of our operations in the People’s Republic of China, or the PRC or China, through Jiangxi Ruanyun, the variable interest entity (VIE) and its subsidiaries. We do not have any equity ownership of the VIE. Instead, we have the power to direct the activities and receive the economic benefits and absorb losses of the VIE’s business operations through certain Contractual Arrangements (as defined in the prospectus) and the VIE is consolidated for accounting purposes. This structure involves unique risks to investors. This VIE structure is used to provide contractual exposure through the Contractual Arrangement to foreign investment in Chinese-based companies where Chinese law prohibits direct foreign investment in the operating companies.
*Note: Under the Contractual Arrangements, cash is transferred among the Company, Rollingthunder Technology (Jiangxi) Co., Ltd, or our WFOE, Soft Cloud and the VIE. (See the prospectus – link in the chart below – for details on cash transfers, financial statements and other disclosures pertinent to the IPO).
**Note: Net loss and revenue figures are in U.S. dollars for the fiscal year that ended March 31, 2024.
(Note: Ruanyun Edai Technology Inc. filed a new F-1 on Aug. 30, 2024, and disclosed terms for its IPO: The company is offering 3.75 million shares at a price range of $4.00 to $5.00 to raise $16.88 million. The new filing declared that AC Sunshine Securities is the new sole book-runner; under the previous plans, Univest Securities and AC Sunshine Securities were slated to be joint book-runners.)
(Note: The SEC declared that Ruanyun Edai Technology’s IPO filing was abandoned in February 2024 because the company had not updated the filing in a long time. Background: Ruanyun Edai Technology Inc. filed its F-1 on Dec. 29, 2022. The Cayman Islands-incorporated holding company submitted confidential IPO paperwork to the SEC on Aug. 31, 2021.)
LZ Technology Holdings LZMH Benjamin Securities/ D. Boral Capital (ex-EF Hutton), 1.8M Shares, $4.00-6.00, $9.0 mil, 2/27/2025 Week of
We are a holding company whose operating subsidiaries provide advertising services in China. (Incorporated in the Cayman Islands)
The Company is an information technology and advertising company. Its operations are organized primarily into three business verticals: (i) Smart Community, (ii) Out-of-Home Advertising, and (iii) Local Life.
Smart Community. The Company provides intelligent community building access and safety management systems through access control monitors and vendor-provided SaaS platforms. The Company’s intelligent community access control system makes resident access to properties simpler. As of June 30, 2024, approximately 72,773 of the Company’s access control screens had been installed in over 4,000 residential communities, serving over 2.7 million households.
Out-of-Home Advertising. The Company offers clients one-stop multi-channel advertising solutions. Capitalizing on the Company’s network of monitors that span approximately 120 cities in China such as Shanghai, Beijing, Guangzhou, Shenzhen, Nanjing, Xiamen, Hefei, Dalian, Ningbo, Chengdu, Hangzhou, Wuhan, Chongqing, Changsha, the Company’s Out-of-Home Advertising services help merchants display advertisements in a variety of formats across its intelligent access control and safety management system. Advertisements are placed on the monitors and within the SaaS software. Residents are exposed to these advertisements each time they enter and exit community buildings or open the SaaS software. This level of visibility serves as a highly effective means of advertising, assisting merchants in effectively promoting their brands and accelerating their product sales. Moreover, the Company partners with other outdoor advertising providers to maximize coverage by placing the advertisements on the partners’ numerous displays in public transportation, hotels and other settings as well as deploying posters at events. This broad approach provides clients with a truly comprehensive out-of-home advertising solution.
Local Life. The Company connects local businesses with consumers via online promotions and transactions. With its strong technological capabilities, the Company helps local restaurants, hotels, tourist companies, retail stores, cinemas and other merchants offer deals and coupons to consumers on social media platforms such as WeChat, Douyin (the Chinese version of TikTok) and Xiaohongshu. The Local Life vertical bridges the businesses’ need for product sales and promotions and the consumers’ need for dining, shopping, entertainment, tourist attractions and other local services. In addition, deals from local businesses can also be displayed on the access control screens. In this way, clients of the Company’s Local Life services can also reach the Smart Community residents, leveraging the Company’s access control screens’ extensive coverage and high exposure potential. Since early 2023, we have embarked on executing the strategy of deepening engagement with merchants and manufacturers within our Local Life space through facilitating retail sales of diversified goods and services, including beverages, groceries and travel packages.
The Company reports financial results in one segment. Currently, a substantial portion of the Company’s revenues are generated from advertising and promotional activities, namely by the Out-of-Home Advertising and Local Life verticals. Revenues from Smart Community, which mainly consist of product sales of access control devices and service fees, contribute only a small portion to the Company’s total revenues. Thus, the Smart Community revenues are grouped with other miscellaneous revenue sources, such as advertising design and production and social media account operations, under the catch-all category titled “Other Revenues” in the description of the Company’s revenues.
For the years ended December 31, 2022 and 2023, the Company had a total of 247 and 255 customers, respectively, who entered into contracts with the Company to purchase the Company’s products and services. For the six months ended June 30, 2024 and 2023, the Company had a total of 168 and 102 customers, respectively, who entered into contracts with the Company to purchase the Company’s products and services. The Company, however, has derived a large portion of its revenues from a few customers. For the years ended December 31, 2022 and 2023, the Company’s top three customers collectively accounted for approximately 84.4% and 24.2% of its total revenue, respectively. For the six months ended June 30, 2024, the Company’s top three customers collectively accounted for approximately 33.2% of its total revenue.
Note: Net loss and revenue are in U.S. dollars (converted from China’s currency) for the 12 months that ended June 30, 2024.
(Note: LZ Technology Holdings increased its IPO’s size to 1.8 million shares – up from 1.5 million shares – and kept the price range at $4.00 to $6.00- to raise $9.0 million, according to an F-1/A filing dated Feb. 7, 2025. Background: LZ Technology Holdings cut the size of its IPO to 1.5 million shares – down from 10.0 million shares previously – and kept the price range at $4.00 to $6.00 – to raise $7.5 million, according to an F-1/A filing dated Oct. 30, 2024.)
Micropolis Holding Co. MCRP Network 1 Financial, 5.0M Shares, $4.00-5.00, $22.5 mil, 2/27/2025 Week of
We are a holding company. Micropolis Digital Development FZ-LLC (“Micropolis Dubai”), our wholly owned subsidiary, is a robotics manufacturer founded in 2014 and based in the United Arab Emirates (“UAE”) with its headquarters located in Dubai Production City, Dubai, UAE. (Incorporated in the Cayman Islands)
We specialize in developing autonomous mobile robots (“AMRs”) that utilize wheeled electric vehicle (“EV”) platforms and are equipped with autonomous driving capabilities.
We have historically conducted our business through Micropolis Dubai.
We operate in the GCC region, with a focus on the UAE and Saudi Arabia. The robotics industry in the UAE and Saudi Arabia is rapidly growing, with governments committing significant resources to technological advancement. Furthermore, Dubai, a hub for technological innovation in the region, presents a unique opportunity for the Company. With a robust portfolio of AMRs and a strong track record of successful partnerships with local governments, the Company is poised to take advantage of the growing demand for innovative robotics solutions in the Middle East.
Our flagship products are customized AMRs that can operate without the need for human intervention. These robots can be used in a wide range of industries, including security, hospitality, real estate, retailing, city cleaning, and logistics. The robots can be equipped with advanced sensors, machine learning algorithms, and computer vision technology that enable them to navigate complex environments, avoid obstacles, and interact with humans.
We specialize in the development and integration of AMRs, operating software, electronic control units and power storage units. Our extensive product offerings are organized into three main categories:
A. AMRs: Our AMRs (autonomous mobile robots) are engineered with precision and tailored to meet diverse requirements. They are composed of two main parts, namely the mobility specific platform and application-specific pods.
B. Operating Software: Our software suite is further segmented into three distinct categories: (1) autonomous driving software, allowing users to manage fleets of AMRs from an operational room with real-time streaming service; (2) fleet mission planner, aiding operators in mission planning, path management, and performance monitoring; and (3) user bespoke software development service, offering customized software solutions for customers, integrating additional robot functionalities with existing systems to ensure cost-effectiveness and seamless deployment
C. Electronic Control Units and Power Storage Units: Our in-house-developed control units and power storage solutions serve as the driving force behind our AMRs, providing energy-efficient and reliable performance. The Micropolis Robotics Controller Unit (“MRCU”) is an innovative and advanced electronics board designed to serve as a centralized control unit for a wide range of robots, including AMRs and EVs; while The Smart Power Distribution Unit (“SPDU”) is designed to address the challenges present in battery-based systems, i.e. efficient energy utilization.
Our business is collaboration-based. In collaboration with our customers and partners, we are actively engaged in the development of cutting-edge technologies that aim to bring enhancements in security, logistics, and surveillance operation management. We have established a strong track record of successful partnerships with local governments and real estate developers. Our work with the Dubai Police is a prime example of this ongoing effort; they are playing an essential role in the creation of “Microspot,” which is an AI-powered security software we are currently developing as of the date of this prospectus. In particular, the Dubai Police have assembled a team to assist us in shaping the Microspot software, providing crucial insights into police operations and supplying dummy data for data science and machine learning. This partnership has not only facilitated us in navigating regulatory complexities but also provided invaluable support in testing and validating our products. Further, we have partnered with Dubai Police to develop self-driving security patrolling vehicles that enhance security surveillance operations, to help reduce crime through security deterrence.
We are also working closely with the Road and Transportation Authority in Dubai, UAE (“RTA”) through Dubai Police Innovation Lab. RTA is aiding us by designating the Jumeirah 1 area in Dubai as a safe testing environment for our autonomous driving system, which is still in development as of the date of this prospectus. RTA is also supplying high-definition maps of the area and data that will be essential in shaping the autonomous driving system.
Furthermore, our ongoing partnership with The Sustainable City in Dubai is proving invaluable, as they provide us with both high-definition city mapping and a living lab within their residential community for testing and validation. This collaboration allows us to work within a real-life environment to iteratively refine our autonomous driving features. Further, we have also worked with The Sustainable City in Dubai to develop autonomous community delivery robots that are able to autonomously deliver goods within their assigned territory, making urban and sub-urban logistics more cost effective and energy preserving.
Note: MIcropolis Holding Co. reported a net loss on minimal revenue for the 12 months that ended June 30, 2024. (These net loss and revenue figures are in U.S. dollars converted from the UAE’s currency.)
(Note: Micropolis Holding Co. cut its IPO’s size to 5.0 million shares – down from 8.2 million shares originally – and kept the price range of $4.00 to $5.00 – to raise $22.5 million, according to its F-1/A filing on Sept. 24, 2024. Background: Micropolis Holding Co. initially planned to offer 8.2 million shares at $4.00 to $5.00, according to its F-1 filing on Dec. 22, 2023.)
🏁 Emerging Market ETF Launches
Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:
12/24/2024 - FT Vest Emerging Markets Buffer ETF - December - TDEC - Options
11/19/2024 - Fidelity Fundamental Emerging Markets ETF - FFEM - Equity
11/19/2024 - Fidelity Enhanced Emerging Markets ETF - FEMR - Equity
11/13/2024 - Dimensional Emerging Markets ex China Core Equity ETF - DEXC - Equity
10/07/2024 - First Trust WCM Developing World Equity ETF - WCME - Active, equity
09/20/2024 - FT Vest Emerging Markets Buffer ETF - September - TSEP - Options
09/11/2024 - Polen Capital Emerging Markets ex-China Growth ETF - PCEM - Equity
09/04/2024 - Macquarie Focused Emerging Markets Equity ETF - EMEQ - Active, equity
09/04/2024 - iShares MSCI Emerging Markets Value Factor ETF - EVLU - Equity
09/04/2024 - iShares MSCI Emerging Markets Quality Factor ETF - EQLT - Active, equity
09/04/2024 - SPDR S&P Emerging Markets ex-China ETF - XCNY - Equity, ex-China
08/13/2024 - Simplify Gamma Emerging Market Bond ETF - GAEM - Active, Bond, Latin America
08/13/2024 - Janus Henderson Emerging Markets Debt Hard Currency ETF - JEMB - Currency
07/01/2024 - Innovator Emerging Markets 10 Buffer ETF - EBUF - Equity
05/16/2024 - JPMorgan Active Developing Markets Equity ETF - JADE - Equity
05/09/2024 - WisdomTree India Hedged Equity Fund - INDH - Equity, India
03/19/2024 - Avantis Emerging Markets ex-China Equity ETF - AVXC - Active, equity, ex-China
03/15/2024 - Polen Capital China Growth ETF - PCCE - Active, equity, China
03/04/2024 - Simplify Tara India Opportunities ETF - IOPP - Active, equity, India
02/07/2024 - Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares - XXCH - Equity, leveraged, China
01/11/2024 - Matthews Emerging Markets Discovery Active ETF - MEMS - Active, equity, small caps
01/10/2024 - Matthews China Discovery Active ETF - MCHS - Active, equity, small caps
🚽 Emerging Market ETF Closures/Liquidations
Frontier and emerging market highlights:
10/10/2024 - Pacer CSOP FTSE China A 50 ETF - AFTY
09/26/2024 - American Century Emerging Markets Bond ETF - AEMB
09/19/2024 - KraneShares S&P Pan Asia Dividend Aristocrats Index ETF - KDIV
09/19/2024 - KraneShares CICC China 5G & Semiconductor Index ETF - KFVG
09/05/2024 - Amplify Emerging Markets FinTech ETF - EMFQ
07/27/2024 - iPath GEMS Asia 8 ETN - AYTEF
05/23/2024 - Defiance Israel Fixed Income ETF - CHAI
05/17/2024 - Global X Next Emerging & Frontier ETF - EMFM
03/25/2024 - Global X MSCI Nigeria ETF - NGE
03/21/2024 - VanEck Egypt Index ETF - EGPT
03/14/2024 - KraneShares Bloomberg China Bond Inclusion Index ETF - KBND
03/14/2024 - KraneShares China Innovation ETF - KGRO
03/14/2024 - KraneShares CICC China Consumer Leaders Index ETF - KBUY
03/13/2024 - Xtrackers MSCI All China Equity ETF - CN
03/13/2024 - Xtrackers MSCI China A Inclusion Equity ETF - ASHX
02/16/2024 - Global X MSCI China Real Estate ETF - CHIH
02/16/2024 - Global X MSCI China Biotech Innovation ETF - CHB
02/16/2024 - Global X MSCI China Utilities ETF - CHIU
02/16/2024 - Global X MSCI Pakistan ETF - PAK
02/16/2024 - Global X MSCI China Materials ETF - CHIM
02/16/2024 - Global X MSCI China Health Care ETF - CHIH
02/16/2024 - Global X MSCI China Financials ETF - CHIX
02/16/2024 - Global X MSCI China Information Technology ETF - CHIK
02/16/2024 - Global X MSCI China Consumer Staples ETF - CHIS
02/16/2024 - Global X MSCI China Industrials ETF - CHII
02/16/2024 - Global X MSCI China Energy ETF - CHIE
02/14/2024 - BNY Mellon Sustainable Global Emerging Markets ETF - BKES
01/26/2024 - The WisdomTree Emerging Markets ESG Fund - RESE
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.
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Emerging Market Links + The Week Ahead (February 17, 2025) was also published on our website under the Newsletter category.