Emerging Market Links + The Week Ahead (February 23, 2026)
CLSA's Feng Shui Index 2026, Singapore's Straits Times Index (STI) hits 5,000, mandatory cancellation of Korean treasury shares may get passed, EM stock picks and the week ahead for emerging markets.
Its the year of the fire horse and Hong Kong based CLSA has been doing a Feng Shui Index 2026 report for a couple of decades with sector, property, individual Chinese zodiac sign and previous horse year sections plus a short video summary (not yet on their YouTube channel):
OCBC has also put together this short video:
🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
🇰🇷 Korean Stock Picks (January 2026) Partially $
POSCO Holdings, Hyundai Glovis, POSCO International, Hyundai Motor, LG Chem, Samsung Electronics, Kumho Petrochemical, SK Hynix, Samsung C&T, Hyundai Mobis, SK Innovation, Kia Corp, Hanssem, S-Oil, Chunbo, LigaChem Biosciences, Cosmax, Samsung E&A, Krafton, Samsung Electro-Mechanics, Doosan Fuel Cell, LX Hausys, Daewoo Engineering & Construction Co Ltd, Jin Air, LG Electronics, LG Innotek, HD Hyundai Heavy Industries, Amorepacific Corp, DB Insurance, Hyundai Marine & Fire, Korean Reinsurance Company, APR, DL E&C Co Ltd, Samsung SDI, HL Mando, Korean Air, GS Engineering & Construction Corp, GC Biopharma, Samsung Heavy Industries, Hyundai Engineering & Construction, LG Uplus, KT, SK Telecom, Hyundai Steel, OCI Holdings, Hugel, CJ Logistics, Celltrion, LG Energy Solution & L&F
🌐 EM Fund Stock Picks & Country Commentaries (February 22, 2026) Partially $
ASEAN for dividends, Vietnam on the way to investment-grade rating, stocks trading at discounts to historical valuations despite strong earnings growth, USD & portfolios, January fund updates, etc.
📰🔬 Emerging Market Stock Picks / Stock Research
$ = Behind a paywall / 🗃️ = Link to an archived article (Note: Seeking Alpha earnings/conference etc. presentations are typically not paywalled) / ⛔ = Article archiving may not be working properly
🌏 Asia
🌏 China reminds travellers to ‘stay away from gambling’ overseas during lunar new year (GGRAsia)
Chinese diplomatic missions serving a number of major Asia-Pacific casino jurisdictions have issued “stay away from gambling” warnings to Chinese citizens amid the advent of the Chinese New Year holiday period that started on Sunday (February 15).
Some of the advisory notices from Chinese overseas missions stated: “Gambling is strictly prohibited under Chinese law, and the amendment to the Criminal Law has formally criminalised cross-border gambling.”
“Even if overseas casinos are legally operating, Chinese citizens engaging in cross-border gambling are suspected of violating Chinese law,” the statements added.
The Singapore and Vietnam warnings mentioned sanctions specifically against “those involved in organising gambling activities,” adding that all involved “will be held legally responsible”.
🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau
🇨🇳 From Deep Value To High Growth - Rethinking My Alibaba Position (Seeking Alpha) $ 🗃️
🇨🇳 Alibaba: Risk Outweighs Reward In Its Q3 Earnings Despite AI Chips (Seeking Alpha) $ 🗃️
🇨🇳 Alibaba Q3 Is Critical - But Not A Catalyst (Seeking Alpha) $ 🗃️
🇨🇳 Alibaba: Shares At Critical Support Into Earnings, AI Capex In Focus (Seeking Alpha) $ 🗃️
🇨🇳 Alibaba’s Decline Isn’t Enough To Get Me To Pull The Trigger (Seeking Alpha) $ 🗃️
🇨🇳 [Update] Alibaba (BABA) (Coughlin Capital)
There’s been a lot of noise around Alibaba (NYSE: BABA) over the past week and earnings are just around the corner. I want to walk through what actually happened, what matters, and what I’m watching heading into the print.
Some of this you’ve probably already seen. But the drama is worth unpacking because there’s genuine confusion around the name right now, and honestly, a fair amount of it is warranted.
🇨🇳 $PDD DCF valuation model (CompoundingLab)
[PDD Holdings (NASDAQ: PDD) or Pinduoduo]
Conclusion: Valuation suggests that the stock is trading at 47% discount to fair value. If adjusted to FV within 3 years, it will generate 24% in annual alpha. Therefore, I will make a small entry tomorrow (<2% of the portfolio).
🇨🇳 NetEase: Embedding AI Across Game Development to Redefine Engagement and Long-Term Innovation! (Smartkarma) $
NetEase (NASDAQ: NTES) has demonstrated notable performance in its gaming business throughout 2025, backed by strategic AI integrations and global expansions.
The company reported a total annual revenue of RMB 112.6 billion, marking a 7% increase year-over-year.
Notably, revenues derived from games and related value-added services accounted for RMB 92.1 billion, up 10% from the previous year.
🇨🇳 Li Auto Relegated To Playing Catch-Up (Seeking Alpha) $ 🗃️
🌐 Li Auto (NASDAQ: LI) 🇰🇾 - Designs, develops, manufactures & sells premium smart electric vehicles. 🇼 🏷️
🇨🇳 ‘China’s Netflix’ looks for stardom in new theme park business (Bamboo Works)
The first of iQIYI (NASDAQ: IQ)’s three immersive experience-based theme parks in the city of Yangzhou will feature content from its streaming platform
After seven quarters of declining revenue and the departure of its CFO, iQiyi has launched a series of small-scale theme parks to further monetize its intellectual property
Pop Mart International Group (HKG: 9992 / FRA: 735 / OTCMKTS: PMRTY / POPMF), MINISO Group Holding (NYSE: MNSO) and Netflix are also experimenting with high-tech immersive theme parks, hoping to better leverage their content to boost sales
🇨🇳 Yum China Holdings: Quarter And FYE Results Were Tasty Indeed! Reiterating A Strong Buy (Seeking Alpha) $ 🗃️
🇨🇳 YUM China (NYSE: YUMC) - China’s largest restaurant company. Exclusive right to operate & sub-license KFC, Pizza Hut & Taco Bell + owns Little Sheep & Huang Ji Huangt. Partnered with Lavazza. 🇼 🏷️
🇨🇳 Central Asia beckons for China’s waste-to-energy champion (Bamboo Works)
As China’s waste disposal firms face a growing fight for domestic market share, Hunan Junxin Environmental Protection Co Ltd (SHE: 301109) is looking for sustained growth overseas
The waste-to-energy operator has filed for a Hong Kong listing to raise funds to develop its facilities after securing two major contracts in Kyrgyzstan
The company’s profits surged in the first three quarters of last year, surpassing its full-year 2024 earnings
🇨🇳 HK: Cornerstone/Pre-IPO Lock-Up Expiries in Feb/March (Smartkarma) $
There are 9 companies that listed in August and September 2025 where the lock-up for cornerstone investors ends in the next 5 weeks.
The total lock-up expiry across companies is HK$50.3bn (US$6.45bn) with Zijin Gold International Co Ltd (HKG: 2259 / FRA: 6LU / OTCMKTS: ZJNGF) making up the bulk of it. Butong Group (HKG: 6090) and Jiaxin International Resources Investment Limited (HKG: 3858 / FRA: V2M) have a lock-up for pre-IPO investors too.
The cornerstone investor lock-up expiry will increase the number of free float shares between 29-78% and some of the stocks could come under pressure ahead of the expiry.
🇨🇳 HK-Listed Apparel & Footwear Screener Feb 2026: Lever Style Results And Business Outlook Encouraging (Smartkarma) $
While JNBY Design (HKG: 3306) and Nameson Holdings Ltd (HKG: 1982) remain our preferred ideas, Lever Style Corp (HKG: 1346 / OTCMKTS: LVSYF) delivered encouraging results, establishing a steady trend despite a challenging environment.
Though revenue/profits were down 10%/7%, the company significantly increased its cash pile (~42 mn USD) and maintained a steady dividend of 10 cents, implying a payout ratio of 50%.
The company trades at a 7.2x PE ratio, a 7% dividend yield, and around 35% of its market capitalization in cash. Concerns do remain around customer retention.
🇲🇴 Macau average daily arrivals at 155k amid Chinese New Year season (GGRAsia)
Macau received nearly 927,000 visitors in a six-day period starting from February 14, and encompassing the first five days of the Chinese New Year holiday season.
The update was given by Macau’s Public Security Police, the agency responsible for monitoring the city’s immigration checkpoints. As per the preliminary data, the city received nearly 154,491 visitors per day since February 14.
Chinese New Year this time fell on February 17 (Tuesday) and the annual celebration is usually a peak business period for the tourism and gaming industries in Macau.
🇲🇴 Macau sees nearly 1.4mln visitors in first 8 days of Chinese New Year break (GGRAsia)
Macau received just under 1.40 million visitors in the first eight days of the Chinese New Year holiday season. That is according to data from Macau’s Public Security Police, the agency responsible for monitoring the city’s immigration checkpoints.
As per the preliminary figures, the city received nearly 174,722 visitors per day since February 15.
🇲🇴 Macau casinos’ main-floor patron traffic moderate on day 6 of 9-day mainland holiday for Chinese New Year (GGRAsia)
Player foot traffic was mostly moderate on the main floors of Macau-peninsula and Cotai casinos on Friday, the sixth day of a nine-day Chinese New Year holiday for residents of the Chinese mainland, the consumer group that accounts for most of Macau’s tourists.
That is based on a GGRAsia tour of downtown and Cotai properties. China’s State Council has designated the festive break as running from February 15 to February 23.
🇹🇼 Taiwan
🇹🇼 Is Taiwan Semiconductor Too Expensive Now? (Seeking Alpha) $ 🗃️
🌐 Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) - World’s largest dedicated independent (pure-play) semiconductor foundry. 🇼 🏷️
🇰🇷 Korea
🇰🇷 A Country Without Shareholder Rights (주주 권리가 없는 나라) - A Book Review (Douglas Research Insights) $
This insight is a book review of 주주 권리가 없는 나라 (A Country Without Shareholder Rights), which is one of the best books on the corporate governance in Korea.
There are so much wisdom that are included in this book. The author really goes into details about numerous corporate governance problems in Korea and ways to fix them.
This book was published in January 2024 and it was written by a famous Korean retail investor called Park Young-Ok.
🇰🇷 Absolute Principles of Stock Investment (주식투자절대원칙) - A Book Review (Douglas Research Insights) $
This insight is a book review of 주식투자절대원칙 (Absolute Principles of Stock Investment), which was written by a famous Korean retail investor called Park Young-Ok.
Park tries to capture his 30+ years of investing wisdom. I thought this book was excellent, especially because Park included a lot of local flavor of his mindset in investing.
This insight provides 11 major highlights of the book ‘Absolute Principles of Stock Investment.’
🇰🇷 Korea Small Cap Gem #11: DSC Investment - One of the Most Prolific Investors of Korean Unicorns (Douglas Research Insights) $
DSC Investment Inc (KOSDAQ: 241520) up 26% today to 18,520 won. Its share price is up 297% in the past one year. One of the recent catalysts has been its investment stake in Furiosa AI which is a promising unlisted semiconductor chip company in Korea which could complete its IPO this year.
I published this insight below on 21 September 2021. I will open up the paywall on this insight and make it free.
EXECUTIVE SUMMARY
One of the most prolific investors in the Korean unicorns has been a local investment company called DSC Investment (241520 KS), which currently has a market cap of 160 billion won. Established in 2012, DSC Investment currently operates 19 funds with a total AUM of $586 million. DSC Investment is a venture capital firm focusing on early-stage startups.
🇰🇷 Mandatory Cancellation of Treasury Shares: Final Approval by the Korean National Assembly on 24 Feb? (Douglas Research Insights) $
According to Money Today, the Democratic Party of Korea will hold a plenary session of the National Assembly on 24 February to mandate the mandatory cancellation of treasury shares.
The Commercial Act’s third amendment requires companies to cancel newly acquired treasury stock within one year. For existing treasury shares, a grace period of 18 months is granted for disposal.
Numerous other local media have also mentioned that the Democratic Party of Korea plans to finally pass this amendment in late February/early March to mandate the cancellation of treasury shares.
🇰🇷 Korea Value-Up Index: Rebalancing in 2026 and Outperformance Vs KOSPI (Douglas Research Insights) $
Korea Value-Up Index outperformed KOSPI, KOSPI200, and KOSDAQ in the past year, resulting in further interest in the index.
The announcement of the Korea Value-Up Index rebalance for this year to be announced in the last week of May and the rebalance date is expected around mid-June 2026.
In this insight, we provide a list of top 10 potential inclusions and top 10 exclusions in the Korea Value Up index rebalance in June 2026.
🇰🇷 Will LG Chem’s Mgmt Listen to Palliser Capital This Time for Higher Shareholder Returns? (Douglas Research Insights) $
In the past week, Palliser Capital provided an updated corporate governance improvement recommendations to LG Chem (KRX: 051910 / 051915) - Parent of LG Energy Solution (KRX: 373220).
LG Chem has a market cap of 22.9 trillion won. LG Chem’s 79.38% stake in LG Energy Solution (KRX: 373220) is worth 73.3 trillion won which is 3.2x LG Chem’s market cap.
BOD of LG Chem does not want to LOSE FACE, as it would rather partially sell its stake in LGES when its share price is higher, not lower.
🇰🇷 Korea Small Cap Gem #56: Muhak [Leading Soju Maker in Southeastern Korea] (Douglas Research Insights) $
Muhak Co Ltd (KRX: 033920) is the number one player for soju in the Southeastern part of Korea.
Its core customers in this region are highly loyal and reluctant to change to other soju brands. Its shares are cheap at P/E of 5.2x and P/B of 0.44x.
Muhak has recently provided an excellent Corporate Value Up plan including a plan to sell non-core assets including real estate and higher share buybacks/cancellations/dividends.
🇰🇷 Align Partners Goes Activist on Coway Again + BOD Chairman to Buy 10 Billion Won of Coway Shares (Douglas Research Insights) $
Coway Co Ltd (KRX: 021240)’s BOD Chairman Bang recently announced that he will buy 10 billion won worth of Coway shares and this is likely to improve positive sentiment on the company.
Align Partners sent its third public shareholder letter to Coway Co Ltd (021240 KS) for various corporate governance improvements in the past week.
Coway is making excellent progress for its overseas business (especially in Thailand and Malaysia). Plus, it is increasing sales for the mattress business in Korea.
🇰🇷 Samsung SDI: Plans to Sell Its Stake in Samsung Display (Samsung Electronics - The Likely Buyer?) (Douglas Research Insights) $
On 19 February, Samsung SDI (KRX: 006400 / 006405 / FRA: XSDG) announced its plans to sell its 15.2% stake in Samsung Display (unlisted) to improve its financial health.
Samsung SDI currently holds a 15.2% stake in Samsung Display with an estimated value of around 10 trillion won ($6.8 billion).
In addition, various local media have mentioned that Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) could be the most likely candidate to acquire this stake.
🇰🇷 Hyundai Futurenet - The Next Delisting Candidate Post Hyundai Home Shopping? (Douglas Research Insights) $
Once Hyundai Home Shopping Network Corp (KRX: 057050) is delisted after the stock swap with Hyundai GF Holdings Co Ltd (KRX: 005440), Hyundai Futurenet Co Ltd (KRX: 126560) could be the next delisting candidate.
One of the key reasons why Hyundai Home Shopping is getting delisted is to avoid duplicate investments. The same reasoning would apply to Hyundai Futurenet.
Hyundai Futurenet’s net cash + long term investments was 563.4 billion won at the end of 3Q 2025, which is 145% of its current market cap (389.6 billion won).
🇰🇷 Korea Zinc’s Plans to Improve Corporate Governance at AGM (Douglas Research Insights) $
Korea Zinc (KRX: 010130) announced that at its upcoming AGM agenda, it will include several measures (several of which have been recommended by MBK/Young Poong alliance) to improve corporate governance.
There have been some resistance on implementing these measures in the past year by Korea Zinc. Therefore, the approval of these measures are likely to positively impact Korea Zinc.
Korea Zinc plans to cancel half of its treasury shares and use the remainder for employee performance compensation over the next 10 years.
🇰🇷 Cosmo Robotics IPO Preview (Douglas Research Insights) $
Cosmo Robotics is getting ready to complete its IPO on the KOSDAQ exchange in March 2026. Cosmo Robotics specializes in wearable robots such as Limb Exoskeleton Rehabilitation Robots.
It has provided a financial guidance of tripling its sales within three years after listing. The IPO price range is from 5,300 won to 6,000 won.
The IPO offering amount is from 22.1 billion won to 25 billion won. Post IPO, the expected market cap is from 170.2 billion won to 192.7 billion won.
🌏 SE Asia
🇰🇭 Mandatory revenue from Cambodian casinos up 14pct y-o-y to US$72mln: report (GGRAsia)
More than US$72 million in “mandatory revenue” was collected by Cambodia in 2025 from its regulated commercial gambling sector, up circa 14 percent year-on-year.
That is according to figures quoted on Saturday by the Khmer Times news outlet, citing information from an official of the Commercial Gambling Management Commission of Cambodia (CGMC).
The best-known Cambodian casino resort of international standard is NagaWorld in the country’s capital Phnom Penh, operated by Hong Kong-listed NagaCorp (HKG: 3918 / FRA: N9J / OTCMKTS: NGCRF).
In August NagaCorp reported a net profit of US$148.8 million for the first half of 2025, compared with a US$963,000 loss a year earlier. That was on revenue that grew 16.8 percent year-on-year.
🇮🇩 PT Bank Danamon Indonesia Tbk 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🇮🇩 Bank Danamon Indonesia Tbk PT (IDX: BDMN / FRA: HX9) - Banking services for retail, SMEs & corporate customers. Retail & Wholesale segments. 🇼
🇵🇭 Ayala Land, Inc. 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha) $
🇵🇭 Ayala Land (PSE: ALI / OTCMKTS: AYAAY) - Property developer (large-scale, integrated, mixed-use estates). Subs. of conglomerate Ayala Corp (PSE: AC). 🇼
🇵🇭 SM Prime Holdings, Inc. 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🇵🇭 SM Prime Holdings (PSE: SMPH / OTCMKTS: SPHXF) - Integrated property developer & mall operator. 🇼
🇸🇬 Grab Q4 2025 Earnings Review (GabGrowth)
Short-Term Weakness, Long-Term Strength
Grab Holdings Limited (NASDAQ: GRAB) reported Q4 2025 Earnings after the market close on 11th February 2025.
Table of Contents
Deliveries & Mobility
GFin, Financial Services
Key Call Commentary
Positives & Negatives
Conclusion
🇸🇬 STI Hits 5,000. 3 Blue Chips I Will Still Buy (The Smart Investor)
The STI crossing 5,000 feels historic. But even at record levels, some blue-chip stocks still offer long-term value — if you focus on fundamentals, not fear.
In this article, we take a look at three companies that may still offer value for investors.
Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF), or Singtel — The Defensive Compounder
First up, we have Singapore’s most dominant telecom company: Singtel.
Prized for its resilient earnings and cash flows generated from the provision of essential telecommunication services, Singtel has long been a solid defensive compounder.
CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT — The Income Anchor
CICT stands out as a reliable dividend payer, having paid an annual dividend stretching back to 2002.
Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering — The Structural Growth Leader
Finally, adding a long-term growth compounder such as ST Engineering helps to balance out the previously mentioned picks.
STE still has its long-term growth drivers in commercial aerospace (CA) alongside defence and public security (DPS), which remain intact.
What I Am Watching at STI 5,000
What I Am Avoiding
Get Smart: Great Companies Don’t Expire at Round Numbers
🇸🇬 Wave Life Sciences: WVE-006 Now In Focus, Navigating Opportunity And Risk (Seeking Alpha) $ 🗃️
🌐 Wave Life Sciences Ltd (NASDAQ: WVE) - Clinical-stage biotech RNA medicines platform.
🇸🇬 The 2026 REIT Revival: Trusts Positioned for Higher DPUs (The Smart Investor)
As interest rates ease and operating metrics stabilise, some Singapore REITs are better positioned than others to grow distributions in 2026.
With a possible REIT revival on the horizon, we look at which ones are positioned for higher DPUs (distributions per unit).
A Turning Point for REITs?
What Drives DPU Growth in a Recovering REIT Cycle
Mapletree Pan Asia Commercial Trust (SGX: N2IU / OTCMKTS: MPCMF), or MPACT — Strong Balance Sheet Advantage
MPACT is backed by Mapletree Investments, a real estate group managing S$80.3 billion in assets as of 31 March 2025.
Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF) — Rental Growth Engine
FCT’s main focus revolves around suburban retail malls that serve daily consumer essentials, such as Hougang Mall, Causeway Point, and Tiong Bahru Plaza.
AIMS APAC REIT (SGX: O5RU / OTCMKTS: ACIRF), or AAREIT — Asset Quality and Occupancy Resilience
AAREIT is an industrial REIT with 28 properties across Singapore and Australia, with the bulk of its income in Singapore’s industrial sector.
Get Smart: The Best REITs Recover Before the Headlines
🇸🇬 5 Best Dividend Stocks Singapore Investors Can Buy for Quarterly Income (The Smart Investor)
Discover the 5 best dividend stocks Singapore investors can buy for steady quarterly income and sustainable long-term payouts.
DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF)
DBS stands as Singapore’s largest bank and a cornerstone for many local income portfolios.
Its transition to a quarterly dividend payout in 2019 was a landmark move that provided investors with a level of predictability rarely seen in large-cap stocks.
Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY)
As the sole exchange operator in the country, Singapore Exchange (SGX) occupies a unique and defensive position in the financial ecosystem.
Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF)
In the world of real estate investment trusts, Mapletree Industrial Trust (MIT) has successfully navigated the changing landscape by pivoting towards data centres, which now comprise over half of its assets under management.
Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering
ST Engineering is a global technology and engineering powerhouse with a business model built on long-term, mission-critical contracts.
AIMS APAC REIT (SGX: O5RU / OTCMKTS: ACIRF)
Focusing on the industrial and logistics sector, AIMS APAC REIT has proven to be a nimble player with an active asset enhancement strategy.
How to Evaluate Quarterly Dividend Stocks
Get Smart: The Power of Regular Servings
🇸🇬 Turn Your Everyday Spending Into Passive Income With These Small-Caps (The Smart Investor)
Turn everyday Singaporean staples into reliable passive income by prioritising companies with the cash reserves to sustain their dividend payouts.
When profits face pressure – as they recently have for the three companies below – it is the cash reserve, not the marketing budget, that ensures your dividend cheque remains in the mail.
If you have ever bought a loaf of Gardenia bread, you are already a customer of QAF Limited.
The group is a dominant force in the regional bakery scene, manufacturing and distributing a massive array of confectionery products across Singapore, Australia, the Philippines, and Malaysia.
Old Chang Kee (SGX: 5ML)
Old Chang Kee, or OCK, is a Singaporean institution.
From its humble beginnings as a single stall, it has grown into a high-margin retail machine famous for its signature Curry’O.
Q&M Dental (SGX: QC7)
As the largest listed dental healthcare provider in Singapore, Q&M Dental oversees a sprawling network of 152 dental outlets across Singapore, Malaysia, and China.
Get Smart: The balance sheet is your dividend safety net
These three companies prove that even when the economic weather gets choppy, the businesses that provide our daily essentials often have the stamina to keep paying their investors.
🇸🇬 Your Prosperity Portfolio: Stocks That Keep Rewarding You With Dividends (The Smart Investor)
A well-built prosperity portfolio focuses on dependable dividend stocks that generate rising income and compound wealth steadily over the long term.
What is a Prosperity Portfolio?
Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY)
Singapore Exchange, or SGX, can serve as your prosperity portfolio’s anchor, given its status as a blue chip stock that has paid a reliable, progressive dividend over the last 16 years.
Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering
Singapore Technologies Engineering, or ST Engineering, is the next candidate for inclusion in your prosperity portfolio, playing the role of an income grower.
Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF)
Sembcorp is a global utilities player, providing essential services including energy and water.
Its portfolio spans Europe, Asia, and Australia, with a combination of both gas and renewable assets.
Constructing Your Prosperity Portfolio
Get Smart: Start Today
🇸🇬 Are Your Dividends Safe? A Closer Look at CICT, FCT, and MPACT (The Smart Investor)
Are Singapore’s retail REITs still a buy? We dive into the 2026 updates for CICT, FCT, and MPACT to see which offers the best growth and distribution yield.
We examine three heavyweights in the retail and commercial space and what you need to know about your dividends.
CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF) [CICT]
CICT posted a 2025 distribution per unit (DPU) of S$0.1158, a 6.4% year-on-year (YoY) increase.
Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF) [FCT]
By now, you would have heard about the Johor Bahru-Singapore Rapid Transit System (RTS) link, which is expected to commence operations by the end of 2026, reducing the travel time across the causeway.
The Case for Concern
FCT’s two largest revenue contributors, namely Causeway Point and Northpoint City, are located in the north and sit squarely in the firing line.
How the REIT management is responding
The Structural Tailwinds
Operational Performance Remains Solid
Mapletree Pan Asia Commercial Trust (SGX: N2IU / OTCMKTS: MPCMF) [MPACT]
VivoCity fires on all cylinders
Festival Walk: foot traffic up, spending down
A new concern: portfolio occupancy
Get Smart: Quality Over Yield?
🇸🇬 These Singapore Stocks Are Set to Pay More Ang Pow Dividends in 2026 (The Smart Investor)
As the lunar new year approaches, here’s what Singapore investors should look for if they’re hoping for bigger “ang pow” payouts in 2026.
If you are hoping for a bigger dividend “ang pow” this year, you may want to add these three Singapore stocks to your watchlist.
What Drives Dividend Growth
Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering
ST Engineering has been making headlines recently, with news ranging from special dividends to fresh contracts by the Ministry of Defence (MINDEF).
Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF)
Keppel has spent recent years reshaping its portfolio, redirecting capital into areas with stronger returns.
Driven by the robust demand in Singapore’s property market, PropNex delivered one of its strongest first-half performances in 2025.
What to Watch Before Counting on Higher Dividends
Get Smart: Let Cash Flow Deliver the Ang Pow
🇸🇬 SIA, Keppel, or ST Engineering: Which Blue-Chip Still Offers Upside After the Rally? (The Smart Investor)
After strong rallies, SIA, Keppel, and ST Engineering are back in focus- but which blue-chip still offers meaningful upside for long-term investors?
Why Rising Prices Alone are not a Reason to Sell or Buy
Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF): Recovery Is Real but Cyclicality Remains
Singapore Airlines (SIA) has seen appreciation of its share price as the global travel market rebounds, currently trading near its 52-week high of S$7.63.
Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF): Structural Growth with Execution Risk
Keppel has expanded its activities from offshore and marine to include infrastructure, energy transition, data centres, as well as asset management.
Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering: Defensive Earnings with Steady Growth
Riding a year-long upswing, ST Engineering shares hit a historic peak of S$10.20 last week (10 February 2026), marking a significant milestone for the group’s valuation.
Get Smart: Look Beyond the Rally
🇸🇬 Looking for Dividend Ang Pows? 4 Singapore Stocks That Pay Reliable Dividends (The Smart Investor)
Reliable dividends don’t come from chasing the highest yield. These four Singapore stocks stand out for consistency, cash flow strength, and disciplined payouts.
We highlight four types of dividend-paying Singapore stocks and examine why their payouts are reliable.
What Makes a Dividend “Reliable”
Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) — Market Infrastructure Anchor
Being the only approved financial exchange in Singapore, Singapore Exchange, or SGX, owns a monopolistic position in Singapore’s financial markets.
Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF) – A REIT With Predictable Cash Flow
Introducing Keppel DC REIT, a pure-play data centre REIT in Singapore.
Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering — Blue-Chip with Dividend Growth
ST Engineering, or STE, has been able to grow its revenue and earnings over time at a steady clip through its key operating segments of commercial aerospace (CA), Defence & Public Security (DPS).
Valuetronics Holdings (SGX: BN2 / FRA: GJ7) — Cash-Rich Balance Sheet
Finally, we highlight a technology company that stands out with its net cash position.
What Dividend Investors Should Watch
Get Smart: Let Consistency Deliver the Ang Pows
🇸🇬 8 Prosperous Stocks to Buy for a Massive “Ang Bao” of Dividends This Year (The Smart Investor)
Boost your passive income with these eight Singapore dividend stocks for the Year of the Fire Horse.
As we gallop into the Year of the Fire Horse, here are eight “huat” Singapore stocks known for their resilience, grit, and commitment to sharing the wealth with shareholders.
DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF)
DBS is the undisputed heavyweight of Singapore’s banking sector.
Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY)
As Singapore’s sole stock market operator, SGX is the ultimate defensive cornerstone.
CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), CICT
If you’ve shopped at ION Orchard or grabbed a coffee at CapitaSpring, you’re already a “customer” of CICT.
This REIT is a direct proxy for Singapore’s heartbeat.
iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF)
It has transformed from a simple wealth platform into a global fintech player, thanks to its UK banking license.
Parkway Life Real Estate Investment Trust (SGX: C2PU)
Parkway Life owns a rock-solid portfolio of private hospitals and nursing homes with “inflation-proof” rental hikes built into their contracts.
Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering
With a record-breaking order book of S$32.6 billion, ST Engineering has enough work lined up to stay busy for years.
Whether it’s fixing airplanes or building smart city tech, they are a global engineering titan.
Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF), FCT
By owning malls like Causeway Point and Waterway Point, they capture the everyday spending of Singaporean families.
Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF)
They’ve turned selling groceries into an art form, managing costs and expanding its store footprint in new HDB estates.
Get Smart: Ride the Momentum to Lasting Wealth
🇸🇬 Year of the Red Fire Horse: Singapore’s Strongest Blue Chips (The Smart Investor)
The Year of the Red Fire Horse symbolises strength, resilience, and forward momentum. These Singapore blue chips stand out for their staying power and ability to thrive across market cycles.
Let’s take a closer look at three Singapore blue chips that embody resilience and long term durability heading into the Year of the Red Fire Horse.
What Defines a “Strong” Blue Chip
Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF): The Market Leader
The conglomerate’s share price reached S$12.42, its highest price in over 12 years, on 10 February 2026.
NetLink NBN Trust (SGX: CJLU / OTCMKTS: NETLF): The Income Anchor
Just with its reputation building, maintaining and operating Singapore’s fibre network infrastructure alone, NetLink NBN, or NetLink, has the makings of a textbook income anchor.
Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF): The Growth Champion
In the Year of the Fire Horse, strength favours the dark horses — steady businesses with room to grow, such as Venture Corporation, or Venture.
Venture Corporation is an electronics manufacturing services (EMS) company that caters to a wide variety of industries, such as MedTech, Life Sciences, and Electronics.
Get Smart: Strength Is the Best Zodiac Sign
🇹🇭 True Corporation Public Company Limited 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🇹🇭 True Corporation PCL (BKK: TRUE / FRA: TAF1 / OTCMKTS: TCPFF) - Ultra-high-speed mobile & fixed broadband, Pay TV, etc. 🇼 🏷️
🇹🇭 PTT Public Company Limited 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🇹🇭 PTT Public Company Limited (BKK: PTT / PTT-R / FRA: NVA3 / OTCMKTS: PUTRY) - Submarine gas pipelines, LPG terminals, electricity generation, petrochemical products, oil & gas exploration/production, gasoline retailing & Café Amazon. 🇼 🏷️
🇹🇭 Thai Union Group Public Company Limited 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🌐 Thai Union Group PCL (BKK: TU / TU-F / FRA: THYG / OTCMKTS: TUFBY / THFRF) - Frozen, chilled & canned seafood. 🇼 🏷️
🇹🇭 BTS Group Holdings Public Company Limited 2026 Q3 - Results - Earnings Call Presentation (Seeking Alpha)
🇹🇭 BTS Group Holdings PCL (BKK: BTS / BTS-F / OTCMKTS: BTSGY / BTGRF / BTLWF) - Bangkok Mass Transit System PCL (BTSC), operator of the BTS Skytrain & Bangkok BRT + marketing/advertising. 🇼
🇹🇭 Krungthai Card Public Company Limited 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🇹🇭 Krungthai Card PCL (BKK: KTC / KTC-F / FRA: KRTA / OTCMKTS: KGTHY) - Credit card related business, merchant acquiring business, payment service & personal loan business. 🏷️
🇹🇭 Rabbit Holdings Public Company Limited 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🇹🇭 Rabbit Holdings (BKK: RABBIT / RABBIT-F) - Holdco. Invests in real estate & financial services / insurance.
🇹🇭 PTT Global Chemical Public Company Limited (PCHUY) Presents at Opportunity Day Quarter 4/ FY 2025 - Slideshow (Seeking Alpha)
🌏 PTT Global Chemical PCL (BKK: PTTGC / OTCMKTS: PCHUY) - Petrochemicals. Subs. of PTT Public Company Limited (BKK: PTT / PTT-R / FRA: NVA3 / OTCMKTS: PUTRY). 🇼 🏷️
🇮🇳 India / South Asia / Central Asia
🇮🇳 Genpact Limited: Strategic Transformation Driving Strong Performance And Valuation Upside (Seeking Alpha) $ 🗃️
🇮🇳 Genpact: ATS Growth And Margin Expansion Strengthen The Investment Case (Seeking Alpha) $ 🗃️
🇮🇳 Infosys: The AI-First Services Opportunity- Capturing a $400 Billion Market (Smartkarma) $
The shift to “Agentic AI” could propel the global economy to $500 trillion, provided companies overhaul business architectures to bridge the current gap between tech progress and realized value.
Through the Topaz Fabric, Infosys is deploying over 600 specialized agents and small language models (SLMs) to help 90% of their top clients move from pilots to production.
Success requires navigating the “Brownfield“ productivity gap, where legacy systems and data silos currently consume 60-80% of IT budgets, hindering the deployment of high-impact AI solutions.
🇮🇳 IRCTC Q3FY26: Beyond Ticketing, Unlocking Tourism, Catering & Cross-Sell Opportunities (Smartkarma) $
Indian Railway Catering & Tourism Corporation Limited (IRCTC) (NSE: IRCTC / BOM: 542830), India’s monopoly rail ticketing and catering platform, reported record Q3 FY26 performance with revenue rising 18.2% YoY and PAT growing 15.5% YoY.
Growth has become broad-based, supported by catering expansion, Vande Bharat scaling, tourism margin improvement, and rising monetization from non-convenience revenue streams.
The next growth phase depends on accelerated train additions, Rail Neer capacity expansion, payment aggregator rollout, and unified digital platform-led cross-selling execution.
🇮🇳 India AI Impact Summit 2026: From “Back-Office” To “Sovereign AI Factory” (Smartkarma) $
At the India AI Impact Summit 2026, Reliance Industries Limited (NSE: RELIANCE / BOM: 500325) and Tata Group announced historic capex plans for sovereign AI, while NVIDIA, OpenAI inked landmark infrastructure with Indian conglomerates.
This marks India’s transition from an AI consumer to “Sovereign AI” producer, reducing reliance on global clouds and positioning domestic players as owners of the “intelligence” stack rather than facilitators.
Investors should monitor the rapid rerating of Indian “AI infrastructure” plays: data centers, power, and high-end IT—as the “Intelligence-as-a-Service” model begins to disrupt traditional linear headcount-linked IT growth.
🇮🇳 The EPAM Shadow: Is Persistent Systems’ Premium Justifiable? (Smartkarma) $
EPAM Systems (NYSE: EPAM) stock plunged 17–21% on February 19, 2026, after issuing a conservative 2026 revenue guidance of 4.5% to 7.5%, signaling structural slowdown in high-end digital engineering demand.
Persistent Systems (NSE: PERSISTENT / BOM: 533179) shares a near-identical “Product Engineering” DNA with EPAM. With PSYS trading at a 45x–50x TTM P/E versus EPAM’s 21x–25x, valuation gap has reached a historical extreme.
While Persistent’s Q3 FY26 execution was strong, the “EPAM spillover” suggests a significant risk of valuation compression for PSYS if discretionary digital spending continues to pivot from “innovation” to “cost-optimization.”
🇮🇳 Aequitas: Shiprocket Pre-IPO- Business Expansion Through Targeted Acquisitions (Smartkarma) $
Shiprocket (1087190D IN) is looking to raise about US$253m in its upcoming India IPO. It is a technology platform helping small-medium businesses and large retailers in India carry e-commerce transactions.
It supports merchants by simplifying key processes such as logistics, checkout, payments, order fulfilment, and cross-border trade, allowing them to sell both online and offline efficiently and at scale.
In this note, we talk about the company’s historical performance.
🇬🇪 TBC Bank Group PLC 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🇬🇪 🇺🇿 Tbc Bank Group Plc (LON: TBCG / OTCMKTS: TBCCF) - The largest banking group in Georgia. 🇼
🌍 Middle East
🇮🇱 Teva Pharmaceutical Industries Limited (TEVA) Discusses Duvakitug IBD Phase 2b Maintenance Top-Line Results - Slideshow (Seeking Alpha)
🌐 Teva Pharmaceutical Industries Ltd (NYSE: TEVA) - Branded-drugs, active pharmaceutical ingredients, contract manufacturing services & out-licensing platform. 🇼
🇹🇷 ($TEVA) TL1A paradigm - engineering a Best-in-Class biological (Kontra Investments)
Why a $2.7 billion pipeline asset is still treated as a free call option, while the data points to a $60 intrinsic value.
At the core of the current bullish thesis for Teva Pharmaceutical Industries Ltd (NYSE: TEVA) is duvakitug (TEV-48574), a human IgG1 monoclonal antibody targeting the tumor necrosis factor-like cytokine 1A (TL1A). To understand the clinical significance of the recent data, one must first appreciate the precision engineering behind the molecule.
TL1A is a pro-inflammatory cytokine that binds to the DR3 receptor to amplify immune signals and mediate fibrosis—the scarring of intestinal tissue that often leads to surgery in IBD patients. However, the body also possesses a “decoy” receptor, DcR3, which naturally neutralizes excess TL1A to maintain homeostasis.
🇹🇷 Arçelik Anonim Sirketi 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🌍 Arçelik AS (IST: ARCLK / OTCMKTS: ACKAY) - Household appliances producer. Third largest white goods player in Europe. 🇼
🇹🇷 Ford Otomotiv Sanayi A.S. 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🌍 Ford Otomotiv Sanayi AS (IST: FROTO / FRA: FO9A / OTCMKTS: FOVSY) - Automobile manufacturer. Equally owned by Ford Motor Co (NYSE: F) & Koç Holding (IST: KCHOL). 🇼
🇹🇷 Eregli Demir ve Çelik Fabrikalari T.A.S. 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🇹🇷 Eregli Demir ve Celik Fabrikalari TAS (IST: EREGL) - Flat steel. 🇼
🇹🇷 TAV Havalimanlari Holding A.S. 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🌍 TAV Havalimanlari Holding AS (IST: TAVHL / OTCMKTS: TAVHF) - Turkish airport operation & services with 15 airports in 8 countries (Turkey, Croatia, Georgia, Kazahstan, Latvia, North Macedonia, Saudi Arabia & Tunisia). Part of Groupe ADP (EPA: ADP). 🇼 🏷️
🌍 Africa
🇿🇦 South Africa’s Ruined Synthetic Oil Giant (Asianometry)
South Africa’s Sasol (NYSE: SSL) is the world’s only commercial-scale synthetic oil producer. Founded in 1950, they convert millions of tons of oil from coal each year. In 2011, high oil prices turned them into South Africa’s second most valuable company - with stock returns of 1000% since 2000. Then they took a massive swing on a multi-billion megaproject in Louisiana. It could have transformed them into an international chemicals giant. Instead, it smashed them to bits. In today’s video, South Africa’s synthetic oil giant, and the $13 billion US megaproject that ruined it.
🇿🇦 MTN Group Limited (MTNOY) IHS Holding Limited, - M&A Call - Slideshow (Seeking Alpha)
🌍 MTN Group (JSE: MTN / FRA: LL6 / LL6A / OTCMKTS: MTNOY / MTNOF) - Among the largest mobile network operator in the world & the largest in Africa. 🇼 🏷️
🇿🇦 Sibanye Stillwater Limited 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🌐 Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) - World’s largest primary producers of platinum, palladium & rhodium & is a top-tier gold producer. Projects & investments across 5 continents. 🇼 🏷️
🇿🇦 Gold Fields Limited 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🌐 Gold Fields (JSE: GFI / NYSE: GFI) - One of the world’s largest gold mining firms. 9 operating mines in Australia, Peru, South Africa & Ghana (including the Asanko JV) & 2 projects in Canada & Chile. 🇼 🏷️
🇿🇦 Pan African Resources PLC 2026 Q2 - Results - Earnings Call Presentation (Seeking Alpha)
🌍 Pan African Resources plc (LON: PAF / JSE: PAN / FRA: RTZ / OTCMKTS: PAFRF / PAFRY) - Mid-tier African-focused gold producer.
🇿🇦 Sibanye Stillwater: Deep Value And A Major EPS Rebound Coming (Upgrade) (Seeking Alpha) $ 🗃️
🌐 Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) - World’s largest primary producers of platinum, palladium & rhodium & is a top-tier gold producer. Projects & investments across 5 continents. 🇼 🏷️
🇿🇦 Anglo American plc 2025 Q4 - Results - Earnings Call Presentation (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). 🇼 🏷️
🇿🇦 Mondi plc 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🌐 Mondi (LON: MNDI / JSE: MNP / OTCMKTS: MONDY / MONDF) - Origins in South Africa & Austria. Global integrated packaging & paper group organized across three business units: Corrugated Packaging, Flexible Packaging & Uncoated Fine Paper.
🌍 Eastern Europe & Emerging Europe
🇭🇺 MOL Magyar Olaj- és Gázipari Nyilvánosan Muködo Részvénytársaság 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🌐 MOL Magyar Olaj- és Gázipari Nyilvánosan Muködo Részvénytársaság (BSE: MOL / FRA: MOGB / MOGG / OTCMKTS: MGYOY) - Leading integrated Central Eastern European oil & gas corp. Operations in 30+ countries. 🇼 🏷️
🇵🇱 Bank Polska Kasa Opieki 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🇵🇱🏛️ Pekao (WSE: PEO / FRA: BP1) or Bank Polska Kasa Opieki SA - One of the largest banks in Poland that was founded in 1929 to serve Poles living abroad. 🇼 🏷️
🇵🇱 Orange Polska S.A. 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🇵🇱 Orange Polska SA (WSE: OPL / OTCMKTS: PTTWF) - Leading telecommunication providers in Poland, operating in all segments of the Polish telecoms market. 🇼 🏷️
🇵🇱 InPost: Acquisition By FedEx Consortium At A Disappointing Price (Seeking Alpha) $ 🗃️
🇵🇱 InPost S.A. (INPOY) Shareholder/Analyst Call - Slideshow (Seeking Alpha)
🌍 InPost SA (AMS: INPST / LON: 0A6K / FRA: 669) - Specializes in parcel locker service + courier, package delivery & express mail service. 🇼 🏷️
🌎 Latin America
🌎 Liberty Latin America Ltd. 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🌎 Liberty Latin America Ltd (NASDAQ: LILA / LILAK) - Communications company. 20+ countries across Latin America & Caribbean (consumer brands Flow, Liberty, Más Móvil & BTC). 🇼
🌎 Pan American Silver Corp. 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🌎 Pan American Silver Corp (NYSE: PAAS) - Owns & operates silver & gold mines located throughout the Americas. Canada HQ. 🇼
🌎 Ternium S.A. 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🌎 Tenaris: ‘The Coiling Spring’ Of The Energy Patch (Seeking Alpha) $ 🗃️
🌐 Tenaris S.A. (NYSE: TS) 🇱🇺 - Welded steel pipes for gas pipelines (South America). Subs. of Argentine-Italian conglomerate Techint. 🇼
🇧🇷 Suzano + Pulp and Paper Primer (Quipus Capital)
The Brazilian hardwood pulp leader at a cyclical cross roads
After a series of mergers, the company today commands a large, cost-leadership position in the hardwood pulp market. Not only does it sit at the global bottom of the cost curve, but produces ~30% of global market hardwood pulp and 50% of the Brazilian market hardwood pulp.
This dominant position has allowed the company to command a reasonable pre-tax return on tangible capital employed, with good downside protection during cyclical downturns.
To the relatively good returns on capital, we have to add a key additional advantage: Suzano SA (BVMF: SUZB3 / NYSE: SUZ) can issue investment-grade debt (BBB-, lowest tier) in foreign currency. Being an exporter, it can finance in USD at much cheaper rates than in BRL, without adding currency risk.
🇧🇷 Nu Holdings Q4 Preview: Nu Is Coming For The U.S. Peers (Seeking Alpha) $ 🗃️
🌎 Nu Holdings (NYSE: NU) - Digital banking platform / fintech. 🇼
🇧🇷 Vale S.A. 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🌐 Vale (NYSE: VALE) - Iron Solutions & Energy Transition Materials segments. Produces & sells iron ore, iron ore pellets, nickel, copper etc + related logistic service. 🇼 🏷️
🇧🇷 BB Seguridade: The Yield Looks Attractive, But The Setup Does Not (Seeking Alpha) $ 🗃️
🇧🇷🏛️ BB Seguridade (BVMF: BBSE3 / OTCMKTS: BBSEY) - Insurance, pension plans & bonds. Subs. of Banco do Brasil (BVMF: BBAS3 / FRA: BZLA / OTCMKTS: BDORY).
🇧🇷 Ambev: 2026 World Cup And Brazil’s Rate Cuts Create A Powerful Recovery Setup (Seeking Alpha) $ 🗃️
🌎 Ambev (NYSE: ABEV) - Brazilian brewing company now merged into Anheuser-Busch Inbev SA (NYSE: BUD). 🇼
🇧🇷 Ambev: Zero-Calorie, Zero-Alcohol & a Multi-Year Consumer Transformation Story! (Smartkarma) $
Ambev (NYSE: ABEV), the Brazilian beverage giant, concluded its fiscal year 2025 with a nuanced performance amidst challenging market conditions, largely reflective of global economic dynamics and localized sectoral headwinds.
The company demonstrated resilience through strategic adaptability, fortifying its position across various market segments, though it faced pressure in certain areas.
For the year, Ambev reported a noteworthy expansion in its EBITDA margin by 50 basis points, complementing its steady revenue growth.
🇧🇷 Neoenergia S.A. 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🇧🇷 Neoenergia SA (BVMF: NEOE3 / BME: XNEO / FRA: 2Q40 / OTCMKTS: NRGIY) - Electricity generation, transmission, distribution & commercialization. Subs. of Iberdrola SA (BME: IBE / FRA: IBE5 / OTCMKTS: IBDRY / IBDSF). 🇼
🇧🇷 XP Inc.: Shifting Its Advisory Strategy, And Trades At Attractive Earnings Multiple (Seeking Alpha) $ 🗃️
🌎 XP Inc (NASDAQ: XP) - Wealth management & other financial services (fixed income, equities, investment funds & private pension products). 🇼
🇧🇷 Vale S.A.: Iron Ore Premium Resilience—Can IOCJ and BRBF Defy a Weak Steel Cycle? (Smartkarma) $
Vale (NYSE: VALE) delivered a robust performance in its fourth quarter and full-year financial results for 2025, with several operational achievements contributing both positively and negatively to its investment narrative.
A critical analysis of the discussion provides insights into production, financial metrics, strategic initiatives, and risk management, all of which influence Vale’s attractiveness to investors.
On the production front, Vale exceeded its iron ore and base metals production guidance for the year.
🇨🇱 Antofagasta plc 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🇨🇱 Antofagasta (LON: ANTO / FRA: FG1 / OTCMKTS: ANFGF) - London HQ’d. Copper cathodes & copper concentrates; & molybdenum, gold & silver by-products. Sub. of Metalinvest Establishment. 🇼 🏷️
🇨🇱 Sociedad Química y Minera de Chile Is Best Positioned To Lead As Lithium Pricing Rebounds (Seeking Alpha) $ 🗃️
🌐 Sociedad Química y Minera de Chile (NYSE: SQM) - Lithium, potassium nitrate, iodine & thermo-solar salts. 🇼
🇨🇴 Cementos Argos S.A. 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🌎 Cementos Argos SA (BVC: CEMARGOS / OTCMKTS: CMTOY) - Cement, concrete, aggregates, ready-mix concrete & hydrated lime products in Colombia, Caribbean, Central America & USA. Subs. of Grupo Argos SA (BVC: GRUPOARGOS). 🇼 🏷️
🇨🇴 Mineros S.A. 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🌎 Mineros SA (TSE: MSA / OTCMKTS: MNSAF) - Gold exploration & production in Colombia & Nicaragua + 20% interest in a property in Chile. Colombia HQ.
🇪🇨 Lundin Gold: Moderately To Generously Valued Stock, But With Ascent (Upgrade) (Seeking Alpha) $ 🗃️
🇪🇨 Lundin Mining Corporation 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🇪🇨 Lundin Mining Corporation (LUN:CA) Discusses Preliminary Economic Assessment and Development Plan for Vicuna Project - Slideshow (Seeking Alpha)
🇨🇦 🇪🇨 Lundin Gold Inc (TSE: LUG / FRA: F1YN / OTCMKTS: LUGDF) - Owns the Fruta del Norte gold mine in southeast Ecuador.
🇲🇽 The battle for Mexico’s mobile phone future (The Mexico Political Economist) $
Whoever owns the physical infrastructure, rules the internet.
This is part two of a two part series on the Mexican mobile sector. Click here to read part one.
The stage is set for a revolution in Mexico’s mobile telecoms sector. The trigger will soon be defined.
Ahead lie three principal paths that Mexico can take:
The exit of AT&T, Mexico’s number two mobile network.
Or AT&T could stay, enticed by the novel opportunities of 5G
Or a new challenger might emerge, regardless of what AT&T decides
Here is how each is likely to play out.
🇲🇽 Gruma, S.A.B. de C.V. 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🌎 Gruma SAB de CV (BMV: GRUMAB / FRA: 3G3B / OTCMKTS: GMKKY / GPAGF) - One of the world’s leading tortilla & corn flour producers. 🇼 🏷️
🇵🇪 Cementos Pacasmayo S.A.A. 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🇵🇪 Cementos Pacasmayo (NYSE: CPAC) - Produces, distributes & sells cement & cement-related materials. 🇼
🇵🇪 Credicorp Ltd. 2025 Q4 - Results - Earnings Call Presentation (Seeking Alpha)
🌎 Credicorp (NYSE: BAP) - Universal banking, insurance & pension platform, microfinance, investment banking & wealth management. 🇼
🌐 Global
🌐 Nebius: Profitable On EBITDA Basis As AI Cloud Demand Explodes (Seeking Alpha) $ 🗃️
🌐 Nebius Misses, Guides Low, The Stock Still Rips: What Is Wall Street Buying? (Seeking Alpha) $ 🗃️
🌐 Nebius: The Devil Is In The Details (Seeking Alpha) $ 🗃️
🌐 Nebius: A Gift At Current Consolidation - Cloud Super Cycle Continues (Seeking Alpha) $ 🗃️
🌐 Nebius Group Q4 Earnings: My CliffsNotes On Revenue Recognition (Seeking Alpha) $ 🗃️
🌐 Nebius Group NV (NASDAQ: NBIS) - AI-centric cloud platform built for intensive AI workloads. Sold Yandex to a consortium of Russian investors. Retains several businesses outside of Russia. 🇼 🏷️
📅 Earnings Calendar
Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):
📅 Economic Calendar
Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).
🗳️ Election Calendar
Frontier and emerging market highlights (from IFES’s Election Guide calendar):
Colombia Colombian Senate 2026-03-08 (d) Confirmed 2022-03-13
Colombia Colombian House of Representatives 2026-03-08 (d) Confirmed 2022-03-13
Kazakhstan Referendum 2026-03-15 (d) Confirmed 2024-10-06
Slovenia Slovenian National Assembly 2026-03-22 (t) Confirmed 2022-04-24
Peru Peruvian Congress of the Republic 2026-04-12 (d) Confirmed 2021-04-11
Peru Peruvian Presidency 2026-04-12 (d) Confirmed 2021-04-11
Bulgaria Bulgarian National Assembly 2026-04-19 (d) Confirmed 2024-10-27
Hungary Hungarian National Assembly 2026-04-12 (d) Confirmed 2022-04-03
Cyprus Cypriot House of Representatives 2026-05-24 (d) Confirmed 2021-05-30
Colombia Colombian Presidency 2026-05-31 (d) Confirmed 2022-06-19
Morocco Moroccan Chamber of Representatives 2026-09-30 (t) Date not confirmed 2021-09-08
Czech Republic Czech Senate 2026-09-30 (t) Date not confirmed 2024-09-27
Russian Federation Russian Federal Duma 2026-09-30 (t) Date not confirmed 2021-09-19
Brazil Brazilian Federal Senate 2026-10-04 (d) Confirmed 2022-10-02
Brazil Brazilian Chamber of Deputies 2026-10-04 (d) Confirmed 2022-10-02
Brazil Brazilian Presidency 2026-10-04 (d) Confirmed 2022-10-30
Israel Israeli Knesset 2026-10-27 (d) Confirmed 2022-11-01
Bulgaria Bulgarian Presidency 2026-11-30 (t) Date not confirmed 2021-11-21
Bahrain Bahraini Council of Representatives 2026-11-30 (t) Date not confirmed 2022-11-12
Viet Nam Vietnamese National Assembly 2026-03-15 (d) Confirmed 2021-05-23
📅 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):
AIGO Holding Ltd. AIGO Eddid Securities USA, 2.0M Shares, $4.00-6.00, $10.0 mil, 2/23/2026 Week of
(Incorporated in the Cayman Islands)
We are a consumer products provider well established in Southern Europe with global operations that extend into geographic regions including Europe, Asia, North America, Latin America, and Africa. In 2024, we generated revenue from approximately 40 countries and regions in four continents.
We primarily offer consumers lifestyle products through our various sales channels, with a particular focus on four main product categories: (i) lighting products; (ii) electrical products; (iii) household appliances; and (iv) pet products. Since 2019, we have also been developing and offering IoT-related consumer products.
We have three proprietary brands, namely, AIGOSTAR®, nobleza® and Taylor Swoden®, each of which has its distinct product lines, marketing strategies and intended consumers. As of December 31, 2024, we had a 115-member R&D team that is dedicated to research and development of new products tailored to customer needs as well as the development of our IT system. We generate recurring revenue from certain core products as well as revenue from new products we offer to the market.
We sell our products through both offline and online channels. Our offline customers are mainly business entities, including local community stores and/or high-end boutiques, shopping malls, supermarkets and distributors, who purchase products from us, either by directly placing orders with us or through our proprietary apps designed specifically for our offline customers to place orders efficiently, and on-sell them to end consumers. Our online customers are generally users who purchase products directly from us through third-party E-commerce platforms and our proprietary AigoSmart App.
Note: Net income and revenue are in U.S. dollars for the year that ended Dec. 31, 2024.
(Note: AIGO Holding Ltd. is offering 2 million shares at a price range of $4.00 to $6.00 to raise $10 million, according to its F-1 filing dated Aug. 21, 2025.)
Riku Dining Group RIKU Eddid Securities USA, 2.3M Shares, $4.00-6.00, $11.3 mil, 2/23/2026 Week of
(Incorporated in the Cayman Islands)
We operate and franchise Japanese-style restaurants in Canada and Hong Kong:
In Canada – Ajisen Ramen is our franchise. We run four restaurants and we franchise nine more restaurants across Ontario.
In Hong Kong – We have seven restaurants under three franchised brands – Yakiniku Kakura, Yakiniku 802 and Ufufu Cafe.
Note: Net income and revenue are in U.S. dollars for the 12 months that ended March 31, 2025.
(Note: Riku Dining Group disclosed the terms for its IPO in an Oct. 8, 2025, filing with the SEC: The company is offering 2.25 million shares at a price range of $4.00 to $6.00 to raise $11.25 million. Background: Riku Dining Group filed its F-1 for its IPO in September 2025 without disclosing the terms. Estimated IPO proceeds are $16 million.)
Amatuhi Holdings AMTU Spartan Capital, 3.0M Shares, $4.00-6.00, $15.0 mil, 3/2/2026 Week of
(Incorporated in Delaware)
AMATUHI HOLDINGS, Inc., was incorporated on June 24, 2025, in Delaware to act as the holding company of AMATUHI Inc. AMATUHI Inc. (“AMATUHI”) was incorporated on February 22, 2021, and is an operating company in Japan with the headquarter in Yokohama, Kanagawa, and a branch in Osaka. AMATUHI operates under the “AMANEKU” brand in Japan.
Our company operates group homes in Japan for people with disabilities under the brand name of “AMANEKU.” “AMANEKU” is a “communal living assistance” service based on the “Comprehensive Support for Persons with Disabilities Act” which is implemented based on the self-support benefits provided by the Japanese government under the act. The act supports people who wish to live independently so that they can advance toward their respective goals through communal living in small groups and interaction with the local community.
In the fiscal year that ended March 31, 2025, Amatuhi added 18 group homes and cumulatively operated 29 group homes, according to the prospectus.
AMANEKU provides group homes with Daytime Service Support, which was established as a result of amendments to the Comprehensive Support for Persons with Disabilities Act, that allows for the provision of extensive 24-hour services in response to the increasing aging population and people with disabilities.
Our primary services to the disabled include but are not limited to: Three nutritionally balanced meals daily, counselling and support, assistance with personal care (bathing, dressing, mobility, oral care), medication management, money management, room cleaning, working with medical professionals to provide required medical care and helping our clientele with public assistance, pensions and family matters.
AMANEKU daytime support group homes are mainly two-story buildings with a capacity of 10 residents on each floor. Based on the aging population in Japan, there is a shortage of group homes for people with severe disabilities. Our Company is working to fulfil the needs of the growing disabled population, by providing a number of services to address their needs.
We are reimbursed for the services we provide to disabled people through Japanese government funding issued under the Comprehensive Support for Persons with Disabilities Act.
We are engaged in businesses that support the lives of people with disabilities, including the construction of group homes for people with disabilities and social participation for people with disabilities.
We are specialized in designing, constructing and operating group homes for individuals with disabilities. We also focus on providing supportive living environments, particularly for individuals with significant needs through our Daytime Service Support Type group homes. We are expanding within a market characterized by high demand and insufficient supply, positioning ourselves as a key provider addressing critical social needs related to disability care and housing.
AMATUHI specializes in providing communal living assistance (group homes) as defined under Japan’s “Comprehensive Support Law for Persons with Disabilities.” This is a government-regulated sector where services are funded primarily through social security benefits.
Japan Lifestyle No.1 Investment Limited Partnership directly and indirectly controls approximately 95.0% of the voting power of our outstanding capital stock. As a result, it will have the ability to determine all matters requiring approval by stockholders. In other words, the fund will be able to control any action requiring general stockholder approval, including the election of our Board of Directors, the adoption of amendments to our certificate of incorporation and bylaws, and the approval of any merger or sale of substantially all of our assets.
If we obtain a listing on the Nasdaq Capital Market, we will be a “controlled company” as defined in Nasdaq Listing Rule 5615(c)(1) because more than 50% of our voting power will be held by a single entity — Japan Lifestyle No.1 Investment Limited Partnership — after the offering.
As a “controlled company,” we will be exempt under Nasdaq listing standards from certain corporate governance requirements that would otherwise apply to companies that are not controlled, including the requirements that:
(i) a majority of the Board of Directors consist of “independent” directors as defined under Nasdaq listing standards,
(ii) we have a nominating and corporate governance committee composed entirely of independent directors with a written committee charter, and
(iii) we have a compensation committee composed entirely of independent directors with a written committee charter.
Note: Net income and revenue are in U.S. dollars for the fiscal year that ended March 31, 2025.
(Note: Amatuhi Holdings increased the size of its small IPO to 3 million shares – up from 1 million shares – and kept the price range at $4.00 to $6.00 – to raise $15 million, if priced at the $5.00 mid-point of its range, according to an S-1/A filing dated Feb. 6, 2026. The parent company is incorporated in Delaware, while its business is based in Japan. Background: Amatuhi Holdings filed its S-1 for its small IPO on Sept. 12, 2025, and disclosed the terms – 1 million shares at an assumed IPO price of $5.00 – the mid-point of its $4.00-to-$6.00 price range – to raise $5 million.)
Hartford Creative Group, Inc. (Uplisting) HFUS WestPark Capital, 1.5M Shares, $4.00-4.00, $6.0 mil, 3/2/2026 Week of
Note: This is NOT an IPO. This is a NASDAQ uplisting from the OTC Markets Group – a public offering of 1.5 million shares at an assumed public offering price of $4.00 – to raise $6 million. The last reported sale price of Hartford Creative Group’s stock on the OTC Market was $4.50 on Dec. 12, 2025, according to the prospectus.
(Incorporated in Nevada)
Disclosure: “We currently have three subsidiaries located in the People’s Republic of China (the “PRC” or “China”), and some of our executive officers and directors are located in or have significant ties to China. These ties to China present legal and operational risks to us and our investors, including significant risks related to actions that may be taken by China in the areas of regulatory, liquidity and enforcement, which exist and could affect our current operations and the offering of our securities. For example, if these ties were to cause China to view us as subject to their regulatory authority, China could take actions that could materially hinder or prevent our offering of securities to investors and cause the value of such securities to significantly decline or be worthless.”
Hartford Creative Group, Inc. (“HFUS,” “we,” “us,” or “Company”) specializes in delivering marketing solutions tailored to businesses of small and medium-sized enterprises (SMEs). Our suite of precision marketing services offers cross-media strategies that enable advertisers to effectively target and engage audiences across premier media platforms. We leverage our interconnecting network and keen insights into market demands to develop and implement bespoke marketing initiatives. These initiatives encompass the design, placement, monitoring, and optimization of advertising campaigns.
Navigating the intricate landscape of the modern marketing and sales value chain presents numerous challenges, particularly for enterprises lacking the necessary expertise. Many struggle with creating ample marketing content, devising effective strategies, converting leads, and managing customer relations—tasks made more daunting by the sheer volume of use cases across diverse marketing channels. According to the publication Digital Transformation Market Size, Share, Growth & Trends Analysis Report By Solution, By Deployment, By Service, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2024 – 2030, the global digital transformation market size was estimated at USD 880.3 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 27.6% from 2024 to 2030. With 1.02 billion internet users and the world’s largest social media population, China’s growing economy, booming technology sector, and thriving e-commerce scene make it one of the most intriguing markets in the world today. Social media has long been one of the most important communication channels in China, with the country having the world’s largest number of social media users at over 983.3 million as of November 2024.
The pent-up demand from social media influencers’ marketing needs on social media apps led the Company to seize the opportunity in providing precise marketing services. As an advertising collaborator of China’s major social media markets, we aim to provide customers with vertical integration services, from early-stage such as advertising video creation, photography and editing, to advertising operation and management on social media apps. Furthermore, we plan to initiate TikTok advertising campaigns overseas and equip our Chinese clientele with the tools to penetrate international markets, including the United States.
We have been committed to building an efficient sales network and mechanism to achieve effective customer coverage and sustainable growth. We seek to maintain mutually beneficial relationships with customers and have gained the trust of many customers across a spectrum of industries, presenting us with further cross-selling and up-selling opportunities. We have built a diversified customer base with a strong willingness to pay. During fiscal year 2025, we have secured advertising service agreements with about 43 customers and received approximately RMB 279.9 million (USD 38.8 million) from these customers. We also entered about 53 supplier contracts for advertising placement and paid RMB 262.6 million (USD 36.4 million) during fiscal year 2025.
During the year ended July 31, 2025, we reported net revenues of $2.0 million, compared to $1.4 million for the same period of 2024, reflecting the launch of our advertising business in January 2024. Net income was $1.1 million, or $0.04 per share, for both the years ended July 31, 2025 and 2024. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further discussion.
Based on market research and discussions between the board and third-party suppliers and experts, the Company has further developed a plan of mini-drama business. The Company is strategically positioned to capture considerable market interest and enhance revenue streams from our innovative mini-drama business. While initial steps toward this ambitious goal have been initiated, it is important to note that the commencement and future success of the mini-drama venture are not yet guaranteed.
Our mission is to excel as the premier partner for enterprises worldwide, driving digital and intelligent transformation with unparalleled expertise and commitment.
Note: Net income and revenue are in U.S. dollars for the fiscal year that ended July 31, 2025.
(Note: Hartford Creative Group, Inc. has applied to uplist its stock to the NASDAQ from the OTC Markets Group – and in conjunction with that goal – the company is offering 1.5 million shares at an assumed public offering price of $4.00 per share – to raise $6.0 million, according to an SEC filing – a post-effective amendment – dated Dec. 16, 2025. Background: Hartford Creative Group started its NASDAQ uplisting/public offering process with a plan to offer up to $10 million of stock at an assumed public offering price of $4.00 per share – in an S-1 filing dated Feb. 24, 2025.)
DT House Ltd. DTDT American Trust Investment Services, 5.0M Shares, $5.00-5.50, $26.3 mil, 3/9/2026 Week of
(Incorporated in the Cayman Islands)
DT House Ltd. is the holding company of UHAD, UHHK and UFox, our wholly owned subsidiaries. We are headquartered in the UAE.
We began with the establishment of UHHK in 2020. We provide corporate consultancy services in the UAE and Hong Kong on environmental, social and governance (ESG) themes. As part of that work, we provide travel-related services for leisure travelers in the UAE, which includes primarily the sale of tickets to tourist attractions. Our clients are public companies in the United States and Hong Kong, as well as small and medium-sized enterprises and private corporations in the UAE, Hong Kong and Southeast Asia. We have our own AI-driven cloud-based software program.
In June 2024, we launched our travel-related services by acquiring UFox, a company principally engaged in travel-related services in the UAE, with a particular emphasis on eco-friendly and sustainable travel practices. UFox maintains close business relations with various organizations in the MENA Region such as the Union of Overseas Chinese in Saudi Arabia. We believe that our travel-related services could potentially bring about a synergistic effect with our corporate consultancy services if we follow the same set of ESG principles in both segments. Our current plan is to design travel programs based on the sustainable travel concept, such as using alternative transport modes with lower carbon footprints and partnering with eco-friendly hotels.
We offer customizable and hassle-free sustainable travel experiences. Our clients can customize their own tours or subscribe to services on a segmented basis. The major customers of our travel-related services are two online leisure travel platforms, namely, Trip.com Group Limited (Nasdaq: TCOM) and Fliggy international platform (fliggy.com, a member of Alibaba Group (NYSE: BABA) and an online marketplace of tourism products).
Note: Net income and revenue are in U.S. dollars for the 12 months that ended Sept. 30, 2025.
(Note: DT House Ltd. more than doubled its IPO’s size – to 5.0 million shares – up from 2.0 million shares – in an F-1/A filing on Jan. 20, 2026 – after the previous IPO plan was withdrawn, at the company’s request. The new price range is $5.00 to $5.50 – an increase from the previous range of $4.00 to $5.00.. Under the new terms, DT House Ltd. would raise $26.25 million, if the IPO is priced at $5.25, the mid-point of its new range. Background: DT House Ltd. increased its IPO’s size to 2.0 million shares – up from 1.875 million shares initially – and kept the price range at $4.00 to $5.00 – to raise $9.0 million, according to its F-1/A filing dated Oct. 24, 2025. DT House Ltd. has also named American Trust Investment Services as the sole book-runner, replacing Revere Securities. Background: DT House Ltd. filed its F-1 on March 3, 2025, and disclosed the terms for its IPO: The company is offering 1.875 million shares at a price range of $4.00 to $5.00 to raise $8.44 million, if priced at the mid-point of its range.)
Hillhouse Frontier Holdings HIFI Cathay Securities, 3.8M Shares, $4.00-6.00, $18.8 mil, 3/16/2026 Week of
(Incorporated in Nevada)
We are a luxury vehicle exporter. Through our subsidiary, Hillhouse Capital Group, we run a vehicle export business that specializes in finding premium vehicles in the U.S. and facilitating their shipment to Hong Kong to our client, who distributes the vehicles to its clients in the People’s Republic of China (PRC).
In 2024, Hillhouse Capital Group did 67 vehicle transactions, including 34 with authorized dealerships and 33 with independent dealers. We worked with 15 purchasing agents.
We specialize in exporting U.S. luxury vehicles having MSRPs of at least $80,000, targeting affluent consumers and dealers seeking premium luxury brands, such as Mercedes-Benz, BMW, Audi and Cadillac. Unlike smaller industry participants—typically family-run businesses that rely on informal sourcing networks—we operate through a structured purchasing model with authorized dealerships (i.e., purchasing from them through their designated purchasing agents) and independent dealers, ensuring a stable and scalable supply chain.
Fenglong Ma has served as our CEO and our chairman of the board since October 2022. He is a seasoned entrepreneur in international trade and automotive sales. He founded our company in October 2022, leading its strategy, operations, and entry into automotive exports. Previously, he co-founded Qingdao High-End Vehicle Trading Co., and served as general sales manager from January 2020 to September 2022. He was responsible for sales, market expansion, and supply chain management of high-end imported vehicles, establishing strong global partnerships and optimizing procurement processes. He received an associate degree in business management from Mudanjiang Forestry Vocational and Technical College. Mr. Ma is a citizen of the PRC and currently resides in the PRC.
Zheng Wen Tong has served as our chief operating officer since November 2024, overseeing vehicle procurement, logistics, and financial transactions. She has extensive experience in automotive trade and supply chain management. Before this, she was an office manager at TW&EW Service from April 2024 to October 2024 and was employed by Wave Capital Management from January 2022 to March 2024, where she oversaw administrative and supply chain operations. From January 2020 to March 2020, she served as an office manager at Luxury Unlimited Group. She received a diploma in accounting from Shanghai Business Trade College in July 1994. Ms. Tong is a citizen of the United States and currently resides in the United States.
Chihyuan Lin has served as our CFO since February 2025, overseeing financial strategy and operations. He is an experienced financial executive with expertise in strategic financial management, accounting, and SEC reporting. Before joining us, he founded Linck Consulting Inc. in September 2024 and has been serving as its CEO, providing accounting and tax consulting services. From September 2023 to September 2024, he worked as a consultant at 8020 Consulting LLC, focusing on SEC reporting and financial advisory services. Prior to that, from October 2022 to September 2023, he was the senior manager of financial reporting and technical accounting at Tattooed Chef, where he managed SEC filings, financial reporting, and statement consolidation. From October 2021 to October 2022, he held the role of senior manager of financial reporting and analysis at HF Foods Group Inc., overseeing financial reporting and compliance matters. Earlier, from February 2018 to October 2021, he served as the assistant director of finance and assistant controller at Ta Chen International Inc., specializing in operational accounting and financial statement consolidation. Mr. Lin earned a Master of Science degree in accounting from the University of Texas at Dallas on August 12, 2011, and a Master of Science degree in Finance from the University of Illinois Urbana-Champaign on May 16, 2010. Mr. Lin is a citizen of the United States and currently resides in the United States.
For the nine months ended Sept. 30, 2025, we completed 55 vehicle transactions, all with independent dealers, and did not engage any purchasing agents. We intend to continue to maintain both sourcing models in the future– through independent dealers and authorized dealerships – and select the most cost effective option based on prevailing market conditions. During the first, second and third quarters of 2025, we sourced vehicles exclusively from independent dealers because their vehicle prices were more favorable to those of the authorized dealerships. We intend to maintain our sourcing relationships as we believe access to both channels is critical to our maintaining an uninterrupted supply of vehicles.
For the nine months ended Sept. 30, 2024, we completed 52 transactions.
Note: Net income and revenue are in U.S. dollars for the 12 months that ended Sept. 30, 2025.
(Note: Hillhouse Frontier Holdings increased its IPO’s size to 3.75 million shares – triple its size in its initial filing – and kept the price range at $4.00 to $6.00 – to raise $18.75 million, according to an S-1/A filing dated Jan. 15, 2026. Background: Hillhouse Frontier Holdings filed its S-1 for its IPO on July 21, 2025, and disclosed the terms: 1.25 million shares at a price range of $4.00 to $6.00 to raise $6.25 million, if priced at the $5.00 mid-point of its range.)
HW Electro Co., Ltd. (NASDAQ-New Filing) HWEP American Trust Investment Services/WestPark Capital, 4.2M Shares, $4.00-4.00, $16.6 mil, 3/16/2026 Week of
We are the first company in Japan to obtain a license plate number for imported electric light commercial vehicles. We are the second company and also one of the three companies that sell electric light commercial vehicles in Japan as of the date of this prospectus. (Incorporated in Japan)
The electric light commercial vehicles we sell belong to the category of “light commercial vehicles,” which are commercial carrier vehicles with a gross vehicle weight of no more than 3,500 kilograms.
We commenced selling and delivering two models of electric light commercial vehicles, ELEMO and ELEMO-K, in Japan in April 2022 and July 2022, respectively, and have been working with Cenntro, our cooperating manufacturer, to produce them under our brand, “ELEMO,” in its factory in Hangzhou, China. ELEMO is the first electric vehicle we sell and (it) is the second electric light commercial vehicle that has ever been sold in Japan since the commencement of sales of MINICAB-MiEV in December 2011, which was the first electric light commercial vehicle produced by Mitsubishi Motors Corporation. Since June 2023, we have commenced the sales of a new model called “ELEMO-L,” a van-type electric vehicle that could be used for commercial and recreational camping purposes, which we expect may enable us to increase consumer market penetration.
Under our Exclusive Basic Transaction Agreement dated March 31, 2021 with Cenntro (the “Exclusive Basic Transaction Agreement”), Cenntro manufactures ELEMO, ELEMO-K, ELEMO-L, and other electric vehicles under the specifications designated by us in their manufacturing factories in China and delivers the electric vehicles to the ports in China designated in the individual agreement for a particular order. We arrange for the shipment from these ports to the Port of Yokohama or other designated ports in Japan. Upon arrival, we transport the vehicles to our research laboratory located in Chiba, Japan, for inspection, and then send them to our business partners’ facilities, Anest Iwata’s factory in Fukushima, Japan, and TONOX’s factories in Kanagawa, Japan. The specialists of Anest Iwata, a Tokyo Stock Exchange-listed company that specializes in industrial machinery, supplies, and components, and TONOX, a Japanese commercial vehicle manufacturer, modify the vehicles to comply with the regulations and standards for the Japanese market, install the accessories, and undertake the inspection in accordance with our instructions. After the inspection and modifications, we deliver the electric vehicles to the governmental vehicle inspection office, the National Agency for Automotive and Land Transportation Technology, for individual imported vehicle inspection, and the local land transportation office for registration. Upon completion of the individual imported vehicle inspection and registration, we conduct the final inspection in our research laboratory located in Chiba, Japan, and deliver the electric light commercial vehicles to the customers.
Since the inception of our operation, we have been leveraging the customizability and adjustability of our electric light commercial vehicles to attract corporations in different industries and local governments that have varying needs from their departments in Japan. During the fiscal years ended September 30, 2023 and 2022, we sold and delivered 52 and 16 electric light commercial vehicles to 14 and 11 customers, respectively.
Note: Net loss and revenue figures are in U.S. dollars (converted from Japanese yen) for the fiscal year that ended Sept. 30, 2024.
(Note – New IPO Plans: HW Electro Co., Ltd. filed an F-1 dated May 8, 2025 – the same date that it withdrew its previous IPO plans in a letter to the SEC. In the new IPO document – the F-1 dated May 8, 2025 – HW Electro Co., Ltd. disclosed that it is offering 4.15 million American Depositary Shares (ADS) at an assumed IPO price of $4.00 to raise $16.6 million. American Trust Investment Services and WestPark Capital are the joint book-runners.)
(Background on Previous IPO plans: Registration Withdrawn on May 8, 2025 – A.C. Sunshine and Univest Securities were the joint book-runners. Note: HW Electro Co., Ltd. filed an F-1MEF to increase its IPO’s size at pricing by 200,000 shares, according to a filing dated Jan. 24, 2025. Note: HW Electro Co., Ltd. filed an F-1/A to increase its IPO’s size to 4.0 million ADS – up from 3.75 million ADS – and increase the assumed IPO price to $4.00 – up from $3.00 – to raise $16.0 million – up from $11.25 million initially – according to an F-1/A filing dated Dec. 23, 2024. In that same filing, AC Sunshine Securities was added as the lead left joint book-runner to work with Univest Securities as the other joint book-runner, and the IPO’s proposed venue was changed to the NASDAQ from the NYSE – American Exchange, with the proposed symbol changed to “HWEP” from “HWEC”. Note: HW Electro Co., Ltd. filed its new F-1 (prospectus) on April 26, 2024, disclosing plans for its IPO and its listing of American Depositary Shares (ADS) on the NYSE – American Exchange: 3.75 million ADS at an assumed IPO price of $3.00 per ADS. Each ADS represents one ordinary share. Background: HW Electro Co., Ltd. withdrew its previous IPO plans that called for a listing on the NASDAQ with a different proposed symbol.)
Seahawk Recycling Holdings, Inc. SEAH Cathay Securities, 3.8M Shares, $4.00-6.00, $18.8 mil, 3/16/2026 Week of
(Incorporated in the British Virgin Islands)
Headquartered in Tokyo, Japan, we are an international recycling company dedicated to advancing sustainable material solutions across East Asia and Southeast Asia. As a committed advocate for environmental sustainability, we have devoted ourselves to promoting the development of a low-carbon and zero-waste global green circular economy by engaging in the trading of recyclable resources such as waste paper and scrap metal.
Our operations are structured around two core business segments: waste paper recycling and scrap metal recycling.
Under our waste paper recycling business, we operate across both the domestic Japanese and international markets by trading two main product categories: waste paper and paper pulp. We source waste papers from collection companies in Japan and supply them to recycled pulp mills or trading companies. In parallel, we purchase paper pulps from recycled pulp mills and supply them to paper manufacturers or trading companies. While our waste paper transactions are primarily domestic, our paper pulp exports serve a broad customer base across East Asia and Southeast Asia.
We also conduct cross-border transactions under our waste paper recycling business by procuring waste paper from suppliers in the U.S. and arranging for direct shipments to pulp mills or paper manufacturers in Malaysia.
Our scrap metal recycling business focuses on the trade of dismantled metal wires and old metal appliances such as motors, engines, air conditioners and refrigerators. For old metal appliances, we acquire these materials from collection companies and supply them to smelters or trading companies, while for dismantled metal wires, we purchase processed and dismantled metal wires such as copper wires, aluminum wires, brass wires and iron wires, from dismantling factories, and then sell them to smelters, or trading firms. While the operations under our scrap metal recycling business are primarily concentrated within Japan due to the heavier nature of these materials, we also export a portion of our dismantled metal wires to our customers in East Asia and Southeast Asia.
For export transactions, we manage the full logistics chain from supplier pickup and port delivery to international shipping, allowing us to ensure timely and cost-effective deliveries.
Note: Net income and revenue are for the fiscal year that ended March 31, 2025.
(Note: Seahawk Recycling Holdings, Inc. nearly doubled the size of its small IPO to raise $19 million – up from $10 million originally – according to its F-1/A filing on Jan. 7, 2026. Seahawk Recycling Holdings now plans to offer 3.75 million shares – up from 2.0 million shares originally – at the price range of $4.00 to $6.00 (same price range as in its initial filing) – to raise $18.75 million, according to its F-1/A filing dated Jan. 7, 2026. Background: Seahaawk Recycling Holdings, Inc. filed its F-1 for its small-cap IPO and disclosed the terms: 2 million shares at a price range of $4.00 to $6.00 to raise $10 million, according to its SEC filing on Sept. 25, 2025.)
PressLogic PLAI American Trust Investment Services, 1.8M Shares, $4.00-6.00, $9.0 mil, 3/23/2026 Week of
(Incorporated in the Cayman Islands)
We provide digital marketing services to companies in Hong Kong and Taiwan. Our content marketing solutions include a digital marketing solution segment, which offers editorial content, influencer marketing and display advertising, along with advertisements. We run nine proprietary media brands with over 12 million subscribers and followers, including nine websites, five apps, 11 Facebook fanpages, 11 Instagram profiles and eight YouTube channels, as of the date of this prospectus.
Note: Net income and revenue are in U.S. dollars (converted from Hong Kong dollars) for the 12 months that ended June 30, 2025.
(Note: PressLogic filed its F-1/A on Oct. 14, 2025, and disclosed the terms of its small IPO: The company is offering 1.8 million shares at a price range of $4.00 to $6.00 to raise $9.0 million, if priced at the mid-point of its range. Background: PressLogic filed its F-1 to go public in September.)
🏁 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:
09/13/2025 - WisdomTree Asia Defense Fund - WDAF
08/12/2025 - Neuberger Berman Emerging Markets Debt Hard Currency ETF - NEMD
07/15/2025 - OTG Latin America ETF - OTGL
06/21/2025 - FT Vest Emerging Markets Buffer ETF June - TJUN
06/18/2025 - AB Emerging Markets Opportunities ETF - EMOP
06/05/2025 - Harbor Emerging Markets Equity ETF - EPEM
06/03/2025 - Russell Investments Emerging Markets Equity Active ETF - ZJUN
05/30/2025 - Emerging Markets Equity Active ETF - REMG
05/16/2025 - Harbor Emerging Markets Select ETF - EMES
04/02/2025 - Goldman Sachs India Equity ETF - GIND
03/21/2025 - FT Vest Emerging Markets Buffer ETF - March - TMAR
02/25/2025 - Touchstone Sands Capital Emerging Markets ex-China Growth ETF - TEMX
02/19/2025 - abrdn Emerging Markets Dividend Active ETF - AGEM
02/14/2025 - GMO Beyond China ETF - BCHI
02/06/2025 - PLUS Korea Defense Industry Index ETF - KDEF
01/04/2025 - Simplify China A Shares PLUS Income ETF - CAS
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:
05/20/2025 - KraneShares Dynamic Emerging Markets Strategy ETF - KEM
05/20/2025 - KraneShares MSCI All China Index ETF - KALL
04/08/2025 - First Trust TCW Emerging Markets Debt ETF - EFIX
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 - 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.
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 (February 23, 2026) was also published on our website under the Newsletter category.
Do you think the "Korea Discount" is finally being burnt away by this year's Fire energy, or will the "duplicate investment" argument be enough of a catalyst for Futurenet even if the broader feng shui sentiment cools off?
I’ve subscribed and would be happy to support each other. :)
Jorrit