Emerging Market Links + The Week Ahead (January 22, 2024)
More ship detours around Africa, oil supply crunch from 2025, Chinese stock rout accelerates + informal selling curbs undermines confidence, EM stock picks and the week ahead for emerging markets.
Freightwaves has reported that Energy shipper Shell (NYSE: SHEL) along with the big three Japanese tanker and bulker owners (MOL, NYK and K-Line) have halted all Red Sea transits.
Other energy problems are brewing as Occidental Petroleum Corp (NYSE: OXY)’s CEO has stated in a recent interview: “2025 and beyond is when the world is going to be short of oil.” Oilprice.com has also noted how Oil industry executives have been warning that new resources, new investments, and new supply will be needed just to maintain the current supply levels as older fields mature.
Finally, Brazil’s Lula is betting on a return to state capitalism which he defended in a recent speech while Argentina’s Milei gave a speech at Davos that defended capitalism and libertarian principles…
🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
[Note: Nothing for last week as I was preparing to and traveling back to SE Asia from the USA…]
📰🔬 Emerging Market Stock Picks / Stock Research
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 Transforming Alibaba: Understanding Alibaba’s most radical changes in history (Momentum Works)
In March 2023, following Jack Ma’s return to China, Alibaba announced its biggest restructuring in history. The group will be “split” into six independent units with a “1+6+N” structure.
That announcement kickstarted a year of drastic changes in leadership, people, organisational structure and much more…
What exactly has been happening? What do the co-founders, who came back to take up the roles of Group Chairman and CEO, have in mind?
Perhaps the frequency of mentions of certain keywords during Alibaba Group’s most recent earnings call offer a good glimpse. The most mentioned words are: cloud (61 times), Taobao (52 times) and AI (48 times), in contrast to once paramount important GMV (only 8 times) and brands (only 11 times)
🇨🇳 Pinduoduo (PDD US): Another Strong Beat Around the Corner (Smartkarma) $
We expect PDD Holdings (NASDAQ: PDD) to report the highest growth in topline for 4Q23 over last three years. In particular, we believe its bottom line will beat by wide margin.
But easy days are gone for PDD’s domestic e-commerce business and high base will kick in from 1Q24, resulting in tough comps, notable deceleration and potentially short-term share price volatility.
We see 20% upside to current PDD valuation by assigning 20xPE to our US$12 billion adjusted net profit estimate for 2024.
🇨🇳 Weimob shops breakup plan, but investors aren’t buying it (Bamboo Works)
The e-commerce services provider said it is exploring a spinoff for its marketing services arm, with plans to list it separately on China’s A-share market
Weimob (HKG: 2013 / FRA: 36W / OTCMKTS: WEMXF) shares fell 12% after it announced it is exploring a spinoff for its marketing services arm for a separate listing on China’s A-share market
The company said the unit being spun off is worth 3.6 billion yuan, but the market values the business at less than half that amount
🇨🇳 Lenovo: Positives Are Priced In For This AI PC Play (Seeking Alpha) $
AI PCs are expected to drive a meaningful increase in worldwide PC shipments going forward; leading PC maker Lenovo Group (HKG: 0992 / FRA: LHL / LHL1 / OTCMKTS: LNVGY / LNVGF) is seen as a proxy for the AI PC investment theme.
Lenovo currently trades at a Price-To-Earnings Growth, or PEG, multiple of of 1.02 times, which implies that the stock is at a fair valuation.
I make no changes to my existing Hold rating for Lenovo, after assessing its prospects and valuations.
🇨🇳 Three executives fined $93 million by CSRC for manipulating stock price (Caixin) $
Three executives at a publicly listed company and private equity firms were fined a total of 661 million yuan ($93 million) by China’s securities regulator for conspiring to manipulate the company’s stock price and illegally pocket
65 million yuan.Wu Xian, chairman of Shenzhen JT Automation Equipment Co. Ltd. (SHE: 300400), was found conspiring with Chen Lei, chairman of Shenzhen Junru Asset Management Consulting Co. Ltd., and Lin Jianwu, chairman of Shenzhen Huihaihong Financing and Investment Development Co. Ltd., to use collaborated accounts to manipulate JT’s stock price between November 2017 and April 2019, according to a statement posted on the website of the China Securities Regulatory Commission (CSRC).
🇨🇳 China-linked self-driving startup TuSimple to delist from Nasdaq (Nikkei Asia)
Tusimple Holdings Inc (NASDAQ: TSP), a U.S.-based developer of self-driving truck technology with Chinese ties, has applied to delist from Nasdaq, with its market value dwindling to around 1% of its peak amid commercialization delays and rising interest rates.
TuSimple expects its stock to go off the market around Feb. 8, and will deregister with the Securities and Exchange Commission as well, according to Wednesday's announcement. The company told shareholders that their holdings will not change.
TuSimple has been repeatedly investigated by U.S. regulators over concerns about technology transfer to China and business dealings with Chinese companies.
🇨🇳 Asian Dividend Gems: Minsheng Education (Asian Dividend Stocks) $
Minsheng Education (HKG: 1569) is a highly undervalued Chinese education stock with high dividend yields. Market cap of the company has declined by nearly 90% from Jun 2018 to today.
Minsheng Education's dividend yield averaged 5.1% from 2020 to 2022. Estimated dividend yield is 14.6% in 2023.
Minsheng Education mainly provides educational services in China. The company is one of the leaders of China's private higher education industry.
🇨🇳 Anta in foot race to separately list its Amer unit in New York (Bamboo Works)
Shares of China’s leading sportswear maker initially jumped after it announced IPO plans for its Finland-based foreign unit, but later gave back the gains
Revenue for ANTA Sports Products (HKG: 2020 / FRA: AS7 / OTCMKTS: ANPDY / OTCMKTS: ANPDF)’s Amer unit jumped by nearly 30% in the first three quarters of last year, but its net loss also grew
Bocom International estimates a successful listing for Finland-based Amer could save up to 600 million yuan in annual interest expenses
🇨🇳 [Luckin Coffee(LKNCY US, BUY, TP US$43) TP Change]: Weak Earnings in 4Q23 but Better Outlook in 2024 (Smartkarma) $
In 4Q23, we expect Luckin Coffee (OTCMKTS: LKNCY) revenue to increase 93% YoY to RMB7.1bn, and expect GPM/OPM to decline (5.8)/(1.3) ppt YoY to 19.0%/8.2%, respectively.
We cut 4Q23 operating income by 12%. In 2024, we raised our revenue estimate by 5% due to the speed up of new store opening schedule.
Furthermore, as price competition eased, we expect Luckin to offer less low-priced drinks, thus driving up OPM in 2024.
🇨🇳 With cost pressures down, China’s duty-free leader gets in the groove (Bamboo Works)
China Tourism Group Duty Free (HKG: 1880 / SHA: 601888) has significantly lowered its costs with new lease agreements at Beijing and Shanghai airports, as investors eye potential for new tourism stimulus
China Tourism Group Duty Free’s profit grew 33.5% last year, while its revenue rose 24.2% to 67.6 billion yuan
The duty-free store operator’s fourth-quarter profit surged by 275.6% year-on-year
🇨🇳 Travelsky (696 HK | BUY | TP:HKD9.92): Forget 2023, Think of 2024-25 Which Will Be Much Better (Smartkarma) $
Travelsky Technology (HKG: 0696 / FRA: TVL / OTCMKTS: TSYHY / TSYHF) issued its 2023 operating statistics and a profit warning that is far below market expectations, the share price has plunged by 36%
Our analysis suggests that staff cost, commission, and systems costs have soared. This will be contained when traffic accelerates and absorbs these fixed cost items
Our target price of HKD9.92 (+21% UPSIDE) is based on 2024 PE 14.8x (1SD below mean). Keep an eye, worthwhile trade, due for a bounce
🇨🇳 IFlytek hives off health unit to fund AI medical drive (Bamboo Works)
The iFlytek (SHE: 002230) group aims to list its Xunfei Healthcare subsidiary on the Hong Kong stock market, using the proceeds to deploy large AI models for medical services
Xunfei Healthcare has posted rising revenue since its launch, but the firm racked up a loss of more than 280 million yuan in the past two years
The financial condition of the parent company, iFlytek, may have been a factor in the decision to spin off the subsidiary despite a Hong Kong market slump and weak healthcare stocks
🇨🇳 IMAX China (1970 HK) (Asian Century Stocks) $
IMAX China (HKG: 1970 / FRA: IMK / OTCMKTS: IMXCF) - US$313 million) is the Chinese subsidiary of America’s IMAX Corporation (NYSE: IMAX)－ a leading provider of high-end cinema equipment.
The Chinese business is separately listed in Hong Kong under the ticker 1970 HK. It’s been given an exclusive license to sell IMAX theater systems to exhibitors within Greater China.
Since IMAX China’s IPO in 2015, the share prices has been on a long-term slide. The main reason is that installation revenue hit a peak shortly after the IPO. At that time, recurring revenue streams like maintenance and film conversion fees were small relative to the total, failing to make up for falling installations.
🇨🇳 Will Pagoda’s ambitious 10-year plan bear fruit, or is it destined to wither on the vine? (Bamboo Works)
China’s leading fruit seller has announced a plan to become king of the global fruit industry over the next decade
Shenzhen Pagoda Industrial Group (HKG: 2411 / FRA: D0V) has unveiled an ambitious plan to boost its annual GMV to more than 100 billion yuan by 2034
The fruit retailer is speeding up store openings, aiming for 10,000 outlets in 10 years, compared with 6,000 last June
🇨🇳 Country Garden Pledges to Deliver More Than 480,000 Homes in 2024 (Caixin) $
Chinese property developer Country Garden (HKG: 2007 / OTCMKTS: CTRYF / OTCMKTS: CTRYY) vowed to deliver more than 480,000 homes in 2024, a more modest target than 2023 after it failed to achieve its 700,000-unit goal last year.
The focus of 2024 is still to “guarantee delivery, guarantee operation and guarantee credit,” of which delivery is the bottom line that Country Garden “must firmly hold,” Chairwoman Yang Huiyan said at the developer’s annual meeting Monday.
🇨🇳 Aoyuan gets relief from debt restructure, as its fate stays tied to property market (Bamboo Works)
Several courts have approved the struggling developer’s offshore debt restructuring plan, which will save Aoyuan billions of dollars in interest payments
China Aoyuan Group (HKG: 3883 / FRA: 47C / OTCMKTS: CAOYF) has restructured its offshore debt with a plan that includes some refinancing, and the issue of common shares and perpetual and convertible bonds.
Aoyuan expects to save up to $4.9 billion in interest payment on its foreign debt over the next eight years through the plan
🇭🇰 Tigre de Cristal exit due to Russia-Ukraine war: Summit (GGRAsia)
Summit Ascent Holdings Ltd (HKG: 0102) confirmed a majority-owned subsidiary is to sell, for US$116-million, G1 Entertainment LLC, the gaming licence holder of the Tigre de Cristal casino resort in the Russian Far East. It cited “uncertainties arising from the ongoing Russia-Ukraine conflict”.
The Wednesday filing said Summit Ascent’s stock – in a trading suspension on the Hong Kong Stock Exchange since January 11 – would remain suspended “pending the publication of the inside information announcement” as defined under bourse rules.
The update also said the deal would go ahead despite the “disapproval” of most of the board at Summit Ascent and its Hong Kong-listed parent Let Group Holdings Ltd (HKG: 1383).
🇭🇰 Bud APAC (1876 HK): Nursing a Hangover; Now Comes a Passive Overhang Smartkarma)
Budweiser Brewing Company APAC Limited (HKG: 1876 / OTCMKTS: BDWBY / BDWBF) has seen investors run for the hills over the last year. The halving of the stock price could mean deletion from passive portfolios.
Other Hong Kong listed brewers, China Resources Beer Holdings or CR Beer (HKG: 0291 / FRA: CHK / OTCMKTS: CRHKY / CRHKF) and Tsingtao Brewery (SHA: 600600 / HKG: 0168 / FRA: TSI0 / OTCMKTS: TSGTF / TSGTY) have been beaten down too and have underperformed their Asian peers.
The deletion from passive portfolios could provide a buying opportunity in Budweiser Brewing APAC (1876 HK) at the end of February (or earlier if the stock drops due to positioning).
🇭🇰 Techtronic Industries: Watch Share Repurchases And 2024 Outlook (Rating Upgrade) (Seeking Alpha) $
[Hong Kong-based power tools manufacturer] Techtronic (HKG: 0669 / FRA: TIB1 / OTCMKTS: TTNDY / OTCMKTS: TTNDF) has bought back one million of its shares in recent months, which I think has favorable read-throughs relating to its valuations and cash flow.
Techtronic Industries is expected to perform better in 2024 as compared to 2023, with growth drivers such as rate cuts and channel destocking this year.
I upgrade my rating for Techtronic Industries to a Buy following a review of the company's financial prospects for 2024 and its recent share buybacks.
🇹🇼 Alchip Technologies GDR Offering - Has Been Riding on an Unwavering Momentum over the past Year (Smartkarma) $
[Fabless semiconductor company] Alchip Technologies (TPE: 3661 / OTCMKTS: ALCPF) is looking to raise US$415m in its GDR offering. As per the firm, the proceeds from the GDR offering will be used to purchase raw materials.
Offering 3.7m GDRs, the deal wouldn’t be a very large one for the firm to digest at just 1.6 days of its three month ADV.
The deal is very well flagged one and momentum on the stock has been very strong.
🇹🇼 What Stories TSMC Investor Conference Telling Us About Customers, Supply Chains, and Competitors (Smartkarma) $
Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) expects 2024 semi sector in recovery with 20-25% y/y growth itself, driven by AI customers. By controlling capex, more rooms to raise dividends but no growth for equipment vendors.
Faster ramp on N3, likely N3E, N3P than competitor's. TSMC expects 3nm from 6% of sales in 3Q23, 12.7% in 4Q23 to 15% in 2024, 3x y/y increase in 2024.
TSMC reports a nearly 30% q/q drop on IOT and consumer IC demand and sees weakness on 12" mature technology despite better demand 8" specialty technology.
🇰🇷 South Korea casino op GKL posts US$33mln profit in 2023 (GGRAsia)
Grand Korea Leisure Co Ltd (KRX: 114090), an operator in South Korea of foreigner-only casinos, reported net income of KRW44.08 billion (US$32.8 million) for full-year 2023, based on preliminary, unaudited figures included in a Thursday filing to the Korea Exchange.
The result compared with a net loss of KRW22.74 billion in 2022, a year during which the company’s business was negatively impacted by disruption caused by the Covid-19 pandemic.
Grand Korea Leisure runs three foreigner-only casinos in South Korea under the Seven Luck brand: two in the capital Seoul, and one in the southern port city of Busan.
The group is a subsidiary of the Korea Tourism Organization, which in turn is affiliated to South Korea’s Ministry of Culture, Sports and Tourism
🇰🇷 Korean Air - US Blocking of JetBlue/Spirit Continues Trend of M&A Opposition (Smartkarma) $
The US Supreme Court has just blocked JetBlue's planned acquisition of Spirit Airlines, ruling on the side of the US DOJ, which had sued to block the proposed deal.
Reuters has reported that the European Commission should approve Korean Air/Asiana imminently following analysis of concessions provided. However, the US and Japan also need to approve the deal.
In "Korean Air - Plan B should Asiana merger fail to gain approval" on 26 October 2023, we highlighted Korean Air is well positioned to continue as a standalone entity.
🇰🇷 Orion Corp: Concerns About Diversification into LegoChem Bioscience (Smartkarma) $
On 15 January, Orion Corp (KRX: 271560) announced that its subsidiary PAN Orion Corp will purchase a 25.7% stake in Legochem Biosciences (KOSDAQ: 141080) for 549 billion won.
LegoChem Bio specializes in antibody-drug conjugate (ADC) technology. Legochem Bio signed a total of 13 technology transfer contracts amounting to 8.7 trillion won in the past 9 years.
Most investors in Orion Corp would rather have the company focus on its core confectionery/snack business, rather than expand into high risk/high reward biotech business.
🇰🇷 Insiders Are Buying Shares In These Korean Companies in January 2024 (Smartkarma) $
We provide a list of four companies including Fila Holdings Corp (KRX: 081660), Kolmar Korea Holdings Co Ltd (KRX: 024720), KG Mobility (KRX: 003620), and Hanwha Galleria (KRX: 452260) where the insiders have been buying shares of their own companies.
These four stocks are up on average 5.6% in the past one month, outperforming KOSPI which is down 1.6% in the same period.
Insiders at Fila Holdings are probably increasing their stakes to capitalize on the price discrepancy as Fila Holdings' 51% stake in Acushnet Holdings Corporation (NYSE: GOLF) is 39% more than its current market cap.
🇰🇷 44% of Korean Stocks Are Trading Below Book Value - FSC Wants to Improve This (Following Japan) (Smartkarma) $
FSC Chairman Kim Joo-hyun mentioned that too many companies in Korea are trading below book value and the FSC plans to implement changes to improve upon this issue.
According to Korea Exchange, 1,111 companies out of total listed in KOSPI and KOSDAQ in Korea (2,538) are trading at below 1x book value (PBR) (liquidation value).
According to the Capital Group, about 39% of companies in the TOPIX trade below book value, compared to just 5% for companies in the S&P 500 Index.
🇰🇷 Hyundai Hyms IPO Bookbuilding Results Analysis (Smartkarma) $
Hyundai Hyms [shipbuilding equipment and related services] reported excellent IPO bookbuilding results. IPO price has been determined at 7,300 won per share, which is 16% higher than the high end of the IPO price range.
A total of 2,099 institutional investors participated in this IPO book building. The demand ratio was 681 to 1. Hyundai Hyms IPO will start trading on 26 January.
Given the solid upside, we expect investors to push up the share price above the high end of our IPO sensitivity analysis (9,092 won) in the first day of trading.
🇸🇬 AEM: When Inventory Fell off the Truck On the Way to Penang... (Smartkarma) $
AEM Holdings (SGX: AWX / OTCMKTS: AEMFF) [Innovative, full-stack solutions, tailored for advanced semiconductor technologies] had a bizarre announcement on Sunday evening the 14th of January 2024: inventory was "lost" on the way to Penang from its Singapore factory.
Given AEM's stellar corporate governance reputation up until now, this raises more than a few eyebrows: how is this even possible?
4Q23 results, due in a month, will feature a large restatement of FY23 results and lead to a major earnings loss. Any recovery is delayed into FY25.
🇸🇬 Singapore Exchange’s Share Price is Hitting a 52-Week High: Can the Bourse Operator Continue to Do Well? (The Smart Investor)
The bellwether Straits Times Index (SGX: ^STI) has declined by around 3% since the beginning of 2024.
Despite this dip,Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX, saw its share price scale a 52-week high of S$9.98 recently.
We dig deeper to determine if SGX can continue to do well in 2024.
🇸🇬 Flex: Growth Potential After The Nextracker Spin-Off (Seeking Alpha) $
Flex (NASDAQ: FLEX) experienced a stock drop post-spin-off of Nextracker (NASDAQ: NXT).
Despite the dip, Flex showcases strong financials, positive guidance, and a decade-long history of returns.
Nextracker's spin-off and market reaction offers an attractive entry point, with Flex focusing on growth and profitability.
🇮🇩 PT Avia Avian (AVIA IJ) - A More Glossy Future (Smartkarma) $
Avia Avian (IDX: AVIA / FRA: P2C) is Indonesia's largest paint manufacturer with a strong track record, selling a wide range of architectural solutions products, with a countrywide distribution network.
The company continues to add to its product portfolio by adding more affordable products to cater for consumers trading down due to inflationary pressures depressing disposable incomes.
Avia Avian continues to add to its distribution network and has introduced express delivery that allows retailers to take more products but less inventory. Valuations are attractive with supportive dividends.
🇹🇭 Berli Jucker (BJC TB) - Well-Crafted Consumer Package (Smartkarma) $
Berli Jucker PCL (BKK: BJC / BJC-F / OTCMKTS: BLJZY) remains a core proxy for consumer recovery and increasing tourism numbers in Thailand, with earnings set to recover in 2024 driven by modern retail and packaging.
Modern retail through Big C has resumed its expansion momentum across all formats with Big C Mini driving growth and supporting its omnichannel efforts, with rental income also recovering.
The packaging business was impacted by the sluggish Vietnamese economy which impacted aluminium cans but new products and strong performance from glass should support growth in 2024. Valuations look depressed.
🇰🇿 Kaspi – The future Wechat of Central Asia? – A destination analysis (Atmos Invest - Hunting for 100-baggers)
KASPI (LON: 80TE / FRA: KKS), a fintech business in Kazakhstan, has developed a superapp: Kaspi kz which has been downloaded about 10 million times on Android in a country with 19 million people.
Have they forged the one ring? Can it become the one app in all of Central Asia? Let’s find out.
If you prefer, you can download the 34-page PDF by clicking this button….
🇵🇱 Text: Temporary Problems And An Unusual Dividend Yield Of 6.5% (Seeking Alpha) $
Text SA (WSE: TXT / LON: 0QTE / FRA: 886 / OTCMKTS: LCHTF) is a customer service platform that offers live chat support, multichannel communication, chatbots, analytics, integration, customization, and security.
In an update reported at the beginning of January, the company showed a worsening in key performance indicators such as churn rate or ARPU.
I think this slowdown in growth is temporary and was impacted by the macroeconomic situation and the change in revenue recognition.
Currently, the P/FCF Ratio is 14x, and the dividend yield is 6.5%, making it a very attractive investment opportunity.
🇧🇷 Totvs: A Long-Term Tech Winner Despite Valuation Raising Eyebrows (Seeking Alpha) $
TOTVS (BVMF: TOTS3) is a Brazilian IT company operating globally, offering business solutions with a strong presence in the Brazilian CRM market.
The investment thesis for Totvs revolves around its classification as a growth company, CRM market leadership, and its recurring revenues.
Totvs demonstrates financial strength through robust revenue generation, a 52% net profit CAGR, and a resilient cash flow.
Valuation concerns, including a stretched P/E ratio, with risks associated with the dynamic tech market and acquisition growth.
Despite these concerns, investing in Totvs for the long term remains appealing due to consistent robust results and growth prospects, particularly in the Techfin segment.
🇧🇷 CTEEP: A Cautious Outlook On The Dividend Thesis In The Current Scenario (Seeking Alpha) $
Companhia de Transmissão de Energia Elétrica Paulista (BVMF: TRPL3 / TRPL4) is a Brazilian utility company engaged in electric power transmission.
CTEEP's investment thesis is supported by its focus on energy transmission, high cash generation, revenue indexed to inflation, and a robust track record in dividend payments.
The company benefits from the resilience of the electricity sector, employing the RAP model for revenue, and has shown substantial growth in Annual Permitted Revenue over the years.
While CTEEP has historically been a strong dividend payer, a substantial investment plan may impact dividends. Considering potential risks, a hold stance is recommended for investors.
🇧🇷 Cyrela Brazil Realty: Cautiously Bullish On This Brazilian Prime Homebuilding Stock (Seeking Alpha) $
Cyrela Brazil Realty Sa Empreendimentos (BVMF: CYRE3 / OTCMKTS: CYRBY) is a Brazilian real estate company focused on residential property construction and development, primarily in São Paulo and Rio de Janeiro.
The company has a strong presence in the middle- and high-income segments, demonstrating resilience to macroeconomic indicators.
Despite challenges like margin contractions and cash burn, Cyrela sustains positive results with high sales velocity, growing work portfolios, and a favorable valuation.
Cyrela's financial data indicates negative cash flows, yet its strategic cash use accelerates operating figures.
Valuation analysis suggests Cyrela is relatively affordable, with shares trading below historical averages, justifying a cautiously bullish stance.
🇧🇷 Waiting For A Brazilian Recovery, Vinci Partners Remains Resilient (Seeking Alpha) $
Vinci Partners Investments Ltd (NASDAQ: VINP) is a leading alternative asset manager in Brazil with around BRL 65 billion in assets.
The company has formed a strategic partnership with Ares Management, which includes cross-collaboration in fundraising activities and an equity investment of $100 million.
Vinci has shown resilience and growth in its private strategies, raising BRL 1.2 billion in capital and benefiting from a potential decrease in interest rates in Brazil.
VINP is well-suited to benefit from Brazil's rates decreasing and trades at an acceptable multiple of recurring earnings.
🇧🇷 BrasilAgro Is A Speculative Play On Crop Prices With No Margin Of Safety (Seeking Alpha) $
Brasilagro - Co Brasileira De Proprieda (NYSE: LND / BVMF: AGRO3) is a land developer and farmer in Brazil, Paraguay, and Bolivia with 215 thousand hectares of land.
The company's profitability is dependent on the price of agricultural commodities, particularly soybeans.
The company's land holdings are valued at a discount to net asset value, but this discount is correlated to commodity prices, too.
In my opinion, the company offers no margin of safety and is therefore a speculative play on agricultural commodity bullishness.
🇧🇷 Minerva: Rise Of A Monopsony (Seeking Alpha) $
Minerva Sa (BVMF: BEEF3) S.A. is South America's largest export beef meatpacker with a significant market share in Brazil, Paraguay, Uruguay, and Colombia.
The company enjoys scale advantages and operates as a monopsony or oligopsony in most regions where it operates.
Minerva can arbitrage across various factors and offers customers higher supply security and supply chain simplicity.
🇧🇷 JBS Is A Quality Giant Trading At Low Cycle-Average Valuations (Seeking Alpha) $
JBS SA (BVMF: JBSS3 / OTCMKTS: JBSAY) is the largest meatpacking company globally, with a strong market position and expanding into value-added products.
The company's market power is evident in its growing margins and returns on capital, despite operating in commoditized markets.
JBS's leverage is manageable, and its long-dated debt maturities and fixed interest rates enhance its value.
🇺🇾 DLocal: Can DLocal Conquer Emerging Markets Despite A Looming Problem? (Seeking Alpha) $
Dlocal (NASDAQ: DLO) is an online cross-border payment platform that enables global merchants to get paid and make payments in emerging markets.
The company offers Pay-In and Pay-Out services, allowing customers to pay for online purchases and enabling users to pay their partners, suppliers, and contractors.
DLocal's growth trajectory shows dominance in Latin America but challenges in Africa and Asia, while its Total Payment Volume has seen significant growth. Valuation suggests potential upside in the future.
📰🔬 Further Suggested Reading
$ = behind a paywall / 🗃️ = Archived article
🌍 Red Sea conflict worsens, forcing more ship detours around Africa (FreightWaves)
Energy shipper Shell (NYSE: SHEL) halted all Red Sea transits on Tuesday, as did the big three Japanese tanker and bulker owners: MOL, NYK and K-Line.
Container-ship diversions around the Cape of Good Hope now appear likely to last for months. Spot rate gains from diversions will almost certainly extend into the period when 2023 annual trans-Pacific contracts are negotiated, pushing up contract rates.
🌐 Occidental's CEO Sees Oil Supply Crunch from 2025 (OilPrice.com)
The ratio of discovered resources versus demand has dropped in recent decades and is now at around 25%.
Occidental Petroleum Corp (NYSE: OXY) CEO Hollub: “2025 and beyond is when the world is going to be short of oil.”.
Oil industry executives have been warning that new resources, new investments, and new supply will be needed just to maintain the current supply levels as older fields mature.
🇨🇳 Chinese stock rout accelerates as foreign investors sell out (FT) $ 🗃️
Fall in Hong Kong and Chinese indices defies many Wall Street banks’ hopes of rebound after last year’s losses
🇨🇳 Beijing tells some investors not to sell as Chinese stock rout resumes (FT) $ 🗃️
Traders say process of easing and then reimposing informal curbs is undermining market confidence
🇨🇳 China's Cyberspace Administration is conducting review of Shein -WSJ (Reuters) & Fashion Giant Faces New IPO Hitch: China's Cybersecurity Police - WSJ (WSJ) 🗃️
China's internet regulator is looking at how Shein handles information on its partners, suppliers and staff in China, and if the fashion company can protect such data from leaking overseas, WSJ reported, citing people familiar with the matter.
This comes as Shein seeks Beijing's nod to go public in the United States and could potentially complicate the fast fashion retailer's listing plans, which have run into political opposition in the United States.
Shein, which according to Reuters sources was valued at $66 billion in a fundraising in May, filed its planned U.S. IPO with the China Securities Regulatory Commission (CSRC) in November.
🇨🇳 Who stands to gain from China’s demographic collapse? (FT) $ 🗃️
Creation of a ‘silver economy’ catering to senior citizens will boost sectors ranging from pharma to robotics
🇨🇳 Is deflation really China’s next big export? (FT) $ 🗃️
A 2024 dark horse narrative examined
🇨🇳 China is not alone in having unreliable growth data (FT) $ 🗃️
Emerging nations would benefit from raising trust in their economic statistics
🇰🇷 🇧🇷 Why Did Korea Get Rich While Brazil Stagnated? (The Emerging Markets Investor)
Conclusion – What will the future bring?
Brazil missed the boat on the trade globalization of the past 40 years while Korea was a primary beneficiary. However, the world is now changing, as protectionism and industrial policy cycle back into favor.
Korea’s “sandwich” problem has not gone away, and its reliance on foreign markets may now be a liability. Moreover, Korea faces a severe demographic problem with the prospect of a declining population and workforce for decades to come. Regional geopolitical tensions may also be highly destabilizing. On the positive side, Korean society is highly homogeneous, collective, and collaborative and has proven highly adaptive to change.
Demography is a lesser issue for Brazil, though its “demographic dividend” of the past decades will become a drag in the coming years. Deglobalization and the newfound popularity of industrial policy may provide an opportunity for productive investment. On the negative side, Brazil’s highly heterogeneous population, a total lack of collective and collaborative spirit, and fractured politics do not promise an easy turnaround.
🇧🇷 Lula’s playbook: Brazil bets on a return to state capitalism (FT) $ 🗃️
The president has big plans to kick-start the economy but critics say he is trying to revive a long-discredited strategy
🇧🇷 Lula’s Speech in Salvador (The Emerging Markets Investor)
Transcript
Lula’s speech in Salvador inauguration of Aeronautic Institute, in defense of a big activist welfare state working in benefit of the people and against the reactionary elites.
🇦🇷 Argentina’s Milei at Davos (The Emerging Markets Investor)
Transcript
Nice speech by Argentina’s Milei at Davos. Not sure how any of this works in practice, but surely refreshing after 40 years of socialism in Latin America.
📅 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):
TaiwanTaiwanese Legislative YuanJan 13, 2024 (d) Confirmed Jan 11, 2020TaiwanTaiwanese PresidencyJan 13, 2024 (d) Confirmed Jan 11, 2020Pakistan Pakistani National Assembly Feb 8, 2024 (d) Confirmed Jul 25, 2018
Indonesia Indonesian Regional Representative Council Feb 14, 2024 (t) Confirmed Apr 17, 2019
Indonesia Indonesian Presidency Feb 14, 2024 (t) Confirmed Apr 17, 2019
Indonesia Indonesian House of Representatives Feb 14, 2024 (t) Confirmed Apr 17, 2019
Russian Federation Russian Presidency Mar 15, 2024 (t) Confirmed Mar 18, 2018
South Korea South Korean National Assembly Apr 10, 2024 (d) Confirmed Apr 15, 2020
India Indian People's Assembly Apr 30, 2024 (t) Date not confirmed Apr 11, 2019
Panama Panamanian National Assembly May 5, 2024 (t) Confirmed May 5, 2019
Panama Panamanian Presidency May 5, 2024 (t) Confirmed May 5, 2019
Mexico Mexican Senate Jun 2, 2024 (t) Date not confirmed Jul 1, 2018
Mexico Mexican Chamber of Deputies Jun 2, 2024 (t) Date not confirmed Jun 6, 2021
Mexico Mexican Presidency Jun 2, 2024 (t) Date not confirmed Jul 1, 2018
Croatia Croatian Assembly Jun 30, 2024 (t) Date not confirmed Jul 5, 2020
Mongolia Mongolian State Great Hural Jun 30, 2024 (t) Tentative Jun 24, 2020
South Africa South African National Assembly Jun 30, 2024 (t) Date not confirmed May 8, 2019
Sri Lanka Sri Lankan Presidency Sep 30, 2024 (t) Date not confirmed
Czech Republic Czech Senate Sep 30, 2024 (t) Date not confirmed Sep 23, 2022
Georgia Georgian Parliament Oct 26, 2024 (d) Confirmed Oct 31, 2020
Uruguay Uruguayan Presidency Oct 27, 2024 (t) Date not confirmed
Uruguay Uruguayan Chamber of Representatives Oct 27, 2024 (t) Date not confirmed
Uruguay Uruguayan Chamber of Senators Oct 27, 2024 (t) Date not confirmed
Georgia Georgian Presidency Nov 30, 2024 (t) Date not confirmed Nov 28, 2018
Romania Romanian Presidency Nov 30, 2024 (t) Date not confirmed Nov 24, 2019
Romania Romanian Chamber of Deputies Nov 30, 2024 (t) Date not confirmed Dec 6, 2020
Romania Romanian Senate Nov 30, 2024 (t) Date not confirmed
Namibia Namibian Presidency Nov 30, 2024 (t) Date not confirmed Nov 27, 2019
Namibia Namibian National Assembly Nov 30, 2024 (t) Date not confirmed Nov 27, 2019
Uzbekistan Uzbekistani Legislative Chamber Dec 31, 2024 (t) Tentative Dec 22, 2019
📅 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):
Haoxi Health Technology Ltd. HAO, EF Hutton, 3.0M Shares, $4.00-5.00, $13.5 mil, 1/22/2024 Week of
Haoxi Technology Ltd. is the holding company of a Beijing-based subsidiary, Haoxi Beijing, which provides short video ads, primarily for healthcare companies, in China. (Incorporated in the Cayman Islands)
The operating entity is an online marketing solution provider in China, with an advertiser client base mainly in the healthcare industry. The growth of the operating entity in recent years has benefited from the quick increase of news feed ads, its major form of ad placement, in the industry of online marketing in China. In addition, the healthcare industry in China has developed rapidly because of the growth of average income and the aging population, which provides a conducive environment for the development of the operating entity’s business.
The operating entity mainly generates its revenue by providing one-stop online marketing solutions, in particular, online short video marketing solutions, to advertisers through its media partners. The operating entity provides customized marketing solutions by planning, producing, placing and optimizing online ads, especially online short video ads, to help its advertisers acquire, convert and retain ultimate consumers on various online media platforms. The operating entity has served approximately 2,000 advertisers since its incorporation in 2018, the majority of which are healthcare companies. The operating entity primarily places its ads through mainstream online short video platforms and social media platforms in China, such as Toutiao (今日头条), Douyin (抖音), WeChat (微信), and Sina Weibo (新浪微博).
*Note: Net income and revenue are in U.S. dollars for the fiscal year that ended June 30, 2023.
(Haoxi Technology filed its F-1 dated Aug. 25, 2023, and disclosed terms for its IPO: 3.0 million Class A ordinary shares at a price range of $4.00 to $5.00 to raise $13.5 million. The company submitted confidential IPO documents to the SEC on Feb. 14, 2023.)
J-Long Group Limited JL, Eddid Securities USA, 1.4M Shares, $4.00-6.00, $7.0 mil, 1/23/2024 Tuesday
We are a holding company incorporated in the Cayman Islands. Our operations are conducted by our Hong Kong subsidiary, JLHK. We manufacture and distribute reflective and non-reflective garment trims. We have been an authorized distributor of 3M Scotchlite reflective materials since 2000. (Incorporated in the Cayman Islands)
We are an established distributor in Hong Kong of reflective and non-reflective garment trims including, among others, heat transfers, fabrics, woven labels and tapes, sewing badges, piping, zipper pullers and drawcords. We have nearly 30 years of experience in the apparel industry and have served over 100 international outerwear and sportswear brands, uniform and safety workwear brands and fashion brands across the world. We offer a wide range of services to cater to our customers’ needs in reflective and non-reflect garment trims, including market trend analysis, product design and development and production and quality control. We work with our customers on their product requirements for the upcoming season, and we usually provide various suggestions on the product design and use of appropriate materials using our know-how and extensive industry knowledge we have accumulated over the years.
Competitive Strengths
We believe the following competitive strengths differentiate us from our competitors:
• Established market presence in the reflective materials industry with nearly 30 years of operating history;
• Diversified product portfolio consisting of reflective and non-reflective garment trims;
• Commitment to environmental sustainability and quality control;
• Strong and stable network of materials suppliers and manufacturing services suppliers;
• Stable business relationships with our customers; and
• Experienced and professional management team.
Our Strategies
We intend to pursue the following strategies to further expand our business:
• Strengthen our design and development capabilities;
• Expand our regional sales presence and marketing capabilities;
• Selectively pursue acquisitions and strategic investments; and
• Increase warehouse and storage capacity.
Corporate History and Structure
We are an established distributor in Hong Kong of reflective and non-reflective garment trims including, among others, heat transfers, fabrics, woven labels and tapes, sewing badges, piping, zipper pullers and drawcords. We have nearly 30 years of experience in the apparel industry and have served over 100 international brands globally, including outerwear and sportswear brands, uniform and safety workwear brands and fashion brands. We offer a wide range of services to cater to our customers’ needs in reflective and non-reflective garment trims, including market trend analysis, product design and development and production and quality control. We work with our customers on their product requirements for the upcoming season, and we usually provide various suggestions on the product design and use of appropriate materials using our know-how and extensive industry knowledge we have accumulated over the years.\On September 20, 2023, the Controlling Shareholder entered into individual subscription agreements with the pre-IPO shareholders, Capital Summit Enterprises Limited, Cherish Gloss Group Limited, Jipsy Trade Limited, Summer Explorer Investments Limited, Wise Total Solutions Group Limited, and Max Premier Enterprises Limited. According to these agreements, the Controlling Shareholder agreed to sell and each of the pre-IPO shareholders agreed to purchase 556,875 shares of JL.
*Note: Net income and revenue are for the year ended March 31, 2023.
(J-Long Group Limited filed an F-1/A on Nov. 9, 2023, and disclosed terms for its IPO: 1.4 million ordinary shares at a price range of $4.00 to $6.00 to raise $7.0 million. Background: J-Long Group Limited filed its F-1 on Oct. 18, 2023, without disclosing terms for its IPO. J-Long Group Limited submitted confidential IPO documents to the SEC on Dec. 30, 2022.)
SU Group Holdings SUGP, The Benchmark Company, 1.3M Shares, $4.00-5.00, $5.6 mil, 1/24/2024 Wednesday
We are a holding company that provides – through its subsidiaries – security-related engineering services in Hong Kong. (Incorporated in the Cayman Islands)
Through our subsidiaries, Shine Union and Fortune Jet, we are an integrated security-related services company that primarily provides security-related engineering services, and to a lesser extent, security guarding and screening services and related vocational training services, in Hong Kong.
Established in 1998, Shine Union has been providing turnkey services to the existing infrastructure or planned development of its customers through the design, supply, installation, and maintenance of security systems for over two decades. The security systems that Shine Union provides services to include threat detection systems, traffic and pedestrian control systems, and extra-low voltage (“ELV”) systems in private and public sectors, including commercial properties, public facilities, and residential properties in Hong Kong. Shine Union is one of the few providers in the security-related engineering services market authorized to distribute over 10 brands of security systems, according to the Frost & Sullivan Report. Shine Union is also the exclusive distributor to market and sell two brands of threat detection systems, which include X-ray machines, trace detection products, metal detectors and mail screening machines.
Some notable projects undertaken by Shine Union include the design, supply, installation and/or maintenance of X-ray machines at a rail link terminus and the air cargo terminal based at the Hong Kong International Airport, the traffic control system and ELV system at the bridge-tunnel system connecting Hong Kong, Macau and Zhuhai, the pedestrian control system at the headquarters office building of a Hong Kong-based banking and financial services company and the Hong Kong office building of a French cosmetics company, and the parking system at a mixed-use complex located on the Kwun Tong Promenade. Shine Union obtains its contracts either through direct invitation for quotation from customers, or through a competitive tendering process of the project employers or their main contractors. In respect of its security-related engineering services, Shine Union has had business relationships with over 300 customers and maintained business relationships for more than 10 years with some major customers.
Since our acquisition of Fortune Jet in 2019, we have been providing security guarding and screening services and related vocational training services in Hong Kong through Fortune Jet. Security guarding and screening services provided by Fortune Jet include dispatching security guards to fulfill customers’ needs such as securing and guarding physical properties and screeners to operate security machines at sites designated by its customers. The related vocational training services offered by Fortune Jet include training courses for Quality Assurance System for Recognition Scheme, or QASRS, Mandatory Basic Safety Training Course (Construction Work), and Mandatory Basic Safety Training Revalidation Course (Construction Work) and to issue relevant certificates.
Note: Net income and revenue are for the 12 months that ended March 31, 2023.
(Note: SU Group Holdings, Inc. filed its F-1 on Nov. 22, 2023. The company submitted confidential IPO documents to the SEC on May 16, 2023.)
BioLingus (Cayman) Ltd. SUBL, Univest Securities, 0.4M Shares, $20.00-20.00, $7.2 mil, 1/31/2024 Wednesday
We are an exempted company with limited liability incorporated under the laws of the Cayman Islands, whose principal place of business is in Switzerland. As a holding company with no operations, we conduct all of our operations through our subsidiaries in Switzerland and to a lesser extent, Hong Kong SAR (“HK SAR”), the People’s Republic of China (“PRC”) and Australia. (Incorporated in the Cayman Islands)
We are a biotechnology company spearheading the development of oral (specifically, sublingual) delivery of peptides and proteins.
Many of the more effective drugs to treat diabetes and obesity are “biologics”, the vast majority of which currently have to be injected. For example, although insulin was discovered almost 100 years ago, there has, to date, not been any commercially viable solution to administer insulin without the need for injection.
Consistent with this, the delivery of peptides or proteins, such as insulin, in a non-invasive way (i.e. without needles or injections) is a very challenging endeavor from a scientific and technical perspective.
Since our inception, we have focused on developing an alternative approach, known as sublingual delivery. The sublingual area lies under the tongue and is lined by a thin layer of cells which has a rich supply of blood vessels. Sublingual delivery has been successfully used commercially for many years to deliver a variety of so-called small molecule drugs, such as glyceryl trinitrate and ondansetron, which can readily penetrate this layer of cells to rapidly enter the blood stream. We hypothesized that we could similarly exploit the unique nature of the sublingual area to effectively deliver peptides and proteins, and this subsequently became the focus of our research. The main peptide used to improve the technology was exenatide, which was the first commercial glucagon-like peptide (GLP-1) receptor protein product and is routinely used to treat type 2 diabetes.
During our first series of studies with exenatide, the sublingual dose required was almost 200 times the injectable dose to achieve a similar effect. After 2 to 3 years of extensive development, we were able to reduce this ratio to 5 to 10, and we now have a “platform” of formulations (the “BioLingus Platform”) and expertise on how formulations should be designed for better performance.
During the course of our research and testing of various peptides and proteins across several different disease indications, it has become clear to us that there are two areas for our technology with significant commercial potential: (1) Metabolic disease, in particular, diabetes and obesity and related metabolic disorders such as NASH (nonalcoholic steatohepatitis) and (2) Immunology (mainly allergy and auto-immune disorders)
Our lead product candidate, Liraglutide Sublingual, being evaluated in a Phase Ib and Phase IIa together. The phase Ib/IIa is a “dose-finding study”: the goal is – as the name says – to find an optimal dose range in humans; this is a relatively short study, which lasts 6-9 months. The trial begun in late April 2023, when the first patient was successfully enrolled and dosed, and is taking place at the Clinical Trials Centre of the Chinese University of Hong Kong. In total, 15 patients will be enrolled in the trial, which is being conducted as a single ascending dose study of sublingual liraglutide in patients with type 2 diabetes, with the main endpoints related to safety, tolerability and preliminary efficacy. As of May 29, 2023, 1 of 15 patients had been enrolled.
*Note: Net loss is for the fiscal year that ended April 30, 2023. The company has no product revenues.
(Note: BioLingus filed an F-1/A dated Nov. 9, 2023, in which it cut its IPO’s size to 360,000 shares – down sharply from 3.0 million shares initially – and raised its assumed IPO price to $20.00 – up from its initial price range of $15.00 to $16.00 – to raise $7.2 million. Background: BioLingus filed its F-1 on June 30, 2023, and disclosed terms for its IPO: 3.0 million shares at $15.00 to $16.00 to raise $47.0 million.)
🏁 Emerging Market ETF Launches
Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:
11/07/2023 - Global X MSCI Emerging Markets Covered Call ETF EMCC - Equity, leverage
11/07/2023 - Avantis Emerging Markets Small Cap Equity ETF AVEE - Active, equity, small caps
09/22/2023 - Matthews Asia Dividend Active ETF ADVE - Active, equity, Asia
09/22/2023 - Matthews Pacific Tiger Active ETF ASIA - Active, equity, Asia
09/22/2023 - Matthews Emerging Markets Sustainable Future Active ETF EMSF - Active, equity, ESG
09/22/2023 - Matthews India Active ETF INDE - Active, equity, India
09/22/2023 - Matthews Japan Active ETF JPAN - Active, equity, Japan
09/22/2023 - Matthews Asia Dividend Active ETF ADVE - Active, equity, Asia
08/25/2023 - KraneShares Dynamic Emerging Markets Strategy ETF KEM - Active, equity, emerging markets
08/18/2023 - Global X India Active ETF NDIA - Active, equity, India
08/18/2023 - Global X Brazil Active ETF BRAZ - Active, equity, Brazil
07/17/2023 - Matthews Korea Active ETF MKOR - Active, equity, South Korea
05/18/2023 - Putnam Emerging Markets ex-China ETF PEMX - Active, value, growth stocks
05/11/2023 - JPMorgan BetaBuilders Emerging Markets Equity ETF BBEM - Passive, large + midcap stocks
03/16/2023 - JPMorgan Active China ETF JCHI - Active, equity, China
03/03/2023 - First Trust Bloomberg Emerging Market Democracies ETF EMDM - Principles-based
1/31/2023 - Strive Emerging Markets Ex-China ETF STX - Passive, equity, emerging markets
1/20/2023 - Putnam PanAgora ESG Emerging Markets Equity ETF PPEM - Active, equity, ESG, emerging markets
1/12/2023 - KraneShares China Internet and Covered Call Strategy ETF KLIP - Active, equity, China, options overlay, thematic
1/11/2023 - Matthews Emerging Markets ex China Active ETF MEMX - Active, equity, emerging markets
12/13/2022 - GraniteShares 1.75x Long BABA Daily ETF BABX - Active, equity, leveraged, single stock
12/13/2022 - Virtus Stone Harbor Emerging Markets High Yield Bond ETF VEMY - Active, fixed income, junk bond, emerging markets
9/22/2022 - WisdomTree Emerging Markets ex-China Fund XC - Passive, equity, emerging markets
9/15/2022 - KraneShares S&P Pan Asia Dividend Aristocrats Index ETF KDIV - Passive, equity, Asia, dividend strategy
9/15/2022 - OneAscent Emerging Markets ETF OAEM - Active, Equity, emerging markets, ESG
9/9/2022 - Emerge EMPWR Sustainable Select Growth Equity ETF EMGC - Active, equity, emerging markets
9/9/2022 - Emerge EMPWR Unified Sustainable Equity ETF EMPW - Active, equity, emerging markets
9/8/2022 - Emerge EMPWR Sustainable Emerging Markets Equity ETF EMCH - Active, equity, emerging markets, ESG
7/14/2022 - Matthews China Active ETF MCH - Active, equity, China
7/14/2022 - Matthews Emerging Markets Equity Active ETF MEM - Active, equity, emerging markets
7/14/2022 - Matthews Asia Innovators Active ETF MINV - Active, equity, Asia
6/30/2022 - BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF XEMD - Passive, fixed income, emerging markets
5/2/2022 - AXS Short CSI China Internet ETF SWEB - Active, inverse, thematic
4/27/2022 - Dimensional Emerging Markets High Profitability ETF DEHP - Active, equity, emerging markets
4/27/2022 - Dimensional Emerging Markets Core Equity 2 ETF DFEM - Active, equity, emerging markets
4/27/2022 - Dimensional Emerging Markets Value ETF DFEV - Active, equity, emerging markets
4/27/2022 - iShares Emergent Food and AgTech Multisector ETF IVEG - Passive, equity, thematic [Mostly developed markets]
4/21/2022 - FlexShares ESG & Climate Emerging Markets Core Index Fund FEEM - Passive, equity, ESG
4/6/2022 - India Internet & Ecommerce ETF INQQ - Passive, equity, thematic
2/17/2022 - VanEck Digital India ETF DGIN - Passive, India market, thematic
2/17/2022 - Goldman Sachs Access Emerging Markets USD Bond ETF GEMD - Passive, fixed income, emerging markets
1/27/2022 - iShares MSCI China Multisector Tech ETF TCHI - Passive, China, technology
1/11/2022 - Simplify Emerging Markets PLUS Downside Convexity ETF EMGD - Active, equity, options strategy
1/11/2022 - SPDR Bloomberg SASB Emerging Markets ESG Select ETF REMG - Passive, equity, ESG
🚽 Emerging Market ETF Closures/Liquidations
Frontier and emerging market highlights:
11/11/2023 - Global X China Innovation ETF - KEJI
11/11/2023 - Global X Emerging Markets Internet & E-commerce ETF - EWEB
11/09/2023 - Franklin FTSE South Africa ETF - FLZA
10/27/2023 - Simplify Emerging Markets Equity PLUS Downside Convexity - EMGD
10/20/2023 - WisdomTree India ex-State-Owned Enterprises Fund - IXSE
10/20/2023 - WisdomTree Chinese Yuan Strategy Fund - CYB
10/20/2023 - Loncar China BioPharma ETF - CHNA
10/18/2023 - KraneShares Emerging Markets Healthcare Index ETF - KMED
10/18/2023 - KraneShares MSCI China ESG Leaders Index ETF - KSEG
10/18/2023 - KraneShares CICC China Leaders 100 Index ETF - KFYP
10/16/2023 - Strategy Shares Halt Climate Change ETF - NZRO
09/20/2023 - VanEck China Growth Leaders ETF - GLCN
08/28/2023 - Asian Growth Cubs ETF - CUBS
08/01/2023 - VanEck Russia ETF - RSX
07/07/2023 - Emerge EMPWR Sustainable Emerging Markets Equity ETF - EMCH
06/23/2023 - Invesco PureBeta FTSE Emerging Markets ETF - PBEE
06/16/2023 - AXS Short China Internet ETF - SWEB
04/11/2023 - SPDR Bloomberg SASB Emerging Markets ESG Select ETF - REMG
3/30/2023 - Invesco BLDRS Emerging Markets 50 ADR Index Fund - ADRE
3/30/2023 - Invesco BulletShares 2023 USD Emerging Markets Debt ETF - BSCE
3/30/2023 - Invesco BulletShares 2024 USD Emerging Markets Debt ETF - BSDE
3/30/2023 - Invesco RAFI Strategic Emerging Markets ETF - ISEM
2/17/2023 - Direxion Daily CSI 300 China A Share Bear 1X Shares - CHAD
1/13/2023 - First Trust Chindia ETF - FNI
12/28/2022 - Franklin FTSE Russia ETF - FLRU
12/22/2022 - VictoryShares Emerging Market High Div Volatility Wtd ETF CEY
8/22/2022 - iShares MSCI Argentina and Global Exposure ETF AGT
8/22/2022 - iShares MSCI Colombia ETFI COL
6/10/2022 - Infusive Compounding Global Equities ETF JOYY
5/3/2022 - ProShares Short Term USD Emerging Markets Bond ETF EMSH
4/7/2022 - DeltaShares S&P EM 100 & Managed Risk ETF DMRE
3/11/2022 - Direxion Daily Russia Bull 2X Shares RUSL
1/27/2022 - Legg Mason Global Infrastructure ETF INFR
1/14/2022 - Direxion Daily Latin America Bull 2X Shares LBJ
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 (January 22, 2024) was also published on our website under the Newsletter category.