Emerging Market Links + The Week Ahead (July 1, 2024)
Amazon to respond to the Temu threat, US-China divorce's impact on housing prices, factors driving de-dollarisation (rumors), SA mining headwinds, EM stock picks & the week ahead for emerging markets.
The other evening, a PRC friend (who happens to work in the Chinese auto industry and is well aware of the new tariffs on Chinese EVs) messaged me out of the blue and I asked him how the economy was going in China:
Another Chinese acquaintance based in Shenzhen was recently visiting Malaysia on a short trip for a recruiting project for their local Malaysia operations, and I asked him the same thing:
ME: How is life in China for ordinary Chinese like you now?
So so haha
In what way?
ME: I mean getting a job that pays enough to live and own a house and have a family etc
It’s ok. I mean, safe, affordable cost living. But the working environment could be a bit toxic
It depends on which city
For city like Shenzhen/SH/BJ/Guangzhou, u need to works ur a** off to buy a house
And Chinese people is obsessed with buying a house u know hahaha if just rent an apartment, it’s not hard from my experience haha
ME: Property market bubble
Yeah it’s like everywhere nowadays hahaa
Finally, the Financial Times has reported that Amazon is set to take on Temu and Shein with a new discount section 🗃️ - they will mirror their cut-price rivals’ business model of direct-from-China offerings (Shopee and Lazada already have China based sellers selling to SE Asian customers).
As discussed May 13, I am not keen to give Jeff Bezos more money (or power) after watching Amazon — Market. Power! Monopoly? | How Amazon Hikes Prices & Copies Product plus Tucker Carlson’s recent interview with an Amazon seller who appeared in that documentary. I can see the move both helping and hurting Temu e.g. getting Americans more comfortable ordering directly from China.
🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
🇰🇷 Mirae Asset Securities' Korean Stock Picks (May 2024) Partially $
Legochem Biosciences, DB HiTek, SK Inc, Chunbo, W-Scope Chungju Plant, People & Technology, Youngone Corp, Cafe24 Corp, Hanwha Solutions, Ray Co Ltd, SK Oceanplant, Dio Corp, Seegene, Hyundai Livart Furniture, HMM, SK Hynix, Samsung Electronics, Fila Holdings Corp, Cosmax Inc, Pan Ocean, SOCAR, Neowiz, InBody, Classys, ST Pharm, LG Uplus, JYP Entertainment Corp, Hanssem Co Ltd, L&F Co Ltd, Lotte Energy Materials Corp, CJ Logistics, CS Wind Corp, NAVER, Dentium, PearlAbyss Corp, NCSoft Corp, Vatech, i-SENS, Koh Young Technology, GS Retail, Hyundai Department Store, Kakao, SK Biopharmaceuticals, Lotte Chemical, Lotte Rental, SK Telecom, Kakao Games, SM Entertainment, Shinsegae, Korean Air, Krafton, Wemade, Vieworks, JejuAir Co Ltd, Joy City Corp, Amorepacific Corp, Kumho Petrochemical, SKC, Ecopro BM, BH Co Ltd, HYBE, BGF Retail, DL E&C Co Ltd, LX International, Korea Aerospace Industries, Hanwha Aerospace, LIG Nex1 Co, HanAll Biopharma, Daewoo Engineering & Construction, Yuhan Corp, Doosan Fuel Cell, Hyundai AutoEver, LG Chem, OCI Holdings, Samsung SDI, Samsung Electro-Mechanics Co Ltd, S-Oil Corp & SK Innovation
🌐 EM Fund Stock Picks & Country Commentaries (June 30, 2024) Partially $
Asians stocks delivering dividend surprises, profiting from EM disruptors + disruptees, how Made In China + India’s service economy came to be, KYO approach for EM investing, 5 Asia megatrends, etc.
📰🔬 Emerging Market Stock Picks / Stock Research
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 Amazon set to take on Temu and Shein with new discount section (FT) $ 🗃️
Ecommerce giant seeks to mirror cut-price rivals’ business model of direct-from-China offerings
🇨🇳 Shein keeps option of Hong Kong IPO as back-up plan (FT) $ 🗃️
Fast-fashion group’s ambition of listing in London is facing scrutiny in both UK and China
Singapore-headquartered Shein is keeping alive a fallback option to list in Hong Kong despite filing confidential paperwork earlier this month with the UK’s financial regulator as a prelude to a London IPO, according to five people familiar with the situation.
🇨🇳 Is shunned Shein the future for blockbuster China IPOs? (Bamboo Works)
The fast fashion sensation’s plan for a London listing may be coming unglued, after it abandoned a New York IPO plan for similar politically motivated reasons
Shein may end up listing in Hong Kong, after its New York IPO plan collapsed and its latest London plan faces similar geopolitical pressures
The case shows how blockbuster IPOs by Chinese firms are becoming more difficult in New York, though some major listings may still succeed
🇨🇳 China’s 618 ecommerce sales – dropped or grew? (Momentum Works)
Is China’s consumer confidence recovering or continuing to slump? That is the reason why the recent 618 shopping festival was very closely watched. Analysts, investors and media were examining any available data, trying to pick up signs.
The controversy started from a set of numbers from Syntun, a major ecommerce data tracking service provider.
Syntun numbers suggested that the 6.18 GMV across ecommerce platforms in China dropped 7% Year on Year to CNY742.8 billion (US$102.3 billion). In particular, marketplaces Taobao/Tmall [Alibaba (NYSE: BABA)], Kuaishou Technology (HKG: 1024 / 81024 / LON: 0A74 / OTCMKTS: KUASF / KSHTY), and PDD Holdings (NASDAQ: PDD) or Pinduoduo saw a combined GMV of CNY571.7 billion (US$78.7 billion), down 6.9% YoY; whilst live commerce platforms Douyin [ByteDance], Kuaishou, Taobao Live saw a combined GMV of CNY206.8 billion (US$28.5 billion), a 12% increase YoY.
🇨🇳 Tencent Music Entertainment Group: How Are They Enhancing User Engagement through Artificial Intelligence? - Major Drivers (SmartKarma) $
Tencent Music Entertainment Group (NYSE: TME), a leading player in China's music streaming industry, started the year 2024 with some substantial financial and operational achievements, reflecting its continued emphasis on a dual-engine strategy of content richness and platform optimization.
However, not all indicators were uniformly positive, revealing certain challenges and strategic pivots.
On the upside, Tencent Music reported a marked increase in its subscriber base, adding a record 6.8 million net subscribers during the quarter, which pushes the total count to 113.5 million music-paying users.
🇨🇳 Tencent’s online bank gets nod to open Hong Kong subsidiary (Caixin) $
WeBank has been approved to set up a tech subsidiary in Hong Kong with $150 million, aimed at providing tech services for Belt and Road Initiative countries.
As of the end of last year, WeBank had 535.6 billion yuan in total assets, with a 13% year-on-year increase, and its revenue grew 11% to 38.4 billion yuan.
Retail loans made up nearly 55% of WeBank's total lending by the end of 2023, and its nonperforming loan ratio dropped to 1.46%.
🇨🇳 Brief comment: Huawei and Tencent’s Recent Moves (Investing in China)
This can shake up the whole profit distribution of the Chinese gaming sector
Two significant events have recently occurred in the Chinese tech industry, which are likely to have major impacts on the market. Most still underestimate the significance:
🇨🇳 Dida wins ride-sharing race to market, but could stay stuck in first gear (Bamboo Works)
The company’s Hong Kong listing application was finally approved on its fifth attempt, paving the way for its IPO
Dida (HKG: 2559) has been approved to list in Hong Kong, reporting adjusted net profits in each of the last three years
The ride-sharing company recently lost its title as China’s top carpooling platform to HelloRide, even as it relies heavily on the business
🇨🇳 EV-maker Hozon plans Hong Kong IPO (Caixin) $
Chinese electric-vehicle (EV) maker Hozon New Energy Automobile Co. Ltd. has filed for an IPO in Hong Kong as it seeks new financing to support its global expansion.
The Shanghai-based carmaker plans to use part of the proceeds to expand into overseas markets to enhance the global presence of its EV brand Neta Auto, according to a filing with the Hong Kong Stock Exchange on Wednesday.
🇨🇳 Minsheng Bank Says Exposure to Troubled Shareholder Manageable (Caixin) $
A major shareholder’s deepening debt troubles have thrust China Minsheng Banking (SHA: 600016 / HKG: 1988 / FRA: GHFH / OTCMKTS: CMAKY / CGMBF), the country’s largest privately owned bank, into the spotlight, although the lender has confirmed its exposure to risky loans is manageable.
Orient Group (SHA: 600811) (东方集团股份有限公司)(600811.SH), the Shanghai listed arm of private investment conglomerate Orient Group Co. Ltd. (东方集团有限公司), said in a recent filing that a creditor has filed a petition seeking bankruptcy restructuring of Orient Group Inc. for unpaid debts.
🇨🇳 Dong E E Jiao (000423.CH) - Big Dividends and Potential Leap in Valuation Are Highly Anticipated (SmartKarma) $
[Chinese patent medicines + health foods] Dong-E-E-Jiao (SHE: 000423)'s performance is exciting. The first-ever equity incentive plan fully demonstrates the new management team's confidence in the future development of the Company. There's potential for another leap in valuation.
Our 2024 forecast is net profit to reach RMB1.4 billion, up 20% YoY. Reasonable valuation is 25-30x P/E.If market value falls below RMB35 billion, this is a great buying opportunity.
Dong-E-E-Jiao is worth long-term holding due to attractive dividend policy. China Resources may further improve dividend payout, which is in line with the major trend for SOE to increase dividends.
🇨🇳 Ascentage Pharma soars on deal with cancer drug competitor (Bamboo Works)
The Chinese drug developer put a rocket booster under its share price after enlisting a Japanese rival as a new equity partner and unveiling plans for a U.S. listing
Under the partnership, Japan’s Takeda International gets an option to market Ascentage Pharma Group International (HKG: 6855 / FRA: 36X / OTCMKTS: ASPHF)’s promising leukemia drug outside of China
Without the capital infusion from Takeda, Ascentage was facing a liquidity crisis with just a year’s worth of cash
🇨🇳 Yidu finds good medicine in regulatory nod for its AI (Bamboo Works)
The provider of medical big data services said China’s cyber regulator recently approved two of its key deep synthesis algorithms
Yidu Tech (HKG: 2158 / FRA: 0EL)’s shares rose 13.6% on the day it disclosed that two key algorithms behind its medical big data services were approved by the Cyberspace Administration of China
Like many of its money-losing peers, the company has recently sacrificed growth at any cost to focus on operating profitably
🇨🇳 Fosun Pharma offers $692 million to privatize innovative drugmaker Henlius (Caixin) $
Shanghai Henlius Biotech (HKG: 2696 / OTCMKTS: SGBCF) surged in Hong Kong after its controlling shareholder Shanghai Fosun Pharmaceutical (HKG: 2196 / SHA: 600196 / FRA: 08HH / OTCMKTS: SFOSF) offered to buyout the company in a deal that values the innovative drugmaker at HK$13.37 billion ($1.71 billion).
Fosun Pharma, a unit of China’s private conglomerate Fosun International (HKG: 0656 / FRA: FNI / OTCMKTS: FOSUF / FOSUY), said late Monday that it plans to acquire all the remaining stake in Henlius that it doesn’t own at HK$24.6 per share. Fosun Pharmaceutical currently owns 59.56% of Henlius.
🇨🇳 GreenTree hit by travel slowdown, restaurant overhaul (Bamboo Works)
The budget hotel operator’s revenue fell 7.1% in the first quarter, as gains for its core hotel business were wiped out by an overhaul for its newer restaurant operation
GreenTree Hospitality Group Ltd. (NYSE: GHG)’s hotel revenue grew 8.8% in the first quarter, though much of that was due to the addition of new hotels
The company’s revpar fell 4.6% for the quarter, as China’s yearlong travel rebound began to lose momentum
🇨🇳 Haidilao CEO switches jobs to take charge of overseas expansion (Bamboo Works)
June Yang, who is credited with steering Haidilao International Holding (HKG: 6862 / FRA: 8HI / OTCMKTS: HDALF) into profit after the pandemic, has moved to the CEO post at the hotpot chain’s international arm, Super Hi International Holding (NASDAQ: HDL), two months after its U.S. IPO
Singapore-based Super Hi landed $4.46 million in the red in the first quarter, hurt by foreign exchange losses, after a net profit of $5.62 million in the same period a year earlier
The restaurant chain is targeting new international markets, using proceeds from its New York listing
🇨🇳 Li Bang bakes up new attempt at Nasdaq IPO (Bamboo Works)
The supplier of stainless-steel commercial kitchen equipment has filed a new application to list in New York, extending a campaign dating back to August 2022
Li Bang has filed a plan to raise $9 million in a New York IPO, down sharply from the $25 million it targeted with its original listing plan in 2022
The company’s revenue and profits have both deteriorated since the original listing plan, making it hard to see why the company is heading to market now
🇭🇰 CK Hutchison: 7% Yielding Value Trap, But We Bought Some (Seeking Alpha) $
CK Hutchison (HKG: 0001 / FRA: 2CKA / OTCMKTS: CKHUY / CKHUF) is a Hong Kong conglomerate with operations in 50 countries and four business segments.
China is a tiny fraction of the total business.
The stock has been on a long slide down and that has pushed the yield up to 7%.
We think it is a value trap, but we bought some anyway.
🇭🇰 Palasino annual profit down 81pct on one-off expenses (GGRAsia)
Hong Kong-listed Palasino Holdings (HKG: 2536), which runs gaming and hospitality complexes in Europe, reported a profit attributable to shareholders of just above HKD8.5 million (US$1.1 million) for the 12 months to March 31. That compared with a HKD44.2-million profit in the prior financial year.
“The profitability of the business was mainly affected by several one-off expenses and online gaming expenses,” stated the company in its annual results filing, published on Wednesday.
Palasino Holdings – which runs three land-based casinos in the Czech Republic and hotels in Germany and Austria – listed in Hong Kong in March. It is a spin-off from Hong Kong-listed property developer Fast East Consortium (HKG: 0035 / FRA: FET / OTCMKTS: FRTCF).
🇲🇴 Mass revenue dip, costs rise hurt Macau 2Q EBITDA: MS (GGRAsia)
Banking group Morgan Stanley thinks Macau mass-market gross gaming revenue (GGR) “could be down 2 percent to 3 percent quarter-on-quarter” when the final numbers are in for this month.
That assessment was “based on a decline in mass revenue and rising costs quarter-on-quarter,” added the memo.
A June 10 report from brokerage CLSA Ltd said its research indicated player rebates and other player reinvestment in the Macau casino market had been growing faster, percentage-wise, quarter-on-quarter than market-wide GGR.
🇲🇴 Macau 2025 GGR to be 88pct of pre-Covid says Fitch (GGRAsia)
Macau is likely to see circa 28 percent year-on-year growth in casino gross gaming revenue (GGR) this year, and 10 percent growth in 2025, says a Thursday update from Fitch Ratings Inc.
For the Singapore casino market, Fitch’s 2024 estimate is for 5.0 percent year-on-year expansion, versus its previous projection of 15.0 percent. The institution thinks 2025 GGR growth in the city state will be 3.0 percent, down from its prior forecast of 4.0 percent.
🇲🇴 SJM rejigs Grand Lisboa Palace for mass clients: analysts (GGRAsia)
CBRE Capital Advisors Inc says Macau casino operator SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY) has a “renaissance story in the making,” as it pivots its Grand Lisboa Palace (GLP) gaming complex (pictured) in Cotai to cater to mass-market patrons. The institution’s commentary was based on meetings it hosted last week in London, with Christopher Ip Shih Ming, who took over as SJM Holdings’ chief financial officer in December.
Under a new management, SJM Holdings “is institutionalising the business,” and is “proactively introducing the company to investors globally,” wrote CBRE analysts John DeCree and Max Marsh in a Tuesday memo about the meetings in the United Kingdom capital.
🇲🇴 Emperor Ent posts US$8mln annual profit, rev up 171pct (GGRAsia)
Macau satellite casino promoter Emperor Entertainment Hotel Ltd (HKG: 0296 / FRA: EM7A) reported a net profit of HKD62.8 million (US$8.0 million) for the 12 months ended March 31, 2024. The result compares with a HKD128.0-million loss in the previous financial year, said the company in a Monday filing to the Hong Kong Stock Exchange.
The firm runs the 311-room Grand Emperor Hotel (pictured) in downtown Macau, including the complex’s casino. The gaming venue is promoted under the licence of casino concessionaire SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY).
Emperor Entertainment operates a second hotel in Macau, called Inn Hotel, but that property does not have gaming facilities. The group also has hotel operations and serviced-apartment business in Hong Kong.
🇰🇷 Korea Electric Power: Catalysts Are Still Intact (Seeking Alpha) $
It is highly probable that Korea Electric Power Corporation or KEPCO (NYSE: KEP / KRX: 015760 / FRA: KOP) will re-initiate dividends for the current fiscal year, judging by the positive read-throughs from the company's recent management commentary.
Korea Electric Power is likely to be in the black again in FY 2024, and a key earnings driver will be a higher nuclear power generation contribution.
I leave my existing Buy rating for KEP unchanged, as the catalysts for an earnings turnaround and dividend re-initiation are still intact.
🇰🇷 Coupang Inc.: Artificial Intelligence Integration & 5 Major Growth Drivers (SmartKarma) $
Coupang, Inc. (NYSE: CPNG) has commenced 2024 with a notable performance that underscores both strengths and areas in need of meticulous attention.
During the first quarter, Coupang reported a robust 28% year-over-year growth in revenues in constant currency terms, attributed primarily to increased spending across customer cohorts, including its longest-standing customers.
This points to successful customer retention and the appealing nature of its offerings.
🇰🇷 Merger Between Classys and Ilooda Likely to Reduce Local Competition (Douglas Research Insights) $
On 25 June, Classys (KRX: 214150) announced a merger with Ilooda Co Ltd (KOSDAQ: 164060). The merger ratio is set at 0.1405237 to 1 for Classys and Ilooda.
This merger aims to combine Classys’ expertise in high-intensity focused ultrasound (HIFU) with Ilooda’s in micro-needle radio frequency (RF) and laser technologies.
We have a positive view of this merger between Classys and Ilooda. This merger is likely to reduce the overall competition in the aesthetics devices market in Korea.
🇰🇷 Kolmar Holdings: Aggressive Plans to Cancel Outstanding Shares + Improving Returns to Shareholders (Douglas Research Insights) $
On 26 June, Kolmar Holdings (KRX: 024720) announced it plans to cancel 2.5 million treasury shares (6.7% of outstanding shares) as part of its participation in the corporate value-up program.
Previously, Kolmar Holdings announced that it would return more than 50% of its net profit to shareholders in accordance with the shareholder return policy announced in July 2023.
According to our NAV analysis, it suggests an implied NAV of 555 billion won or NAV per share of 15,088 won, which represents a 39% upside from current price.
🇰🇷 NCSoft: Corporate Split-Off of Two Divisions (Douglas Research Insights) $
On 24 June, NCSoft Corp (KRX: 036570) announced a corporate split-off of two divisions called named NC QA Company and NC IDS Company.
NCSoft plans to hold a shareholders meeting where to vote on the split off decision on 14 August. Effective date of the company split is scheduled for 1 October 2024.
The consensus estimates sales of 2.0 trillion won (up 19.2% YoY) and operating profit of 272 billion won (up 155.2% YoY) in 2025.
🇰🇷 Sanil Electric IPO Valuation Analysis (Douglas Research Insights) $
Our base case valuation of [specialized transformer manufacturer] Sanil Electric is market cap of 1.8 trillion won or target price of 58,593 won (95% higher than the high end of the IPO price).
Sanil Electric has higher sales growth, operating margins, and ROE than the comps.
We estimate Sanil Electric to generate sales of 283.4 billion won (up 32.1% YoY) and operating profit of 79 billion won (up 69.6% YoY) in 2024.
🇰🇷 Sanil Electric IPO Industry Analysis (Douglas Research Insights) $
With the development of new and renewable energy, transmission and distribution network bottlenecks are worsening in many countries, and there is a strong demand for new transmission and distribution networks.
China is virtually excluded from competition for the US market. This situation has resulted in increased new orders for companies such as [specialized transformer manufacturer] Sanil Electric.
Our base case valuation of Sanil Electric is target price of 58,593 won, which is 95% higher than the high end of the IPO price range (30,000 won).
🇹🇼 TSMC: This Could Be The Top (Seeking Alpha) $
Taiwan Semiconductor Manufacturing Company (NYSE: TSM) has greatly benefited from the AI chip boom in recent months.
The potential price hikes for its 3nm chips should help the company fairly easily meet its fiscal goals this year.
However, the rising geopolitical risks along with the non-existent margin of safety at the current price make me believe that TSMC's shares have reached their top for now.
🇹🇼 TSMC: Strategic Alliances Lift Stock To New All-Time Highs (Seeking Alpha) $
Taiwan Semiconductor Manufacturing Company (NYSE: TSM) is poised to capture a significant share of AI-driven value accumulation within the semiconductor industry, a trend that should extend for a few years.
As the world's leading foundry service provider, TSMC is benefiting from a multi-year shift towards increased semiconductor content in mobile devices and cloud centers.
TSMC's AI revenues are expected to increase from less than $5 billion in 2021 to over $30 billion by 2027.
Overall, I expect TSMC's revenue growth over the next three years to exceed a 20% CAGR, with a slightly higher expansion rate for EPS due to potential margin improvements.
Based on a valuation anchored on a residual earnings model, I maintain a "Buy" rating on TSMC stock, and set my target price at $200.
🇹🇼 United Microelectronics: Stock Valued Just Right (Seeking Alpha) $
United Microelectronics Corp (NYSE: UMC / TPE: 2303)'s revenue declined by 20% in 2023, underperforming expectations, but analyst consensus expects growth of 1.5% in 2024 and 15% in 2025.
The company's market share remained stable at 6.1% in 2023, despite declines in its three main segments.
We believe UMC's expansion into 12nm process technology through partnerships could support long-term growth, but demand recovery remains a risk in 2024.
🇰🇭 🇭🇰 Century Ent VIP rooms in Cambodia to open in Sept: firm (GGRAsia)
Hong Kong-listed Century Entertainment International Holdings (HKG: 0959) expects to start operations in “early September” at two VIP rooms in a casino at Dara Sakor, Koh Kong province, in Cambodia.
In its annual report, Century Entertainment also said the group would “look beyond Cambodia” for business opportunities, including in Thailand, if the country eventually legalises casino gambling.
“The group will closely monitor the developments in neighbouring Thailand, where plans to legalise casinos are under way,” noted the Hong Kong-listed company. “This presents a compelling opportunity for geographic expansion, and the group will be well-prepared to adapt its strategy accordingly to seize emerging market dynamics.”
Century Entertainment “recorded no revenue for the years ended 31 March 2024 and 2023,” according to the annual report.
🇮🇩 PT Metrodata Electronics (MTDL IJ) - A Future in AI Implementation (SmartKarma) $
Metrodata Electronics (IDX: MTDL) saw a strong rebound in 1Q2024 for its distribution business, especially for telco products, which partially offset the slower growth in solutions & consulting.
Solutions&consulting saw slow growth due to some delays over projects due to political uncertainty ahead of the election but it did have the support of recurrent income from software.
PT Metrodata Electronics should see a recovery in solutions & consulting in 2H2024, with increasing demand from AI-related projects, which will further drive future growth. Valuations remain attractive.
🇮🇩 Selamat Sempurna (SMSM IJ) - Filter Champion (SmartKarma) $
Selamat Sempurna (IDX: SMSM) is one of the most interesting industrial companies in Indonesia, with a leading market share in filters for auto and heavy equipment markets in Indonesia and overseas.
1Q2024 was impacted by a seasonal slowdow ahead of Lebaran and a decline in sales to Russia, offset by strong US sales. Management remains confident in the outlook for FY2024.
Selamat Sempurna will continue to benefit from growth in the filter replacement market for both auto and heavy equipment markets and already has exposure to EVs. Valuations are attractive.
🇮🇩 Telkom Indonesia: Secular Tailwinds, Stellar Balance Sheet, Attractive Valuation (Seeking Alpha) $
PT Telkom Indonesia Persero Tbk (NYSE: TLK) is the leading Indonesian telecom provider, with 50%+ market share in mobility and fixed broadband services.
Consistently growing and profitable, Telkom Indonesia is investing for future growth and diversifying its operations into additional verticals.
Indonesia's fast-paced economic growth, responsible monetary policy, and favorable demographic trends provide an ideal environment for Telkom Indonesia's continued success.
The company's strong balance sheet and attractive price multiples make it a safe long-term value play. Potential risks include government changes and currency fluctuations.
🇲🇾 Genting US$1bln energy projects to hit leverage: Moody’s (GGRAsia)
The nearly US$1.1-billion investment in energy-related projects by Genting Berhad (KLSE: GENTING / OTCMKTS: GEBHY), the Malaysia-listed parent of a group of casino businesses around the world, is “credit negative” because it will “weaken” the group’s “credit metrics over the next 12 to 18 months,” says Moody’s Ratings.
The investments in energy assets “underline Genting Bhd ambitions for growth and expansion, both within and outside its core leisure and hospitality business,” stated the institution.
Genting Bhd announced last week an aggregate investment of about US$1.03 billion – via some of its subsidiaries – to construct in Indonesia a floating facility for liquefied natural gas, with it scheduled to start operations by the third quarter of 2026.
🇸🇬 GEN Singapore 2Q EBITDA likely down 35pct q-o-q: MS (GGRAsia)
Singapore casino complex Resorts World Sentosa is likely to see a sequential decline in quarterly earnings before interest, taxation, depreciation, and amortisation (EBITDA) for the second quarter of 2024, says Morgan Stanley Asia Ltd.
The institution expects the property (pictured), promoted by Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY) to generate SGD245 million (US$180.9 million) in EBITDA for the three months to June 30.
That would be down circa 35 percent sequentially, and about 80 percent of the pre-pandemic level seen in second-quarter 2019, wrote analysts Praveen Choudhary and Gareth Leung.
🇸🇬 Grab Holdings (GRAB US) - Facing Off the Competition (SmartKarma) $
Grab Holdings Limited (NASDAQ: GRAB) continues to face off the competition with product-led initiatives which continue to gain traction, improving retention rates, and increasing user spend and frequency.
Competition from new players in Singapore is evident but given Grab's market position, which allows it to virtually guarantee driver's daily income, whilst competition often affects smaller players more.
Grab Holdings (GRAB US) continues to reinvest excess margins in growth but the real kicker will come next year once new product initiatives fully take hold.
🇸🇬 Grab Holdings: Grabbing Market Share In A Sea Of Challenges (SmartKarma) $
Grab Holdings Limited (NASDAQ: GRAB) is the most popular ride-hailing app in Southeast Asia, except in Indonesia, where PT GoTo Gojek Tokopedia Tbk (IDX: GOTO.JK) is a significant competitor.
Grab's delivery segment is its largest source of revenue and just turned profitable only in 2023.
Grab's financial services segment, including digital banking, is crucial for its vision of becoming a super app in the region.
🇸🇬 Sea Limited Stock No Longer Floats My Boat, Calling It A Day (Rating Downgrade) (Seeking Alpha) $
Sea Limited (NYSE: SE) has shown impressive revenue growth, up 23% y/y in Q1 2024, surpassing my expectations.
With a valuation of approximately 35x forward EBITDA, I find the Sea Limited risk-reward balance less compelling than it was a year ago.
Here's why I'm now moving to the sidelines.
🇸🇬 Share Prices of These 4 Singapore Stocks Are Hitting Their 52-Week Highs: Can They Continue Their Run? (The Smart Investor)
These four Singapore stocks are seeing their share prices shooting up, but can they continue to do so?
Singtel (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) is Singapore’s largest telecommunications company and provides mobile, broadband, and pay TV services to consumers and cybersecurity and data centre services to businesses.
Riverstone Holdings (SGX: AP4) manufactures nitrile and natural rubber clean room gloves that are used in highly controlled environments, as well as premium nitrile gloves used in the healthcare industry.
Sim Leisure (SGX: URR), or SLG, is a designer, developer and operator of theme parks.
Yangzijiang Shipbuilding Holdings (SGX: BS6 / FRA: B8O / OTCMKTS: YSHLF), or YZJ, is one of the largest non-state-owned shipbuilding companies in China.
🇸🇬 Singapore’s Tourism Boost: Which Companies can Benefit from it? (The Smart Investor)
Singapore has re-established itself as a tourism hub, supported by numerous significant events in early 2024. Given this resurgence, here are some companies you might consider for your investment portfolio.
While it might be surprising to many Singaporeans, the iconic Marina Bay Sands (MBS) is actually owned by an American company – Las Vegas Sands (NYSE: LVS).
Far East Hospitality Trust (SGX: Q5T) is a hospitality-focused REIT, with a portfolio comprising nine hotels and three serviced residences.
CDL Hospitality Trusts (SGX: J85 / OTCMKTS: CDHSF) is another hospitality-focused REIT with a portfolio that includes six hotels and one shopping mall in Singapore.
Other notable mentions include Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF), Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY), and SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF).
🇸🇬 Sheng Siong’s Share Price is Languishing Near its 52-Week Low: Can the Retailer Find its Mojo Again? (The Smart Investor)
The supermarket retailer’s share price has stayed stagnant in recent months. Can Sheng Siong (SGX: OV8 / OTCMKTS: SHSGF) see a recovery on the horizon?
Sheng Siong saw its share price surge during the pandemic as investors believed that more people would shop at the group’s stores during the lockdowns.
Let’s dig deeper to find out.
Improved financials
Steadily-increasing gross margin
Expanding its store presence
Growth opportunities abound
Get Smart: An undemanding valuation
🇸🇬 iFAST’s Share Price Surged 64% in the Past Year: Can the Fintech Surpass its All-Time High of S$10? (The Smart Investor)
With iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF)’s share price shooting up by 64%, does the fintech have what it takes to reclaim its all-time high of S$10?
The fintech group saw its shares soar nearly sevenfold from S$1.08 back in late June 2019 to the current S$7.29.
Soaring profits and a sharply higher dividend
The Hong Kong eMPF contract
iFAST’s digital bank wild card
Another catalyst on the way
Get Smart: Revenue and profits look poised to increase
🇮🇳 The Beat Ideas- Ramkrishna Forgings: A Strategic Growth Opportunity (SmartKarma) $
Ramkrishna Forgings Ltd (NSE: RKFORGE / BOM: 532527)
Rising exports, as it has higher margins and Growth in Non-Auto sectors
Acquisition of ACIL, JMT auto, TSUYO, and Multitech Auto will drive revenue
Reducing dependency on a single product or categories and single customer
🇮🇳 Potential Yatra Stock Trigger Event (Seeking Alpha) $
Yatra Online (NASDAQ: YTRA) is the third-largest online travel agency in India with a large corporate contract travel business.
India's domestic air passenger traffic is expected to double by 2030, making it the fastest growing major travel market in the world.
Yatra is gaining market share in this high-growth market.
Yatra's potential solution to simplify its corporate structure and focus on the India stock market may also positively impact its US shares, providing an additional opportunity for Yatra Online investors.
🇮🇳 Initial Thoughts on LG Electronics India IPO (Douglas Research Insights) $
According to local media, LG Electronics (KRX: 066570 / FRA: LGLG / LON: 39IB) is reviewing for a potential IPO of LG Electronics India. LG Electronics has approached JP Morgan and Morgan Stanley to be potential IPO underwriters.
If LG Electronics' Indian subsidiary is listed, it is expected to be able to raise at least $500 million from the stock market.
Post IPO, the market value of LG Electronics India is estimated to be between $2.1 billion (3 trillion won) and $4.3 billion (6 trillion won).
🇮🇱 Tower Semiconductor Ltd.: How Are They Enhancing AI Capabilities & Expanding Into 300-millimeter Wafer Technology! - Major Drivers (SmartKarma) $
This is our first report on independent semiconductor foundry, Tower Semiconductor (NASDAQ: TSEM)
The company reported its fourth-quarter and full-year financial results for 2023, with industry-wide slowdowns marking the past year and resulting in an annual revenue of $1.42 billion.
Despite this, there are clear indicators of market recovery observed by the company, with renewed demand across several key market segments as the company transitioned into 2024.
🇹🇷 TAV Havalimanlari Holding: Further Upside After Stock Has Soared Over 85% (Seeking Alpha) $
[Airport operator] TAV Havalimanlari Holding AS (IST: TAVHL / OTCMKTS: TAVHF) stock has seen a strong 85.3% return since March 2023, outperforming the S&P 500.
Revenue growth outpaced passenger and cost growth, with EBITDA increasing by 97% driven by higher passenger traffic.
The company maintains strong guidance for 2024, expecting revenue growth of 17% and EBITDA growth of 20% at the midpoint.
🌍 Africa Oil Corporation Plans To Bump Its Yield Past 8% (Seeking Alpha)
Africa Oil (TSE: AOI / STO: AOI / FRA: AFZ / OTCMKTS: AOIFF) has a single producing asset in Prime Oil and Gas, which is being consolidated to enable strong shareholder returns.
The company has revamped its strategy to focus on growth potential, including farm downs, equity investments, dividends, and share buybacks.
Africa Oil Corporation's assets in Nigeria have strong production potential, with plans for substantial shareholder returns through dividends and buybacks.
🇪🇬 IDH to delist from Egypt, retain London listing (Capital Markets Africa)
The medical diagnostics company is seeking to bolster the liquidity of its shares.
Shareholders in Integrated Diagnostics Holdings Plc (EGX: IDHC / LON: IDHC / FRA: 8I8 / OTCMKTS: IDGXF) have voted in favour of the board’s proposal to seek a voluntary delisting from the Egyptian Stock Exchange (EGX). Over 93% of shareholders supported the motion at a recent extraordinary general meeting (EGM).
Speaking last month, CEO Dr Hend El Sherbini said that the reason for exiting the EGX was to improve liquidity in the company’s shares.
IDH operates in the consumer healthcare sector. It provides medical diagnostic services in Egypt, Jordan, Sudan, Nigeria and Saudi Arabia across over 500 branches.
🇿🇦 Thungela: Let's Have A Nudge? (Seeking Alpha) $
We think Thungela Resources (LON: TGA / JSE: TGA / FRA: 6UP / OTCMKTS: TNGRF)'s systematic headwinds are baked into its stock price.
Investors might shift their focus to the firm's nimble execution and alluring price multiples.
Thungela forecasts lower FOB rates and higher South African production. Although we foresee a few challenges, we concur with the firm's outlook.
Despite being a risky bet, Thungela's stock can be exceptionally rewarding.
🇿🇦 Rainbow Chicken finally lists on the JSE after tough few years (IOL) & Rainbow Chicken helps RCL Foods drive earnings growth (IOL)
ONE of South Africa’s best-known chicken producers, Rainbow Chicken (JSE: RBO), listed on the JSE Main Board yesterday through an unbundling from its parent RCL Foods (JSE: RCL / OTCMKTS: RCLFF).
The listing, the second in two days for the bourse, followed RCL announcing its decision to list Rainbow in March. Rainbow’s 890.3 million shares were untraded at R4 each yesterday, and will begin trading from July 1 this year.
The JSE has been struggling to attract new listings recently after only three companies listed last year. Although it predicted possibly up to 10 new listings this year, so far Rainbow is only the second after Cilo Cybin listed on the AltX board yesterday.
Rainbow Chicken was originally founded in 1960 as a small family-owned business. Today, it is a fully integrated broiler producer and functions at all stages of chicken production, from farm to fork. Its fully integrated business model incorporates all stages of chicken production.
🇿🇦 Cilo Cybin, medical cannabis investment company, lists on JSE’s AltX Board (IOL)
Medical cannabis investment company Cilo Cybin Holdings (JSE: CCC) listed on the JSE’s AltX Board yesterday as a Special Purpose Acquisition vehicle (SPAC), with ambitions for future expansion and growth through new acquisitions in the biotechnology and medical cannabis industries.
The company is the first cannabis SPAC to list on the AltX Board, the JSE said in a statement yesterday.
Cilo Cybin Pharmaceutical, the first target of the SPAC, was the first entity in South Africa to obtain both medical cannabis cultivation and manufacturing licences. It produces and supplies Good Manufacturing Practice (GMP) medical cannabis products, including GMP CBD, CBG, CBN isolates and GMP THC and CBD distillates, to local and international markets.
🌎 Why Tenaris Is Significantly Undervalued (Seeking Alpha) $
Tenaris S.A. (NYSE: TS) is a leading manufacturer of steel pipes for the energy industry, with facilities using electric arc furnaces for production.
The company operates globally, with a focus on the oil and gas segment, deriving most revenue from the U.S. and Argentina.
High barriers to entry, low concentration, and volatile revenue characterize the steel pipe industry, with substitutes mainly coming from international imports.
🇦🇷 Banco Macro: Strong Fundamentals Are Overshadowed By Macro Risks (Seeking Alpha) $
Banco Macro Sa (NYSE: BMA) is a leading private bank in Argentina with a strong presence in the interior provinces.
The bank's financial performance is solid with high profitability, efficiency, and asset quality.
Despite good fundamentals, political and economic risks in Argentina may impact Banco Macro's performance and valuation in the near future.
🇧🇷 RAPT4: Is it time to buy Randon? (Brazil Stocks)
Randon Sa Implementos E Participacoes (BVMF: RAPT4) is a leading conglomerate in the production of road implements and controller of large auto parts companies for heavy vehicles and the automotive aftermarket, industrial technology and financial services (including a bank).
Randon has net revenue of R$11 billion, a market value of R$3 billion and has a net debt of R$2 billion. We expect an EBITDA of R$1.7 billion and a net profit of R$500 million for the year 2024, with growth in the coming periods.
🇧🇷 Zenvia: Funding Gap Solved, Full Speed Ahead (Seeking Alpha) $
[Software stock] Zenvia (NASDAQ: ZENV) struggled with liquidity gap due to acquisition spree, but now resolved with renegotiated payment schedule and equity option.
Stock undervalued despite recent rally, with potential upside of 35% based on comparables analysis.
Company positioned for growth in CPaaS and SaaS segments, with strategic geographical positioning.
🇧🇷 Petrobras: Don't Overstate The Lula Risk (Seeking Alpha) $
Petrobras (NYSE: PBR / PBR-A) investors were stunned again as the market sent PBR into a bear market.
The dismissal of PBR's ex-CEO has intensified concerns about interference by the Lula administration.
Investors will likely take time to assess PBR's new top leadership team.
Despite that, the market isn't dumb, as PBR is still very cheap.
I explain why dip-buyers have likely returned, suggesting PBR seems to be bottoming. Read on.
🇧🇷 Nubank: Stay Long This World-Class Fintech - Results Are Accelerating (Seeking Alpha) $
Nu Holdings (NYSE: NU) has returned 41% since we first rated it a 'Strong Buy' earlier this year, but we think there could be more growth on the horizon.
The company's Q1 report was incredible, with top and bottom-line growth of 69% YoY and 135% YoY, respectively.
Given NU's success in Mexico, we think there's potential for 40%-60% upside over the next twelve months on the back of improving monetization and geographical expansion.
We re-iterate our 'Strong Buy' rating.
🇧🇷 Nu Holdings: The Opportunity In LATAM Is Huge And Valuation Seems Right (Seeking Alpha) $
Nu Holdings (NYSE: NU) is a neobank with a strong presence in Latin American countries, showing 105% annual growth between 2020-2023.
The company operates in Brazil, Mexico, and Colombia, with potential for expansion in other countries due to low banking penetration.
In each country it arrives, the company ends up becoming a leader, which demonstrates a great product behind.
Despite the 45% YTD return, I think the valuation is still attractive.
🇧🇷 Ambev: Not As Appealing As Its Local Alternatives (Seeking Alpha) $
Ambev (NYSE: ABEV) is the largest beverage firm in Brazil with a well-established presence in the country and exposure to other Latin American nations and non-alcoholic goods.
Ambev's prospects are unclear, with challenges in revenue growth, net income, and operating margins, making it less attractive compared to other Brazilian companies.
The hold rating is based on Ambev's unattractive comparative valuation against other Brazilian stocks, compounded by uncertain growth prospects.
🇧🇷 COPEL: Privatization Brings New And Promising Strategy (Seeking Alpha) $
Companhia Paranaense de Energia (COPEL) (NYSE: ELP) has been privatized and is focusing on divesting small businesses to improve efficiency and capital structure.
The company's financial indicators are strong, with potential for repricing and shareholder value creation.
Despite a sell recommendation by Quant Rating, Copel's valuation is attractive compared to sector average, making it a good investment opportunity.
🇨🇱 Sociedad Quimica y Minera de Chile Stock Has Gotten Cheap (Seeking Alpha) $
Sociedad Química y Minera de Chile (NYSE: SQM) is a leading lithium miner facing short-term challenges due to weak EV sales, but long-term prospects remain positive.
Recent results show a substantial net loss, primarily due to high taxes, but future profitability is expected as tax issues are resolved.
The global EV market is facing challenges with slower growth, impacting lithium demand, but the long-term outlook for the lithium market remains promising.
🇲🇽 Mexico Fund: Tactical Play On A Relief Rally (Seeking Alpha) $
Mexican equities have sold off post-election.
While somewhat warranted, the extent of the selloff seems excessive.
Despite its flaws, the steeply discounted Mexico Fund (NYSE: MXF) now offers an attractive risk/reward.
🇲🇽 Invest in Mexican stocks part 4: Why not buy the exchange (Bos Invest Substack)
Buying the exchange might be a good option if you like a stock market. Mexican cement, the worlds largest bakery, resorts & investing in supermarkets.
Grupo Bimbo SAB de CV (BMV: BIMBOA / FRA: 4GM / OTCMKTS: GRBMF / BMBOY): Largest bakery company in the world. Active in 35 countries with 100+ brands and over 9,000 products.
Bolsa Mexicana de Valores SAB de CV (BMV: BOLSAA / FRA: BC51 / OTCMKTS: BOMXF): Mexican stock exchange. I like the stock exchange business. It is quite capital light, earnings can grow with the market and there is usually capital left for decent dividends.
Cadu Inmobiliaria SA de CV (BMV: CADUA): Construction company focusing on (entry level) housing.
CEMEX (NYSE: CX) is the largest Mexican Cement and aggregates company with activities in over 50 countries.
Grupo Comercial Chedraui SAB de CV (BMV: CHDRAUIB / FRA: 2GCB / OTCMKTS: GCHEF): Mexican supermarket chain with stores in the US. Market cap 121.88B pesos.
Grupe SAB de CV (BMV: CIDMEGA): El Cid resorts is active in the hospitality industry.
🇲🇽 Mexico's On Sale - BMV Group's Trading Volumes Are Up, But Its Price Is Down (Seeking Alpha) $
Bolsa Mexicana de Valores SAB de CV (BMV: BOLSAA / FRA: BC51 / OTCMKTS: BOMXF)
Mexico is on sale due to profit-taking by currency speculators and short selling of equities, which will eventually have to be covered.
Mexico's economic fundamentals are solid and it has an enormous opportunity due to the 'near-shoring' manufacturing trend.
Trading volumes on MEXBOL, the Mexican Stock Market, have skyrocketed. Despite this, the price of BOMXF, the ADRs of its owner, are down.
With a 7% dividend, no long term debt, and a 20% ROE, it's a BUY.
📰🔬 Further Suggested Reading
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 Who Gets The House In The Divorce Between The United States And China (Macro Alchemist via ZeroHedge)
One area of this global divorce that we feel deserves special attention is the respective housing markets of not just the US and China, but also other western housing markets, more specifically Canada and Australia.
Residential real estate is typically regarded as a localised asset class rather than a global one. Favorable credit conditions are behind any real estate boom and these credit conditions are primarily determined by local interest rates and lending standards. However, we believe that local real estate markets have been greatly influenced by global trends.
🇨🇳 China’s sales of packaged goods pick up as prices fall, report says (Caixin) $
China’s fast-moving consumer goods (FMCG) sales grew quicker in the first quarter of this year, but the decline in average selling prices widened, as established retail brands continue to be challenged by lower-priced offerings in highly competitive segments amid an uneven economic recovery.
Total sales value of FMCG — packaged goods that are sold quickly at relatively low prices — grew 2% year-on-year in China’s urban areas during the period, up 0.5 percentage points from a year earlier, according to a new report [China FMCG Settles into New Reality, with Moderate Growth and Continuous Price Pressures] released Thursday by Bain & Co. Inc. and Kantar Worldpanel.
🇭🇰 Hong Kong’s exclusive clubs rocked by economic slowdown and expat exodus (FT) $ 🗃️
Prices on secondary market for lifetime memberships continue to slide post-pandemic as city’s troubles squeeze demand
🇿🇦 Are financial markets nervous on Cabinet uncertainty? (IOL), GNU uncertainty risks driving FDI from SA after inflows rose in Q1 (IOL) & The fight for portfolios between DA and ANC is much to do about nothing (IOL)
Last week demonstrated how fragile and uncertain the first “coalition” government of South Africa will be as the Government of National Unity (GNU) struggled to cross the first main hurdle towards successful co-operation consolidation and fought to reach consensus on a new Cabinet.
Foreign investors did not like this uncertainty and sold South African bonds and some shares on the JSE. In reaction, the rand depreciated last week by 30c against the US dollar to R18.25 at the close on Friday, from R17.95 on the previous Friday, after the president was sworn in.
🇿🇦 More job losses loom for mining industry as headwinds persist (IOL)
THE jobs bloodbath in South Africa’s mining industry is likely to worsen in the upcoming months, the Minerals Council has warned.
This after data from Statistics South Africa earlier this week painted a bleak picture of the state of jobs across the mining industry.
Earlier this month, the Minerals Council said costs for South African mining companies rose by 7.2% in April. Costs for gold, coal and platinum group metals were highlighted as having the largest cost increases.
André Lourens, an economist with the Minerals Council, said “high inflation rates for electricity, water, coke, petroleum, transport and storage significantly pressured mining inputs.”
🌐 The Reign of the Dollar (Consortium News)
Recent speculation in India about the collapse of the Saudi petro-dollar agreement with the U.S. proved false. Vijay Prashad considers three factors that can feed such a rumor.
Three factors are driving de-dollarisation:
the U.S. economy’s lack of strength and potential that began with the Third Great Depression in 2008;
the aggressive use of illegal sanctions — especially financial sanctions — by the United States and its Global North allies against one quarter of the countries in the world;
and the development and strengthening of relations among countries of the Global South, especially through platforms such as BRICS.
🌐 The Past, the Present and the Future of the Fiat Dollar (The Emerging Markets Investor)
To understand the current state of the dollar system, it is important to understand its history. The post-WWII dominance of the U.S. dollar can be broken up into six distinct phases.
🌐 Will emerging markets step out of the gloom? (FT) $ 🗃️
Asia may be worth another look, if you have an appetite for risk
📅 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):
MongoliaMongolian State Great HuralJun 28, 2024 (d) Confirmed Jun 24, 2020Venezuela Venezuela Presidency Jul 28, 2024 (d) Confirmed May 20, 2018
Jordan Jordanian House of Deputies Sep 10, 2024 (d) Confirmed Nov 10, 2020
Romania Romanian Presidency Sep 15, 2024 (t Date not confirmed Nov 24, 2019
Czech RepublicCzech Senate Sep 20, 2024 (d) Confirmed Sep 23, 2022
Sri Lanka Sri Lankan Presidency Sep 30, 2024 (t) Date not confirmed Nov 16, 2019
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
Uzbekistan Uzbekistani Legislative Chamber Oct 31, 2024 (t) Date not confirmed Dec 22, 2019
Namibia Namibian Presidency Nov 27, 2024 (d) Confirmed Nov 27, 2019
NamibiaNamibian National Assembly Nov 27, 2024 (d) Confirmed Nov 27, 2019
Georgia Georgian Presidency Nov 30, 2024 (t) Date not confirmed Nov 28, 2018
Romania Romanian Senate Nov 30, 2024 (t) Date not confirmed Dec 6, 2020
Kazakhstan Referendum Nov 30, 2024 (t) Date not confirmed Jun 5, 2022
Ghana Ghanaian Presidency Dec 7, 2024 (t) Date not confirmed Dec 7, 2020
Ghana Ghanaian Parliament Dec 7, 2024 (t) Date not confirmed Dec 7, 2020
Romania Romanian Chamber of Deputies Dec 8, 2024 (t) Date not confirmed Dec 6, 2020
Thailand Referendum Dec 31, 2024 (t) Date not confirmed Aug 7, 2016
📅 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):
Lakeside Holding Ltd. LSH The Benchmark Company/ Axiom Capital Management, 1.5M Shares, $4.50-4.50, $6.8 mil, 6/28/2024 Priced
We aspire to become a U.S.–backed cross-border supply chain corridor that connects Asia and North America with efficiency, reliability, and affordability. (Incorporated in Nevada)
We are a U.S.-based integrated cross-border supply chain solution provider with a strategic focus on the Asian market including China and South Korea. We primarily provide customized cross-border ocean freight solutions and airfreight solutions in the U.S. that specifically cater to our customers’ requirements and needs in transporting goods into the U.S. We offer a wide variety of integrated services under our cross-border ocean freight solutions and cross-border airfreight solutions, including (i) cross-border freight consolidation and forwarding services, (ii) customs clearance services, (iii) warehousing and distribution services and (iv) U.S. domestic ground transportation services.
Founded in Chicago, Illinois, in 2018, as American Bear Logistics Corp., we are an Asian American-owned business rooted in the U.S. with in-depth understanding of both the U.S. and Asian international trading and logistics service markets. Our customers are typically Asia- and U.S.-based logistics service companies serving large e-commerce platforms, social commerce platforms and manufacturers to sell and transport consumer and industrial goods made in Asia into the U.S. Since inception and as of March 31, 2024, we had served over 300 customers to fulfill over 37,000 cross-border supply chain solution orders.
We have established an extensive collaboration network of service providers, including global freight carriers for our cross-border freight consolidation and forwarding services as well as domestic ground transportation carriers for our U.S. domestic transportation services. Since inception and as of March 31, 2024, we had collaborated with almost all major global ocean and air carriers to forward over 29,800 twenty-foot equivalent unit, or TEU, of container loads and 41,800 tons of air cargo. As of March 31, 2024, we had also cooperated with over 200 domestic ground transportation carriers, including almost all major U.S. domestic ground transportation carriers, on a long-term, short-term or order basis, as the case may be.
We operate two massive and hyper-busy regional warehousing and distribution centers in the U.S., in Illinois and Texas. With an aggregate gross feet area of approximately 75,014 square feet and 34 docks, our regional warehousing and distribution centers have an aggregate daily floor load of up to 3,000 cubic meters of freight. In addition to our regional centers, we maintain close contact with over 150 warehouses and distribution terminals in almost all transportation hubs in the U.S. which we have cooperated in the past to support the warehousing and distributing services of our cross-border freight in case such freight requires storage, fulfilment, transloading, palletizing, packaging or distribution in states other than Illinois and Texas. Further, we collaborate with licensed customs brokerage experts to help our customers clear shipments importing into the U.S. As of March 31, 2024, we had assisted with the customs clearance of cross-border freight of an aggregate assessed value of over $34.4 million.
Leveraging our strong cross-border supply chain service capabilities, extensive service provider network of cross-border freight carriers and U.S. domestic ground transportation carriers, massive and hyper-busy regional warehousing and distribution centers as well as deep understanding of the Asian markets, we have been able to build up our brand and reputation and have achieved fast growth since our inception.
Note: As of March 31, 2024, we had fulfilled over 37,000 cross-border supply chain solution orders for freight of an aggregate assessed value of $1.0 billion, delivered to thousands of business and residential addresses in approximately 48 U.S. states.
Note: Henry Liu is our co-founder. He has served as our chairman of the board of directors and chief executive officer since our establishment. Mr. Liu has over six years of logistics operation experience, especially in freight forwarding, and he has extensive knowledge of the supply chain industry. Mr. Liu has served as the president of American Bear Logistics Corp., our Illinois operating subsidiary, from February 2018 to the present. He co-leads its operations, client relationships and business development with Mr. Shuai Li. From August 2017 to February 2018, Mr. Liu served as an operator in Hoson Logistics America Inc., an Illinois-based logistics company, where he took charge of import and export of air and ocean freight. Mr. Liu received his bachelor’s degree in bioengineering from Northwest Agriculture and Forestry University in China in June 2013 and his master’s degree in food safety and technology from the Illinois Institute of Technology in December 2015. We believe that Mr. Liu’s extensive knowledge of our Company, gained through his services as our co-founder and chief executive officer, and his experience in the supply chain industry, qualify him to serve as the chairman of our board of directors.
Note: Net income and revenue are for the 12 months that ended March 31, 2024.
(Note: Lakeside Holding Limited priced its IPO at $4.50 – the low end of its $4.50-to-$5.00 range – and sold 1.5 million shares – up from 1.25 million shares in the prospectus – to raise $6.75 million on Thursday night, June 27, 2024.)
(Note: Lakeside Holding Limited disclosed the terms of its IPO: 1.25 million shares at a price range of $4.50 to $5.00 per share to raise $5.94 million. Lakeside filed its S-1 on April 1, 2024. The company submitted its confidential IPO documents to the SEC on Oct. 30, 2023.)
Global Engine Group Holding Ltd. GLE R.F Lafferty & Co., 3.0M Shares, $4.00-5.00, $13.5 mil, 7/1/2024 Week of
We are a holding company. (Incorporated in the British Virgin Islands)
As a holding company with no material operations, our operations are conducted by our indirect wholly owned subsidiary, Global Engine Limited (“GEL”), in Hong Kong, a special administrative region of the People’s Republic of China (the “PRC”). This is an offering of the Ordinary Shares of Global Engine Group Holding Limited, the holding company incorporated in BVI, instead of shares of GEL, our operating entity in Hong Kong.
From the prospectus: For the six months ended Dec. 31, 2022, we generated approximately 80.9% of our revenues from Hong Kong and 19.1% from Taiwan. For the year ended June 30, 2022, we generated approximately 76.2% of our revenues from Hong Kong and 23.8% from Taiwan. For the year ended June 30, 2021, we generated approximately 81.3% of our revenues from Hong Kong. (Please see the prospectus, including the “Risk Factors” section, for language related to China risk.)
We are an integrated solutions provider that delivers actionable outcomes for organizations by using information communication technologies (“ICT”) solutions to drive business outcomes and innovation. Leveraging our business development and consulting talent, we assess, design, deliver, secure, and manage solutions comprised of leading technologies aligned with our customers’ needs.
Our target customer groups include, but are not limited to, the following: (1) telecom operators; (2) data center and cloud computing services providers and (3) Internet of Things (IoT) Solutions Providers, Resellers and Users.
For telecom operators, we provide comprehensive services to telecom operators, including the one-stop shop purchase from telecom license application service to turnkey network setup as well as service outsourcing that adapted to each client’s specific needs. We especially target the clients that are small to medium-sized telecom operators and ICT service providers seeking growth and expansion in Hong Kong and the South East Asian market.
For data center and cloud computing services providers, we offer business planning, development, technical and operations consulting programs structured to target the cloud computing and data center providers. Our current consultancy projects include the technical and regulatory feasibility study for establishing and acquiring data center facilities in Hong Kong and the South East Asian region.
For Internet of Things (IoT) solutions providers, resellers and users, we offer system design, planning, development and operation services to technology companies who seek to transform their service offerings through adoption of the IoT technology and platform.
We offer a number of products and services to our customers to fit their specific ICT needs as we strive to be their primary ICT solutions and services provider. Some of our offerings include:
ICT Solution Services – Cloud platform deployment, IT system design and configuration services, maintenance services, data center colocation service and cloud service. We believe that our services view technology purchases as integrated solutions, rather than discrete product and service categories, and most of our sales are derived from integrated solutions involving our customers’ data centers, network and collaboration infrastructure.
Technical Services – Technical development, support, and outsourcing services for data center and cloud computing infrastructure, mobility and fixed network communications, as well as IoT projects/
Project Management Services – These services enhance productivity and collaboration management and enable successful implementation and adoption of solutions for customers.
Our primary focus in delivering comprehensive ICT solutions is to deliver custom tailored solutions that address our customers’ business and financial needs while leveraging the expertise of our experienced team, as well as our strong ties with telecom carriers, vendors, and regulators. We begin with a consultation with our clients to better understand their business needs and then design, deploy and manage solutions aligned to such needs. In order to provide custom tailored solutions, we leverage the broader areas of cloud, security, networking, data center, collaboration and specific skills in orchestration and automation, data management, data visualization, analytics, network modernization, edge computing and other innovative and emerging technologies. We possess extensive engineering and operational experience and relationships with a broad range of leading ICT service providers that enable us to offer tailored multi-vendor ICT solutions that are optimized for each of our customers’ specific requirements.
Moreover, our technical resources have enabled us to continue investing in engineering and technology resources to stay on the forefront of technology trends. Our expertise in the ICT industry, fortified by our robust portfolio of consulting, professional, and managed services, has enabled us to remain a trusted advisor for our customers. This broad portfolio of expertise enables us to deliver a wide range of services to our customers that spans from fast delivery of competitively priced products and services, to subsequent operations and maintenance services. This approach permits us to deploy ever-more-sophisticated solutions enabling our customers to achieve their business goals.
**Note: Net income and revenue figures are in U.S. dollars (converted from Hong Kong dollars) for the year ended June 30, 2023.
(Note: Global Engine Group Holding Ltd. cut its IPO’s size to 2.5 million shares – down from 3.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $11.25 million, according to an F-1/A filing dated April 2, 2024. In that same F-1/A filing – dated April 2, 2024 – Global Engine Group Holding named R.F. Lafferty & Co. as the sole book-runner to replace Prime Number Capital.)
(Note: Global Engine Group Holding Ltd. increased its IPO’s size by 50 percent to 3.0 million shares – up from 2.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $13.5 million, according to an F-1/A filing dated Aug. 29, 2023. In that same filing, Global Engine Group Holding Ltd. named a new sole book-runner, Prime Number Capital, which replaced Univest Securities.)
(Background Note: Global Engine Group Holding Ltd. cut its IPO’s size to 2.0 million shares – down from 3.5 million shares – and kept the price range at $4.00 to $5.00 – to raise $9.0 million, according to an F-1/A filing on May 30, 2023. Background: Global Engine Group Holding Ltd. disclosed its IPO price range of $4.00 to $5.00 on 3.5 million shares in its F-1/A filing dated Feb. 7, 2023. Global Engine Group Holding Ltd. filed an F-1/A dated Jan. 11, 2023, in which it disclosed partial terms – 3.5 million shares with no price range stated in the prospectus. Some IPO experts, however, believe the deal could raise up to $17 million – and if that is the case, then the assumed IPO price would be about $4.86. Global Engine Group Holding Ltd. filed its F-1 on Aug. 16, 2022; the company filed confidential IPO documents with the SEC on March 25, 2022.)
Jinxin Technology NAMI EF Hutton, 1.9M Shares, $4.00-5.00, $8.5 mil 7/1/2024 Week of
(Incorporated in the Cayman Islands)
We are an innovative digital content service provider in China. Leveraging our powerful digital content generation engine powered by advanced AI/AR/VR/digital human technologies, we are committed to offering our users high-quality digital content services through both our own platform and the content distribution channels of our strong partners.
We currently target K-9 students in China, with core expertise in providing them digital and integrated educational content, and plan to further expand our service offerings to provide premium and engaging digital contents to other age groups. We were the largest digital textbook platform and a leading digital educational content provider for K-9 students in China, both in terms of revenue in 2022, according to Frost & Sullivan. We collaborate with leading textbook publishers in China and provide digital version of mainstream textbooks used in primary schools and middle schools. Our digital textbooks primarily cover Chinese and English subjects used in K-9 schools in China. We also create and develop digital self-learning contents and leisure reading materials in-house. Our AI-generated content technology enables our comprehensive digital contents to deliver an interactive, intelligent and entertaining learning experience.
Textbooks have been the primary teaching instrument for most children. Access to an advanced and intelligent version of textbook is becoming a rising demand, particularly among K-9 students who are at early stage of learning and forming an efficient learning style. There are currently over 150 million K-9 students in China while the digitization rate of textbook remains relatively low. Since our inception in 2014, we have built expertise in creating digitized, interactive and intelligent textbooks that we believe improve K-9 students’ learning experience. Previously, CDs were the most common learning equipment used by K-9 students to assist with studying textbook in China. We are committed to replacing outdated learning materials and equipment with our intelligent, interactive digital products and resources, and eventually cultivate a fresh and innovative learning style.
We are authorized by major Chinese textbook publishers to digitize their proprietary textbooks, and design and develop the digital version. Besides digital textbooks, leveraging our deep insights in China’s childhood education sector and our technological strength, we also provide digital self-learning materials and digital leisure reading materials, catering to the evolving and diversified needs of potential users. We have strong in-house content development expertise in digitized materials, amusement features, video and audio effects as well as art design. Our products and contents are imbued with the rich operational know-how and deep understanding of China’s childhood education sector, which we believe make our digital contents highly compelling to our users.
We distribute digital contents primarily through (i) our flagship learning app, Namibox, (ii) telecom and broadcast operators and (iii) third-party devices with our contents embedded. We launched our interactive and self-directed learning app Namibox in 2014, to provide users an integrated entry point to our digital textbooks, self-learning materials and leisure reading materials. Users can access various free contents, subscribe to advanced contents and choose to become premium members through our membership programs. In addition, we partner with all mainstream Chinese telecom and broadcast operators to tap into their large user base. Our partnered telecom and broadcast operators broadcast our various programs to end users through their respective platforms, distribute our educational contents to interested users and share certain percentage of revenues with us. Through networks of our partnered telecom and broadcast operators, individual users gain easy access to our digital contents through TVs or mobile devices. Furthermore, we cooperate with well-known hardware manufacturers, such as manufacturers of digital pads and intelligent TVs, and pre-install our programs in such devices directly. The integrated distribution channels empower us to increase our brand awareness in a cost-efficient manner, grow our user base sustainably and improve our contents continuously based on users’ real time feedbacks.
Our business has evolved significantly since inception and we have never stopped reimagining and innovating our products and digital contents. We are doing this not only to cater to, but influence, the learning habits and lifestyles of our users, to fulfill their goals and enrich their lives. With innovative and high-quality educational contents, we have built a trusted and well recognized brand, as well as a large user base throughout China. Since our inception, our Namibox app has amassed over 79 million cumulative downloads and more than 39 million registered users as of December 31, 2023. The high-frequency interactions we have with users and our unique access to a large amount of mission-critical learning data further provide us deep insights in K-9 education sector.
Fueling all of these great achievements are our technologies. We deploy advanced digitization technologies, AI technologies and big data analysis to provide superior user experience. We also deploy advanced AI technologies that power various teaching and voice assessment tools, all to improve the learning effectiveness for children. Leveraging our proprietary digital content generation engine, we are able to consistently refine and upgrade our educational contents, as well as to intelligently recommend content to our users, continually improving user experience.
We have realized steady growth with healthy financial performance since inception. Despite negative impacts caused by regulatory changes in the online education industry in 2021, our registered users increased from 29.9 million as of December 31, 2021 to 35.3 million as of December 31, 2022, and further to 39.5 million as of December 31, 2023. In addition, we recorded net income of RMB55.1 million and RMB83.5 million (US$11.8 million) in 2022 and 2023, respectively.
Primega Group Holdings Limited PGHL Bancroft Capital LLC, 1.8M Shares, $4.00-6.00, $8.8 mil, 7/1/2024 Week of
We are a holding company. (Incorporated in the Cayman Islands)
From the prospectus: Investors are cautioned that you are buying shares of a Cayman Islands holding company with operations in Hong Kong by its operating subsidiary.
Note: We are a holding company incorporated in the Cayman Islands with operations conducted by our Hong Kong subsidiary, Primega Construction.
Primega Construction is a provider of transportation services that employs environmentally friendly practices with the aim of facilitating reuse of C&D (construction and demolition) materials and reduction of construction waste. Through Primega Construction, we operate in the Hong Kong construction industry, mainly handling transportation of materials excavated from construction sites. Primega Construction principally provides the following services in Hong Kong (i) soil and rock transportation services; (ii) diesel oil trading; and (iii) construction works, which mainly includes ELS works and bored piling. (Note: ELS stands for excavation and lateral support.)
We generally provide our services as a subcontractor to other construction contractors in Hong Kong.
In the prospectus, the company describes the source of its income: “We generate the majority of our income from soil and rock transportation services provided by Primega Construction, which contributed 73.82%, 88.47% and 66.48% of our total revenue during the years ended March 31, 2022, and March 31, 2023, and the six months ended Sept. 30, 2023, respectively. Primega Construction works with recyclers and other private contractors to repurpose and recycle excavated materials, reducing the volume of construction waste ending up in landfills, while lowering waste disposal fees incurred by its customers.
“We believe the following competitive strengths differentiate us from our competitors:
*”We have a fleet of 43 tipper trucks and machinery and a strong network of subcontractors;
*”Stable relationships with customers,
*”Experienced and professional management team.”
Note: Net income and revenue are in U.S. dollars for the 12 months that ended Sept. 30, 2023.
(Note: Prime Group Holdings Limited changed the sole book-runner of its small-cap IPO to Bancroft Capital LLC, a veteran-owned firm – replacing the original sole book-runner, Eddid Securities USA – according to an F-1/A filing dated June 21, 2024. Please Note: Prime Group Holdings Limited is offering 1.75 million shares – with 1.5 million shares offered by the company and 250,000 shares offered by Mr. Man Siu Ming, the selling shareholder – at a price range of $4.00 to $6.00 – to raise $8.75 million, according to the F-1/A filing dated June 21, 2024.)
Majestic Ideal Holdings MJID R.F. Lafferty & Co./ WestPark Capital, 2.5M Shares, $4.00-5.00, $11.3 mil, 7/2/2024 Tuesday
We offer supply chain services to the apparel industry – yarn products and finished garments – in China. (Incorporated in the Cayman Islands)
We are a provider of SCM services in the apparel industry delivering a one-stop solution to our customers for a broad range of yarn products, textiles and finished garments. (SCM stands for supply chain management.)
Our service offerings encompass every key aspect of the supply chain of these products: market trend analysis, product design and development, raw material sourcing, production and quality control, and logistics management. Through our integrated capabilities, we provide end-to-end supply chain solutions that are tailored to meet our customers’ unique needs.
Competitive Strengths
We believe the following competitive strengths contribute to our success and differentiate us from our competitors:
• We have a vertically integrated operation to provide one-stop apparel SCM services;
• We work with a diverse range of quality suppliers to address different customer demands;
• We are capable of turning a design concept into finished garments under a short lead time; and
• Our management members have deep industry knowledge and proven track records.
Our Strategy
We intend to accomplish our goals by pursuing the following strategies:
• Broaden our customer base and strengthen our customer relationships;
• Maintain a quality supplier base and develop strategic relationships with suppliers;
• Enhance quality of apparel products and efficiency of their production; and
• Integrate sustainability aspects into product sourcing and environmental marketing.
Corporate History and Structure
We are the knitwear business of a group of companies founded by our Controlling Shareholders, in the 1980s. Our business was launched in 2013 through Multi Ridge, a Hong Kong company then wholly-owned by our Controlling Shareholders. In 2014, Multi Ridge established New Brand as its wholly-owned subsidiary in the PRC. Since its establishment, New Brand has been focusing on providing apparel SCM services in China. For more details, see “Corporate History and Structure”.
*Note: Net loss and revenue are in U.S. dollars for the fiscal year that ended Sept. 30, 2023.
(Note: Majestic Ideal Holdings named R.F. Lafferty & Co. as a joint book-runner in an F-1/A filing dated June 18, 2024; R.F. Lafferty & Co. will work with joint book-runner WestPark Capital. Background: Majestic Ideal Holdings filed an F-1/A dated Nov. 16, 2023, in which it cut the number of shares – to 2.5 million shares – down from 3.8 million shares initially – and kept the price range at $4.00 to $5.00. In the filing, the company also said that is offering all 2.5 million shares in the IPO. Majestic Ideal Holdings also named WestPark Capital as its sole book-runner, replacing Univest Securities. In the Nov. 16, 2023, SEC filing, the company said that selling shareholders will offer 3.25 million shares through a separate resale prospectus. Majestic Ideal Holdings’ original terms had called for selling shareholders to offer 1.25 million shares – or about a third of the IPO – while the company would offer the remaining 2.5 million shares. Background: Majestic Ideal Holdings filed its F-1 on April 27, 2023.)
JBDI Holdings Ltd. JBDI Spartan Capital Securities, 2.3M Shares, $5.00-5.00, $11.3 mil, 7/8/2024 Week of
(Incorporated in the Cayman Islands)
Our mission is to offer environmentally friendly, efficient, innovative and reliable products and services primarily in Singapore and also for the Southeast Asia region to help our customers move towards a zero environmental impact footprint and to save costs and achieve a better allocation of resources in the process.
Our Group’s history began in 1983 when Mr. Lim CP set up Jurong Barrels with a business partner as an attempt to develop the business in the trading of Reconditioned Containers. Our Group’s business in trading of Reconditioned Containers officially commenced in 1984 when Mr. Lim CP’s two brothers acquired all his business partner’s shares in Jurong Barrels and Jurong Barrels acquired a plant to Recondition used Containers. Following in their father’s footsteps of trading in used Containers, they began trading in Reconditioned Containers as they believed that there is a bigger profit margin for these Containers than just used Containers. Over the nearly last four decades, we have grown from a small reconditioning and recycling business to a comprehensive revitalization, Reconditioning and recycling of drums business comprising a diversified range of drums including open top drums, metal drums, plastic drums, plastic carboys and intermediate bulk containers. We have also, over the years, diversified into the business lines of the sale of new drums and the collection of waste drums and related products. In becoming aware of the necessity of reducing the impact of businesses on the environment, we began the provision of waste water treatment through our direct wholly-owned subsidiary, JBD Systems.
We have a long and proven track record in the supply of revitalized and Reconditioned steel and plastic drums in Singapore.
We have been supplying Reconditioned Containers to our customers for close to four decades and have accumulated industry experience in the Reconditioning of Used Containers. To better serve our customers, we also supply new Containers and offer a range of ancillary services to complement our business. We have been accredited with ISO 9001 (quality management) for Reconditioning of drums since October 2008. We believe our industry knowledge, reputation and consistent delivery of quality products and services have contributed to our success over the years.
We believe our track record in the supply of revitalized and Reconditioned steel and plastic drums and other products as well as our strategy to become environmentally friendly will facilitate the promotion and demand for our products with both existing and new customers, as well as the expansion of our business. As at January 31, 2024, we had a team of 56 workers, five technicians, three mechanics and 14 drivers in our operations department, which enable us to respond promptly to our customers’ requests, in terms of providing customization of Containers and other ancillary services to suit our customers’ needs and requirements. We believe that with the support of our Group’s stable pool of directly-hired skilled workforce and our own facilities (including all machines required for Reconditioning of used Containers, and as of January 31, 2024, a fleet of 13 delivery trucks and 15 forklifts and wastewater treatment facilities), we are self-contained and we are able to maintain the quality of our products and services in an efficient and coordinated manner as we do not have to rely on subcontractors to assist us in any production, service, logistic or maintenance process. Moreover, having our own pool of skilled direct labor and our own facilities will help us control and manage our costs more efficiently and effectively, which we believe helps to boost or stabilize our profit margins.
We are led by Mr. Lim CP, our Executive Director and Chief Executive Officer and one of the founding shareholders, who has been instrumental in spearheading the growth of our Group. Mr. Lim CP has over 40 years of experience in the trading of Reconditioned and new Containers in Singapore and is primarily responsible for planning and execution of our Group’s business strategies. He is supported by the other Executive Directors, Executive Officers and senior management (namely Mr. Liang Zhao Rong, Mr. Lim KS, Mr. Lim TC, Mr. Lim TM and Mr. Quek Che Wah) who collectively possess expertise in Reconditioning services, sales and marketing, operations, customer relationship management, human resources, operations and financial control and have been working with our Group for over 21 years on average.
Note: Net income and revenue are for the 12 months that ended Nov. 30, 2023.
(Note: JBDI Holdings expects its assumed IPO price to be $5.00 – the top of its previous range of $4.00 to $5.00 – on 2.25 million shares. JBDI Holdings filed an F-1/A on BDI Holdings filed an F-1/A on Feb. 22, 2024, to increase its IPO’s size to 2.25 million shares – 1.75 million shares by the company and 500,000 shares by the selling shareholders – at a price range of $4.00 to $5.00 to raise $10.13 million. Background: JBDI Holdings Ltd. filed its F-1 to go public on Feb. 8, 2024, and disclosed terms for its IPO: 1.75 million shares at a price range of $4.00 to $5.00. Spartan Capital was the sole book-runner. . JBDI Holdings Ltd. filed confidential IPO documents on Feb. 2, 2023.
WORK Medical Technology Group, Ltd. WOK Kingswood, 2.0M Shares, $4.00-4.00, $8.0 mil, 7/8/2024 Week of
(Incorporated in the Cayman Islands)
We are a holding company incorporated in the Cayman Islands. We conduct all of our operations through our operating entities established in the PRC, primarily Work Hangzhou, our wholly owned subsidiary, and its subsidiaries (collectively referred to herein as the “PRC subsidiaries”). The operations of our PRC subsidiaries could affect other parts of our business.
We are a supplier of medical devices in China. We develop and manufacture Class I and II medical devices and sell Class I and II disposable medical devices through operating subsidiaries in China. The PRC subsidiaries’ products include, to name a few, medical face masks, artery compression tourniquets for bleeding control, disposable breathing circuits for delivering oxygen and anesthetic gases, laryngeal mask airways for keeping patients’ airways open during anesthesia and endotracheal tubes for keeping the trachea open for air to get to the lungs.
The PRC subsidiaries have been providing medical devices to hospitals, pharmacies, and medical institutions since 2002. The PRC subsidiaries currently have a total of 20 medical devices in their product portfolio. All of them are sold domestically, and 15 of them are sold internationally.
In the Chinese market, the PRC subsidiaries’ products are sold in 34 provincial-level administrative regions. Internationally, the products are exported to more than 30 countries in Asia, Africa, Europe, North America, South America, and Oceania. I
The PRC subsidiaries have three types of customers, i) direct end-user customers, which include hospitals, pharmacies, and medical institutions, ii) domestic distributor customers that distribute the PRC subsidiaries’ products to end-user customers in China, and iii) export distributor customers that distribute the PRC subsidiaries’ products to end-user customers in Asia, Africa, Europe, North America, South America, and Oceania. The top 10 countries and regions outside of mainland China where these products are sold are Saudi Arabia, Germany, Switzerland, Hong Kong, France, Poland, Netherlands, Mexico, Romania and Russia.
As of Sept. 30, 2022, the PRC subsidiaries had a total of 1,058 customers, of which, 154 are direct end-user customers, 867 are domestic distributor customers, and 37 are export distributor customers.
As of March 31, 2023, the PRC subsidiaries had a total of 874 customers, of which, 64 are direct end-user customers, 800 are domestic distributor customers, and 10 are export distributor customers.
*Note: Net income and revenue are for the fiscal year that ended Sept. 30, 2023.
(Note: WORK Medical Technology Group Ltd. cut the size of its IPO to 2.0 million shares – down from 3.0 million shares initially – and kept the assumed IPO price is $4.00 – the low end of its previous price range of $4.00 to $5.00 – to raise $8.0 million, according to its F-1/A filing on May 21, 2024. Kingswood replaced Univest Securities as the sole book-runner. WORK Medical Technology Group updated its financial statements through Sept. 30, 2023. Background: WORK Medical Technology Group, LTD. filed an F-1/A dated Nov. 6, 2023, and disclosed terms for its IPO: 3.0 million shares at $4.00 to $5.00 to raise $13.5 million. WORK Medical Technology Group, LTD. filed its F-1 on April 27, 2023. The Chinese company submitted confidential IPO documents to the SEC on June 23, 2022.)
🏁 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:
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
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:
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
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).
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Emerging Market Links + The Week Ahead (July 1, 2024) was also published on our website under the Newsletter category.