Emerging Market Links + The Week Ahead (July 13, 2026)

Chicken Claypot House gets into data centers🙄, China cracks down on corp bond ratings, Thai stocks getting hot, profiting from a strong El Nino, EM stock picks & the week ahead for emerging markets.

In case you are wondering whether we have reached peak AI-data center mania, this headline shows we must be getting close:

💻 Penang Chicken Hot Pot Chain Lands RM204 Million Data Centre Services Deal (Says) July 2026

• A Penang-based company best known for operating the Chicken Claypot House restaurant chain has landed a USD50 million contract to provide maintenance and support services for data centres in Malaysia

• According to The Edge, Nasdaq-listed CCH Holdings Ltd (NASDAQ: CCHH) announced that its wholly owned subsidiary had signed a three-year sales and service agreement with several clients, although their identities were not disclosed due to non-disclosure agreements (NDAs).

Per Chicken Claypot House’s website:

At Chicken Claypot House, diners first savour our diverse chicken pots. Post this, the transformative dining kicks in – adding stock transforms the claypot into a steamy hotpot…

I’ve never heard of the chain until their Nasdaq debut last year. I can get clay pot anything from a dozen hawkers/restaurants that I frequent in my Kuala Lumpur neighbourhood (usually ready surprisingly fast…) and generally don’t have the time or patience for hot pot… And frankly, who has the time to wait on combining two of the potentially slowest possible cooking methods and how do they make money doing it?!! (They probably have to keep the clay pots hot along with the broth ready to go so a handful of diners aren’t spending the whole evening in the restaurants…)

Needless to say, there are some local jokers on Facebook who don’t need to be familiar with the wild west pump-and-dump world of American penny stocks who are a little sceptical about a local claypot-hotpot chicken chain venturing into data centers:

Finally, ZeroHedge among others have noted the Strongest El Nino In 75 Years Sets Off Food Supply-Chain Alarm Bells. The last El Nino meant regular (costly) pumping of the almond orchard I planted on my parent’s property in California and hit everyone’s almond yields/quality BUT it also meant higher prices. This helped the industry get out of and recover faster from the glut caused by a massive 2020 crop and subsequent COVID supply chain disruptions (the same could be happening with cocoa: Cocoa Prices Rally As Jefferies Warns Of “Perfect Storm” In West Africa).

For those of you without almond orchards, farms of any kind or agricultural stocks, TheOldEconomy Substack has other ways to profit:

The Panama Canal Trade: How to Bet on a Strong El Niño

Here is the Panama Canal tradе in a nutshell:

Strong El Niño → Gatun Lake drought → VLGCs diverting through COGH → increased “mile” demand coupled with robust “tonne” demand → higher earnings → higher asset values → higher stock prices

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🔬 Emerging Market Fund Stock Picks + Stock Pick Tear Sheets

$ = behind a paywall

• 🌐 EM Fund Stock Picks & Country Commentaries (July 12, 2026) Partially $

  • Chokepoints in the South China Sea + Malacca Straits, Taiwan AI concentration risks, trouble w/ index based Indonesia/Malaysia country ETFs, Central Asia’s opening markets, June/Q2 fund updates, etc.

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📰🔬 Emerging Market Stock Picks / Stock Research

$ = Behind a paywall / 🗃️ = Link to an archived article (Note: Seeking Alpha earnings/conference etc. presentations are typically not paywalled) / ⛔ = Article archiving may not be working properly

🌏 Asia

🌏 Asia equities outperforming amid global AI trend (The Asset) 🗃️

• Asset managers continue to hold tech stocks despite high valuations, with some Halo, non-gold diversification

• South Korea and Taiwan, in particular, are attracting significant attention for their AI hardware capabilities, while China is concurrently developing its own AI value chain, bolstered by its broader economic scale.

🇯🇵 Worse Than Kodak: The Inside Story of Toshiba’s Self-Inflicted Extinction (KonichiValue Japan)

• It takes a special kind of incompetence to spin off your best asset right before it becomes Japan’s most valuable company

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🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 China Overhauls Stock Trading Rules to Boost Efficiency, Curb Speculation (Caixin) $

• China’s stock exchanges implemented new trading rules Monday to improve pricing efficiency, accelerate the exit of poorly performing companies and expand after-hours trading to help institutions manage portfolio adjustments.

• A key measure has doubled the daily price limit for risk-warned shares — designated as ST or *ST — to 10% from 5%. Meanwhile, the abnormal price fluctuation threshold for these shares over three consecutive trading days has risen to 20%, aligning with standard main-board equities.

🇨🇳 U.S. Firm Sues Over $100 Million Insider Trading Tied to China Brokerage Crackdown (Caixin) $

• U.S. options market maker Susquehanna International Group (SIG) has sued unidentified traders in a Manhattan federal court, alleging they used leaked Chinese regulatory information to reap more than $100 million in illicit profits.

• Between May 7 and May 21, the defendants allegedly spent $12 million on short-term put options on Chinese online brokerages Futu Holdings Ltd. and UP Fintech Holding Ltd.

🇨🇳 Citadel Securities Joins U.S. Insider Trading Suit Over China’s Broker Crackdown (Caixin) $

• Citadel Securities has joined a federal lawsuit in New York, alleging it lost about $28 million to unidentified traders who used leaked information about a Chinese regulatory crackdown to make highly profitable options trades.

• The move follows a June 29 lawsuit by a Susquehanna International unit, which claimed it lost $71.4 million to similar trades.

🇨🇳 China gives its investors more access to bonds in Hong Kong (FT) $ 🗃️

• Authorities raise quota for offshore ‘connect’ scheme in bid to boost international use of renminbi

• The Bond Connect scheme, which allows mainland Chinese investors to buy offshore bonds in Hong Kong, will increase its annual quota to Rmb800bn ($117bn) from Rmb500bn, said Pan Gongsheng, China’s central bank governor, on Tuesday.

🇨🇳 China cracks down on top ratings for corporate bonds (FT) $ 🗃️

• Regulators pressure agencies to limit triple-A designations for higher-interest borrowers

• The People’s Bank of China told domestic agencies in April to review high credit ratings, especially for bonds with much higher yields than government debt, according to three people familiar with the instruction.

🇨🇳 China Targets Inflated AAA Bond Ratings in Sweeping Cleanup

• A sweeping regulatory crackdown on credit rating inflation in China’s bond market has triggered a wave of downgrades and rating terminations, with authorities zeroing in on unjustified AAA grades, sources familiar with the matter told Caixin.

• The campaign, which intensified last month, pressures domestic rating agencies to enforce stricter evaluation standards, the sources said.

🇨🇳 In Depth: China Tech Giants Battle to Build the Ultimate AI Concierge (Caixin) $

• WeChat’s long-awaited artificial intelligence (AI) agent has arrived with little fanfare but sweeping implications for China’s consumer internet.

• In late June, select users of Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY)’s dominant messaging and services app noticed two green dots in the upper-left corner of their screens. Tapping them opened an AI chat window dubbed “Xiaowei,” or “Little WeChat.”

🇨🇳 Alibaba: Agentic AI Could Be Another Headwind To Growth (Seeking Alpha) $⛔

🇨🇳 Alibaba Is Cheap For No Good Reason (Seeking Alpha) $⛔

🇨🇳 Alibaba: Narrowing Quick Commerce Losses To Trigger Upward EPS Revision And Re-Rating Cycle (Seeking Alpha) $⛔

• 🌐 Alibaba (NYSE: BABA) 🇰🇾 - eCommerce, retail, Internet & technology. 🇼 🏷️

🇨🇳 Hangzhou Alibaba field trip. Five AI business products. Who will stand? (AI Proem)

• ecomm, agents, supplier mgmt, smart cockpit, and more

• As I was prepping for my day trip from Shanghai, I was dreading the hour-long taxi ride from the bullet train station to Alibaba (NYSE: BABA)’s Xixi campus that I used to have to take during my stay there. But to my surprise, a former colleague told me that there is now a new bullet train station, Hangzhou West, conveniently located near Alibaba’s main campus. Trimming down that hour-long taxi ride to 10 mins.

• “Oh no, no”, he said, only a few are buying up luxury apartments, but they work for semi companies. He added that he heard kids working in AI are making 2 to 3 million RMB a year, which seemed like a crazy number to him. But those kids working in AI are so tired that they get into his car and pass out, and he has to wake them up at their stop. In awe of their talent, but also worried about their health, as one would expect a typical Chinese uncle to be.

• Now, I was flabbergasted at the response from this uncle, frankly, who could barely speak Putonghua clearly, but had the sophistication to know that only the semi companies, their investors, and everyone along that supply chain have made a lot of money this year, and that the rest of tech and AI is still mostly waiting for its turn.

🇨🇳 JD.com: Add To Cart While China’s On Sale (Seeking Alpha) $⛔

• 🌐 JD.com (NASDAQ: JD / SGX: HJDD) - Supply chain-based technology & service provider. One of the 3 largest eCommerce platforms in China. 🇼 🏷️

🇨🇳 Sohu: Limited Share Price Upside Due To Continued Losses (Seeking Alpha) $⛔

• 🇨🇳 Sohu.com Ltd (NASDAQ: SOHU) - Online media & online game platforms (Changyou). 🇼

🇨🇳 Lenovo Group Limited (LNVGY) Analyst/Investor Day - Slideshow (Seeking Alpha)

• 🌐 Lenovo Group (HKG: 0992 / FRA: LHL / LHL1 / OTCMKTS: LNVGY / LNVGF) 🇭🇰 - Designing, manufacturing & marketing consumer electronics, PCs, software, servers, converged & hyperconverged infrastructure solutions, etc. 🇼 🏷️

🇨🇳 VNET Group: A Data Center Utility Priced For AI Perfection (Seeking Alpha) $⛔

• 🇨🇳 VNET Group Inc (NASDAQ: VNET) - Carrier/cloud-neutral internet data center services provider. 🇼

🇨🇳 Aequitas: Zhipu Placement - Well Flagged US$4.3bn Raising, but Not Cheap by Any Measure (Smartkarma) $

• Knowledge Atlas Technology JSC Ltd (HKG: 2513) (Zhipu) is looking to raise around US$4.3bn via a primary placement.

• Zhipu is one of the leading players in China’s domestic LLM space. Its IPO linked lockup had recently expired.

• In this note, we will talk about the placement and run the deal through our ECM framework.

🇨🇳 Knowledge Atlas (2513 HK): Best Domestic AI Model to Benefit from Claude Ban (Smartkarma) $

• Ministry of Industry and Information Technology (MIIT) issued a high-risk warning targeting Claude Code.

• Knowledge Atlas Technology JSC Ltd (HKG: 2513)’ GLM-5.2 ranks No. 1 in China in terms of intelligence and speed.

• However, another batch of restricted stock, accounting for 40% of total shares, is scheduled to unlock in January 2027.

🇨🇳 Yangtze Optical Fibre (6869 HK) — Buying the Glass Behind the GPU After a 46% Crash (Smartkarma) $

[Yangtze Optical Fibre and Cable JSC Ltd (SHA: 601869 / HKG: 6869 / FRA: 1YO / OTCMKTS: YZOFF)]

• The only fibre maker running all preform processes, with top global share, being repriced from a telecom cyclical to AI infrastructure — 1Q26 operating margin tripled to 22% from 8%.

• After a ~46% de-rating from HK$282 (22 Jun) to HK$151.90, spot implies just a ~13x FY2030E EV/EBITDA exit multiple — under half the peer average, pricing in near-distressed terminal economics.

• We initiate BUY, TP HK$170 (+12%), on a DCF-led blend (60/20/20). Even a deliberately conservative HK$150 DCF anchors the call; probability-weighted EV is HK$180 (+18%).

🇨🇳 Zhipu & MiniMax. Six Months Into Their HK Listings, China’s AI Tiger Cubs Are Yin & Yang (Smartkarma) $

• Zhipu & MiniMax Group (HKG: 0100 / FRA: E5A) both IPO’d on the Hang Seng within a single day of each other back in January & both exited their lockup expiry dates earlier this week

• Zhipu (Knowledge Atlas Technology JSC Ltd (HKG: 2513 / OTCMKTS: KATJF)) now trades at HK$1,884 compared to its IPO price of HK$116 while MiniMax now trades at HK$259 as compared to its IPO price of HK$165

• Zhipu placed up to 19,780,000 new H shares at HK$1,588 (~13% discount) each on July 9, raising an expected gross proceeds of approximately HK$31.41 billion. Smart move.

🇨🇳 CXMT IPO Valuation Analysis (Douglas Research Insights) $

• My base case valuation of Changxin Memory Technologies (CXMT) is market cap of 835.8 billion RMB (P/E of 5.9x using my base case estimated net profit of 140.9 billion RMB in 2026).

• The target P/E of 5.9x is based on a 30% discount to the comps’ P/E valuation in 2026.

• If CXMT achieves market cap of about 836 billion RMB (US$123 billion), this would represent about 12% of SK Hynix (KRX: 000660 / NASDAQ: SKHY)’s market cap of 1,558 trillion KRW (US$1.03 trillion).

🇨🇳 CXMT Corporation (长鑫科技) Pre-IPO: Key Investment Thesis (Smartkarma) $

• Changxin Memory Technologies (CXMT) (1726722D CH) aims to raise Rmb29.5bn in its IPO in the A-share STAR market. It is rapidly gaining global market share, which is its key attractiveness.

• It is a beneficiary of a solid industry and demand outlook. It has a leadership position in China’s DRAM market and high competitiveness built on its technological strength.

• At just 2.8x PER for FY26, based on 10% share capital enlargement, our initial assessment is that it is priced cheaper than global peers.

🇨🇳 Nexchip (晶合集成) IPO Trading (Smartkarma) $

• Nexchip Semiconductor Corp (SHA: 688249 / HKG: 2249), an IC foundry, raised HKD 6,779m (USD 871m) from its global offering and will list on the Hong Kong Stock Exchange on Friday, 10 Jul 2026.

• In our previous notes, we looked at the company’s fundamentals and the deal terms.

• In this note, we provide an update for the IPO before its trading debut.

🇨🇳 Kinwong runs hot on AI boom, cold on plunging margins (Bamboo Works)

• The PCB maker’s Hong Kong IPO looks aimed at tapping demand for AI concept stocks, even though related high-end products make up a relatively low proportion of its revenue

• Shenzhen Kinwong Electronic Co Ltd (SHA: 603228) has filed for a Hong Kong IPO, reporting its gross margin fell from 23.2% in 2023 to 18.7% in the first four months of this year

• The PCB maker’s revenue grew 18% in the first four months of this year, but its profit declined by 25%

🇨🇳 Han’s CNC etches out triple-digit growth on AI infrastructure boom (Bamboo Works)

• The leading specialized PCB equipment maker said its revenue more than doubled in the first half of this year, while its profit rose by up to 280%

• Shenzhen Han’s CNC Technology Co Ltd (SHE: 301200 / HKG: 3200)’s CNC’s profit rose between 242% and 280% in the first six months of 2026, as the company credited booming demand for AI infrastructure

• The PCB equipment maker’s gearing ratio rose to 43% by the end of last year from 29% a year earlier, as it spent heavily to upgrade and expand its capacity

🇨🇳 Hesai Group: The Company That Sells the Eyes — and Now the Muscles — of the Robot Age (Substack von Philipp Substack von Philipp)

• A profitable, 40%-growth LiDAR world leader trading near its lows — the rare place where an AI-and-robotics megatrend meets a sub-1 PEG

• Every so often I come across a business that sits exactly where I like to invest: a profitable, fast-growing world leader, operating in an obvious future market, that the market has quietly fallen out of love with. Hesai Group (NASDAQ: HSAI) is that stock for me today. I want to walk you through why I bought it — in Hong Kong, for the Haas Invest4 Innovation fund — and why I think it is one of the more asymmetric ideas in my coverage universe right now.

• Here is the investment case in one breath: Hesai is the world’s largest LiDAR maker, roughly 40% of the global market and over half of China’s long-range automotive segment, growing revenue ~44% this year and ~41% next, already profitable, sitting on net cash of about US$710 million, an Nvidia autonomous-driving partner — and yet it trades at roughly 20× forward earnings with a PEG around 0.6, near its 52-week low. On my Faires-KGV (fair P/E) framework I arrive at a fair multiple of 27, and because earnings are compounding at ~40% a year at that same fair multiple, I see a base case pointing to roughly 50% annualised upside over the next three years. Add the optionality of the robotics and actuator business the company is now building, and the risk/reward is compelling. It is China, so I size it as a modest position — but it is a position.

🇨🇳 DiDi Global: International Growth Still Needs To Become Earnings (Seeking Alpha) $⛔

• 🌐 DiDi Global (OTCMKTS: DIDIY) – Ride-sharing platform. 🇼

🇨🇳 Full Truck Alliance: Upgrade To Buy As Valuation Narrative Reaches An Inflection Point (Seeking Alpha) $⛔

• 🇨🇳 Full Truck Alliance (NYSE: YMM) - Digital freight platform connecting shippers with truckers to facilitate shipments across distance ranges, cargo weights & types.

🇨🇳 BYD’s Growing Exports Meet Cash Flow/Balance Sheet Risks - Growth Pains Persist (Seeking Alpha) $⛔

• 🌐 BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) 🇨🇳 - Electronics, automobiles, new energy & rail transit. 🇼 🏷️

🇨🇳 XPeng’s Bottom Is Here: Demand Recovery Through New Models And Global Expansion (Seeking Alpha) $⛔

• 🌐 XPeng (NYSE: XPEV) 🇨🇳 - Designs, develops, manufactures & markets Smart EVs. 🇼 🏷️

🇨🇳 NIO: Delivery Boom Implies Margin Upside (Seeking Alpha) $⛔

• 🌐 NIO Inc (NYSE: NIO) - Premium smart electric vehicle market. 🇼 🏷️

🇨🇳 XPeng: Strong June Deliveries Create Upside (Seeking Alpha) $⛔

• 🌐 XPeng (NYSE: XPEV) 🇨🇳 - Designs, develops, manufactures & markets Smart EVs. 🇼 🏷️

🇨🇳 Kanzhun: AI Risk Looks Too Discounted For This Recruitment Platform (Seeking Alpha) $⛔

• 🇨🇳 Kanzhun Ltd (NASDAQ: BZ) - Online recruitment services. 🇼 🏷️

🇨🇳 ANTA Sports: Playing The Puma Card To Reach Global Top Three (Seeking Alpha) $⛔

• 🌐 ANTA Sports Products (HKG: 2020 / FRA: AS7 / OTCMKTS: ANPDY / OTCMKTS: ANPDF) 🇰🇾 - Design, R&D, manufacturing, marketing & sales of professional sports products. Acquired Amer Sports (NYSE: AS) (global sportswear group). 🇼 🏷️

🇨🇳 In Profile: The Man Behind China’s Energy Drink Giant Faces a New Test (Caixin) $

• A fake AI-generated video accusing the founder of Chinese energy drink-maker Eastroc Beverage Group Co Ltd (SHA: 605499) of refusing to drink his own company’s product wiped more than $1 billion off the company’s market value within days.

• The video was later confirmed by police to be fabricated, and Eastroc’s Shanghai-listed shares recovered after the company denied the claims and authorities detained a suspect. But the episode highlighted how quickly public concerns over health and food safety can turn into a crisis for consumer brands — especially those built around products high in sugar.

🇨🇳 Jiumaojiu’s Tai Er chain builds momentum after major brand refresh (Bamboo Works)

• Same-store sales for the ‘sauerkraut fish’ chain rose 6.1% in the second quarter, marking a second quarter of growth after a double-digit decline in 2025

• Jiumaojiu International Holdings (HKG: 9922 / FRA: 3YU)’s Tai Er restaurant chain posted a second consecutive quarter of same-store sales growth in the second quarter, as its other metrics were also generally positive

• The chain launched a major brand refresh last year, and has closed about a quarter of its outlets since the end of 2024

🇨🇳 Restructuring hits Want Want’s bottom line, as top line ekes out growth (Bamboo Works)

• The veteran food giant’s revenue began expanding again in its latest fiscal year, but channel reconstruction, new product promotions and rising costs depressed its profit

• Want Want China Holdings (HKG: 0151 / FRA: 4HQ / OTCMKTS: WWNTY / WWNTF)’s revenue for its fiscal year through March rose 3.8% to 24.4 billion yuan, but its profit fell by 11.5% to 3.84 billion yuan

• The food veteran’s distribution costs rose 16.9% as it restructured its sales channels, dragging down its profitability

🇨🇳 Guotai Haitong Becomes First Chinese Brokerage to Trade Offshore Yuan in Shanghai FTZ (Caixin) $

• Guotai Junan Securities Co Ltd (SHA: 601211 / HKG: 2611 / FRA: 153A / OTCMKTS: GUOSF) has become the first Chinese brokerage approved to trade offshore yuan in the Shanghai Free Trade Zone, expanding a currency market previously restricted to commercial banks.

• The major Chinese brokerage will begin trading offshore yuan spot and derivatives — including forwards, swaps, and options — on July 6.

• The approval marks a significant step in China’s incremental financial opening, expanding the offshore yuan market beyond commercial banks to facilitate broader cross-border investment and currency hedging.

🇨🇳 Guotai Haitong proves that in China’s brokerage consolidation, bigger really is better (Bamboo Works)

• The titan formed through the merger of two large brokerages said its profit surged in the first half of 2026 as it leveraged its massive scale to cultivate high-margin services

• Guotai Junan Securities Co Ltd (SHA: 601211 / HKG: 2611 / FRA: 153A / OTCMKTS: GUOSF) said it expects to report its recurring net profit soared as much as 171% in the first half of this year

• The company’s breakout performance shows that mega brokerages formed through a government-led sector consolidation stand to benefit nicely from their super-size

🇨🇳 Gushengtang steps up TCM buying spree, doubling down in Beijing (Bamboo Works)

• The healthcare company has announced five acquisitions in the past two weeks to shore up growth and fend off competition in the traditional Chinese medicine market

• Gushengtang Holdings Ltd (HKG: 2273 / FRA: F2P) is buying two more hospitals in Beijing’s Changping district, weeks after closing deals on facilities in Singapore and Tianjin

• The expansionist moves came as rival provider Beijing Tong Ren Tang Healthcare (HKG: 2667) made its Hong Kong equity market debut

🇨🇳 Drug setback leaves Ascletis with an all-in bet on weight loss (Bamboo Works)

• The company’s two core hepatitis drugs were dropped from China’s state insurance scheme on July 1, effectively wiping out the remains of its legacy drug sales

• The company has exited antivirals and is now wagering its future on weight-loss drugs that are just entering overseas trials

• But a late start and intensifying competition leave Ascletis Pharma (HKG: 1672 / FRA: 2VJ / OTCMKTS: ASCLF) facing steep challenges

🇨🇳 Unitree Robotics (宇树科技) Pre-IPO: Key Investment Thesis (Smartkarma) $

• Unitree Robotics (UNITREE CH) intends to raise Rmb4.2bn in the A-share STAR market. Given its leadership in humanoid robots, we expect good interests.

• The key investment thesis includes its global market leadership with proven scale, vertical integration, which creates a moat, and massive AI investment to build the “brain”.

• We initially estimate its FY26F PER and P/S at 74.5x and 19.3x. The higher-than-peer P/S is justified by its better profit margin.

🇨🇳 Shein wins Chinese approval for long-awaited IPO (FT) $ 🗃️

• China’s securities regulator grants permission for fast-fashion retailer to list its shares in Hong Kong after years of delays

🇭🇰 China Moves to Deepen Hong Kong’s Bond and Offshore Yuan Markets (Caixin) $

• China’s central bank announced 11 measures to strengthen Hong Kong’s fixed-income, currency and offshore yuan markets, underscoring Beijing’s push to expand the international use of the yuan through the city’s financial infrastructure.

• People’s Bank of China (PBOC) Governor Pan Gongsheng unveiled the package at the 2026 Fixed Income and Currency and Bond Connect Summit in Hong Kong on Tuesday. He said the yuan’s global use is moving beyond trade settlement into investment, financing and reserve management.

🇭🇰 Confined to Hong Kong, Lung Fung lacks tonic for growth-hungry investors

• The city’s leading pharmacy chain reported record revenue and profits in its latest fiscal year, lifting its shares

• Lung Fung Group Holdings Ltd (HKG: 2290) reported its profit reached HK$269 million in its latest fiscal year through March, up nearly 60% from the previous year

• The Hong Kong pharmacy operator’s stock has lost more than 50% of its value just a month after its IPO

🇲🇴 Macau logged nearly 21mln visitor arrivals in 1H 2026, up 9pct y-o-y: police (GGRAsia)

• Macau recorded an aggregate of 20.94 million visitor arrivals during the first half this year, up circa 9 percent on the nearly 19.22 million confirmed for first-half 2025. The latest unofficial data are according to reports of commentary from the city’s Public Security Police, the agency responsible for immigration clearance.

• Per local Chinese-language media reports, the latest figures were mentioned during a Tuesday meeting between a community consultative committee and the police, about boosting traveller-throughput at the city’s checkpoints. The busiest of them link directly to Zhuhai in the neighbouring Chinese-mainland province of Guangdong.

🇲🇴 Macau gaming tax revenue at US$6.34bn in 1H2026 (GGRAsia)

• The Macau government collected approximately MOP8.67 billion (US$1.07 billion) in fiscal revenue from gaming in June, according to the latest data released by the city’s Financial Services Bureau.

• The figure was up 13.3 percent from the MOP7.65 billion recorded in May, the data showed.

• For the first half of 2026, the gaming tax tally reached MOP51.19 billion, a 13.1-percent increase from a year earlier.

• Under Macau’s 10-year gaming concession system, which came into effect on January 1, 2023, the effective tax on casino GGR is 40 percent.

🇲🇴 2Q likely toughest trading for Macau casinos in post-pandemic era amid FIFA World Cup, poor hold rates: Citi (GGRAsia)

• The three months to June 30 were “arguably Macau’s toughest quarter since reopening” of normal tourism business in January 2023 after the Covid-19 pandemic, says banking group Citi in fresh commentary on the city’s casino sector.

• Gross gaming revenue (GGR) was “impacted by both the global soccer tournament and some extremely unfavourable hold rates” on gaming business, stated analysts George Choi and Timothy Chau. April was in likelihood the worst month of the quarter in terms specifically of VIP hold, they added.

• They were referring first to the ongoing FIFA World Cup 2026 in North America, which a number of analysts has said diverted consumer attention away from Macau casino gambling. The final of the football tournament is due in the United States on July 19.

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🇹🇼 Taiwan

🇹🇼 United Microelectronics: Encouraging News, But Price Gains Already Baked In (Seeking Alpha) $⛔

• 🌐 United Microelectronics Corp (TPE: 2303 / NYSE: UMC) - Global semiconductor foundry. 🇼 🏷️

🇹🇼 ASE Technology: When The Future Is Already Fully Priced In (Seeking Alpha) $⛔

• 🌐 ASE Technology Holding (NYSE: ASX) - Independent semiconductor manufacturing services in assembly, test, materials & design manufacturing. 🇼 🏷️

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🇰🇷 Korea

🇰🇷 POSCO Holdings Inc. (PKX) Analyst/Investor Day - Slideshow (Seeking Alpha)

• 🌐 POSCO Holdings (NYSE: PKX) - Integrated steel producer. 6 segments: Steel, Trading, Construction, Logistics & Others, Green Materials & Energy & Others. 🇼 🏷️

🇰🇷 Woori Financial: Assessing Potential Interest Rate And AI Tailwinds (Seeking Alpha) $⛔

• 🇰🇷 Woori Financial Group (NYSE: WF) - Commercial bank. Range of financial services to individual, business & institutional customers. 🇼 🏷️

🇰🇷 KB Financial: Eyes On Non-Banking Diversification And Capital Distributions (Seeking Alpha) $⛔

• 🌏 KB Financial Group (NYSE: KB) - Financial holding company. Banking, credit card, financial investment, insurance business etc. 🇼 🏷️

🇰🇷 Priced Beyond Perfection: Samsung Electronics Tumbles As Soaring Profit Not Good Enough (ZeroHedge)

• The memory bubble appears to be rapidly deflating.

• After the semiconductor/memory sector was walloped in Monday US trading without any clear negative catalyst, the semiconductor-chasing world was eagerly waiting to hear what Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) - the world’s largest memory maker - would report in its preliminary Q2 earnings report as investors sought to justify sky-high investments and valuations around AI. In the end, it was not good enough, and the stock is down 5% at last check.

• Samsung Electronics’s quarterly profit surged 19-fold due to relentless demand for memory chips needed in AI data centers. For the 3 months ended June 30, the company reported preliminary operating income of 89.4 trillion won ($58 billion) not only beating the median analyst estimate of 84.2 trillion won, but dwarfing its performance for all of 2025. Revenue more than doubled to 171 trillion won, also modestly beating expectations (Samsung will release a full financial statement, including net income and divisional breakdowns, around the end of the month).

🇰🇷 Samsung Electronics 2Q26 Earnings & Watch Out for SK Hynix Underperforming Samsung by 20%+ (Douglas Research Insights) $

• Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) reported sales of 171 trillion won (up 129.3% YoY, 2% lower than consensus) and OP of 89.4 trillion won (up 1,810% YoY, 5.4% higher than consensus) in 2Q26.

• Despite the better than expected performance in terms of operating profit, Samsung Electronics missed the consensus sales estimate by 2% in 2Q 2026.

• If Samsung Electronics outperforms SK Hynix (KRX: 000660 / NASDAQ: SKHY) by 20%-25% or more in the coming months, this could be one of the signs of a potential slowdown in the semiconductor sector.

🇰🇷 Hedge fund run by ex-OpenAI researcher bets on SK Hynix’s US IPO (FT) $ 🗃️

• Situational Awareness joins UK investor Baillie Gifford backing the South Korean memory maker’s American debut

🇰🇷 SK Hynix: What If Too Many Investors Are Gearing Up for the Buy ADR/Sell Local Shares Trade? (Douglas Research Insights) $

• With the listing of SK Hynix (KRX: 000660 / NASDAQ: SKHY) ADR on NASDAQ on 10 July, many investors are considering various trading strategies, including just buying the ADR or putting on a long-short trade.

• In this insight, I highlight how too many investors may be gearing up on the latter trade (buying the ADR and shorting the local shares).

• The premium for SK Hynix ADR versus local shares could potentially be as high as 12-17% initially after the ADR trading but could decline gradually in the months ahead.

🇰🇷 Launch of SK Hynix ADR Based 2x Leveraged ETFs in the US (Douglas Research Insights) $

• Following SK Hynix (KRX: 000660 / NASDAQ: SKHY) ADR listing on NASDAQ on 10 July, it is expected that numerous 2x leveraged ETFs based on SK Hynix ADR shares will be launched in the U.S.

• On 13 July (Monday), the “T-REX 2X Long SK Hynix Daily Target” ETF will be launched in the U.S. The ticker for this 2x leveraged ETF will be HYNX.

• At least 10 fund managers have filed registrations to list single-stock ‌exchange-traded funds tracking SK Hynix ADRs soon after it starts trading on 10 July.

🇰🇷 SK Hynix (SKHY): AI Memory Leader Delivers: SK Hynix Climbs Double Digits in U.S. Debut (Smartkarma) $

• SK Hynix (KRX: 000660 / NASDAQ: SKHY) delivered a strong debut, opening 14.1% above its IPO price before finishing up 13.1%, validating exceptional institutional demand.

• The offering was reportedly more than 7x oversubscribed, with cornerstone investors receiving reduced allocations despite the transaction’s record size.

• We believe AI memory demand, attractive valuation versus peers, and HBM leadership could provide continued upside over the short to medium term.

🇰🇷 Korea Small Cap Gem #65: Korea Airport Service (Douglas Research Insights) $

• Korea Airport Service Co Ltd (KRX: 005430) commands a dominant market share in domestic aircraft ground handling, air cargo processing, aircraft fueling, and line maintenance services in Korea.

• The completed merger between Korean Air (KRX: 003490 / 003495) and Asiana Airlines (KRX: 020560) is likely to result in higher sales and profits for Korea Airport Service which is 59.5% owned by Korean Air Lines.

• Third, there has been a noticeable increase in foreign visitors to South Korea, led by Chinese tourists in 2026. Valuations are cheap with P/E of 5.4x and EV/EBITDA of 2.5x.

🇰🇷 Hoban Group Raises Stake in Hanjin Kal to More than 20%: Next Step (A Partnership with a Major PE?) (Douglas Research Insights) $

• In the past several days, it has been reported that Hoban Group has raised its stake in Hanjin Kal (KRX: 180640) to more than 20%.

• Now, Hoban Group’s stake in Hanjin Kal is less than 1% than the controlling shareholding entities led by Walter Cho (Chairman of the Hanjin Group).

• My base case valuation of Hanjin Kal suggests implied NAV per share of 104,060 won per share which is 21% lower than its current share price.

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🌏 SE Asia

🌏 Japanese funds look to Southeast Asia to expand AI value chain (The Asset) 🗃️

• Investors move beyond domestic chip sector to tap opportunities in the region’s rapidly developing software ecosystem

• Amid the global artificial intelligence ( AI ) frenzy, Japan has emerged as an undisputed powerhouse in the hardware sector. But while the domestic market focuses heavily on physical infrastructure, Japanese investment funds are increasingly looking outwards.

• Southeast Asia has rapidly become a prime destination for software-driven AI investments, as Japanese firms seek innovative solutions to deploy back home.

🇰🇭 NagaCorp adjusted revenue to grow up to 8pct in 2026-2027: S&P (GGRAsia)

• S&P Global Ratings said in a recent memo that it expects Hong Kong-listed Cambodian casino operator NagaCorp (HKG: 3918 / FRA: N9J / OTCMKTS: NGCRF) to achieve “3 percent to 8 percent growth in adjusted revenue for 2026-2027”. In a May commentary, the ratings agency had said it expected the firm’s earnings to rise by about 5 percent to 6 percent over the same period.

• The financial institution stated in its latest note that the casino company remains at the upper end of the speculative-grade category, with a ‘B+/Stable/–’ assessment. Its fresh memo did not constitute a rating action, it added.

• It nonetheless viewed NagaCorp as “vulnerable” for business risk, and “intermediate” for financial risk.

🇮🇩 Tokopedia Downsizing Sparks Indonesian Government Concerns Over Mass Layoffs (Caixin) $

[GoTo Gojek Tokopedia Tbk PT (IDX: GOTO / FRA: CK8 / OTCMKTS: GTOFF)]

• Indonesian authorities have met with representatives of e-commerce platform Tokopedia and its majority owner TikTok, after news of downsizing at the local tech giant sparked fears of mass layoffs.

• Rumors surfaced on social media in early July claiming that ByteDance Ltd., the Chinese owner of TikTok, was planning to lay off 90% of Tokopedia’s workforce following the launch of Tokopedia Lite, triggering a swift response from the Indonesian government, who summoned company representatives for questioning.

🇲🇾 Top Glove Corporation Bhd. 2026 Q3 - Results - Earnings Call Presentation (Seeking Alpha)

• 🌐 Top Glove Corporation (KLSE: TOPGLOV / SGX: BVA / OTCMKTS: TPGVF) - World’s largest manufacturer of gloves. Manufacturing operations in Malaysia, Thailand, Vietnam & China + marketing offices in these countries, USA, Germany & Brazil. 🇼 🏷️

🇲🇾 Genting Americas in new US$2bln bank facility to refinance debt, fund second phase of N.Y. casino (GGRAsia)

• Genting Americas Inc, a wholly-owned subsidiary of international casino developer Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF), has secured a new US$2-billion bank facility. Part of it is intended to fund the second phase of the Genting group’s casino in downstate New York (pictured), with construction scheduled to begin in 2027.

• The information was disclosed by S&P Global Ratings in a ratings action published on Wednesday. The institution reaffirmed its ‘BB+’ notes rating for Genting New York LLC, one notch below investment grade. The latter firm is also a subsidiary of Genting Malaysia.

🇸🇬 Top Stock Market Highlights of the Week: Frasers Centrepoint Trust, Sentosa Development Corporation, Foundation Healthcare and Temasek Holdings (The Smart Investor)

• We look at a major retail divestment by a suburban mall REIT, an ambitious island transformation plan, a healthcare IPO that drew strong demand, and record numbers from a global investment company.

  • FCT sheds its smallest mall to cut leverage

    • Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF), or FCT, announced on 1 July 2026 that it will divest White Sands mall for S$467 million (US$360 million), with the sale to an unrelated third party expected to complete around 30 September.

    • White Sands, located in Pasir Ris, is the smallest mall in FCT’s portfolio and has performed well since it was acquired in 2020, according to Richard Ng, chief executive officer of Frasers Centrepoint Asset Management, the REIT’s manager.

  • Sentosa unveils a two-decade transformation of Singapore’s island playground

    • Sentosa Development Corporation (SDC) unveiled the next chapter of the Greater Sentosa Master Plan (GSMP) on 3 July 2026, a long-term transformation that will integrate Sentosa with the 120-hectare Brani island and progressively expand the leisure destination over the next two decades.

  • Foundation Healthcare draws robust demand for its mainboard listing

    • Foundation Healthcare Holdings Limited (SGX: FHH), an integrated private healthcare platform in Singapore, announced on 7 July 2026 the balloting results of its initial public offering (IPO) following the close of its Singapore Public Offer.

  • Temasek’s net portfolio value hits a record on local blue-chip strength

    • Temasek Holdings reported a record net portfolio value (NPV) of S$518 billion for the financial year ended 31 March 2026, released on 8 July 2026 at the launch of its annual Temasek Review.

🇸🇬 SATS: Kudos for Flying High (Corporate Monitor)

• 🌐 SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) - Aviation food services provider + ground handling & cargo services. 🇼 🏷️

🇸🇬 Rising Oil Prices: What It Means for Singapore Retiree Investors (The Smart Investor)

• Higher oil prices can affect everything from transport costs to inflation and dividends. Here’s what Singapore retirees and income investors should know when energy prices surge.

  • The Lag: Why the Worst is Only Beginning to Unfold

    • It’s no secret that Singapore imports almost all its essential resources, from sand for land reclamation to natural gas for power generation.

    • Here’s the hard truth: 95% of the city-state’s electricity is powered by imported natural gas.

  • The Winners

    • Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF): Having locked in about 79% of its Singapore gas-fired power portfolio into long-term contracts of at least five years, Sembcorp’s long-term earnings visibility is significant, despite near-term margin compressions in its Gas and Related Services segment.

    • Moreover, it’s benefiting from the energy-intensive demands of the digital economy, having secured a 150MW contract from Micron (NASDAQ: MU).

    • DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF): With wealth management fees hitting new highs, it provides an enviable non-interest income engine to guard against potential interest rate headwinds for the World’s Best Private Bank.

    • Its corporate treasury segment also benefits from the volatility by selling more hedging products.

    • Seatrium Ltd (SGX: SE2 / FRA: S8N / OTCMKTS: SMBMF): High oil prices are providing a highly supportive environment for the offshore energy specialist.

    • This is evident in the group’s massive S$15.5 billion net order book slated for deliveries all the way to 2033.

  • The Losers

    • Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF), or SIA: With jet prices accounting for close to one-third of SIA’s operating costs, it’s hardly surprising that SIA is one of the clearest losers as fuel prices more than doubled in early 2026.

    • Crucially, we have not seen the worst of SIA, as the group’s already high fuel prices are priced on a lag.

    • SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF): While the aviation solutions provider achieved revenue growth of 9.8% to S$1.62 billion for the fourth quarter ended 31 March 2026 (FY2026), EBITDA grew just 3.9% to S$267.5 million, due to the Middle East conflict – a squeeze on margins even as net profit rose 31%.

  • A Growing Yield Matters More Than Absolute Yield

  • Get Smart: Fortify Your Golden Years

🇸🇬 5 Core Singapore Dividend Stocks to Buy and Hold (The Smart Investor)

• Building a reliable dividend portfolio starts with owning quality businesses. These five Singapore dividend stocks have the characteristics long-term income investors should look for.

  • DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF)

    • As Singapore’s largest bank by assets, DBS Group forms a rock-solid foundation for income portfolios.

  • Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering

    • Singapore Technologies Engineering (STE) is a highly diversified global technology, defence, and engineering conglomerate operating across more than 100 countries.

  • Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY)

    • As Singapore’s sole stock market operator, Singapore Exchange (SGX) enjoys a natural monopoly and an asset-light business model with strong cash generation.

  • Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF)

    • Sheng Siong is one of Singapore’s largest supermarket operators, managing a defensive consumer staples network of 87 local stores and six outlets in China.

  • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF)

    • CapitaLand Integrated Commercial Trust (CICT) is Singapore’s largest listed real estate investment trust (REIT), managing a premier portfolio of retail, office, and integrated properties.

  • Get Smart: Build Your Portfolio Around Quality

🇸🇬 1H 2026: 4 Billionaire SGX Stocks Delivered 100% Returns (or More!) (The Smart Investor)

• The STI rose 13% in 1H 2026, but AEM, UMS, Nanofilm and Frencken surged over 100%. Discover what’s driving Singapore’s semiconductor rally.

  • Which company had the clearest recovery?

    • UMS Integration Ltd (SGX: 558 / OTCMKTS: UMSSF) or UMS Holdings supplies equipment manufacturing and engineering services to semiconductor OEMs.

    • The manufacturing firm’s quarter told a similar story with a wrinkle.

  • Did the recovery show up beyond AEM Holdings (SGX: AWX)?

    • UMS Integration supplies equipment manufacturing and engineering services to semiconductor OEMs.

    • The manufacturing firm’s quarter told a similar story with a wrinkle.

  • Why did Frencken Group Ltd (SGX: E28) rise when its earnings fell?

    • Frencken Group is the puzzle.

    • The mechatronics firm’s share price more than doubled while its first-quarter numbers went the other way.

  • Get Smart: One theme, four winners

🇸🇬 Banks Share Prices At Record Highs: What Long-Term Investors Should Consider Now (The Smart Investor)

• Singapore bank shares are trading near record highs, prompting many investors to wonder whether they have missed the opportunity. Here's what long-term investors should focus on before making their next move.

• It has been fruitful being an investor in Singapore banks with DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF), Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) and United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF) climbing sharply over the last five years.

• In fact, both DBS and UOB just smashed through to new all-time highs yesterday (9 July 2026), touching S$70.27 and S$44.19 respectively.

• The rally, however, has left valuations looking far less compelling than before.

  • Why Singapore Banks Have Rallied

  • Why Share Price Alone Doesn’t Tell the Whole Story

  • What Long-Term Investors Should Focus On

  • The Biggest Risk: Falling Interest Rates?

  • Comparing the Three Banks

  • Valuation: Are Banks Still Reasonably Priced?

  • Should Investors Wait for a Pullback?

  • Common Mistakes Investors Make

  • Get Smart: Buy Great Businesses, Not Cheap Headlines

🇸🇬 DBS, OCBC and UOB Beat the STI in 1H 2026: Here’s What Drove the Rally (The Smart Investor)

• Singapore’s big three banks beat the STI in the first half of 2026, here’s how.

• Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), or OCBC, led with a total return of 28.2%.

• Over the same period, DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) returned 19.3% while United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF), or UOB, offered a 15% return.

  • What powered OCBC to the front?

  • How did DBS hold its ground?

  • Why did UOB lag but still beat the index?

  • Get Smart: Did the positives outweigh the negatives?

🇸🇬 Is Genting Singapore’s Almost 7% Dividend Yield Sustainable? (The Smart Investor)

• Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY)’s dividend yield has climbed close to 7%, making it one of the more attractive income plays on the SGX. But can the casino operator continue paying such generous dividends?

  • Why Genting Singapore’s Dividend Yield Looks So Attractive

  • Understanding Genting Singapore’s Business Model

    • Resorts World Sentosa (RWS) is at the heart of Genting Singapore’s business. Other than RWS’s casino operations, the Singapore tourism landmark also offers hotels, attractions (such as the Oceanarium and Universal Studios Singapore), and retail outlets.

  • The Case for Dividend Sustainability

  • Key Financial Metrics Investors Should Examine

  • What Could Threaten the Dividend?

  • How Genting Compares with Other Income Stocks

  • What Type of Investor Might Like Genting Singapore?

  • What Investors Should Watch in Upcoming Results

  • Get Smart: Is the Yield Too Good to Ignore?

🇸🇬 Hunting for Cash? These SGX Underdog Stocks Just Paid Out Big (The Smart Investor)

• Three SGX companies raised their dividends this year — but only some of that income is built to last. Here's how to tell which payout repeats and which was a one-off.

• Credit Bureau Asia Ltd (SGX: TCU), or CBA

  • CBA supplies credit and risk information to banks, financial institutions and government bodies across Southeast Asia.

  • It runs credit bureaus in Singapore, Cambodia and Myanmar, and sells commercial risk and business information through a partnership with Dun & Bradstreet.

• Valuetronics Holdings (SGX: BN2 / FRA: GJ7)

  • Valuetronics is an electronics manufacturing services provider, handling everything from design to production for consumer and industrial customers out of China and Vietnam.

  • The headline payout move here is the biggest of the three.

• Old Chang Kee (SGX: 5ML), or OCK

  • The curry puff maker sells its snacks through retail outlets at high-traffic spots and through delivery, catering and business supply.

• Get Smart: A rising payout is not the same as a lasting one

🇸🇬 On Our Radar: 3 Cash-Rich Dividend Stocks Outperforming CPF OA Rates (The Smart Investor)

• CPF OA offers a safe and guaranteed 2.5% return, but some Singapore stocks are generating significantly higher yields while sitting on strong cash reserves.

• Why Cash Matters More Than Ever

• Why Compare Dividend Stocks with CPF OA?

• Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF) — The Cash-Rich Blue Chip

  • Venture Corporation is a global heavyweight in electronics manufacturing and technology services.

  • Because the company focuses on high-value and capital-light manufacturing, it converts a massive chunk of profits directly into free cash flow (FCF).

• DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) — The Dividend Growth Compounder

  • While changing interest rates have slowed down net interest income growth, DBS has cushioned the drag through its wealth management engine.

• Haw Par Corporation (SGX: H02 / OTCMKTS: HAWPF) — The Defensive Income Generator

  • Best known as the custodian of the iconic Tiger Balm brand, Haw Par is built like a financial fortress.

  • And together with its strategic stake in UOB (SGX: U11), Haw Par is granted strong earnings resilience.

• What Investors Should Watch Before Buying

• Why These Stocks Could Remain Attractive Through 2026

• Get Smart: Yield Is Good, But Financial Strength Is Better

🇸🇬 1H 2026: 3 Blue-Chip SGX Stocks that Outpaced the STI by 12% or More (The Smart Investor)

• The STI ETF returned 13.1% in 1H2026. Three blue-chips more than doubled that. Here is what sets them apart from the other 27.

• Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) returned 42.8% over the same period.

• Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) returned 28.2%.

• Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering returned 25.3%.

  • Why did SGX lead the field?

    • SGX runs Singapore’s only stock market.

  • What drove OCBC’s climb?

    • OCBC is Singapore’s second-largest banking group.

    • Lower rates were meant to squeeze it.

    • The bank found another way.

  • How did ST Engineering earn its spot?

    • ST Engineering builds for defence, aerospace and urban markets in more than 100 countries.

    • Demand across all three showed up in the numbers.

  • Get Smart: strong returns are backward-looking

🇸🇬 S$1,000 Every Month: 4 Singapore REITs to Build a Reliable Passive Income Stream (The Smart Investor)

• A monthly passive income stream of S$1,000 may sound ambitious, but it becomes far more achievable when broken down into a clear investing plan.

• What Does It Take to Generate S$1,000 a Month?

• What Makes a REIT Suitable for Long-Term Income

• Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF), or FCT – The Retail Income Anchor

  • FCT’s large exposure to essential retail malls in Singapore makes this REIT an attractive cornerstone for any income portfolio.

• Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF), or MLT – The Industrial / Logistics Income Generator

  • As of 31 March 2026, MLT boasts 175 logistics properties, spanning Singapore, Australia, China and several other countries in Asia.

  • This geographical diversification is supported by a tenant base of blue-chip companies, with the largest gross revenue contribution from a single tenant siting at only 3.7%.

• Parkway Life Real Estate Investment Trust (SGX: C2PU), or Parkway Life – The Healthcare REIT

  • Another solid defensive REIT for your consideration is the healthcare specialist, Parkway Life REIT, which owns hospitals and nursing homes.

• Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF), or KDCREIT – The Growth-Oriented REIT

  • Our last REIT is one that boasts attractive growth prospects through its portfolio of data centres: KDCREIT.

• How to Build Towards S$1,000 a Month

• What Investors Should Watch

• Get Smart: Passive Income Is a Marathon, Not a Sprint

🇸🇬 Opportunity? 3 Blue-Chip REITs That Lagged the STI by 18% or More in 1H 2026 (The Smart Investor)

• Three blue-chip Singapore REITs fell well behind the STI in 1H 2026, but a closer look at their businesses reveals what really matters.

• Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF), or MLT, delivered -4.9% in total returns.

• CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF), or CLAR, came in at -8.1%.

• Mapletree Pan Asia Commercial Trust (SGX: N2IU / OTCMKTS: MPCMF), or MPACT, posted -9.7%.

• Are these REITs broken, or simply out of favour?

• The answer starts by reading past the headlines.

  • Why did MLT’s DPU fall 7%?

  • Is CLAR’s silence on DPU a warning?

  • Why is MPACT’s revenue shrinking?

  • Get Smart: The market is pricing the headline, not the operations

🇸🇬 Beyond NVIDIA: 3 Singapore Stocks Powering the AI Revolution (The Smart Investor)

• Singapore's role in the AI revolution goes beyond software, with these three stocks supporting the hardware and infrastructure powering AI growth.

  • AEM Holdings (SGX: AWX): The Gatekeeper of High-Performance Silicon Viability

    • In 2025, AEM’s revenue increased 5% to S$399.3 million, driving profit before tax up 51% to S$21.3 million, supported by the ramp-up to high-volume manufacturing by its major AI/High-Performance Computing customers.

  • Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF): Fuelling the Insatiable Appetite of the Digital Grid

    • With a portfolio that accounts for one-third of the power needs of Singapore’s data centres, Sembcorp Industries is a key power utility backbone providing reliable, high-capacity energy supplies to the country.

  • UMS Integration Ltd (SGX: 558 / OTCMKTS: UMSSF) or UMS Holdings: The Precision Components Behind Chip-Fabrication Giants

    • UMS supplies critical precision components used by Applied Materials (NASDAQ: AMAT) to build advanced chip fabrication equipment.

• Get Smart: The Critical Infrastructure Powering Global AI

🇸🇬 3 Small-Cap SGX Stocks to Fund Your Retirement (The Smart Investor)

• Not all dividend payouts are equal, and these three SGX small-cap stocks show what income investors can rely on for retirement.

  • Credit Bureau Asia Ltd (SGX: TCU)

    • Credit Bureau Asia (CBA) supplies credit and risk information to banks, financial institutions and government bodies across Southeast Asia.

    • It runs credit bureaus in Singapore, Cambodia and Myanmar.

    • It also sells commercial risk and business information through a partnership with Dun & Bradstreet.

  • Valuetronics Holdings (SGX: BN2 / FRA: GJ7)

    • Valuetronics is an electronics manufacturing services provider that handles design through to production for consumer and industrial customers out of China and Vietnam.

    • The payout move here is the biggest of the three.

  • Old Chang Kee (SGX: 5ML)

    • Old Chang Kee, the curry puff maker, sells its snacks through retail outlets at high-traffic spots and through delivery, catering and business supply.

  • Get Smart: A cash return is not the same as an income stream

🇸🇬 Buy or Sell? 3 Blue-Chip Stocks that Lagged the STI by 8.6% or More for June 2026 (The Smart Investor)

• Despite decent earnings, these three Singapore blue-chip stocks significantly underperformed the STI in June 2026, prompting a closer look at their outlook.

  • Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering: Why did a record order book not lift the shares?

    • Start with the strongest business of the three.

  • Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF): Was the turnaround too slow for the market?

    • Venture handed investors a turnaround quarter.

    • The question is whether it turned fast enough.

  • City Developments Limited (SGX: C09 / FRA: CDE / OTCMKTS: CDEVY): Can profit that tripled sit beside negative cash flow?

    • City Developments (CDL) is the most nuanced case.

    • The headline looked strong, but the cash flow read differently.

  • Get Smart: A lagging share price is not the same as a failing business

🇸🇬 3 Dividend Stocks to Boost Your Savings Account (The Smart Investor)

• Savings accounts offer stability, but inflation can quietly erode purchasing power over time. These three dividend stocks stand out for their resilient cash flow, dependable payouts, and long-term wealth-building potential.

  • Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering – A Defensive Dividend Anchor

    • When it comes to reliable income, consistency matters.

    • That is what makes ST Engineering a defensive dividend stock.

  • Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) – A Cash-Rich Compounder

    • Companies with strong balance sheets are generally in a better position to withstand unexpected shocks and downturns.

    • The Singapore Exchange (SGX) runs a light-asset business model that produces large cash flow while not utilising much capital to grow.

  • Vicom Ltd (SGX: WJP) – The Yield Tollbooth

    • Operating like a regulatory tollbooth on Singapore’s roads, VICOM Ltd (SGX: WJP) – a subsidiary of ComfortDelGro Corporation (SGX: C52 / FRA: VZ1 / VZ10 / OTCMKTS: CDGLF / CDGLY) – is a prime example of a resilient income provider.

    • The inspection player delivered strong results for 1Q2026, with net profit jumping 33.6% YoY to S$10.0 million.

  • How Dividend Stocks and Savings Can Work Together

  • Get Smart: Real Wealth Is About Building Over Time

🇹🇭 Thailand to invest US$1.99 billion in next-wave high-tech (The Asset) 🗃️

• Sectors include AI, advanced electronics, aviation, clean energy, supply chains across Southeast Asia

• Thailand has approved nine major investment projects worth a combined US$1.99 billion ( 66.3 billion baht ) in high-value sectors, including artificial intelligence ( AI ), advanced electronics, aviation, clean energy and food as global manufacturers reposition their supply chains across Southeast Asia.

• The approvals, cleared during a meeting of the Thailand Board of Investment ( BoI ) chaired by Ekniti Nitithanprapas, deputy prime minister and Minister of Finance, highlight the country’s appeal to multinational corporations seeking reliable production hubs.

🇹🇭 The Greatest Global Investment Mania in modern History (Gloom, Doom & Boom)

• My first recommendation, therefore, is to avoid the currently most popular sectors of the equity markets which include technology, social media and semiconductors.

• More recently, with the improvement in the bond market, I also observed an improvement in interest rate sensitive stocks around the world including financials, home builders, real estate developers, utilities and REITs. I am still holding a large portfolio of Hong Kong and Singapore property stocks and REITs, and I am accumulating Thai property and related stocks such as Land and Houses PCL (SET: LH / LH-R / FRA: NVAH.F / LHOG.F), Supalai PCL (BKK: SPALI / SPALI-F / FRA: NYVL / OTCMKTS: SUPCF), Home Product Center PCL (BKK: HMPRO / HMPRO-F / OTCMKTS: HPCRF), etc.

• As I repeatedly explained over the last year, I have also a large exposure to Thai banks including Bangkok Bank PCL (BKK: BBL / BBL-R / OTCMKTS: BKKLY / BKKPF), SCB X PCL (BKK: SCB / SCB-F / FRA: OU80 / OU8) or Siam Commercial Bank, Kasikornbank PCL (BKK: KBANK / SGX: TKKD / FRA: TFBF / OTCMKTS: KPCPY / KPCPF), Krung Thai Bank PCL (BKK: KTB / FRA: KTB1 / OTCMKTS: KGTFF / KTHAF / KGTFY) or KTB, etc. Even failed states can enter bull markets once foreign fund managers have liquidated their positions. The Thai stock market is up year-to-date 18% in US dollar terms. I continue to believe that a bull market is underway, which could lift stocks by another 50% over the next two years

🇹🇭 Thailand’s stimulus package (Asian Century Stocks) $

• The Bhumjaithai Party’s impact on economic growth and Thai equities

• In his latest Gloom, Doom & Boom report, Marc Faber revealed that he is accumulating Thai property stocks, which tend to be sensitive to the credit cycle.

• Thailand has been suffering from a multi-year downturn in credit growth:

• However, there are signs that the credit cycle is finally turning. The new Bhumjaithai government is pushing for a THB 400 billion stimulus package. And loan growth finally turned positive in the first quarter of 2026.

• I’ll discuss the Thai macro backdrop, why the cycle might be turning and what type of companies might be benefitting from a turnaround.

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🇮🇳 India / South Asia / Central Asia

🇮🇳 ICICI Bank: Staying Positive After Policy Tailwind And Optimistic Q1 Outlook (Seeking Alpha) $⛔

• 🌐 ICICI Bank (NYSE: IBN) - MNC bank & financial services. Wide range of banking & financial services for corporate & retail customers. 🇼 🏷️

🇮🇳 Wipro: Spotlight On Buybacks And Peer Read-Across (Seeking Alpha) $⛔

• 🌐 Wipro Ltd (NYSE: WIT) - IT, consulting & business process services. 🇼 🏷️

🇮🇳 Genpact Limited: Great Value At Current Price (Seeking Alpha) $⛔

• 🌐 Genpact (NYSE: G) 🇧🇲 - IT services, consulting & outsourcing. NYC HQ. 🇼

🇮🇳 BlackBuck Ltd.: From Trucker’s App to Platform Profit Machine (Smartkarma) $

• Blackbuck Ltd (NSE: BLACKBUCK / BOM: 544288) is India’s largest digital trucking platform. In FY26, revenue grew 53% to INR 651.9 crore and PAT turned positive at INR 160.3 crore.

• The platform serves 8.18 lakh monthly truckers, with INR 25,905 crore tolling GTV. High-margin operations and cross-sell deepen the platform advantage.

• BlackBuck has moved from turnaround to profitable scale-up. The next test is whether SuperLoads and vehicle finance can become meaningful standalone growth engines.

🇮🇳 Swiggy: Discipline Over Discounting Becomes the Real Story (Smartkarma) $

• Swiggy Ltd (NSE: SWIGGY / BOM: 544285)’s management reiterated that durable competitive advantage will come from differentiated propositions, not aggressive price-led customer acquisition.

• The debate is shifting from pure order growth to quality of growth - retention, basket size, monetization, and network utilization.

• The key swing factor is whether quick commerce can move from cash-consuming scale-up to contribution breakeven without losing relevance.

🇮🇳 Knack Packaging IPO: Inside the Growth Story of a PLWPP Packaging Manufacturer (Smartkarma) $

[Knack Packaging Ltd (NSE: KNACK / BOM: 544814)]

• The Rs. 439.5 crore IPO closed with heavy demand. Overall subscription was reported at ~83.3x, led by QIB and NII demand.

• Knack sits in the branded bulk packaging shift: PLWPP bags, export customers, integrated manufacturing, and an estimated 10.1% share in India’s flexible bulk PLWPP market.

• The IPO is not a deep-value issue at ~22.4x FY26 earnings, so future performance will depend on how efficiently the company scales capacity, manages working capital, and sustains margins.

🇮🇳 Datamatics Global Services: From BPM Legacy to AI-Led Transformation (Smartkarma) $

• Datamatics Global Services Ltd (NSE: DATAMATICS / BOM: 532528) is a Mumbai-based digital technologies, operations and experiences company. FY26 revenue grew 15.3% to INR 1,987.2 crore, EBITDA margin touched 18.7%.

• The business is shifting toward AI-led automation, content workflows, underwriting, enterprise transformation and Lumina/TNQ synergies, improving platform depth and margin profile.

• The key test is durability: sustained organic growth, high-teens margins, AI monetisation, cash conversion and clean earnings conversion will decide the re-rating case.

🇮🇳 MosChip Technologies: Building India’s Semiconductor Design Engine (Smartkarma) $

• Moschip Technologies Ltd (NSE: MOSCHIP / BOM: 532407), a semiconductor and product engineering company, reported FY26 revenue of INR 585.15 crore, up 25.34% YoY, led by silicon engineering momentum.

• The company is scaling across ASIC design, product engineering, AI/ML, FPGA and validation services, aligning with India’s growing semiconductor design opportunity.

• Growth visibility is improving, but margin recovery, working-capital discipline and Smart Energy Meter IC milestones remain key monitorables for FY27.

🇰🇿 Kaspi.kz: Building The Future Of Digital Commerce (Seeking Alpha) $⛔

• 🇰🇿 KASPI (NASDAQ: KSPI / LON: 80TE / FRA: KKS) - Payments Platform, Marketplace Platform & Fintech Platform. 🇼

🇰🇿 The Ultimate Value Proposition: Kaspi (TheCatalyst)

• KASPI (NASDAQ: KSPI / LON: 80TE / FRA: KKS) is a one of a kind company. I can’t think of another business that provides more value for its users. Here is how they do it and capture it and maintain it and how it could be disrupted.

• Verdict

  • Kaspi has an insane value prop for its users and the business risks don’t seem to be a big deal in my opinion. The biggest risks are simply the regulatory environment they operate in and the risks of inflation and recessions in Kazakhstan and Türkiye. The question is can the quality of the business outweigh the risks of the macro environment. In another article I will go more in depth on the business, management, and valuation. NFA.

🇰🇿 Yellow Cake: Great Value And The Company Is Finally Buying Back Its Shares (Seeking Alpha) $⛔

• 🇰🇿 Yellow Cake PLC (LON: YCA / FRA: 0LZ / OTCMKTS: YLLXF) - Physical holding of uranium oxide concentrate (U₃O₈) & uranium-related commercial activities.

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🌍 Middle East

🇮🇱 Teva Pharmaceutical Industries Limited (TEVA) Discusses Anti-IL-15 Antibody Phase Ib 24-Week Efficacy Results in Vitiligo and Planned Advancement to Phase 2b - Slideshow (Seeking Alpha)

• 🌐 Teva Pharmaceutical Industries Ltd (NYSE: TEVA) - Branded-drugs, active pharmaceutical ingredients, contract manufacturing services & out-licensing platform. 🇼

🇮🇱 Mobileye: Waiting For The 2027 Inflection Point (Seeking Alpha) $⛔

• 🌐 Mobileye Global (NASDAQ: MBLY) - Advanced driver assistance systems (ADAS) & autonomous driving technologies. 🇼

🇸🇦 🇦🇪 Saudi Arabia blocking payments to UAE accounts, businesses say (FT) $ 🗃️

• Transfers from kingdom to companies and individuals in Dubai repeatedly returned or delayed in a sign of economic tension

• Multiple people told the FT that payments from Saudi entities to the UAE accounts of companies and individuals based in Dubai had since May either been returned or delayed by the kingdom’s banks, without any clear explanation.

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🌍 Africa

🌍 Cocoa Prices Rally As Jefferies Warns Of “Perfect Storm” In West Africa (ZeroHedge)

• Cocoa futures in New York have doubled since the start of March and have now climbed back toward levels not seen since late 2025, around $6,000 a ton, as Jefferies analysts warn that a "perfect storm's a-brewing" across West Africa, the world's top cocoa-farming region.

• Jefferies analyst Scott Marks wrote in a note on Tuesday that new weather concerns center on Ivory Coast and Ghana, the world's top cocoa-growing regions.

🇿🇦 🇸🇬 Karooooo: Why I own an expensive stock (Gustav)

• From South Africa to the world. Hard to spell, even harder to ignore. My rulebreaker.

• Karooooo (NASDAQ: KARO / JSE: KRO) is the market leader in South Africa (+40% market share). It is a tech company, so things can change, but the market structure in fleet management/telematics seems likely to end up being oligopolistic with a few big players, as in South Africa today. South Africa is a mature market, but there is still a good amount of growth left. The bigger long-term growth engine, however, is ASEAN.

• Their simple plan is to replicate the South African success in ASEAN. And they could do it. Not many global companies focus on this area. Most focus on the US and to a lesser extent Europe. Karooooo is also a vertically integrated low-cost provider, which is another thing that makes them different. They have a good chance of succeeding because they are focused, early, and own the customer. Growth will also come from Europe and South Africa, but ASEAN is clearly most important in the long term.

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🌍 Eastern Europe & Emerging Europe

🇵🇱 LPP SA 2027 Q1 - Results - Earnings Call Presentation (Seeking Alpha)

• 🌍 LPP SA (WSE: LPP / FRA: 1RY) - Polish family company that dresses customers in nearly 40 global markets. Largest fashion company in Central & Eastern Europe. 5 clothing brands: Reserved, Cropp, House, Mohito & Sinsay. 🇼 🏷️

🇷🇺 Eurasia Mining – 20-100x if Trump vies for Russian Arctic minerals? (Undervalued Shares)

• In November 2025, I published an in-depth article about London-listed Eurasia Mining PLC (LON: EUA / FRA: EUH) [Eurasia Mining – 1,000% from selling Russian assets?].

• The British company owns mining assets in Russia. The PLC itself is not an entity connected to Russia according to UK rules and regulations, and it is not subject to sanctions. However, its Russian operations are naturally affected by the sanctions regime against Russia, and the stock is affected by geopolitics.

• Few London-listed stocks have been as volatile. It lost 98% on decades-long exploration lead time, then rose quickly by 90x on successful production start and plans to sell the assets, only to lose 97% again on extreme fear due to geopolitics.

• At the time, I didn’t have a strong view on the stock, but suggested taking a closer look should the share price ever fall back to 2 pence.

• It’s now returned to 2.4 pence – almost at that level.

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🌎 Latin America

🌎 First Quantum Minerals: The Political Scar Is Becoming A Re-Rating Option (Seeking Alpha) $⛔

• 🌐 First Quantum Minerals Ltd (TSE: FM / FRA: IZ1 / OTCMKTS: FQVLF) - High-quality, low-cost copper mines. Kansanshi (Africa) & Cobre Panama. Copper & nickel projects in Africa & Australia. Gold, zinc & cobalt. 🇼

🌎 MercadoLibre: Near-Term Margin Pressure Creates A Buying Opportunity (Seeking Alpha) $⛔

🌎 Why I Made MercadoLibre My Third Largest Position (Seeking Alpha) $⛔

• 🌎 MercadoLibre (NASDAQ: MELI) - Uruguay HQ’d. The largest online commerce & payments ecosystem in Latin America. 🇼 🏷️

🌎 MercadoLibre Deep Dive: One of the Best Ecosystems in the Market

• Why MercadoLibre (NASDAQ: MELI) is much more than the “Amazon of Latin America”

• When most people hear MercadoLibre, they probably think of it as the Amazon of Latin America. That is how I thought about the company too, but after digging deeper, that description feels way too simple.

• The marketplace is the part everyone knows, but MercadoLibre has built so much around it. The company now has its own payment platform, delivery network, credit cards, loans, advertising tools, and membership program. It is not only a place where people shop. For a lot of customers and businesses, MercadoLibre is becoming part of how they pay, get paid, borrow money, ship products, and grow.

🌎 Is insider buying a signal if the insiders are always wrong? LILAK 0.00%↑ (Yet Another Value Blog)

• So, try as I might, I just couldn’t hold off on writing about the current quirky situation that’s happening over at Liberty Latin America Ltd (NASDAQ: LILA / LILAK). It’s just too fascinating not to! The setup involves an abandoned related party deal, a distribution of preferred stock, some massive insider buying.... and an eerie rhyme with a Malone deal that just ended in bankruptcy court. On top of the fascinating setup, I think the LILAK situation raises some interesting questions. Namely, if insiders have been consistently bullish and wrong for years, is there ever a time you can trust their bullish signals?

• But I’m getting ahead of myself with that question. Let’s rewind and set the stage for the situation.

🇦🇷 Adecoagro: The Harvest Is Over, Now It’s Time For Patience (Rating Upgrade) (Seeking Alpha) $⛔

• 🇦🇷 🇧🇷 🇺🇾 Adecoagro Sa (NYSE: AGRO) - Luxembourg HQ’s agro industrial company that produces & manufactures food & renewable energy. 3 segments: Farming; Sugar, Ethanol & Energy; & Land Transformation. 🏷️

🇧🇷 Vale’s corporate governance battle intensifies as chair steps down (FT) $ 🗃️

• Daniel Stieler leaves Brazilian mining group amid warnings of possible political interference in boardroom process

• Vale (NYSE: VALE)’s chair Daniel Stieler resigned with immediate effect on Monday, just weeks after the board rejected a proposal to replace him by the group’s largest domestic investor, the pension fund Previ.

🇧🇷 Sigma Lithium: A Low-Cost Producer About To Triple Production By 2027 (Seeking Alpha) $⛔

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

🇧🇷 Banco Santander (Brasil): It’s Not Time To Buy Yet! (Seeking Alpha) $⛔

• 🇨🇱 Banco Santander-Chile (NYSE: BSAC) - Part of the Santander group & majority controlled by Santander Spain. The largest bank in Chile by loans & the second largest by deposits. 🇼 🏷️

🇧🇷 Nu Holdings: The Growth Runway Is Huge, The Risks Are Real (Seeking Alpha) $⛔

🇧🇷 Nu Holdings: Soaring NII Growth, Profitable And Cheap (Seeking Alpha) $⛔

🇧🇷 Nu Holdings: Cheap For No Good Reason (Seeking Alpha) $⛔

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

🇧🇷 Sabesp: Still One Of Brazil’s Best Execution Stories (Seeking Alpha) $⛔

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

🇨🇱 Antofagasta: The Market Is Underpricing The Copper NAV Conversion (Seeking Alpha) $⛔

• 🇨🇱 Antofagasta (LON: ANTO / FRA: FG1 / OTCMKTS: ANFGF) - London HQ’d. Copper cathodes & copper concentrates; & molybdenum, gold & silver by-products. Sub. of Metalinvest Establishment. 🇼 🏷️

🇲🇽 Volaris: A Discounted Airline With Turnaround Potential (Seeking Alpha) $⛔

• 🌎 Controladora Vuela Compania de Aviacion SAB de CV (NYSE: VLRS) or Volaris - Ultra-low-cost carrier that operates in Mexico, USA, Central & South America. 🇼 🏷️

🇵🇪 Does Keiko Fujimori make it through her term? (Latin America Risk Report)

• The new president’s biggest advantage is that Keiko Fujimori isn’t conspiring to remove her from office.

• The short answer to whether Peru’s new president is removed early comes down to which of the following two statements is correct:

  • Fujimori is forced out like every other Peruvian president.

  • Fujimori makes it through her term because she is the exception due to her control of the legislature and political system.

  Variables playing against Fujimori’s stability:

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🌐 Global

🌐 Strongest El Nino In 75 Years Sets Off Food Supply-Chain Alarm Bells (ZeroHedge)

• The US Climate Prediction Center has warned that the weather phenomenon El Niño, which only recently emerged across the Pacific, could become the most powerful in more than 75 years. This raises the risk of adverse weather conditions across the US, Asia, Australia, and South America. The stronger the weather event becomes, the greater the threat to critical food supply chains, which are already vulnerable to drought, flooding, export restrictions, and rising protectionism.

• The CPC, a NOAA/National Weather Service unit that issues official US government climate outlooks, wrote in its report that sea-surface temperatures at least 1C above normal have spread across the central and eastern equatorial Pacific, with an 81% chance the event becomes “very strong” and ranks among the largest on record since 1950. Some parts of the Pacific were 2.7C above normal last week.

🌐 The Panama Canal Trade: How to Bet on a Strong El Niño (TheOldEconomy Substack)

• Here is the Panama Canal tradе in a nutshell:

Strong El Niño → Gatun Lake drought → VLGCs diverting through COGH → increased “mile” demand coupled with robust “tonne” demand → higher earnings → higher asset values → higher stock prices

• But why exactly VLGCs and not, for example, Capesize bulkers?

• Not all ships are created equal, even within a single category.

🌐 Nebius Is Quietly Dominating CoreWeave And IREN: Here’s Why (Seeking Alpha) $⛔

🌐 Nebius: Staying Positive Despite Recent Weakness (Seeking Alpha) $⛔

🌐 Nebius: Why I’m Buying The Meta Compute Panic (Seeking Alpha) $⛔

🌐 Nebius: Why The Meta Selloff Is A Massive Misunderstanding (Seeking Alpha) $⛔

🌐 Nebius: Meta Anxiety Gift (Seeking Alpha) $⛔

🌐 Nebius’ Explosive Growth May Be A Massive Trap: $20B+ Capex, Dilution, And AI Deflation Incoming (Sell) (Seeking Alpha) $⛔

• 🌐 Nebius Group NV (NASDAQ: NBIS) - AI-centric cloud platform built for intensive AI workloads. Sold Yandex to a consortium of Russian investors. Retains several businesses outside of Russia. 🇼 🏷️

🌐 The 2026 Nebius ($NBIS) AI Discovery Award: Who Won, and Why It Matters to Investors (The Macro and Equity Notes)

• If you’ve been tracking Nebius Group NV (NASDAQ: NBIS) mainly as a GPU-cloud story, you might have missed a smaller but telling data point from this week: on July 1st, the company handed out its second annual AI Discovery Award in London, recognizing 20 companies building AI products across biopharma, genomics, digital health, medical devices, and medical imaging. It’s not a headline-moving event for the stock, but it’s a useful window into where AI-driven healthcare innovation and Nebius’s own customer pipeline is heading. AKA who are the early adaptors of AI and will benefit once the pics and shovels trade is over.

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📅 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):

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📅 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).

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🗳️ Election Calendar

Frontier and emerging market highlights (from IFES’s Election Guide calendar):

• Kazakhstan Kazakh National Congress 2026-08-31 (t) 2026-08-31 (t) Confirmed

• Morocco Moroccan Chamber of Representatives 2026-09-30 (t) Confirmed 2021-09-08

• Russian Federation Russian Federal Duma 2026-09-30 (t) Confirmed 2021-09-19

• Brazil Brazilian Federal Senate 2026-10-04 (d) Confirmed 2022-10-02

• Brazil Brazilian Chamber of Deputies 2026-10-04 (d) Confirmed 2022-10-02

• Brazil Brazilian Presidency 2026-10-04 (d) Confirmed 2022-10-30

• Czech Republic Czech Senate 2026-10-09 (d) Confirmed 2024-09-27

• Israel Israeli Knesset 2026-10-27 (d) Confirmed 2022-11-01

• Bahrain Bahraini Council of Representatives 2026-11-30 (t) Date not confirmed 2022-11-12

• Bulgaria Bulgarian Presidency 2026-11-30 (t) Date not confirmed 2021-11-21

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📅 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):

Ticketplus TP Bancroft Capital/Roth Capital/MDB Capital Group, 1.8M Shares, $13.00-15.00, $25.0 mil, 7/13/2026 Week of

(Incorporated in the Cayman Islands)

We are a Latin American marketplace for live event tickets and we also provide event software. We provide a full-stack event platform for the live entertainment industry in Latin America.

We are a technology company focused on powering the live entertainment industry across Latin America. We provide a proprietary, full-stack event platform that supports event discovery, primary ticketing, access control, payments, analytics, and post-event insights for promoters, venues, sports organizations, and ticketing companies. Since our founding in 2014 in Chile, we have expanded through a dual business model strategy: (1) a full-operations model in Chile, our home market, where we act as the primary ticketing platform and deliver end-to-end infrastructure and services and (2) a white-label software-as-a-service, or SaaS, model where we license our platform to regional ticketing companies, venues, and promoters who operate under their own brands while using our technology. Our platform is designed to increase attendance and maximize revenue for our clients by combining reliable transaction processing with data-driven pricing, personalization, and conversion-optimized experiences.

We believe the Latin American live events market represents one of the most attractive growth opportunities globally, with smart ticketing (as defined below) adoption outpacing global averages and a market structure that remains highly fragmented versus North America and Europe. We believe our technology, localized operating expertise, and flexible commercial models position us to capture a greater share of the region’s expanding value, while our capital-light white-label business will enable rapid, margin-accretive expansion.

The term “smart ticketing” refers to the integration of digital technology platforms across the full lifecycle of live event management, from event creation, inventory management, and dynamic pricing through distribution, transaction processing, real-time access control, cashless payments, and post-event analytics. Unlike traditional ticketing systems, which rely on physical tickets or basic online distribution with limited data capture and minimal operational integration, smart ticketing platforms are built on cloud infrastructure with mobile-first interfaces, QR code or NFC validation, multi-channel payment processing, AI-driven demand forecasting, and integrated operational tools that provide end-to-end event management capabilities. We use the term “smart ticketing market” to describe the segment of the broader live events industry that has adopted or is transitioning to these technology-enabled, data-driven platform solutions.

We do not compete on scale alone, but on adaptability and infrastructure depth. The Company’s model is designed to operate where global incumbents face structural limitations, combining global-grade technology with local market understanding and operational flexibility. Ticketplus seeks to position itself as the underlying infrastructure of the live entertainment industry in Latin America, with the ambition to extend this role globally. The Company’s expansion strategy is designed to begin leveraging its existing white-label ecosystem to identify consolidation and acquisition opportunities among operators already running on its platform. This approach is intended to significantly reduce integration and diligence risk, while reinforcing capital efficiency and scalability.

We believe with our robust technological foundation, proven scalability, and a growing data-driven ecosystem, we are positioned to become one of the leading technology platforms emerging from Latin America in the global capital markets—representing the convergence of engineering, live entertainment, and digital transformation.

Note: Revenue is for the 12 months that ended March 31, 2026.

Tarsier Pharma TARX Konik Capital Partners (A Division of T.R. Winston), 5.0M Shares, $8.00-10.00, $45.0 mil, 7/15/2026 Wednesday

(Incorporated in Israel)

We are a Phase 3 biotech developing steroid-free therapies to treat autoimmune and inflammatory eye diseases that can cause blindness. We are based in Israel.

Our leading drug candidates are based on dazdotuftide to treat non-infectious anterior uveitis without using steroids, which can increase the risk of glaucoma. We are developing an eye drop, known as TRS01, and an injectable drug, known as TRS02, to decrease inflammation without risking the side effects of steroids.

Ocular inflammations are a group of diseases affecting the front and back of the eye. Non-infectious anterior and posterior uveitis are the most known ocular inflammatory diseases. However, ocular inflammation is a critical underlying mechanism in the pathology of other inflammatory eye diseases, such as non-evaporative dry eye, diabetic macular edema (DME), and dry age-related macular degeneration (AMD). Hundreds of millions of people in all age groups are suffering from ocular inflammatory diseases worldwide, conditions that pose severe risks of vision loss and blindness.

(Note: Tarsier Pharma disclosed the terms for its small IPO on May 18, 2026, in an F-1/A filing: 5 million shares at a price range of $8.00 to $10.00 to raise $45 million. This is an NYSE-American Exchange listing.)

MetaOptics (Uplisting) MOT Roth Capital Partners/The Benchmark Company, 3.0M Shares, $5.00-7.00, $18.0 mil, 7/20/2026 Week of

Note: This is NOT an IPO. This is a NASDAQ Uplisting – a public offering – from the Singapore Stock Exchange, where MetaOptics’ ordinary shares have been listed on the Catalist of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) since Sept. 9, 2025, under the ticker symbol “9MT” – according to the prospectus.

(Incorporated in the Cayman Islands)

We are a Singapore-based company that designs and manufactures metalenses – ultra-thin flat optical lenses that are smaller, lighter and more power efficient than traditional curved lenses.

Making Miniaturization Possible is our mission.

Note: MetaOptics says its metalens technology accommodates the demand for smaller and lighter lenses in smartphones, automotive technology and other uses.

From the prospectus:

We are a vertically integrated metalens technology company, combining core competencies across metalens equipment, foundry, products, and metaoptics artificial intelligence (“AI”). We conduct our operations through our wholly-owned subsidiaries in Singapore and the United States.

Metalenses are ultra-thin flat-surface lenses which are smaller, lighter, consume less power, and offer a wider field of view, compared to conventional optical lenses. The unique flatness of metalenses enables the correction of optical defects, delivering reasonable quality color images. Leveraging our AI-based algorithm and processing software, which incorporates several advanced algorithms to enhance the optical design and image processing, our metalens technology can further sharpen the images to achieve higher resolution and enhanced image quality, and allow users to manipulate the individual red, green and blue (“RGB”) channels to edit the color images through computational reconstruction. We believe that our innovations have transformative potential in shaping next-generation optical systems.

Our operations are centered on the design and manufacture of metalenses and metalens prototypes, and to demonstrate the viability, efficacy, applications and use cases of our metalenses, we have expanded our operations to include the development of metalens camera modules and metalens Internet of Things (“IoT”) products, such as infrared metalens cameras, pico projectors, and IoT metalens color cameras. Our metalenses have also been integrated into a wide range of applications by our customers, including fifth generation (“5G”) smartphones, contactless three-dimensional (“3D”) biometric modules, projectors, and for industrial applications such as IoT devices, light detection and ranging (“LiDAR”) devices and heads-up displays (“HUDs”) for planes and self-driving cars, and augmented reality/virtual reality (“AR/VR”) devices. To date, although we have achieved mass production capabilities for our metalens prototypes (“mass production” in our perspective refers to the shipment of one million metalens units per year), we have not yet received a critical mass of purchase orders from our customers necessitating mass production of our metalenses.

To facilitate small-scale production of our metalenses to fulfil purchase orders, reduce concentration risk and diversify our supply chain, and to demonstrate the manufacturing capabilities for our metalenses, we also design and produce equipment for the manufacture of metalenses, in particular 4-inch direct laser writers (“DLWs”). Our 4-inch DLWs enable our customers to revise specifications and design of metalenses directly, reducing the lead time and providing for a shorter turnaround time from prototyping to testing and deployment into end products. In addition, our metalens equipment offerings have grown to include the design and production of metalens automatic testers, for use by our customers to ensure quality control of metalenses prior to shipment. These capabilities enable us to serve as a one-stop provider of metalens and metalens IoT products, offer customers comprehensive end-to-end services, and preserve and grow our competitive advantage in the industry.

We offer our products to manufacturers of automotives, AR/VR devices, consumer electronic appliances, end-customers, and traders for the distribution of such products. While we offer our products worldwide, our existing customers for metalens equipment, metalenses and IoT products are mainly located in Singapore, Japan, South Korea, China, Taiwan, the United States, and several countries in Europe.

We intend to use the net proceeds from this offering primarily to support our expansion plans in the United States. See “Use of Proceeds.”

Note: Net loss and revenue are in U.S. dollars (converted from Singapore dollars) for the year that ended Dec. 31, 2025.

(Note: MetaOptics cut its NASDAQ Uplisting deal’s size to 3 million American Depositary Shares (ADS) – down from 4 million ADS – and disclosed a price range of $5.00 to $7.00 – a change from the assumed price of $8.15 per share – to raise $18 million, according to an F-1/A filing dated June 10, 2026. Each ADS equals 12 ordinary shares.)

(Background: MetaOptics disclosed the terms for its NASDAQ Uplisting – a small public offering – on May 18, 2026, in an F-1/A filing: 4 million ADS at an assumed price of $8.15 to raise $32.6 million. The price – $8.15 – is the as-converted last price of MetaOptics’ shares on May 15, 2026, on the Singapore Exchange. Initial Filing: MetaOptics filed its F-1 for its uplisting to the NASDAQ – an offering that MetaOptics calls its IPO – on May, 4, 2026, without disclosing the terms. MetaOptics’ stock is listed on the Singapore Stock Exchange under the ticker “9MT” – according to the prospectus. Estimated proceeds for the NASDAQ uplisting – public offering – were up to $23 million.)

Web3Labs Global Inc. MDAT Eddid Securities USA, 6.3M Shares, $4.00-5.00, $28.1 mil, 7/27/2026 Week of

(Incorporated in the Cayman Islands)

We are a Hong Kong-based company that provides Web3-related business services to support blockchain companies and decentralized tech enterprises, including start-ups.

We aim to create a Web3 entrepreneurial platform through diverse services, investment acceleration, and technical collaboration.

We are an innovative Hong Kong-based Web3 service provider dedicated to empowering enterprises including start-ups in the blockchain space through comprehensive, tailored support. Web3 ecosystem refers to industries focused on the decentralized evolution of the internet, powered by blockchain technology, enabling user-owned data, peer-to-peer transactions, and trustless systems without intermediaries. We seek to promote the adoption of and commercialization of decentralized solutions by facilitating a robust ecosystem of resources, expertise, and opportunities. Since our inception, we have supported many enterprises in Web3 including many start-ups with incubation, consultation and operational services, and are working to establish an active presence through regional hubs in Asia. By fostering innovation, collaboration, and compliance, we seek to serve as a catalyst for the growth of the blockchain industry in Asia, helping enterprises transform forward-thinking ideas into scalable realities.

Our comprehensive service offerings in the Web3 ecosystem primarily include (i) strategic consulting services (such as producing feasibility reports and consultation regarding business models in the Web3 industry), (ii) acceleration program management services, where we bridge early-stage companies to blockchain infrastructures, bolstering the companies’ development in their applications including decentralized solutions and their commercialization through token generation events and market integration, and (iii) general business services including marketing, market research and other business consulting services provided to third-party startup entities (such as market trend analysis and marketing strategy support, coordination of collaboration opportunities, which serve to facilitate such early-stage companies in accessing infrastructure, industry resources, and applicable policies). We provide companies with services from the formation of a start-up through later stages of corporate development, and we are dedicated to helping companies establish their presence in Hong Kong.

As of the date of this prospectus, we have established relationships with eight public blockchains (a decentralized and open network that allows anyone to participate, read, and write data without requiring permission from a central authority) and an affiliate of another public blockchain in the Web3 ecosystem, including Neo, Zetrix, Ton, Mango, and Plume.

In addition, we aim to create a dynamic ecosystem that connects enterprises, investors, and regulators through venues including policy forums (such as the co-hosted real-world assets (“RWA”) policy forum) and advisory reports, aiming to promote the integration of decentralized technologies with traditional industries. This vision drives our efforts to foster sustainable growth and global connectivity for Web3 enterprises.

In the face of global technological competition in the cryptocurrency ecosystem, we strive to stay at the forefront of the market and have a deep understanding of the needs and challenges of entrepreneurs in the Web3 ecosystem. We are dedicated to facilitating a legitimate, comprehensive, professional, and in-depth entrepreneurial environment in the Web3 economy.

Note: Revenue is in U.S. dollars for the 12 months that ended Dec. 31, 2025.

(Note: Web3Labs Global Inc. filed its F-1 on May 13, 2026, for its IPO and disclosed the terms: 6.25 million shares at a price range of $4.00 to $5.00 to raise $28.13 million, if priced at the $4.50 mid-point of its range.)

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🏁 Emerging Market ETF Launches

Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:

• 04/10/2026 - Baron Emerging Markets Select ETF - BCEM

• 04/08/2026 - FT Vest Laddered Emerging Markets Buffer ETF - BUFE

• 03/12/2026 - T. Rowe Price Emerging Markets Equity Research ETF - TEMR

• 03/06/2026 - MFS Blended Research Emerging Markets Equity ETF - BREE

• 02/19/2026 - VanEck India Select ETF - INDZ

• 02/05/2026 - Virtus Emerging Markets Dividend ETF - VEM

• 01/21/2026 - Templeton Emerging Markets Debt ETF - TEMD

• 12/17/2025 - Man Active Emerging Markets Alternative ETF - MEMA

• 12/04/2025 - Kraneshares Dragon Capital Vietnam Growth Index ETF - KPHO

• 11/20/2025 - KraneShares 2x Long BIDU Daily ETF - KBDU

• 10/25/2025 - Lazard Emerging Markets Opportunities ETF - EMKT

• 10/16/2025 - iShares Emerging Markets Bond Active ETF - BREM

• 10/07/2025 - VanEck Emerging Markets Bond ETF - EMBX

• 09/17/2025 - Vanguard Emerging Markets Ex-China ETF - VEXC

• 09/13/2025 - WisdomTree Asia Defense Fund - WDAF

• 08/12/2025 - Neuberger Berman Emerging Markets Debt Hard Currency ETF - NEMD

• 07/15/2025 - OTG Latin America ETF - OTGL

• 06/21/2025 - FT Vest Emerging Markets Buffer ETF June - TJUN

• 06/18/2025 - AB Emerging Markets Opportunities ETF - EMOP

• 06/05/2025 - Harbor Emerging Markets Equity ETF - EPEM

• 06/03/2025 - Russell Investments Emerging Markets Equity Active ETF - ZJUN

• 05/30/2025 - Emerging Markets Equity Active ETF - REMG

• 05/16/2025 - Harbor Emerging Markets Select ETF - EMES

• 04/02/2025 - Goldman Sachs India Equity ETF - GIND

• 03/21/2025 - FT Vest Emerging Markets Buffer ETF - March - TMAR

• 02/25/2025 - Touchstone Sands Capital Emerging Markets ex-China Growth ETF - TEMX

• 02/19/2025 - abrdn Emerging Markets Dividend Active ETF - AGEM

• 02/14/2025 - GMO Beyond China ETF - BCHI

• 02/06/2025 - PLUS Korea Defense Industry Index ETF - KDEF

• 01/04/2025 - Simplify China A Shares PLUS Income ETF - CAS

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🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

• 03/13/2026 - Polen Capital Emerging Markets ex China Growth ETF - PCEM

• 11/28/2025 - Rayliant Quantamental China Equity ETF - RAYC

• 10/30/2025 - Direxion Daily MSCI Emerging Markets ex China Bull 2X - XXCH

• 08/28/2025 - Range India Financials ETF - INDF

• 07/17/2025 - First Trust Brazil AlphaDEX Fund - FBZ

• 07/07/2025 - Franklin FTSE Hong Kong ETF - FLHK

• 05/20/2025 - KraneShares Dynamic Emerging Markets Strategy ETF - KEM

• 05/20/2025 - KraneShares MSCI All China Index ETF - KALL

• 04/08/2025 - First Trust TCW Emerging Markets Debt ETF - EFIX

• 04/03/2025 - JAKOTA K-Pop and Korean Entertainment ETF - KPOP

• 02/14/2025 - Global X MSCI Emerging Markets Covered Call ETF - EMCC

• 01/06/2025 - iShares Frontier and Select - FM

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Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).

I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.

Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.

Emerging Market Links + The Week Ahead (July 13, 2026) was also published on our website under the Newsletter category.

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