Emerging Market Links + The Week Ahead (July 14, 2025)

HK listings pipeline hits record high, Geoeconomics of choke points, Thai casino plan looks DOA, oil drillers investing big in South America, EM stock picks and the week ahead for emerging markets.

Jul 14, 2025

The Asset recently reprinted an interesting piece entitled, China’s housing crisis worse than one faced by Japan 🗃️, that noted:

By fuelling demographic collapse, Japan’s short-sighted approach to ending its “lost decades” has set the stage for “lost centuries” . Now, Chinese policymakers – who are facing an even more severe housing and demographic crisis – are at risk of making the same mistakes…
… The crisis that is brewing in China is more severe than the one Japan faced. For starters, China’s housing bubble is much larger. For example, residential investment, as a share of GDP, was about 1.5 times higher in China in 2020 than in Japan in 1990. Property accounted for about 70% of Chinese households’ total assets in 2020, compared to around 50% in Japan in 1990. China’s price-to-income ratio today is more than twice that of Japan in 1990…

By no means does this mean the end of or the “coming collapse of China” as Gordon G. Chang has made a living out of predicting (after all, Japan is still very much around and a important player in the global economy). Nevertheless, China’s housing + demographics problems will have implications for every investor or company invested in the China market.

Finally, it looks like recent political turmoil in Thailand means a plan to legalize Thai casinos, which seemed to be opposed by large numbers of Thais, is now dead on arrival.

This should be welcome long term news for SE Asia’s other casino operators, namely Genting Berhad (KLSE: GENTING / OTCMKTS: GEBHY), Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF), Las Vegas Sands (NYSE: LVS), Bloomberry Resorts Corp (PSE: BLOOM / OTCMKTS: BLBRF) and NagaCorp (HKG: 3918 / FRA: N9J / OTCMKTS: NGCRF) and ultimately even for Macau and South Korean casinos. However and in the short-term, a gaming recovery in Macau and Cambodia may lag regional peers due to exit of (Chinese) junkets.

🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

🌐 Emerging Market Stock Picks (June 2025) Partially $
🌐 EM Fund Stock Picks & Country Commentaries (July 13, 2025) Partially $
- Humanoids as the future of industrial automation, dividends decline as share buybacks rise, HK evolves, Sri Lankan stocks, Iraq trip, why EM bonds deserve a look, Q2 fund updates start to drop, etc.

📰🔬 Emerging Market Stock Picks / Stock Research

$ = Behind a paywall / 🗃️ = Link to an archived article / ⛔ = Article archiving may not be archivable anymore

🌏 Asia

🌏 Gaming recovery in Macau, Cambodia may lag regional peers due to exit of junkets: S&P

S&P Global Ratings Inc says that despite the number of Chinese visitors to Malaysia, Macau and Singapore being “largely back to pre-pandemic levels,” an issue for the Macau and also the Cambodia casino sector is that “the elimination of junkets will probably prevent the gaming market” in those two jurisdictions “from reaching pre-pandemic levels” in the near term.
The report authors observe: “In markets such as Macau and Cambodia, GGR [gross gaming revenue] recovery will take longer.
S&P’s view of Cambodia – a market led by the NagaWorld resort of Hong Kong-listed NagaCorp (HKG: 3918 / FRA: N9J / OTCMKTS: NGCRF), located in the capital Phnom Penh – was that “GGR will be unable to reach pre-pandemic levels”.
This was “due to the elimination of Chinese junket operators, who accounted for about 70 percent of GGR in 2019,” noted the institution.

🌏 Guide to corporate governance (Asian Century Stocks) $

Corporate governance is a dry subject, but nonetheless important.
It deals with managing conflicting interests between shareholders and insiders, and maximizing the value of the company.
I argue that best practices include 1) small boards, 2) a balance between insiders and independent director,s 3) insiders having a sizeable stake in the company,y 4) presence of a nomination committee, 5) pay-for-performance CEO remuneration,n 6) no dual class shares, 7) no takeover defenses and 8) limited cross-shareholdings.
In the Asia-Pacific region, protections for minorities have improved dramatically, especially in Japan, South Korea, and Taiwan. In Emerging Asia, legal protections are weaker, making it even more important to pay attention to the alignment of interests. You don’t want to be completely in the hands of corporate insiders.

🇯🇵 Hikari Tsushin's portfolio (Asian Century Stocks) $

This write-up is about Hikari Tsushin Inc (TYO: 9435 / FRA: HIK / OTCMKTS: HKTGF) — a Japanese sales organization run by a visionary founder called Yasumitsu Shigeta
It’s been much talked about on Twitter and Substack, but few of the write-ups discuss Hikari Tsushin’s portfolio of publicly listed equities
I am personally not particularly interested in Hikari Tsushin itself, as it is primarily a sales organization helping other businesses find customers
But what I am impressed by is Hikari Tsushin’s capital allocation and investing discipline. You’ll find them on the shareholder register of some of Japan’s best-performing small caps.
In this post, I identify 218 publicly listed Japanese companies where Hikari Tsushin is a 5% or larger shareholder. These companies are small, but often undervalued, and growing.
In the past week, I’ve gone through this entire list and narrowed it down to ten companies that I think warrant further attention. It includes larger companies such as Daito Trust Construction Co Ltd (TYO: 1878 / FRA: 4D7 / OTCMKTS: DIFTY / DITTF) but also SaaS companies like Broadleaf Co Ltd (TYO: 3673 / OTCMKTS: BRDLF).

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 Dollar’s Slide Sparks Surge in China’s Overseas Fund Investments as QDII Demand Heats Up (Caixin) $

As the U.S. dollar weakens, Chinese investors are showing increased interest in overseas assets, driving a sharp rebound in QDII fund performance and prompting regulators to expand outbound investment quotas to meet rising demand.
The CSI QDII Fund Index, a benchmark tracking the performance of China’s Qualified Domestic Institutional Investor (QDII) funds, has jumped more than 17% in the past three months, climbing from 1,271 points in early April to 1,495 by July 7. The rally follows a broad decline in the dollar, U.S. equities and Treasuries, as markets increasingly price in the risks of “de-dollarization”. These funds invest primarily in overseas markets.

🇨🇳 China Smartphone Sales Plunge In May; Device Camera Counts Peak (ZeroHedge)

The latest data from Goldman Sachs shows smartphone shipments in China plunged 21% year-over-year in May to 23 million units. While shipments ticked up 1% month-over-month, they remain under pressure due to a high base effect from 2024, a particularly strong year in shipments. Cumulatively, shipments are down 5% year-to-date through May.

🇨🇳 Who is driving J&T Express’s volume surge in 2025? (Momentum Works)

What we could learn from J&T’s Q2 results
J&T Global Express Ltd (HKG: 1519 / SWB: J92), a leading ecommerce logistics company in Southeast Asia and China, released its Q2 2025 results on 8 July.
Founded in Indonesia by Chinese entrepreneurs, the company quickly rose to dominance across Southeast Asia, before boldly entering China’s hyper-competitive logistics market in 2019 – where it now commands over 11% market share.
More recently, J&T has taken its China-honed expertise to emerging markets such as Saudi Arabia, UAE, Egypt, Mexico, and Brazil. In Latin America, it has expanded beyond Chinese ecommerce platforms to serve regional giant MercadoLibre (NASDAQ: MELI).
The Q2 results validate many trends outlined in our Ecommerce in Southeast Asia 3.0 report.
Here are a few key thoughts:

🇨🇳 China’s food delivery rivals burn US$4 billion in three months (The Asset) 🗃️

Protracted price war prompting Alibaba (NYSE: BABA) and Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) to adjust strategies
Major players in China’s on-demand delivery sector have burned over US$4 billion in the second quarter of 2025, according to estimates from Nomura, as they put priority on winning or consolidating market share while making profitability a secondary consideration for now.
The competition heats up further in a market that is expected to exceed 810 billion yuan ( US$113 billion ) by 2028.
As the players continue to burn cash, their share prices have suffered. Meituan’s stock price has plunged by over 25% since February while that of JD.com (NASDAQ: JD / SGX: HJDD) has dropped by 23%.

🇨🇳 Nio’s road to profitability obscured in haze of losses (Bamboo Works)

The NEV maker’s sales fell short of expectation and its losses continued to widen in the first quarter, even as founder Li Bin outlined a route to profitable by year-end
NIO Inc (NYSE: NIO)’s first-quarter net loss widened 30.2% year-on-year, making its goal of becoming profitable by year end look even harder to reach
The new energy vehicle maker’s 42,000 units delivered in the first quarter failed to reach even 10% of its annual target

🇨🇳 SAIC Scales Back in India as Chinese Firms Reassess Exposure (Caixin) $

SAIC Motor Corp (SHA: 600104), one of China’s largest carmakers, is scaling back its ambitions in India, handing over more control of its operations to its local partner as political and regulatory pressures mount.
The strategic retreat comes despite the growing promise of India’s electric vehicle (EV) market.
An industry insider told Caixin that SAIC decided to pare back its investment in India due to increasingly complex bilateral relations. Despite India’s rapidly expanding new energy vehicle sector, the risks of doing business have grown too burdensome for the Chinese car giant.

🇨🇳 XPeng’s new SUV shows how EV-makers are reducing reliance on Nvidia for self-driving (Caixin) $

Chinese electric-vehicle (EV) maker XPeng (NYSE: XPEV) unveiled a new SUV equipped with chips it developed on its own, a high-stakes strategic bet that aims to reduce the company’s dependence on chipmaking giant Nvidia Corp. to power its autonomous driving systems.
XPeng’s wager comes as automakers increasingly seek more control over the hardware that runs their autonomous driving systems. While most carmakers rely on third-party chips like Nvidia’s, XPeng has joined a selected few — including Huawei Technologies Co. Ltd. — in developing proprietary silicon tailored to their own artificial intelligence (AI) models.

🇨🇳 Huawei cedes some control over sales to automaking partners, sources say (Caixin) $

Huawei Technologies Co. Ltd. is relinquishing some of its control over auto sales in its carmaking alliance as it looks to bolster its relationships with partners in the face of fierce competition in the market for smart driving systems, sources told Caixin.
Under the Harmony Intelligent Mobility Alliance (HIMA), the Shenzhen-based tech giant provides carmakers its smart driving tech and sales channels in exchange for a major say in the design, development, marketing and sales of the vehicles it develops with them.

🇨🇳 RoboSense steers towards profits as LiDAR gains traction (Bamboo Works)

RoboSense Technology (HKG: 2498)

The maker of sensors for assisted driving and robotics suffered a revenue dip in the first quarter but moved closer to its breakeven target
The company managed to cut its losses by 24% in the quarter
Growing demand for sensor systems for robots could tip the earnings balance in the firm’s favor

🇨🇳 Hong Kong Robotics’ stock soars on robotics pivot, but does it have legs? (Bamboo Works)

The unknown Hong Kong-listed company’s stock has jumped to new highs since repositioning itself earlier this year as a robotics firm
Hong Kong Robotics Group Holding Ltd (HKG: 0370)’ shares have soared on its pivot to robotics, even as it lost HK$140 million last year, its fifth consecutive year in the red
The company rebranded itself earlier this year when it set up a joint venture with Dataa Robotics

🇨🇳 Kingsoft Corporation: New Game And AI Monetization Draw Attention (Rating Downgrade) (Seeking Alpha) $🗃️

🌐 Kingsoft Corporation (NASDAQ: KC) - Gaming, office software (WPS) & cloud services. 🇼

🇨🇳 Weekend Long Read: Local Losses Are a Price Worth Paying to Consolidate China’s Chip Industry (Caixin) $

In recent years, there has been much talk of consolidation in China’s semiconductor industry, but very little action. The mergers and acquisitions (M&A) that have made it to the negotiating table have inevitably stalled when the state investors become involved. Typically, it’s underperforming companies or projects that are seeking consolidation and, unsurprisingly, buyers ask for the assets to be marked down from their sky-high valuations to something more realistic for the current market. It’s here they are stonewalled by officials hesitant to record a loss on a state-owned asset.

🇨🇳 E-Town Semiconductor’s Stock Nearly Triples on First Day of Trading (Caixin) $

Beijing E-Town Semiconductor Technology Co Ltd (SHA: 688729)’s stellar debut on the Shanghai Stock Exchange’s tech-heavy STAR Market reflected investor enthusiasm for the company as it ramps up investment in its chipmaking equipment business.
The company’s stock rose as high as 210% over its offering price on its first day of trading Tuesday, before paring some of the gains to close at 23.20 yuan ($3.20) a share. That price gave E-Town Semiconductor a market capitalization of more than 68.5 billion yuan. The shares closed 9.66% lower on Wednesday.

🇨🇳 Apple Supplier Lens Technology Soars on Hong Kong Debut Amid IPO Boom (Caixin) $

Chinese electronics manufacturer [integrated precision manufacturing solutions provider across the entire smart terminal industry chain] Lens Technology Co Ltd (SHE: 300433 / HKG: 6613) made a strong debut on the Hong Kong Stock Exchange on Wednesday, surging over 9% in its second listing as investors flocked to one of the biggest tech initial public offerings (IPOs) of the year.
Shares closed at HK$19.84 ($2.53), up 9.13% from the offering price, giving the company a market capitalization of HK$104.1 billion. The Shenzhen-listed firm raised HK$4.693 billion ($600 million) through the sale of 262 million new shares, priced at HK$18.18 each — the top of the pricing range — amid overwhelming demand, with subscriptions 462 times oversubscribed.

🇨🇳 Chinese surveillance-gear maker fights Canadian ban (Caixin) $

Chinese surveillance-equipment maker Hangzhou Hikvision Digital Technology Co Ltd (SHE: 002415) is challenging a Canadian government ban.
Its Canadian unit, Hikvision Canada Inc., has applied for a judicial review of the June 27 order that requires it to close all local operations within 120 days, according to a company statement published Monday.
Hikvision said it is asking the court to pause the government order until its application for a judicial review is decided. It has also struck a deal with the Attorney General of Canada to resume normal operations until the court makes its decision on whether to pause the order.

🇨🇳 Zepp’s stock surge: A China renaissance on Wall Street? (Bamboo Works)

The wearable fitness device maker’s stock has more than doubled in the last two weeks, as it looks set to return to revenue growth after three years of contraction
Zepp Health Corp (NYSE: ZEPP)’s stock has more than doubled in the last two weeks, much of that in the last week, as it forecast 30% revenue growth in the second quarter, its first rise in three years
The company has been transitioning from making products under a licensing agreement with Xiaomi (HKG: 1810 / SGX: HXXD / FRA: 3CP / OTCMKTS: XIACF) to developing its own Amazfit brand

🇨🇳 Why would Luckin Coffee’s owner want to buy Starbucks China? (Momentum Works)

On Wednesday, CNBC reported that Starbucks China had attracted multiple bids for a potential sale of its stake, with a valuation reaching US$10 billion – roughly 9% of the parent company’s market capitalization.
Among the potential suitors – Hillhouse, Carlyle, and KKR – one name stood out: Centurium Capital.
Centurium is the controlling shareholder of Luckin Coffee (OTCMKTS: LKNCY), holding 31.3% of shares and 53.6% of voting rights, according to Luckin’s 2024 annual report. Notably, Centurium Chairman David Li recently took on the role of Chairman of Luckin Coffee itself.
This raises a curious question:
Why would the owner of Luckin want to buy Starbucks China – its main rival?

🇨🇳 Haier in calculated financial maneuver with India unit stake sale (Bamboo Works)

The home appliance giant has decided to sell nearly half of its fast-growing Indian arm to accelerate its drive for greater localization
Haier Smart Home (SHA: 600690 / HKG: 6690 / OTCMKTS: HSHCY / OTCMKTS: HRSHF) is reportedly considering a plan to sell 49% of its India business, which brought in more than $1 billion in revenue last year, to a local partner
Haier India plans to allocate 2% of its shares to the company’s employees and could launch an IPO within the next two years, according to media reports

🇨🇳 Cover Story: Developers impose deeper ‘haircuts’ on creditors in latest debt overhauls (Caixin) $

As China’s real estate slump drags on with no recovery in sight, distressed developers are shifting toward more aggressive debt restructuring for survival, forcing creditors to swallow deep losses.
The strategy marks a perilous new chapter in the country’s years-long property crisis. Companies are now slashing tens of billions of yuan from their liabilities through restructuring plans that often hinge on creditors accepting severe “haircuts” — or risk getting even less in bankruptcy.

🇨🇳 China’s housing crisis worse than one faced by Japan (The Asset) 🗃️

By fuelling demographic collapse, Japan’s short-sighted approach to ending its “lost decades” has set the stage for “lost centuries” . Now, Chinese policymakers – who are facing an even more severe housing and demographic crisis – are at risk of making the same mistakes
Japan’s housing bubble was preceded by sharply rising ratios of home prices to annual income, with Tokyo’s surging from eight in 1985 to 18 in 1990. This trend was driven by a number of factors, including Japan’s land-tax policy, financial deregulation and poor coordination of fiscal and monetary policy. But demand from first-time homebuyers – aged 39-43, on average – also made a substantial contribution.

🇨🇳 In Depth: The Scam That Turned China’s Housing Slump Into a Cash Machine (Caixin) $

A scam that exploits the difference between a property’s high valuation and actual selling price to obtain cash through an inflated mortgage is sweeping China’s ailing real estate sector.
When Li Qing decided to sell her apartment in the southern Chinese city of Guilin, the real estate agent made an enticing offer: a quick sale and a guaranteed payment of 900,000 yuan ($125,000), hassle-free. All she had to do was agree to a few unusual conditions.
The agent instructed Li to sign two separate sales contracts and to permit the buyer to name any individual as the “registered person” on the mortgage documents — the nominal buyer and loan applicant.

🇨🇳 RemeGen’s $4.2 billion licensing deal falls flat with investors (Bamboo Works)

The biopharma firm had fanned excitement over a rights deal for its autoimmune drug but the eventual terms, with just a small portion of upfront cash, left the market disappointed
RemeGen (SHA: 688331 / HKG: 9995 / FRA: REG / OTCMKTS: REGMF) gets $45 million of cash up front, a mere 1% of the total deal value
The low-cash rights deal with a U.S.-based biotech may not ease the Chinese company’s debt repayment pressure in the short term

🇨🇳 Cirrus Aircraft primed for new financing as its thinly traded stock surges (Bamboo Works)

The U.S.-based aircraft maker’s Chinese parent has offloaded some of its stake, raising nearly HK$700 million and signaling the potential for fresh fundraising
Shares of Cirrus Aircraft Ltd (HKG: 2507 / OTCMKTS: CRRSF) have more than doubled over the past half year, following the company’s Hong Kong IPO a year ago
Some investors remain wary of the company due to the U.S. sanctions against its Chinese parent, state-run aviation giant AVIC

🇨🇳 BlueFocus sets sights on Hong Kong IPO as revenue, margins slip (Bamboo Works)

China’s leading provider of marketing services is joining a growing tide of Shanghai- and Shenzhen-traded companies making second listings in Hong Kong
BlueFocus Intelligent Communication Group Co Ltd (SHE: 300058) has filed for a Hong Kong IPO, boasting its status as China’s largest and the world’s 10th biggest provider of marketing services
The company gets 80% of its revenue from Chinese firms targeting foreign buyers, but that business is undermining its bottom line due to extremely low margins

🇭🇰 The Hong Kong stock market’s tentative revival (FT) $ 🗃️

City’s standing as a global financial hub still faces several hurdles

🇭🇰 Hong Kong listings pipeline hits record high as equity market booms (FT) $ 🗃️

Territory boosted by Chinese companies looking to raise money in currency pegged to US dollar

🇭🇰 FWD Group raises HK$3.47 billion in Hong Kong IPO (The Asset) 🗃️

Listing applications double as Middle East, Southeast Asia companies join queue
Shares of pan-Asian life and health insurance firm FWD Group Holdings Ltd (HKT: 1828 / FRA: O62) opened flat on their Hong Kong trading debut on Monday ( July 7 ), after raising HK$3.47 billion ( US$442 million ) from selling 91,342,100 shares in its initial public offering ( IPO ).

🇭🇰 Hong Kong’s IPO Boom Breathes Life Into Office Sector, but Rents Still Under Pressure (Caixin) $

Hong Kong’s booming IPO market is fueling a partial rebound in the city’s beleaguered office sector, with Central’s premium business district leading the recovery. However, persistently high vacancy rates citywide mean rents are expected to keep falling throughout 2025, according to a report released Monday by CBRE, the real estate services company.
The report shows Hong Kong’s office net absorption — the net change in leased space accounting for new leases, expansions and vacancies — turned positive in the second quarter of 2025. The market recorded 147,700 square feet (13,700 square meters) of net take-up, breaking a two-quarter streak of negative figures and signaling an improvement in leasing activity.

🇭🇰 Star Ent, HK partners extend to July 31 talks on equity buyout of Brisbane site (GGRAsia) $

The partners in the Queens Wharf Brisbane project, a real estate development that houses The Star Brisbane casino resort in the capital of Queensland, Australia, have announced that the deadline to terminate a buyout of a portion of the overall scheme has been pushed back from Monday (July 7) to July 31. That is while parties persist with trying to forge a deal, according to filings published on Monday.
Financially-pressured Australian casino operator Star Entertainment Group Ltd (ASX: SGR / FRA: EE9 / OTCMKTS: SETY) is seeking to dispose of its 50-percent equity interest in the Destination Brisbane Consortium (DBC), controlling Queens Wharf Brisbane (pictured in a file photo). That was with the aim of splitting Star Entertainment’s 50-percent equity in DBC equally between Hong Kong-listed Far East Consortium International Ltd (HKG: 0035 / FRA: FET / OTCMKTS: FRTCF), and privately-held Chow Tai Fook Enterprises Ltd. The latter two firms already own between them 50 percent of DBC.

🇭🇰 LET Group says to have enough cash to finish LETX Resort in Manila, affirms 3Q 2026 launch (GGRAsia)

The Hong Kong-based parent group behind the under-construction “LETX Resort” (pictured in an artist’s rendering), described as the “main hotel casino” at Westside City, in the Philippine capital Manila, believes it will have “sufficient working capital to maintain its operations and to meet its financial obligations” to complete the project.
The information was in LET Group Holdings (HKG: 1383)’s annual report for 2024, published on Thursday. The group only published its 2023 annual report the same day.
The 2024 report noted: “Based on the latest estimates, the completion and opening of the main hotel casino are now targeted for the third quarter of 2026.”
That was an affirmation of a June filing by Philippines-listed Suntrust Resort Holdings Inc (PSE: SUN), the promoter of the LETX Resort, and which is indirectly-controlled by LET Group.

🇲🇴 Macau 2Q EBITDA gain likely lagged GGR growth amid greater VIP contribution: Citi (GGRAsia)

A “slightly unfavourable revenue mix” in terms of Macau player segments during the second quarter – including typically lower-margin VIP gamblers – is likely to have hit industry margins on earnings before interest, taxation, depreciation, and amortisation (EBITDA) by 60 basis points, suggests Citigroup.
“On our estimates, Macau’s 8 percent GGR [gross gaming revenue] growth in second-quarter 2025 could translate into 3 percent year-on-year industry EBITDA growth,” said analysts George Choi and Timothy Chau in a Wednesday memo.
They added: “We believe the lower industry EBITDA growth versus GGR has more to do with an unfavourable revenue mix – as well-publicised concerts appealed to not only premium mass players but also direct VIP players.”

🇲🇴 Macau cuts by 5pct its 2025 income forecast in relation to city’s direct gaming tax (GGRAsia)

The Macau government has lowered by 5.0 percent its 2025 income forecast in relation to the city’s direct 35-percent tax on gross gaming revenue (GGR).
The city now expects to collect this year MOP79.8 billion (US$9.87 billion) from direct gaming tax, versus a prior budgetary forecast of MOP84.0 billion. Macau refers officially to its 35-percent direct tax on GGR as “special gaming tax”.

🇹🇼 Taiwan

🇹🇼 TSMC: Get In Before We See New All-Time Highs (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: The Risk Has Decreased, But The Company Is Still Undervalued (Seeking Alpha) $🗃️

🇹🇼 I Sold TSMC To Lock In AI Gains, Now I'm Rotating Into Healthcare (Downgrade) (Seeking Alpha) $🗃️

🇹🇼 TSMC's Dominance Is Intact, And The Valuation Still Works (Seeking Alpha) $🗃️

🌐 Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) - World's largest dedicated independent (pure-play) semiconductor foundry. 🇼 🏷️

🇹🇼 Perfect Corp.: An Undervalued Leader With A Profitable Growth Prospect (Seeking Alpha) $⛔🗃️

🌐 Perfect Corp (NYSE: PERF) - SaaS makeup virtual try-on solutions (Beauty AI, Skin AI, Fashion AI & Generative AI SaaS solutions). 🇼

🇹🇼 Foxconn's Growth Is Surging, But The Clock Is Ticking On Its Relevance (Seeking Alpha) $🗃️

🌐 Foxconn Technology Co Ltd (TPE: 2354 / OTCMKTS: FXCOF) - Professional ODM manufacturer (system assembly of 3C products, mechanical design, processing & sales). 🇼 🏷️

🇹🇼 China Steel Corporation (TWSE: 2002) – Premium Valuations Amid Structural Constraints (Smartkarma) $

China Steel Corp (TPE: 2002 / 2002A) saw peak profitability in 2021, but margins and earnings have since contracted sharply, with EBITDA/ton down to just US$15 in Q1 2025.
It now targets US$3.1–4.7B capex over 5 years toward green steel, premium products, and ASEAN expansion, though execution risks remain high.
Despite modest growth and high leverage, CSC trades at 15x EV/EBITDA and over US$1,500 EV/ton—well above regional peers.

🇰🇷 Korea

🇰🇷 KOSPI 200: Event-Driven Strategies into the July 10 BoK Decision (Smartkarma) $

Context: The Bank of Korea will announce its rate decision on July 10, 2025. This Insight compares market and option-implied expectations with historical KOSPI 200 reactions.
Highlights: While average market reactions to BoK moves are historically muted, options are pricing in elevated volatility. Two event-driven strategies are discussed.
Why Read: This Insight offers actionable, volatility-focused options strategies grounded in empirical data and current pricing—timely for traders seeking to monetize elevated volatility ahead of central bank and geopolitical events.

🇰🇷 KOSPI 200 Tactical Outlook Amid Renewed Uncertainty from US Tariff Risks (Smartkarma) $

As reported by Gaudenz Schneider , South Korea left interest rates unchanged on July 11th, but significant uncertainty from US Tariffs policies pose a challenge for its economy.
In our previous KOSPI 200's insight we flagged an 'overbought warning', yet the index extended its rally for four more weeks, closing at 428 — near its all-time highs (449).
The index is now off the chart on our time model and approaching the upper limit of our SHORT price model. A WEEKLY pullback is imminent, but may be short-lived.

🇰🇷 Significance of The "3% Rule" In the Revision of the Commercial Act in Korea (Douglas Research Insights) $

One of the most important changes in the revisions of the Commercial Act in Korea that was passed in the Parliament last week was the "3% rule."
In this insight, we provide details of this 3% rule and how it is likely to significantly impact the Korean equity markets.
Major impact of the 3% rule is it is likely to shake up the BODs at many Korean companies. Many global activist investors will likely be more active in Korea.

🇰🇷 KB Financial: A Strong Run, But Too Soon To Chase (Seeking Alpha) $⛔🗃️

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

🇰🇷 Hyundai Isn't Perfect, But At This Price I'm Still Bullish (Seeking Alpha) $🗃️

🌐🅿️ Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF) - Multinational automotive manufacturer. 🇼 🏷️

🇰🇷 Samsung's Latest Foldables Stretch Limits (Seeking Alpha) $🗃️

🌐🅿️ Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) - MNC major appliance & consumer electronics corporation. 🇼 🏷️

🇰🇷 Shinhan Financial: Anticipating Further Multiple Expansion (Seeking Alpha) $🗃️

🌐 Shinhan Financial Group (NYSE: SHG / KRX: 055550) - 6 segments: Banking, Credit Card, Securities, Life Insurance, Credit & Others. Merchant bank with 200 global channels & 15 subs. 🇼 🏷️

🇰🇷 Alteogen: 2nd Largest Shareholder Raises Stake & Requests Switching Listing from KOSDAQ to KOSPI (Douglas Research Insights) $

On 7 July, it was reported that Hyung In-Woo (second largest shareholder of Alteogen) recently raised his ownership in the company by 0.22% stake (about 39 billion won) last month.
Mr. Hyung has requested to Alteogen to switch the company's listing from KOSDAQ to KOSPI to improve the company's image and attract greater capital inflow from passive funds.
Alteogen is currently trading at P/E of 37.7x in 2026 and 31.6x in 2027 which are reasonable, considering the company's significant sales and profit growth in the next three years.

🇰🇷 Samsung Electronics: Share Buyback of 3.9 Trillion Won (Douglas Research Insights) $

Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) announced today that it plans to conduct a large scale buyback worth 3.9 trillion won, of which 2.8 trillion won will be cancelled.
Samsung Electronics reported consolidated sales of 74 trillion won and operating profit of 4.6 trillion won in 2Q 2025, down 0.1% and 55.9% YoY, respectively.
The average daily trading volume (ADTV) of Samsung Electronics (005930 KS) (common shares) is 15.43 million. Therefore, the share buyback of 56.89 million (common shares) represents 3.7x of ADTV.

🇰🇷 Supreme Court's Final Ruling on Samsung's Lee Jae-Yong on 17 July: Impact on Samsung Group Companies (Douglas Research Insights) $

The Supreme Court of Korea plans to make a final ruling on Samsung's Lee Jae-Yong on 17 July.
If the Supreme Court confirms this appellate court's ruling, then Lee Jae-Yong would finally be cleared of all charges related to the Samsung C&T Corp (KRX: 028260 / 02826K) and Cheil Industries merger.
The market is mostly expecting the confirmation of "not guilty" on all 19 charges on Lee Jae-Yong.

🇰🇷 SK Square: Time to Take Profits + Why Are There Holdco Discounts in the First Place? (Douglas Research Insights) $

We are changing our View on SK Square (KRX: 402340) to Negative.
The major reason for this change is due to the surge in its share price along with lack of upside relative to its NAV.
Regarding SK Square, our holdco discount remains 40%. However, if there are real, positive continued efforts to improve corporate governance, this holdco discount could be reduced further.

🇰🇷 A Pair Trade Between SM Entertainment (Long) Vs HYBE (Short) (Douglas Research Insights) $

In this insight, we discuss a pair trade between SM Entertainment Co Ltd (KOSDAQ: 041510) (long) vs HYBE (KRX: 352820) (short).
There is an increasing probability that HYBE's founder Bang Si-hyuk could face some jail time in which case there could be some vacuum of management leadership at HYBE.
Despite its recent outperformance, SM Entertainment's valuation is much more attractive than HYBE (SM is trading at 9.6x EV/EBITDA vs 18.5x for HYBE in 2026).

🇰🇷 Korea Small Cap Gem #39: Messe ESANG (Douglas Research Insights) $

We have found another gem in the Korean small cap industry. Messe ESang Co Ltd (KOSDAQ: 408920) is #39 in our Korea Small Cap Gem Series.
Messe ESANG (408920 KS) is the number one player in South Korea’s exhibition and convention industry.
The company has a combination of strong sales growth, excellent operating margins, improving ROE, sound balance sheet, and cheap valuations.

🇰🇷 Korea Small Cap Gem #40: Meta Biomed (#1 Player Globally in Root Canal Filling Materials) (Douglas Research Insights) $

Metabiomed Co Ltd (KOSDAQ: 059210) is the number one player in the world for root canal filling materials. It also produces other dental products, including bio-absorbable sutures and cosmetic medical products.
Six major reasons why we like Meta Biomed include number one player for root canal filling materials, solid sales growth, strong export growth, improving ROE and operating margins, and valuations.
We are introducing a new section (Major Factors of Business Operations and Valuations) for all our Korea Small Cap Gem Series from now on (see below).

🇰🇷 S&SYS IPO Preview (Douglas Research Insights) $

S&SYS is getting ready to complete its IPO in KOSDAQ in August. S&SYS is a shipbuilding equipment integrated solution company.
The company plans to offer 1.9 million shares in this public offering. The IPO price range is from 27,000 won to 30,000 won.
To value S&SYS, the bankers used Sejin Heavy Industries Co Ltd (KRX: 075580), Halla IMS, HD Hyundai Marine Solution (KRX: 443060), and Ksp Co Ltd (KOSDAQ: 073010) as comps.

🇰🇷 Dowoo Insys IPO Book Building Results Analysis (Douglas Research Insights) $

[Ultra-thin tempered glass (UTG)] Dowooinsys (484120 KS) announced that it has confirmed its IPO price at 32,000 won, which is at the high end of the IPO price range.
The demand ratio among the institutional investors was 785.4 to 1 with a total of 2,180 domestic and foreign institutions participating.
Our base case valuation of Dowoo Insys is target price of 40,667 won per share, which is 27% higher than the IPO price (32,000 won).

🌏 SE Asia

🌏 Outpaced and outbid: the squeeze on Southeast Asia’s ecommerce 3PLs (Momentum Works)

Why parcel volume is consolidating
But while Southeast Asia’s logistics market has become very sizable (71% of US’s parcel volume), it has evolved very differently compared to China’s.
As outlined in our Ecommerce in Southeast Asia 3.0 report, the region’s ecommerce parcel delivery has become highly concentrated.
By 2024, just three players – J&T Express [J&T Global Express Ltd (HKG: 1519 / SWB: J92)], Shopee’s SPX Express [Sea Limited (NYSE: SE)], and Lazada Logistics – handled 60% of all parcel volume in the region.

🇲🇾 Anwar returns to a governmental in crisis (Murray Hunter)

Malaysian prime minister Anwar Ibrahim returned to Malaysia on Tuesday night (July 8) to a very different country he left 9 days ago. While Anwar was touring Italy, Spain and attended the BRICS meeting in Brazil, a number of major issues have reached boiling points.

🇲🇾 Is PM Anwar riding the Umno tiger? (Murray Hunter)

It would be interesting to know who is running the country, the PH-led coalition led by Prime Minister Anwar Ibrahim or by Umno leaders. Ahmad Zahid Hamidi might be the president of Umno and deputy prime minister, however, it is believed that he carries more power and influence in the administration of the country than Anwar. Anwar might be the prime minister and head of the coalition government, but in the real exercise of power, it is Umno that is calling the shots.
Umno might have slightly over 20 MPs, with some additional MPs from MCA and MIC, the number is far less to what is held by PKR and the DAP. Within the ruling coalition, the DAP has 40 parliamentary seats, but unfortunately the number of parliamentary seats held doesn’t correspond to its political strength. The party once vociferous defender of Chinese and Indian rights has succumbed to the dictates of Malay hegemonic politics. If the PH-led coalition collapses under its own weight, the DAP might be the sure loser.

🇲🇾 U.S. court dismisses US$600mln Resorts World Bimini case, allows amended complaint (GGRAsia)

A civil case claiming US$600 million in damages from Genting Americas Inc, a unit of Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF), has been dismissed on July 1 by the United States District Court, Southern District of Florida. The court however opened the door for an amended complaint, according to a Monday filing to Bursa Malaysia by the parent company.
The case involves an investor dispute – filed by RAV Bahamas Ltd – about the Resorts World Bimini casino complex (pictured) in the Bahamas.

🇵🇭 DigiPlus flags US$106mln share buyback programme (GGRAsia)

Philippines-listed DigiPlus Interactive (PSE: PLUS) announced on Monday a share repurchase programme of up to PHP6.0 billion (US$106.1 million) worth of the company’s common shares.
“The share repurchase programme is valid over a 12-month period and can be renewed, subject to approval of the board of directors,” stated the company in a filing to the Philippine Stock Exchange.
DigiPlus is a Philippine holding company with investment in gaming and leisure businesses, including bingo services and a digital sportsbook platform.
In the Philippines the brand runs BingoPlus, described as that country’s first government-approved online bingo platform. It also operates ArenaPlus, a sportsbook; and GameZone, a platform for casual and arcade gaming.

🇵🇭 Online raises US$1.8bln yearly for Philippines, so better control not ban is answer: Tengco (GGRAsia)

The chairman of the Philippine gaming regulator, Alejandro Tengco, suggested on Tuesday that the answer to lawmakers’ concerns about online gambling within the country was tighter control, not a total ban.
In an extensive interview with local outlet One News – reported also by other media – Mr Tengco (pictured in a file photo), head of the Philippine Amusement and Gaming Corp (Pagcor), stated: “Pagcor’s current stand is not a total ban, but stricter regulation.”
There has been a growing chorus of voices in Congress calling for changes to the online sector, ranging from tighter restrictions on access to digital gambling platforms, to additional taxes, and a ban on the use of electronic wallets (e-wallets) for gambling purposes, as well as calls for a complete ban.

🇸🇬 Macrovalue on its supermarket ambitions in Singapore amid challenging times (The Edge Malaysia)

THE food and grocery business is an increasingly challenging one to be in, given rising food costs and inflationary pressures. Be that as it may, Malaysian retail group Macrovalue Sdn Bhd sees value in expanding into Singapore through its planned acquisition of all Cold Storage and Giant supermarkets in the island republic from the Singapore Exchange-listed DFI Retail Group (SGX: D01 / FRA: DFA1 / OTCMKTS: DFIHY).
Two years ago, Macrovalue acquired GCH Retail (Malaysia) Sdn Bhd —operator of Giant and Cold Storage outlets in Malaysia — from DFI for an undisclosed sum. That deal was completed in March 2023, after which Macrovalue embarked on a 12-month business transformation plan to attract more shopper traffic and set out to turn around the loss-making business within 24 months.
To its credit, Macrovalue managed to turn around the business ahead of that timeline.
According to Yap, Macrovalue will integrate the Malaysia and Singapore operations, leveraging synergies in procurement, logistics and product mix. “The synergies will help us bring down the cost of operations and we can then pass on the benefit to consumers. We will probably be unifying the teams in Malaysia and Singapore, so that there will be one headquarters cost as opposed to two.”

🇸🇬 5 Highlights from Temasek’s 2025 Annual Review (The Smart Investor)

Last week, Temasek released its 2025 Annual Review for its fiscal year ending 31 March 2025.
The investment firm’s portfolio hit new highs despite the ongoing global challenges.
This year’s review points to a stronger emphasis on its core portfolio companies, attention to growth areas, and a broad international presence.
Strong and resilient portfolio performance
Temasek portfolio companies driving value
Emerging growth areas shaping the future
Continued developments in sustainable and inclusive investments
A cautious global outlook

🇸🇬 While You Watched the Banks, These Singapore Stocks Took Off (The Smart Investor)

Singapore’s STI reached a record high this year, and no, it wasn’t the banks driving it.
Instead, companies from a diverse mix of industries—including aerospace, energy, real estate and retail—delivered the strongest share price gains.
Some were long-time dividend favourites that continued to compound steadily. Others had been making strategic shifts that are beginning to pay off. And a few rebounded from a low base after facing challenges in recent years.
Here’s a closer look at the STI stocks that outperformed the banks in the first half of 2025, and what investors can learn from their performance.

🇸🇬 Karooooo: A Hidden SaaS Undervalued Gem (Seeking Alpha) $⛔🗃️

🇸🇬 Karooooo: A GARP Opportunity With A Robust Financial Profile (Seeking Alpha) $🗃️

🇸🇬 🇿🇦 Karooooo (NASDAQ: KARO / JSE: KRO) - Leading provider of an on-the-ground operations cloud that maximizes the value of data. The Cartrack SaaS platform provides insightful real-time data analytics & business intelligence reports. 🏷️

🇸🇬 Wilmar International: Undervalued With Catalysts (Rating Upgrade) (Seeking Alpha) $🗃️

🌐 Wilmar International (SGX: F34 / FRA: RTHA / RTH / OTCMKTS: WLMIF / WLMIY) - Agribusiness group supported by a multinational workforce of about 100,000 people. Amongst the largest listed companies in Singapore. 🇼 🏷️

🇸🇬 Grab Holdings Needs More To Rerate (Seeking Alpha) $🗃️

🇸🇬 It's Time To Grab Grab By The Horns (Seeking Alpha) $🗃️

🇸🇬 Grab: $1.5 Billion Secured For Potential Acquisitions (Seeking Alpha) $🗃️

🌏 Grab Holdings Limited (NASDAQ: GRAB) - Superapp in SE Asia for mobility, deliveries, & digital financial services to millions of Southeast Asians. 🇼 🏷️

🇸🇬 Wave Life Sciences: Upgrading Rating To Buy After Turbulent 10 Months (Seeking Alpha) $🗃️

🇸🇬 Wave Life Sciences: Speculative, But Promising (Seeking Alpha) $🗃️

Wave Life Sciences Ltd (NASDAQ: WVE) [RNA medicines platform]

🇸🇬 5 Best-Performing Singapore Blue-Chip Stocks for the First Half of 2025 (The Smart Investor)

It’s been a fulfilling first half of 2025 (1H 2025) as the Straits Times Index (SGX: ^STI) posted a small year-to-date gain.
The index could have performed better if the three local banks had seen meaningful share price increases, as they make up 54% of the index’s weight.
Still, it’s useful to note that many other blue-chip stocks saw their share prices surge in the first half of 2025.
Here are the five best-performing blue-chip stocks that you can consider adding to your buy watchlist.
Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF), or STE, is an engineering and technology firm serving customers in the aerospace, smart city, defence and public security sectors.
Next in line is Hongkong Land Holdings (SGX: H78 / LON: HKLJ / FRA: HLH / OTCMKTS: HKHGF / HNGKY), or HKL, which posted a YTD return of 49.2%.
Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF), or SCI, is in third place, notching up a YTD return of 33.6%.
DFI Retail Group (SGX: D01 / FRA: DFA1 / OTCMKTS: DFIHY) came in fourth with a YTD gain of 31.7%, an impressive performance after the pan-Asian retailer experienced years of share price weakness.
UOL Group Limited (SGX: U14 / FRA: U1O / OTCMKTS: UOLGY / UOLGF) is in fifth place with a YTD gain of 31.2% as the developer secured more tender wins and launched more developments.

🇸🇬 Share Prices of These 5 Singapore Stocks Surged by Double-Digits Year-to-Date: Are They a Buy? (The Smart Investor)

Investors seem bullish about these five Singapore stocks, but should they be included in your buy watchlist?
Here are five that have posted double-digit share price increases this year. We dig further to determine if they should be on your buy watchlist.
Kingsmen Creatives Limited (SGX: 5MZ / OTCMKTS: KMNCF) serves the exhibitions and attractions industry with end-to-end service offerings, including design and fabrication.
UOL Group Limited (SGX: U14 / FRA: U1O / OTCMKTS: UOLGY / UOLGF) is a property and hospitality company with total assets of around S$23 billion.
Pan-United Corporation Ltd (SGX: P52), or PUC, is one of the world’s biggest producers of carbon mineralised concrete (CMC).
Centurion Corporation Ltd (SGX: OU8) is a provider of purpose-built worker accommodation (PBWA) assets and student accommodation assets (PBSA) in countries such as Singapore, Malaysia, China, the UK, and the US.
UMS Integration Ltd (SGX: 558 / OTCMKTS: UMSSF) provides equipment manufacturing and engineering services to original equipment manufacturers (OEMs) of semiconductors and related products.

🇸🇬 5 Singapore Retail REITs Sporting Dividend Yields of 5.5% or Higher (The Smart Investor)

Looking for good dividend yields supported by rising consumer consumption? Here are five retail REITs that can deliver that.
Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF), or FCT, is a retail REIT with a portfolio of nine retail suburban malls and an office building.
Lendlease Global Commercial REIT (SGX: JYEU / OTCMKTS: LLGCF), or LREIT, is a retail cum commercial REIT with a portfolio of three assets.
Starhill Global Real Estate Investment Trust (SGX: P40U / OTCMKTS: SGLMF), or SGREIT, is a retail and office REIT with a portfolio of nine properties in Singapore, Australia, Malaysia, Japan, and China.
Sasseur Real Estate Investment Trust (SGX: CRPU) owns a portfolio of four retail outlet malls in China, located in Chongqing (2), Hefei (1), and Kunming (1).
United Hampshire US REIT (SGX: ODBU / OTCMKTS: UNHRF), or UHREIT, owns 19 predominantly freehold grocery and necessity-based properties along with two self-storage properties.

🇸🇬 4 Under-the-Radar Singapore Stocks Reporting Higher Profits (The Smart Investor)

Here are four possible hidden gems that reported better profits during the recent earnings season.
Here are four smaller mid-cap Singapore stocks that reported higher profits.
Ley Choon Group Holdings Ltd (SGX: Q0X) provides one-stop underground facilities, infrastructure construction and road works.
Singapore Shipping Corporation Ltd (SGX: S19 / FRA: W1M), or SSC, is a shipping group with businesses in ship owning, ship management, and ship agency and terminal operations.
Grand Venture Technology (SGX: JLB), or GVT, provides manufacturing solutions and services for the semiconductor, analytical life sciences, electronics, aerospace, and medical sectors.
Parkson Retail Asia Ltd (SGX: O9E) operates and manages retail department stores in Malaysia, Vietnam, Myanmar, and Cambodia.

🇸🇬 NTT is Launching its Data Centre REIT IPO with a Dividend Yield of 7.5%: Here’s What Investors Need to Know (The Smart Investor)

The second mainboard IPO for this year is also the largest REIT IPO on the Singapore Exchange in a decade.
Last week, Info-Tech Systems (SGX: ITS) became SGX’s first mainboard IPO in two years when it floated its shares.
Now, Nippon Telegraph & Telephone Corp (TYO: 9432 / FRA: NLV / NTT / OTCMKTS: NTTYY / NPPXF) from Japan is sponsoring a new data centre REIT called NTT DC REIT (SGX: NTDU).
600 million units are on offer at US$1 per unit, with 30 million units reserved for the public at S$1.276 per unit.
Once NTT DC REIT goes public, it will be the third pure-play data centre REIT listed on the SGX, following Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF) and Digital Core REIT (SGX: DCRU / OTCMKTS: DGTCF).
Income-seeking investors may be interested in learning more about this REIT, including its yield and growth prospects.

🇹🇭 Thai Bourse Looking to Improve Liquidity (Bloomberg) 14:10 Minutes

Asadej Kongsiri, President of the Stock Exchange of Thailand, says the operator will look at various measures to support the market as a deepening political turmoil weighs on investor confidence. He speaks on "Bloomberg: Insight with Haslinda Amin".

🇹🇭 Thailand govt set to withdraw on Wednesday casino legalisation bill (GGRAsia)

Thailand’s government will withdraw a bill to legalise entertainment complexes with casinos, said on Monday Visuth Chainaroon, an MP for the Pheu Thai Party in the country’s coalition government, and who is also chief government whip.
The information was given to reporters, according to media reports, confirming earlier commentary on the likelihood of the measure being dropped from the parliamentary agenda.

🇹🇭 Thailand cabinet nods withdrawal of casino legalisation bill: report (GGRAsia)

Thailand’s cabinet approved on Tuesday the withdrawal of a measure referred to as the “Entertainment Complex Bill” that would have sought to legalise casino resort business in that country.
As a result of the move, the bill will now not need to be withdrawn from the business of the House of Representatives, the lower chamber of the country’s parliament, a step that had been reported would formally have taken place today (Wednesday, July 9).

🇹🇭 Thai parliament votes to accept casino bill withdrawal, some antis call it a stalling tactic (GGRAsia)

Thailand’s House of Representatives voted by a large majority on Wednesday to approve a cabinet-requested withdrawal of the Entertainment Complex Bill that had aimed to legalise casino-resort business in that country.
Despite 253 votes in the lower house of parliament in favour of the measure’s withdrawal, and no abstentions, there were however 65 votes opposing the bill’s withdrawal following a two-hour debate. That is according to The Nation news outlet, which said that one of those that spoke opposing the bill’s withdrawal was an MP actually against casino legalisation.

🇮🇳 India / South Asia / Central Asia

🇮🇳 India Insider Buying – June '25: Strong Activity in Small Caps, Limited Participation in Large Caps. (Smartkarma) $

Insider buying spanned across 40+ stocks in June 2025, highlighting continued conviction among promoters, directors, and trusts.
While, there were fewer companies with market cap above USD 1 bn which saw insider buying, this number was significantly higher (35 count) in smaller names.
Companies which have zoomed after the insider purchases include - LT Foods Ltd (NSE: LTFOODS / BOM: 532783) (+10%), Valor Estate Ltd (NSE: DBREALTY / BOM: 533160) (+11%). In smaller names - Man Industries (India) Ltd (NSE: MANINDS / BOM: 513269) (+88%)

🇮🇳 Jane Street to contest Indian regulator’s manipulation charges (FT) $ 🗃️

Wall Street firm hits back after being banned and ordered to return more than $550mn of ‘illegal gains’

🇮🇳 India manufacturing: Raising hopes, facing challenges (The Asset) 🗃️

World’s fastest-growing large economy, once third world, set to be third-largest by 2028, aims to value US$10 trillion by 2035

🇮🇳 Protean EGov: Navigating the PAN 2.0 Headwind and Charting a Diversified Future (Smartkarma) $

Protean eGov Technologies Ltd (BOM: 544021)’s exclusion from the PAN 2.0 project raises concerns about potential long-term revenue loss, especially as tax services contribute significantly to its current business.
Protean’s strategic diversification into pension services, digital identity solutions, and international markets positions it well for long-term growth, reducing reliance on tax services.
With INR800 crore in cash reserves and zero debt, Protean is financially resilient, allowing it to invest in new growth areas, making it attractive for long-term investors despite short-term volatility.

🇮🇳 Why Borosil Renewables' Exit from GMB Is a Clear Win for the Company? (Smartkarma) $

Borosil Renewables Ltd (NSE: BORORENEW / BOM: 502219)' German subsidiary, GMB, filed for insolvency on July 4, 2025, due to European market challenges and losses.
This halts ~INR 9 crore monthly losses, freeing capital and management to focus on India's booming solar glass sector.
Strengthens positive outlook; Borosil is now leaner and better positioned for India's high-growth, policy-supported renewable market.

🇮🇳 The Adani Factor: Creating India's Biggest PVC Capacity (Smartkarma) $

India's PVC market faces high import dependency, reaching 63% in FY25, due to stagnant domestic capacity and a widening 3 MMT demand-supply gap.
Adani Enterprises (NSE: ADANIENT / BOM: 512599) and Reliance [Reliance Industries Limited (NSE: RELIANCE / BOM: 500325)] plan 2.5 MTPA domestic capacity expansion, bolstering production to reduce import reliance.
This aims to cut import dependency from 63% to under 30% by FY27, narrowing the gap to 1.4 MMT, enhancing domestic profitability.

🇮🇳 Adani Power Adds 600 MW—One Step Closer to 30 GW (Smartkarma) $

Adds 600 MW operational capacity in Maharashtra, acquired via CIRP at ₹6.67 crore/MW.
Supports Adani Power (NSE: ADANIPOWER / BOM: 533096)’s goal to reach 30,670 MW by FY2030 through scale-driven, base-load expansion.
Stock trades at ~12x forward P/E—undervalued given 70% capacity growth and strong operating leverage.

🇮🇳 Tata Motors - JLR Q1FY26 Weakness (Smartkarma) $

Tata Motors (NSE: TATAMOTORS / BOM: 500570 / LON: 0LDA)

Q1FY26 Decline: JLR’s Q1FY26 wholesale volumes dropped 10.7% YoY and 21.7% QoQ, signaling a tougher-than-expected environment amid planned model transitions and tariff shocks.
US Tariffs & Jaguar Phase-Out Drag Down Sales: Pause in US shipments post-April'25 and wind-down of legacy Jaguar models led to sharp volume contraction in key markets, particularly UK and North-America.
Luxury Mix Strong, but Growth Uncertain: While 77.2% of Q1FY26 volumes came from high-margin models (Range Rover/Defender),growing reliance on a few nameplates adds concentration risk in a sluggish global macro environment

🇮🇳 Tata Steel – 1QFY26: Stable Output, Soft Deliveries Amid Planned Maintenance (Smartkarma) $

Tata Steel Ltd (NSE: TATASTEEL / BOM: 500470)’s total crude steel production stood at 7.29 million tons in 1QFY26, flat YoY but down 3% QoQ due to upstream maintenance disruptions in India.
In Europe, the Netherlands saw steady output, while the UK is progressing with its 3.2 MTPA EAF transition at Port Talbot, slated to begin construction in July 2025.
With blast furnace relining at Jamshedpur nearing completion and NINL operations normalized, volume recovery is expected from Q2 onward.

🇮🇳 JSW Steel: Steady Output Amid Pricing Pressure; Record Volumes Likely Ahead (Smartkarma) $

Volume: JSW Steel Ltd (NSE: JSWSTEEL / BOM: 500228) reported 7.26 Mnt of crude steel production in Q1 FY26, up 14% YoY, despite seasonal and maintenance-related disruptions.
Expansion: The company is on track to scale up its capacity from 35.7 MTPA to 43.4 MTPA by FY28, led by ramp-ups at Vijayanagar, Dolvi, and greenfield Odisha.
BPSL: Legal clarity on the BPSL acquisition remains pending, though operations have been successfully ramped up to 4.5 MTPA under JSW’s management.

🇮🇳 Travel Food Services IPO: Capitalizing on the Global Airport F&B Boom (Smartkarma) $

Travel Food Services leads India’s airport QSR sector with a 24% market share and expands internationally through strategic partnerships, capitalizing on the growing global travel F&B market.
With a debt-free balance sheet and robust margins, TFS ensures scalable growth through strategic joint ventures and partnerships, minimizing capital expenditure while expanding operations.
With its diverse brand portfolio and a presence in high-traffic airports across India and abroad. The company’s expansion into new airports ensures sustained growth in the travel food services sector.

🇮🇳 Smartworks Coworking Spaces Ltd. IPO - Should You Sign the Lease? (Smartkarma) $

Smartworks, India’s largest managed campus operator, is launching a INR 582.56 crore IPO, combining fresh issue and OFS to fund expansion and reduce debt.
Smartworks shows strong growth in operational metrics and high occupancy underline rising demand, but consistent losses, high debt, and client concentration remain key concerns.
While the industry outlook is robust, the success depends on Smartworks achieving profitability, managing risk, and sustaining client retention in a competitive market.

🇮🇳 IPO Review - Anthem Biosciences - Pioneering Pharma CRDMO with Advanced Capabilities - Fairly Priced (Smartkarma) $

Anthem Biosciences is a CRDMO platform with 5 main modalities (RNAi, ADC, peptides, lipids and oligonucleotides) and 4 manufacturing capabilities (custom synthesis, flow chemistry, fermentation and biotransformation).
With its aggressive focus on emerging biotech; industry tailwinds, upcoming capacities in fermentation and CSM; they are positioned for 20+% revenue growth and industry leading operating margins of 35+%.
We estimate FY26 EPS of INR 9-11, implying IPO multiple of 50-62x earnings. Truenorth and Portsmouth holding 3.9% and 2.7% post-IPO creates a technical overhang.

🇰🇿 Freedom Holding: This Is What Asymmetric Risk/Reward Looks Like (Seeking Alpha) $ 🗃️

🌍 Freedom Holding Corp (NASDAQ: FRHC) - Securities brokerage & financial services. 🇼

🇰🇿 Kazatomprom: Initiation of Coverage- Sulfuric Acid Supply & Expanding Production Capacity Is A Vital Factor Driving Growth! (Smartkarma) $

Kazatomprom (FRA: 0ZQ / OTCMKTS: NATKY)'s 2024 half-year results reveal a complex landscape of both opportunities and challenges.
Positively, the company remains a leading force in the uranium sector, leveraging its extensive resources and production capabilities to capitalize on strong market fundamentals driven by increasing global interest in nuclear energy.
The emphasis on nuclear power as a viable green energy solution has bolstered demand, potentially leading to a significant supply deficit by 2040, which Kazatomprom appears positioned to address with its strategic focus on expanding production and exploration efforts.

🌍 Middle East

🌍 The Geoeconomics of Choke Points: How Strategic Geography Now Shapes Trade, Power, and Risk (Murray Hunter)

In an increasingly fractured world, geoeconomics—the convergence of geography, economics, and strategic coercion—is emerging as the principal currency of power. Two maritime chokepoints—the Red Sea and the Strait of Hormuz—are once again defining the limits of global trade stability. With over US$1 trillion in goods and nearly 20% of the world’s oil flowing through these straits, even a temporary disruption can wreak havoc on supply chains, energy markets, and inflation across continents.

🌍 Geoeconomics of Trade: Djibouti, the Suez Canal, and the Business Logic of Geography (Murray Hunter)

Geography Is Destiny: From Slogans to Strategy
The phrase, often attributed to Napoleon and echoed by thinkers from Halford Mackinder to Robert Kaplan, encapsulates how natural features—mountains, rivers, chokepoints, deserts—can shape a nation’s developmental path and geopolitical weight. Geography defines what a country must defend, who it must trade with, and how it might project power. In essence, geography offers both opportunity and entrapment.
Two case studies—Djibouti and the Suez Canal—offer sharp illustrations of this truth. They are not economic superpowers in themselves, but they sit astride arteries through which the lifeblood of global trade flows. Their strategic value is not what they produce, but where they are.

🇮🇱 G Willi-Food Is Performing, But I Prefer To Wait For Downcycle Opportunities (Seeking Alpha) $🗃️

🌐 G. Willi-Food International (TLV: WLFD) - Designs, imports, markets & distributes food products.

🌍 Africa

🇿🇦 DRDGold: Well Positioned For Expansion (Seeking Alpha) $🗃️

🇿🇦 DRD Gold (JSE: DRD / NYSE: DRD) - Gold mining company involved in the surface gold tailings retreatment business in South Africa. Exploration, extraction, processing & smelting activities. Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) controlled. 🇼 🏷️

🇿🇦 Lesaka Technologies: Why This Fintech's Latest Acquisition Could Prove Transformative (Seeking Alpha) $🗃️

🌍 Lesaka Technologies (NASDAQ: LSAK) - Full-service fintech platform (financial services & software). 🇼

🇿🇦 Impala Platinum: A Solid PGM Producer Worth Watching (Seeking Alpha) $🗃️

🌐 Impala Platinum Holdings (JSE: IMP / LON: 0S2J / FRA: IPHB / OTCMKTS: IMPUY / IMPUF) - South African holding company who is a leading producer of platinum group metals (PGMs), structured around 6 mining operations & Impala Refining Services, a toll refining business. 🇼 🏷️

🇿🇦 Prosus: Stock Has Significant Above-Average Gain Potential (Seeking Alpha) $⛔🗃️

🌐 Prosus (AMS: PRX / JSE: PRX / FRA: 1TY / OTCMKTS: PROSY / PROSF) - Global investment group that invests & operates across sectors & markets with long-term growth potential. Majority-owned by South African MNC Naspers (JSE: NPN / FRA: NNWN / NNW0 / OTCMKTS: NAPRF / NPSNY). 🇼 🏷️

🇿🇦 Anglo American: Portfolio Simplification On Track (Seeking Alpha) $⛔🗃️

🌐 Anglo American Plc (LON: AAL / JSE: AGL / OTCMKTS: NGLOY) - World's largest primary producer of platinum metals (platinum, palladium, rhodium, iridium, ruthenium & osmium; base metals as in copper, nickel, cobalt sulphate, sodium sulphate & chrome; & precious metals as in gold). 🇼 🏷️

🌎 Latin America

🌎 Why Oil Drillers Are Investing Big in South America (WSJ) $ 🗃️

Brazil, Guyana and Argentina drive a fast-growing share of global oil output
Brazil’s Petrobras (NYSE: PBR / PBR-A / BCBA: PBR / PETR4) plans to invest $111 billion by 2029 in projects including offshore finds near the mouth of the Amazon River. Argentina’s oil production is at the highest in two decades. Guyana is on the cusp of becoming the world’s largest producer per capita, and jungle-covered Suriname is one of the industry’s hottest offshore oil prospects.

🌎 Trump's new tariff threats are worse than ever for LatAm and other US policy comments - 14 July 2025 (Caixin) $

As Trump hit the 90 day deadline last week, we now get to see how the new, new Trump trade environment plays out. It’s turning out poorly for Latin America. 50% tariffs on Brazil. 30% tariffs on Mexico. 50% tariffs on copper. 10% additional tariffs on any BRICS ally. More announcements are likely to be made this week, and no Latin American country appears close to a deal yet. The new tariff rates are scheduled to take effect on 1 August.

🌎 Corporacion America Airports: Soaring Traffic Makes This Dip Worth Buying (Seeking Alpha) $🗃️

🌎 Corporación América Airports: When Real Value Is Trapped In Perceived Risk (Seeking Alpha) $🗃️

🌐 Corporación América Airports (NYSE: CAAP) - Leading private airport operator in the world. Operating 53 airports in 6 countries (Argentina, Brazil, Uruguay, Ecuador, Armenia & Italy). 🏷️

🌎 Liberty Latin America: Restructuring Efforts, Stock Repurchases, And Very Cheap (Seeking Alpha) $🗃️

🌎 Liberty Latin America Ltd (NASDAQ: LILA / LILAK) - Communications company. 20+ countries across Latin America & Caribbean (consumer brands Flow, Liberty, Más Móvil & BTC). 🇼

🌎 DLocal: A Great Opportunity For LatAm And EM Exposure (Seeking Alpha) $🗃️

🌎 DLocal: Emerging Market's 'Stripe' To Play Global Expansion (Seeking Alpha) $🗃️

🌎 DLocal: The Unstoppable Yet Hidden Emerging Markets Payment King (Seeking Alpha) $🗃️

🌐 Dlocal (NASDAQ: DLO) - Cross-border payment platform for global merchants to get paid & make payments in emerging markets. 🇼

🌎 Mercado Libre: An Opportunity Despite Being At All-Time Highs. (Seeking Alpha) $🗃️

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

🇧🇷 Lula seizes Trump tariff threat to revive re-election push (Seeking Alpha) $🗃️

Unpopular government uses US president’s intervention to brand conservative opponents as traitors

🇧🇷 Nu Holdings: The Fintech Stock With Strong Long-Term Growth Potential (Seeking Alpha) $🗃️

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

🇧🇷 Marfrig: Next Chapter Focused On Deleveraging And The BRF Merger (Seeking Alpha) $🗃️

🌐 Marfrig Global Foods Sa (BVMF: MRFG3 / FRA: MGP1 / OTCMKTS: MRRTY) - Global leader in the production of hamburgers + bovine protein. One of the most internationalized & diversified Brazilian food companies. 🇼 🏷️

🇧🇷 Petrobras: Deeply Discounted Dividend Story - Maintain Buy Despite New Normal (Seeking Alpha) $⛔🗃️

🌐🏛️ Petrobras (NYSE: PBR / PBR-A / BCBA: PBR / PETR4) or Petróleo Brasileiro SA - Explores, produces & sells oil & gas. 🇼

🇨🇱 World's top copper producer Chile in wait-and-see mode after Trump tariff bombshell (Reuters) 🗃️

Comex copper futures jumped after Trump's announcement
Chile foreign ministry says US did not notify it on tariffs
Global copper demand seen rising 3% this year, Codelco says
Chile sends most of its copper exports to China

🇨🇱 Antofagasta: Robust Prospects For Long-Term Dividend Investors (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. 🇼 🏷️

🇨🇴 GeoPark: Picking The Right Location To Strengthen Valuation (Seeking Alpha) $🗃️

🌎 GeoPark Ltd (NYSE: GPRK / LON: 0MDP / FRA: G6O) - Leading independent Latin American oil & gas explorer in Colombia, Ecuador, Chile & Brazil. 🏷️

🇲🇽 Vista Energy: Catching Up With A Future It's Already Building (Seeking Alpha) $🗃️

🇦🇷 🇲🇽 Vista Energy (NYSE: VIST / FRA: 1CIA / BMV: VISTAA)’s - Mexico HQ’d. Main asset in Argentina is the largest shale oil & shale gas play under development outside North America. 🏷️

🇲🇽 Mexico Fund: Still Not Very Compelling (Seeking Alpha) $🗃️

🇲🇽 The Mexico Fund (NYSE: MXF) [Closed-end fund covered in our Sunday posts]

🇳🇮 Metals Exploration – when patience and perseverance pay off (Undervalued Shares)

In 2021, I wrote about Condor Gold when its share was trading at 46 pence. My research report highlighted the London-listed gold exploration and development company as a potential takeover target with 3x upside.
Instead, the stock dropped by two-thirds due to US sanctions on Nicaragua and concerns the project couldn't be financed. No bid emerged.
I stuck to my guns, and in late 2023 called to aggressively average down. At the time, the share price was trading between 15-22 pence.
Fast-forward to late 2024, and a takeover bid by Metals Exploration Plc (LON: MTL / FRA: MJ4 / OTCMKTS: MTLEF) changed the story. Shares of the newly merged company are now trading at an equivalent price of 85 pence for Condor Gold, a 4-bagger from my 2023 recommendation.
It's remarkable how quickly the share price took off.
Why did it go vertical? Could there be more gains to come – and which other stocks might also prove to be lucrative late bloomers?

🇵🇦 Copa Holdings: Outlook Brightens Yet Discount Remains (Seeking Alpha) $🗃️

🌎 Copa Holdings (NYSE: CPA) - Leading Latin American provider of airline passenger & cargo service through Copa Airlines & AeroRepública. 🇼 🏷️

🇵🇪 Compania de Minas Buenaventura: More Gold At Lower Costs (Seeking Alpha) $🗃️

🇵🇪 Compania de Minas Buenaventura SAA (NYSE: BVN) - Precious metals mining & exploration (gold, silver, copper, zinc, etc.). Energy generation & transmission services & industrial activities. 🇼

🌐 Global

🌐 The Brics lose their clout (FT) $ 🗃️

The bloc of heavyweight emerging markets has grown bigger but less coherent

🌐 Nebius: Sell The Peak, You Might Thank Me Later (Rating Downgrade) (Seeking Alpha) $🗃️

🌐 Nebius Group: Discipline Means Knowing When To Exit (Seeking Alpha) $🗃️

🌐 Nebius: Positioning For Massive Moves (Seeking Alpha) $⛔🗃️

🌐 My Nebius Position Is Up By 85% Since March, And I'm Not Done Yet (Seeking Alpha) $🗃️

🌐 Nebius Group: Expect Another Move-Up On Q2 Earnings (Seeking Alpha) $🗃️

🌐 Nebius: Explosive Growth But Zero Profits (Seeking Alpha) $🗃️

🌐 Nebius: Like Buying Amazon In 2011 (Seeking Alpha) $🗃️

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

📅 Earnings Calendar

Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):

📅 Economic Calendar

Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).

🗳️ Election Calendar

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

Japan Japanese House of Councillors 2025-07-20 (d) Confirmed 2022-07-10
Taiwan Referendum 2025-08-23 (d) Confirmed 2022-11-26
Macau Chinese Legislative Council (Macau) 2025-09-14 (d) Confirmed 2021-09-12
Czech Republic Czech Chamber of Deputies 2025-10-03 (d) Confirmed 2021-10-08
Côte d'Ivoire Ivorian Presidency 2025-10-25 (d) Confirmed 2020-10-31
Argentina Argentinian Chamber of Deputies 2025-10-26 (d) Confirmed 2023-10-22
Argentina Argentinian Senate 2025-10-26 (d) Confirmed 2023-10-22
Iraq Iraqi Council of Representatives 2025-11-11 (d) Confirmed 2021-10-10
Chile Chilean Chamber of Deputies 2025-11-16 (d) Confirmed 2021-11-21
Chile Chilean Presidency 2025-11-16 (d) Confirmed 2021-12-19
Chile Chilean Senate 2025-11-16 (d) Confirmed 2021-11-21
Hong Kong Hong Kong Legislative Council 2025-12-07 (d) Confirmed 2021-09-05

📅 Emerging Market IPO Calendar/Pipeline

Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):

Bluemount Holdings Limited BMHL Dominari Securities/Pacific Century Securities/Revere Securities, 1.4M Shares, $4.00-4.00, $5.5 mil, 7/11/2025 Priced

(Incorporated in the Cayman Islands)

We, through our operating subsidiaries, are a Hong Kong-based consulting, advisory and financial services provider, as well as a trader of commodities such as luxury timepieces:

*Bluemount Capital offers corporate finance, strategic communications and other consulting and advisory services;

*Bluemount Commodities sells and trades luxury watches, primarily Patek Philippe, Audemars Piquet and Rolex watches;

*Bluemount Securities is engaged in underwriting and placing securities and offering brokerage services, and

*Bluemount Asset Management offers asset management services.

Our total revenues were HK$13.1 million (approximately US$1.7 million) for the six months ended Sept. 30, 2024, and HK$32.8 million (approximately US$4.2 million) and HK$38.3 million for the years ended March 31, 2024, and March 31, 2023, respectively. We recorded a total net profit of HK$5.4 million (approximately US$0.7 million) for the six months ended Sept. 30, 2024, and HK$9.2 million (approximately US$1.2 million) and HK$0.9 million for the years ended March 31, 2024, and March 31, 2023, respectively.

For the six months that ended Sept. 30, 2024, the percentage of our revenue that came from these three areas of our business was:

*Approximately 70.91% (70.9 percent) from consulting and advisory services;

*Approximately 26.08% (26.08 percent) from the trading of commodities such as luxury watches, and

*Approximately 3.00% (3.0 percent) from the provision of financial services.

Note: Net income and revenue are in U.S. dollars (converted from Hong Kong dollars) for the fiscal year that ended March 31, 2024.

(Note: Bluemount Holdings Limited priced its small IPO at $4.00 – the low end of its $4.00-to-$5.00 price range – and sold 1.375 million shares – the number in the prospectus – to raise $5.5 million on Thursday night, July 10, 2025. Background: Bluemount Holdings Limited disclosed in an F-1/A filing dated May 9, 2025, that Dominari Securities had joined the underwriting team as the “lead left” joint book-runner and Revere Securities had joined the team as a joint book-runner on the far right – to work with original book-runner Pacific Century Securities.)

(Background: Bluemount Holdings Limited filed its F-1 for its IPO on March 17, 2025, and disclosed its terms: The company is offering 1.38 million ordinary shares (1,375,000 shares) at a price range of $4.00 to $5.00 to raise $6.19 million ($6,187,500), if priced at the $4.50 mid-point of its range.)

Aura Minerals (NASDAQ Uplisting) AUGO BofA Securities/Goldman Sachs/BTG Pactual/Itau BBA, 8.1M Shares, $25.92-25.92, $210.0 mil, 7/16/2025 Wednesday

Note: This is NOT an IPO. This is a public offering of common stock – a NASDAQ uplisting. Aura Minerals’ stock is listed on the Toronto Stock Exchange (TSX) under the symbol “ORA” and its Brazilian Depositary Receipts (BDRs) are listed on the Brazilian Stock Exchange (B3) under the ticker symbol “AURA33” – according to the prospectus. (Incorporated in the British Virgin Islands)

Note: Aura Minerals’ headquarters is on Tortola in the British Virgin Islands. Its U.S. headquarters is in Coconut Grove, Florida. The company was originally incorporated under the Business Corporations Act (Ontario), or the “OBCA” by Letters Patent dated July 12, 1946, under the name Baldwin Consolidated Mines Limited, according to the prospectus.

We are an Americas gold and copper production company with a significant portfolio of mining operations. Our mission is to deliver long-term value by unlocking operational efficiencies, responsibly growing our portfolio with a focus on return on invested capital, responsible mining practices and a commitment to sustainability. We operate with a decentralized culture, supported by a lean corporate team that ensures agile and dynamic management and decision-making processes, focused on high operational sustainability compliance standards.

We believe that our success as a gold and copper mining company is the result of a combination of strategic acquisitions, mine expansions and development and efficiency improvements. Backed by a traditional Brazilian family of seasoned gold-focused entrepreneurs and mine developers, as well as a new management team, we have undergone a significant transformation since 2016, enhancing our profitability, replenishing resources and even extending the life-of-mine (LOM) across our operating assets, while also facilitating inorganic expansion — consistently guided by a disciplined commitment to value creation and sustainable growth.

We have a track record of expanding and building new mines on-time and on-budget, with ramp-up capabilities, consistent cash flow generation and dividend payments while delivering an attractive return on investment. Our disciplined cost management ensures efficiency in reserve development while we strive to serve as the benchmark for operational security and excellence in project development. Strategically, we prioritize high-IRR (Internal Rate of Return) growth opportunities, balancing capital appreciation with reliable dividend distributions.

We currently operate four wholly-owned operating mines and one mine in ramp-up phase. Our operating mines are the Aranzazu copper-gold-silver mine in Mexico, the Apoena and Almas gold mines in Brazil and the Minosa gold mine in Honduras. Additionally, we own and operate the Borborema gold mine in Brazil, which is currently in its ramp-up phase and is expected to achieve commercial production by the third quarter of 2025.

In addition to our operating mines, our main development projects are the Era Dorada gold project in Guatemala and the Matupá gold project in Brazil. We have significant exploration potential, owning over 563,558 hectares of mineral rights, and we are currently advancing multiple near-mine and regional targets along with the Carajás (Serra da Estrela) copper project in the prolific Carajás region of Brazil.

Note: Net loss and revenue are in U.S. dollars for the 12 months that ended March 31, 2025.

(Note: Aura Minerals Inc. disclosed the terms for its NASDAQ uplisting in an S-1/A filing dated July 7, 2025: The company is offering 8.1 million shares at an assumed IPO price of US$25.92 – the U.S. dollar equivalent of it ordinary share’s closing price on the Toronto Stock Exchange on July 4, 2025 – to raise $209.95 million. Background: Aura Minerals filed its F-1 for its NASDAQ uplisting – a U.S. public offering and NOT an IPO – on June 6, 2025, without disclosing the terms.)

Majestic Ideal Holdings (Refiled) MJID Craft Capital/WestPark Capital, 2.5M Shares, $6.00-7.00, $16.3 mil, 7/18/2025 Friday

(Note: Majestic Ideal Holdings refiled its IPO in a new F-1 dated Oct. 4, 2024, on the same date that it withdrew its previous IPO plans in a letter to the SEC dated Oct. 4, 2024. The company filed its original F-1 on April 27, 2023.)

We offer supply chain services to the apparel industry – yarn products and finished garments – in China. (Incorporated in the Cayman Islands)

We are a provider of SCM services in the apparel industry delivering a one-stop solution to our customers for a broad range of yarn products, textiles and finished garments. (SCM stands for supply chain management.)

Our service offerings encompass every key aspect of the supply chain of these products: market trend analysis, product design and development, raw material sourcing, production and quality control, and logistics management. Through our integrated capabilities, we provide end-to-end supply chain solutions that are tailored to meet our customers’ unique needs.

Competitive Strengths

We believe the following competitive strengths contribute to our success and differentiate us from our competitors:

• We have a vertically integrated operation to provide one-stop apparel SCM services;

• We work with a diverse range of quality suppliers to address different customer demands;

• We are capable of turning a design concept into finished garments under a short lead time; and

• Our management members have deep industry knowledge and proven track records.

Our Strategy

We intend to accomplish our goals by pursuing the following strategies:

• Broaden our customer base and strengthen our customer relationships;

• Maintain a quality supplier base and develop strategic relationships with suppliers;

• Enhance quality of apparel products and efficiency of their production; and

• Integrate sustainability aspects into product sourcing and environmental marketing.

Corporate History and Structure

We are the knitwear business of a group of companies founded by our Controlling Shareholders, in the 1980s. Our business was launched in 2013 through Multi Ridge, a Hong Kong company then wholly-owned by our Controlling Shareholders. In 2014, Multi Ridge established New Brand as its wholly-owned subsidiary in the PRC. Since its establishment, New Brand has been focusing on providing apparel SCM services in China. For more details, see “Corporate History and Structure”.

*Note: Net loss and revenue are in U.S. dollars for the fiscal year that ended Sept. 30, 2024.

(Note: Majestic Ideal Holdings Ltd. re-filed its IPO plans in a new F-1 dated Oct. 4, 2024, in which it disclosed the terms – 2.5 million shares at a price range of $6.00 to $7.00 – to raise $16.25 million, if priced at the $6.50 mid-point of its range. Craft Capital Management is the lead left book-runner, replacing R.F. Lafferty, which was involved in the previous IPO filing. WestPark Capital is also a joint book-runner, working with Craft Capital.)

(Background – Previous IPO Filing – Withdrawn on Oct. 4, 2024: : Majestic Ideal Holdings named R.F. Lafferty & Co. as a joint book-runner in an F-1/A filing dated June 18, 2024; R.F. Lafferty & Co. will work with joint book-runner WestPark Capital. Background: Majestic Ideal Holdings filed an F-1/A dated Nov. 16, 2023, in which it cut the number of shares – to 2.5 million shares – down from 3.8 million shares initially – and kept the price range at $4.00 to $5.00. In the filing, the company also said that it is offering all 2.5 million shares in the IPO. Majestic Ideal Holdings also named WestPark Capital as its sole book-runner, replacing Univest Securities. In the Nov. 16, 2023, SEC filing, the company said that selling shareholders will offer 3.25 million shares through a separate resale prospectus. Majestic Ideal Holdings’ original terms had called for selling shareholders to offer 1.25 million shares – or about a third of the IPO – while the company would offer the remaining 2.5 million shares. Background: Majestic Ideal Holdings filed its F-1 on April 27, 2023.)

Mega Fortune Co. Ltd. MGRT D. Boral Capital (ex-EF Hutton), 3.8M Shares, $4.00-5.00, $16.9 mil, 7/21/2025 Week of

(Incorporated in the Cayman Islands)

As a holding company with no material operations of our own, we conduct our business through our operating subsidiary in Hong Kong. We own 100% equity interest of all our subsidiaries and do not have a variable interest entity, or VIE, structure.

We are an Internet of Things (“IoT”) solution provider in Hong Kong. Through our operating subsidiary QBS System Limited (“QBS System”), founded in 2011, we have specialized in delivering comprehensive IoT solutions and services across various industries. Our vision is to become the preferred choice for IoT solutions for enterprises and projects in the Asia-Pacific region. We plan to achieve this through helping enterprises undergo digital transformation, launch IoT initiatives, upscale existing IoT applications, or IoT solutions with legacy systems. QBS System’s business service portfolio includes the provision of IoT Integration Solution Services, IoT Maintenance and Support services, BPO services and trading sales.

Our Industry and Market Opportunity

With the continued growth and sophistication of Internet of Things (“IoT”) products and services, and the realization by ever more businesses of their ability to enhance their own customer offerings, the Company has focused on providing a proprietary set of products and services to and implementation of them for a focused universe of industries (specifically retail, entertainment and logistic and transportation for manufacturer) and leading enterprises within these industries.

Our IoT Platform

Our IoT customer platform relies upon an evolving, integrated blend of proprietary and generic products and services tailored to our focus industries and customized appropriately for particular clients.

Our Industry and Market Opportunity

With the continued growth and sophistication of Internet of Things (“IoT”) products and services, and the realization by ever more businesses of their ability to enhance their own customer offerings, the Company has focused on providing a proprietary set of products and services to and implementation of them for a focused universe of industries (specifically retail, entertainment and logistics and transportation for manufacturer) and leading enterprises within these industries.

Our IoT Platform

Our IoT customer platform relies upon an evolving, integrated blend of proprietary and generic products and services tailored to our focus industries and customized appropriately for particular clients.

Our Products

Our bundled product and service platforms, well recognized within their industry segments, including smart building solutions, smart bench, location based services, IoT solution, maintenance and support.

Note: Net income and revenue are in U.S. dollars for the fiscal year that ended Sept. 30, 2024.

(Note: Mega Fortune Co. Ltd. disclosed the terms for its small IPO in an F-1/A filing dated May 2, 2025: The IPO consists of 3.75 million shares at a price range of $4.00 to $5.00 to raise $16.88 million, if priced at the $4.50 mid-point of its range.)

Cre8 Enterprise, Ltd. CRE American Trust Investment Services/Prime Number Capital, 1.5M Shares, $4.00-5.00, $6.5 mil, 7/23/2025 Wednesday

We provide financial printing and related services 24/7 to listed companies in Hong Kong, as well as to IPO applicants and private companies. (Incorporated in the British Virgin Islands)

The integrated services provided by Cre8 Hong Kong cover concept creation and artwork design, typesetting, proofreading, translation, printing, binding, logistics arrangement, uploading or making e-Submissions of our customers’ financial reports and compliance documents on the website of the Hong Kong Stock Exchange and media placements and of these services.

Note: Net income and revenue are for the 12 months that ended Dec. 31, 2024.

(Note: Cre8 Enterprise, Ltd. is offering 1.45 million shares at a price range of $4.00 to $5.00 to raise $6.53 million, according to its F-1/A filing dated May 23, 2025. Background: Cre8 Enterprise, Ltd. filed its F-1 to go public on Aug.19, 2024, and disclosed the terms for its small-cap IPO: 1.75 million shares at a price range of $4.00 to $5.00 to raise $8 million.)

BUUU Group Limited BUUU Dominari Securities/Pacific Century Securities/Revere Securities, 1.5M Shares, $4.00-6.00, $7.5 mil, 7/28/2025 Week of

(Incorporated in the British Virgin Islands)

Established in 2017, we have rapidly grown into a premier Meetings, Incentives, Conferences, and Exhibitions (“MICE”) solutions provider based in Hong Kong. Our comprehensive marketing service portfolio is designed to meet the diverse needs of our clients, spanning across two core areas: (i) event management and (ii) stage production.

(a) Event management services

In the realm of event management, our operating subsidiary, BU Creation, excels as creative planners and meticulous executors. We curate and manage a wide spectrum of events, including cultural, artistic, recreational, and corporate promotions. Our approach is deeply collaborative, and we work closely with our clients to bring their visions to life. From the initial concept to the final execution, we ensure every detail is aligned with our clients’ objectives, delivering events that resonate and captivate audiences. In addition, we have collaborated with event production houses to co-host various remarkable events in Hong Kong. Notable examples include the S2O Songkran Music Festival Hong Kong, the Spartan Race Hong Kong, and the Grade 10 Asia Card Show Hong Kong.

Under our event management services, BU Creation directly engages in (i) design and planning, (ii) project management, and (iii) on-site supervision.

Our revenue derived from event management services represents approximately 77.9% and 77.5%, and 80.5% and 72.2% of our total revenue for the six months ended December 31, 2024. and December 31, 2023, and the years ended June 30, 2024, and June 30, 2023, respectively.

(b) Stage production services

Our expertise in stage production lies in our ability to transform spaces into immersive experiences. Our operating subsidiary, BU Workshop, meticulously coordinates with suppliers to integrate advanced lighting, visual and audio systems, stage performance elements and venue decorations. Our goal is to create environments that not only engage but also leave a lasting impression, elevating the impact of every event we manage.

Under our stage production services, BU Workshop directly manages the entire production process, from stage management and technical direction to the fabrication and installation of set elements. The lighting and visual and audio systems involved are sourced from its suppliers.

Our revenue derived from stage production services represents approximately 22.1% and 22.5%, and 19.5% and 27.8% of our total revenue for the six months ended December 31, 2024, and December 31, 2023, and the years ended June 30, 2024, and June 30, 023, respectively.

Our diverse clientele includes public institutions, marketing and public relations firms, real estate corporations, and a number of established brands. This broad customer base reflects our ability to deliver customized solutions that meet the high standards of various sectors.

Note: Net income and revenue are for the 12 months that ended June 30, 2024.

(Note: BUUU Group Limited is offering 1.5 million shares at a price range of $4.00 to $6.00 to raise $7.5 million, if priced at the $5.00 mid-point of its range, according to its SEC filings.)

🏁 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:

04/02/2025 - Goldman Sachs India Equity ETF - GIND
03/21/2025 - FT Vest Emerging Markets Buffer ETF - March - TMAR
02/25/2025 - Touchstone Sands Capital Emerging Markets ex-China Growth ETF - TEMX
02/19/2025 - abrdn Emerging Markets Dividend Active ETF - AGEM
02/14/2025 - GMO Beyond China ETF - BCHI
02/06/2025 - PLUS Korea Defense Industry Index ETF - KDEF
01/04/2025 - Simplify China A Shares PLUS Income ETF - CAS
12/24/2024 - FT Vest Emerging Markets Buffer ETF - December - TDEC - Options
11/19/2024 - Fidelity Fundamental Emerging Markets ETF - FFEM - Equity
11/19/2024 - Fidelity Enhanced Emerging Markets ETF - FEMR - Equity
11/13/2024 - Dimensional Emerging Markets ex China Core Equity ETF - DEXC - Equity
10/07/2024 - First Trust WCM Developing World Equity ETF - WCME - Active, equity
09/20/2024 - FT Vest Emerging Markets Buffer ETF - September - TSEP - Options
09/11/2024 - Polen Capital Emerging Markets ex-China Growth ETF - PCEM - Equity
09/04/2024 - Macquarie Focused Emerging Markets Equity ETF - EMEQ - Active, equity
09/04/2024 - iShares MSCI Emerging Markets Value Factor ETF - EVLU - Equity
09/04/2024 - iShares MSCI Emerging Markets Quality Factor ETF - EQLT - Active, equity
09/04/2024 - SPDR S&P Emerging Markets ex-China ETF - XCNY - Equity, ex-China
08/13/2024 - Simplify Gamma Emerging Market Bond ETF - GAEM - Active, Bond, Latin America
08/13/2024 - Janus Henderson Emerging Markets Debt Hard Currency ETF - JEMB - Currency
07/01/2024 - Innovator Emerging Markets 10 Buffer ETF - EBUF - Equity
05/16/2024 - JPMorgan Active Developing Markets Equity ETF - JADE - Equity
05/09/2024 - WisdomTree India Hedged Equity Fund - INDH - Equity, India
03/19/2024 - Avantis Emerging Markets ex-China Equity ETF - AVXC - Active, equity, ex-China
03/15/2024 - Polen Capital China Growth ETF - PCCE - Active, equity, China
03/04/2024 - Simplify Tara India Opportunities ETF - IOPP - Active, equity, India
02/07/2024 - Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares - XXCH - Equity, leveraged, China
01/11/2024 - Matthews Emerging Markets Discovery Active ETF - MEMS - Active, equity, small caps
01/10/2024 - Matthews China Discovery Active ETF - MCHS - Active, equity, small caps

🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

02/14/2025 - Global X MSCI Emerging Markets Covered Call ETF - EMCC
01/06/2025 - iShares Frontier and Select - FM
10/10/2024 - Pacer CSOP FTSE China A 50 ETF - AFTY
09/26/2024 - American Century Emerging Markets Bond ETF - AEMB
09/19/2024 - KraneShares S&P Pan Asia Dividend Aristocrats Index ETF - KDIV
09/19/2024 - KraneShares CICC China 5G & Semiconductor Index ETF - KFVG
09/05/2024 - Amplify Emerging Markets FinTech ETF - EMFQ
07/27/2024 - iPathGEMS Asia 8 ETN - AYTEF
05/23/2024 - Defiance Israel Fixed Income ETF - CHAI
05/17/2024 - Global X Next Emerging & Frontier ETF - EMFM
03/25/2024 - Global X MSCI Nigeria ETF - NGE
03/21/2024 - VanEck Egypt Index ETF - EGPT
03/14/2024 - KraneShares Bloomberg China Bond Inclusion Index ETF - KBND
03/14/2024 - KraneShares China Innovation ETF - KGRO
03/14/2024 - KraneShares CICC China Consumer Leaders Index ETF - KBUY
03/13/2024 - Xtrackers MSCI All China Equity ETF - CN
03/13/2024 - Xtrackers MSCI China A Inclusion Equity ETF - ASHX
02/16/2024 - Global X MSCI China Real Estate ETF - CHIH
02/16/2024 - Global X MSCI China Biotech Innovation ETF - CHB
02/16/2024 - Global X MSCI China Utilities ETF - CHIU
02/16/2024 - Global X MSCI Pakistan ETF - PAK
02/16/2024 - Global X MSCI China Materials ETF - CHIM
02/16/2024 - Global X MSCI China Health Care ETF - CHIH
02/16/2024 - Global X MSCI China Financials ETF - CHIX
02/16/2024 - Global X MSCI China Information Technology ETF - CHIK
02/16/2024 - Global X MSCI China Consumer Staples ETF - CHIS
02/16/2024 - Global X MSCI China Industrials ETF - CHII
02/16/2024 - Global X MSCI China Energy ETF - CHIE
02/14/2024 - BNY Mellon Sustainable Global Emerging Markets ETF - BKES
01/26/2024 - The WisdomTree Emerging Markets ESG Fund - RESE

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

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

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

Emerging Market Links + The Week Ahead (July 14, 2025) was also published on our website under the Newsletter category.

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Emerging Market Links + The Week Ahead (July 14, 2025)

HK listings pipeline hits record high, Geoeconomics of choke points, Thai casino plan looks DOA, oil drillers investing big in South America, EM stock picks and the week ahead for emerging markets.

🔬 Emerging Market Stock Pick Tear Sheets

📰🔬 Emerging Market Stock Picks / Stock Research

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇮🇳 India / South Asia / Central Asia

📅 Earnings Calendar

📅 Economic Calendar

🗳️ Election Calendar

📅 Emerging Market IPO Calendar/Pipeline

(Incorporated in the Cayman Islands)

We, through our operating subsidiaries, are a Hong Kong-based consulting, advisory and financial services provider, as well as a trader of commodities such as luxury timepieces:

*Bluemount Capital offers corporate finance, strategic communications and other consulting and advisory services;

*Bluemount Commodities sells and trades luxury watches, primarily Patek Philippe, Audemars Piquet and Rolex watches;

*Bluemount Securities is engaged in underwriting and placing securities and offering brokerage services, and

*Bluemount Asset Management offers asset management services.

For the six months that ended Sept. 30, 2024, the percentage of our revenue that came from these three areas of our business was:

*Approximately 70.91% (70.9 percent) from consulting and advisory services;

*Approximately 26.08% (26.08 percent) from the trading of commodities such as luxury watches, and

*Approximately 3.00% (3.0 percent) from the provision of financial services.

Note: Net income and revenue are in U.S. dollars (converted from Hong Kong dollars) for the fiscal year that ended March 31, 2024.

Note: Net loss and revenue are in U.S. dollars for the 12 months that ended March 31, 2025.

(Note: Majestic Ideal Holdings refiled its IPO in a new F-1 dated Oct. 4, 2024, on the same date that it withdrew its previous IPO plans in a letter to the SEC dated Oct. 4, 2024. The company filed its original F-1 on April 27, 2023.)

We offer supply chain services to the apparel industry – yarn products and finished garments – in China. (Incorporated in the Cayman Islands)

We are a provider of SCM services in the apparel industry delivering a one-stop solution to our customers for a broad range of yarn products, textiles and finished garments. (SCM stands for supply chain management.)

Competitive Strengths

We believe the following competitive strengths contribute to our success and differentiate us from our competitors:

• We have a vertically integrated operation to provide one-stop apparel SCM services;

• We work with a diverse range of quality suppliers to address different customer demands;

• We are capable of turning a design concept into finished garments under a short lead time; and

• Our management members have deep industry knowledge and proven track records.

Our Strategy

We intend to accomplish our goals by pursuing the following strategies:

• Broaden our customer base and strengthen our customer relationships;

• Maintain a quality supplier base and develop strategic relationships with suppliers;

• Enhance quality of apparel products and efficiency of their production; and

• Integrate sustainability aspects into product sourcing and environmental marketing.

Corporate History and Structure

*Note: Net loss and revenue are in U.S. dollars for the fiscal year that ended Sept. 30, 2024.

(Incorporated in the Cayman Islands)

As a holding company with no material operations of our own, we conduct our business through our operating subsidiary in Hong Kong. We own 100% equity interest of all our subsidiaries and do not have a variable interest entity, or VIE, structure.

Our Industry and Market Opportunity

Our IoT Platform

Our IoT customer platform relies upon an evolving, integrated blend of proprietary and generic products and services tailored to our focus industries and customized appropriately for particular clients.

Our Industry and Market Opportunity

Our IoT Platform

Our IoT customer platform relies upon an evolving, integrated blend of proprietary and generic products and services tailored to our focus industries and customized appropriately for particular clients.

Our Products

Our bundled product and service platforms, well recognized within their industry segments, including smart building solutions, smart bench, location based services, IoT solution, maintenance and support.

Note: Net income and revenue are in U.S. dollars for the fiscal year that ended Sept. 30, 2024.

(Note: Mega Fortune Co. Ltd. disclosed the terms for its small IPO in an F-1/A filing dated May 2, 2025: The IPO consists of 3.75 million shares at a price range of $4.00 to $5.00 to raise $16.88 million, if priced at the $4.50 mid-point of its range.)

We provide financial printing and related services 24/7 to listed companies in Hong Kong, as well as to IPO applicants and private companies. (Incorporated in the British Virgin Islands)

Note: Net income and revenue are for the 12 months that ended Dec. 31, 2024.

(Incorporated in the British Virgin Islands)

(a) Event management services

Under our event management services, BU Creation directly engages in (i) design and planning, (ii) project management, and (iii) on-site supervision.

Our revenue derived from event management services represents approximately 77.9% and 77.5%, and 80.5% and 72.2% of our total revenue for the six months ended December 31, 2024. and December 31, 2023, and the years ended June 30, 2024, and June 30, 2023, respectively.

(b) Stage production services

Under our stage production services, BU Workshop directly manages the entire production process, from stage management and technical direction to the fabrication and installation of set elements. The lighting and visual and audio systems involved are sourced from its suppliers.

Our revenue derived from stage production services represents approximately 22.1% and 22.5%, and 19.5% and 27.8% of our total revenue for the six months ended December 31, 2024, and December 31, 2023, and the years ended June 30, 2024, and June 30, 023, respectively.

Our diverse clientele includes public institutions, marketing and public relations firms, real estate corporations, and a number of established brands. This broad customer base reflects our ability to deliver customized solutions that meet the high standards of various sectors.

Note: Net income and revenue are for the 12 months that ended June 30, 2024.

(Note: BUUU Group Limited is offering 1.5 million shares at a price range of $4.00 to $6.00 to raise $7.5 million, if priced at the $5.00 mid-point of its range, according to its SEC filings.)

🏁 Emerging Market ETF Launches

🚽 Emerging Market ETF Closures/Liquidations

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