Emerging Market Links + The Week Ahead (July 21, 2025)
Xi warns of AI/EVs overinvestment, Klook looks at USA IPO, Philippines might restrict/ban online gambling, coming presidential elections in Chile, EM stock picks & the week ahead for emerging markets.
I am traveling today and into Tuesday - a good time of the year to get out of SE Asia as the annual “haze season” started this weekend. Haze season is the time of the year where forest, peat, etc fires begin in Sumatra and Borneo that blanket the region in an eye/nose irritating haze with respective governments pointing fingers at each other as to who is to blame e.g. Malaysia/Singapore will blame Indonesia who will blame companies listed in and/or owned by the sovereign wealth and other funds or governments of the former countries.
Indonesia has already begun cloud seeding to fight the fires and resulting haze; but until impacted countries take action to hold those responsible accountable (including any listed plantation companies that might be involved), nothing will likely change as haze season is now as endemic to the region as monsoon season…
🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
🌐 EM Fund Stock Picks & Country Commentaries (July 20, 2025) Partially $
Japanese share buybacks, banking’s new frontier (the unbanked), Middle East trip report, emerging EMEA markets, Mexico emerging as a winner, evolving role of dividends, Q2 fund updates, etc.
📰🔬 Emerging Market Stock Picks / Stock Research
$ = Behind a paywall / 🗃️ = Link to an archived article / ⛔ = Article archiving may not be archivable anymore
🌏 Asia
🌏 Interview with Myles Kuah (Asian Century Stocks)
Table of contents
Personal background
Participating in "Survivor"
Investing the prize money
Shorting
mDR Ltd (SGX: Y3D / OTCMKTS: MDRLF) [Singapore telco company]
Singapore Shipping Corporation Ltd (SGX: S19 / FRA: W1M) […own a fleet of 5 old PCTC Car ships that (after renewing their oldest and largest ship at elevated rates) are leased out on long-term contracts that will be worth 150% of their current market cap (adjusted for cash) value in 5 years’ time.]
Thakral Corporation Ltd (SGX: AWI) […small Singaporean company with an eclectic range of different assets including a lifestyle brand, Japanese and Singaporean commercial real estate and most importantly a 30% stake in Australian lendlease company GemLife Group Ltd (ASX: GLF).]
Japanese SaaS companies
Contact details
🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau
🇨🇳 US companies in China decry overproduction as price war hits profits (FT) $ 🗃️
More than a quarter of large American businesses are considering relocating, survey finds [Member Survey 2025]
An annual survey by the US-China Business Council found that overcapacity had hit 42 per cent of respondents, up significantly from the 25 per cent that reported an impact last year.
🇨🇳 China manufacturing success: scale, education, competition (The Asset) 🗃️
One might wonder how China has managed to reach the technological frontier in many sectors despite its low per capita GDP, and how it has kept the prices of the cutting-edge technologies it produces very low. In both cases, an important part of the answer is China’s massive scale
🇨🇳 How does Beijing really see China’s quick commerce subsidy war? (Momentum Works)
One question we’ve been asked repeatedly: How does the Chinese government view the subsidy-fueled war in food delivery and quick commerce?
The battle intensified in July, just as temperatures in many Chinese cities soared past 40°C. Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) reported that on Saturday, 13 July, it fulfilled over 150 million quick commerce and food delivery orders, with an average delivery time of 34 minutes. Taobao [Alibaba (NYSE: BABA)], meanwhile, claimed more than 80 million on-demand orders on 6 July.
These staggering numbers came with a cost: hundreds of millions of dollars in subsidies were poured in to boost order volume. The contest is now a high-stakes game of “who will blink first”—though we haven’t yet seen a Trump-style TACO moment.
One question many asked us is: how does the Chinese government view this intensive subsidy war?
🇨🇳 Xi Jinping warns Chinese officials against over-investment in AI and EVs (FT) $ 🗃️
President launches blunt attack on cadres who encourage reckless development then ‘pat their buttocks’ and walk away
🇨🇳 Fortune smiles again on WuXi AppTec with profit surge (Bamboo Works)
The drug services giant has forecast a jump in revenue for the first half and a doubling of net profit, after U.S. policy concerns abated
The projected results put the company on track to meet its target of returning continuing operations to double-digit growth this year
WuXi AppTec Co (SHA: 603259 / HKG: 2359 / OTCMKTS: WUXAY)’s business in peptides and other synthesized molecules nearly tripled in the first quarter, with the potential to become a key growth engine
🇨🇳 Investors are tapped for more cash as iMotion’s ambitions take flight (Bamboo Works)
iMotion Automotive Tech (HKG: 1274)
The automotive technology company is planning to issue yet another set of shares to fund its accelerating expansion into robotics and flying cars
The company hopes to raise around $29 million in its third equity placement in the past year
It has has been actively moving into the robotics arena this year
🇨🇳 Shares in non-Chinese graphite producers rally after US unveils 93.5% tariff (FT) $ 🗃️
Commerce department’s move follows Beijing restricting transfers of battery technology
Australia-listed Syrah Resources Ltd (ASX: SYR / FRA: 3S7 / OTCMKTS: SYAAF / SRHYY), the largest non-Chinese graphite miner, rose 22 per cent and Canada’s Nouveau Monde Graphite (NYSE: NMG) jumped 26 per cent as investors bet the duties could help them compete against dominant Chinese rivals. Novonix Ltd (NASDAQ: NVX), a dual-listed Australian-US producer, gained 15 per cent, and South Korea’s Posco Future M Co Ltd (KRX: 003670) was up 20 per cent.
🇨🇳 Tinci Materials eyes Hong Kong listing, hoping investors see past its sagging profits (Bamboo Works)
The lithium battery materials maker aims to use funds from its planned IPO to advance its global expansion, as it grapples with declining profits and weak prices
Guangzhou Tinci Materials Technology (SHE: 002709) plans to make a Hong Kong IPO, whose proceeds would go to advancing its global expansion strategy
The lithium battery material maker’s profit dropped 74.4% last year to 483 million yuan, but showed signs of stabilizing starting in the fourth quarter
🇨🇳 🌎 The opportunities that China is missing. (Latin America Risk Report)
Xi didn't attend the BRICS summit in Brazil. Not showing up is a mistake by China.
So what does it mean that Xi failed to show up for the BRICS meeting in Brazil? He failed to show up for a meeting of an organization where China is one of the key leaders. Maybe Xi has a health issue. Maybe China’s attention is elsewhere. Maybe China’s leaders were concerned about Brazil-India dominating this meeting and wanted to downplay the BRICS split. Whatever the reason, China’s leader failed to show up to what was probably the most important meeting for him to attend in the hemisphere this year.
When China does provide economic assistance, it’s in the form of debt that countries struggle to repay. The “economic hitmen” argument can apply to many of these deals in the same way it does to US and European deals. Further, Latin America wants to move up the value chain on economic production, not just be a supplier of commodities. China is every bit as exploitative of Latin America’s open veins as Spain and the US were in the past. They take raw commodities from the region and then dump cheap products on consumer markets in ways that prevent Latin America’s domestic industries from thriving.
🇨🇳 In Depth: The consumption conundrum dividing China’s economists (Caixin) $
Household consumption — or rather the lack of it — has been at the center of the policymaking debate in China for several years, and top officials from President Xi Jinping down have become increasingly vocal about the need to increase domestic demand amid growing headwinds facing the world’s second-largest economy.
As the government and its advisers prepare to put together the 15th Five-Year Plan to guide the country’s economic and social development through 2030, a contentious debate has erupted over the true strength of the Chinese consumer and what policies are needed to get them to spend more.
🇨🇳 Tian Tu banks on bonds in planned pivot from its retail roots (Bamboo Works)
The private equity investor appears to be setting its sights on high-tech companies as it prepares to raise funds by issuing bonds
Tian Tu Capital (HKG: 1973) is looking to raise up to 300 million yuan by issuing bonds that it’s calling “Sci-Tech Innovation Notes”
The move comes as the private equity investor’s growth stagnates amid sluggishness for its core focus on consumer-related Chinese companies
🇨🇳 Red Star Macalline shines spotlight of hope on struggling retail property sector (Bamboo Works)
The shopping mall operator said its losses continued to grow in the first half of this year, but indicated the rate of increase could be moderating
Red Star Macalline Group (SHA: 601828 / HKG: 1528 / FRA: 3S5) said its loss widened about 36% in the first half of this year, marking an improvement from the 45% increase in 2024
The company’s stock has risen 30% in the last three months as investors applaud its efforts to get its financial house in order
🇨🇳 Feihe’s sliding profits point to China dairy market past its sell-by date (Bamboo Works)
Declining birth rates and China’s slowing economy are taking a toll on the company and its peers as they grapple with oversupply and asset impairments on excess inventory
China Feihe Ltd (HKG: 6186 / OTCMKTS: CHFLF / CFEIY) said its profit slid over 30% in the first half of 2025 on increased subsidies and asset impairments as it works to clear out its inventory
Despite the gloom, the leading infant formula maker’s darkest days could be behind it as China’s declining birthrate shows signs of stabilizing
🇨🇳 In Depth: Restaurants Suffer as Crackdown on Officials’ Indulgence Goes Into Overdrive (Caixin) $
Summer is usually peak season for barbecue in Northwest China’s Shaanxi province, but Song Yang’s sprawling 1,000-square-meter restaurant is eerily quiet.
Why? The problem isn’t a lack of appetite, it’s fear. Fear of government inspectors enforcing China’s new crackdown on civil servants overindulging themselves. Song described how inspectors recently turned up at his restaurant with cameras to ensure no government or state-owned enterprise employees were dining there.
🇨🇳 China tightens long-term performance metrics to channel insurance funds into markets (Caixin) $
China’s Ministry of Finance has unveiled new performance assessment rules for state-owned insurance companies, aiming to channel more long-term insurance capital into equity markets and reinforce the sector’s role as an economic stabilizer.
On Friday, the ministry issued a notice to major insurers — including the People’s Insurance Company of China, China Life Insurance (SHA: 601628 / HKG: 2628 / OTCMKTS: CILJF), China Taiping Insurance Holdings Co Ltd (HKG: 0966 / FRA: HIUC / OTCMKTS: CTIHY / CINSF) and China Reinsurance Group Corp (HKG: 1508 / FRA: C53) — as well as local financial regulators. The document increases the emphasis on long-term indicators in key financial performance metrics, starting with the 2025 evaluation cycle.
🇨🇳 Zhongjin Gold (SHA: 600489): Stable Growth, Strong Upside Potential (Smartkarma) $
Zhongjin Gold Corp Ltd (SHA: 600489)
Consistent operating and financial performance over the past five years, supported by rising gold prices and disciplined cost control.
Recent H1 FY25 guidance signals over 50% profit growth, backed by expanding output, stable AISC, and targeted capex across key mines and refining assets.
Valuations remain undemanding at <10× FY27E P/E despite high earnings sensitivity to gold prices and improving margins, indicating re-rating potential.
🇭🇰 Klook goes against the flow with U.S. listing plan (Bamboo Works)
The Hong Kong-based online travel agent targeting young consumers is reportedly planning to file soon for a New York listing that could raise up to $500 million
Klook is preparing to file for an IPO, which could be the biggest by a Chinese company in the U.S. this year since Chagee Holdings Limited (NASDAQ: CHA) raised $475 million
The listing could value the Hong Kong-based, youth-focused online travel agent at more than $3 billion
🇭🇰 Futu Holdings: A High-Growth Fintech Stock Reaching New Highs (Seeking Alpha) $🗃️
🌏 Futu Holdings Ltd (NASDAQ: FUTU) - Digitized brokerage & wealth management platform in China, Hong Kong, USA, etc.
🇭🇰 Dickson Concepts (113 HK): A Necessary HK Arbageddon (Smartkarma) $
Dickson Concepts (International) (HKG: 0113 / OTCMKTS: DCOHF) shareholders have voted against Sir Poon’s HK$7.20 per share offer. The vote marginally failed the <10% of all disinterested shareholders' rejection threshold.
While painful, this deal break was arguably the correct outcome as the offer was below the net cash and Dickson is cash generative on an underlying basis.
Unlike the last HK deal break (Soundwill), the price action over the last two days indicated a done deal. My estimated break price is HK$5.00 (30% downside to last close).
🇭🇰 Tigre de Cristal back to profit as focuses on Russia mass market: Summit Ascent (GGRAsia)
The Hong Kong-listed promoter of the Tigre de Cristal casino resort in the Russian Far East says it is renovating a restaurant and boosting its appeal to mass-market players as it continues to focus on the domestic consumer market amid the Russia-Ukraine conflict.
Summit Ascent Holdings Ltd (HKG: 0102) stated in its 2024 annual report: “In response to the unprecedented challenges in the business environment, Tigre de Cristal is strategically focusing on the domestic market.
“This includes renovating the fine dining restaurant Cascade and redesigning the [player] rebate programmes for the mass market.”
The firm said: “These initiatives aim to enhance customer experience and engagement.”
Summit Ascent added that the Russian domestic market had “demonstrated steady growth over the past year, reflecting resilience amidst current circumstances”.
🇲🇴 Jefferies reduces Macau full-year 2025 GGR estimate to US$29.3bln (GGRAsia)
Banking group Jefferies now expects Macau’s casino gross gaming revenue (GGR) to stood at MOP237.00 billion (US$29.31 billion), down 1.3 percent from its previous estimate of MOP240.0 billion. The institution said in a Tuesday memo that its forecast was “in line with market estimates, but higher than [the Macau] government estimates”.
In June, the Macau government reduced by about 5 percent its forecast for the city’s 2025 GGR. The new estimate is MOP228 billion, versus its projection of MOP240 billion made in November.
“Based on the first-half 2025 GGR trend, which was up 4.4 percent year-on-year to MOP119 billion …, we lower our 2025/26/27 GGR assumptions slightly,” wrote analysts Anne Ling and Jingjue Pei.
🇲🇴 Macau ops can do better on returns to shareholders, amid record board payouts: CLSA (GGRAsia)
Despite “record-high total board emolument” in aggregate at Macau’s six casino concessionaires in 2024, sector “earnings, market capitalisation and cash returned to shareholders in 2024 were still below 2019’s” level, according to a recent report from brokerage CLSA Ltd, suggesting there was “some work to be done” by Macau operators in terms of their “stewardship for shareholders” and their interests.
The institution said the sector returned just under US$1.15-billion of cash to shareholders in calendar year 2024, “64 percent below 2019’s level”.
“We see room for improvement in stewardship for shareholders among Macau gaming concessionaires, though some are doing a better job than others,” wrote analyst Jeffrey Kiang.
🇹🇼 Taiwan
🇹🇼 TSMC Stock: Why I Have No Plans To Sell (Seeking Alpha) $🗃️
🇹🇼 TSMC: The Only AI Fab Game In Town (Seeking Alpha) $🗃️
🇹🇼 TSMC: Growth Moderation Ahead, But Still A Buy (Rating Downgrade) (Seeking Alpha) $🗃️
🇹🇼 TSMC Q2: AI Growth Is Booming, Yet I'm Holding Off (Seeking Alpha) $🗃️
🇹🇼 TSMC: The Bull Run Has Only Just Begun (Seeking Alpha) $🗃️
🇹🇼 TSMC: Surging To New All-Time High After Blowout Quarter (Seeking Alpha) $🗃️
🇹🇼 TSMC's Q2 Earnings Preview - More Strength To Come (Seeking Alpha) $🗃️
🇹🇼 Taiwan Semiconductor: The 'Go To' Factory For AI Boom (Seeking Alpha) $🗃️
🌐 Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) - World's largest dedicated independent (pure-play) semiconductor foundry. 🇼 🏷️
🇰🇷 Korea
🇰🇷 SK Telecom: New AI Voice Command Services, And Very Cheap (Seeking Alpha) $ 🗃️
🇰🇷 SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA) - Wireless telecommunication services in Korea. 3 segments: Cellular Services, Fixed-Line Telecommunications Services & Other Businesses. 🇼 🏷️
🇰🇷 Samsung: Market Shrugs Off Weak Earnings Report, The Future Is Brighter; Reiterate Buy (Seeking Alpha) $🗃️
🌐🅿️ Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) - MNC major appliance & consumer electronics corporation. 🇼 🏷️
🇰🇷 Korean Government's New Task Force for Inclusion in MSCI Developed Index + Important Signal Prior to This Event (Douglas Research Insights) $
In this insight, we discuss Korean government's new task force for Korea to be included in MSCI Developed Index.
Prior to this major market moving event, there will be some important signals.
One of the most important signals could be major global securities companies (such as IBKR/TD Ameritrade) allowing trading of Korean stocks to customers world-wide.
🇰🇷 Netmarble Is Considering on Issuing EB Worth 250 Billion Won Backed by Its Stake in HYBE (Douglas Research Insights) $
According to the local media, Netmarble Corp (KRX: 251270) is considering on issuing exchangeable bonds (EB) worth about 250 billion won backed by its stake in HYBE.
The potential EB issue is likely to be slightly positive on Netmarble and slightly negative on HYBE (KRX: 352820) (mainly due to additional shares that could be sold in the market).
We are Negative on BOTH Netmarble and HYBE. Their valuations are not attractive. Plus, HYBE could face a major negative issue of its founder Bang Si-hyuk who could be jailed.
🇰🇷 Will A Saudi Arabian Investment Company Save Kum Yang From Delisting? (Douglas Research Insights) $
In this insight, we discuss whether a Saudi Arabian investment company (SKAEEB) could save Kumyang Co Ltd (KRX: 001570) from delisting.
There are several aspects of this deal with SKAEEB that are a bit fishy.
1) A 50% Market Premium is Not Justified; 2) Does SKAEEB have enough money? 3) Control does not change
🇰🇷 Insiders Selling at Silicon2: Negative Impact on Share Price (Douglas Research Insights) $
Insiders have been selling at Silicon 2 Co Ltd (KOSDAQ: 257720). The company's CEO Kim Seong-Woon and other related parties sold 0.37 million shares (0.6% stake) in June 2025.
Overall, we are concerned about this recent insider selling at Silicon2. We are lowering our rating on Silicon2 to Negative over the next 6-12 months.
Silicon2 needs to introduce new cosmetic brands such as Joseon Beauty, Round Lab, and Anua that could become very popular on a regular basis. However, that could be a challenge.
🇰🇷 A Merger Between Hanil Cement and Hanil Hyundai Cement to Become the #1 Cement Player in Korea
After the market close today (17 July), Hanil Cement Co Ltd (KRX: 300720) and Hanil Hyundai Cement Co Ltd (KRX: 006390) announced that they will merge.
Through this merger, Hanil Cement (on a combined basis with pro-forma sales of 1.74 trillion won in 2024) will become the largest cement company in Korea after Ssangyong Cement Industrial.
We expect this merger to have a positive impact on both companies and they are likely to outperform the market and other local cement producers this year.
🌏 SE Asia
🇵🇭 Asian Terminals (ATI PM) (Asian Century Stocks) $
Asian Terminals Inc (PSE: ATI / OTCMKTS: AISNF)
Duopoly port operator at 10x P/E and 6% dividend yield
🇵🇭 Philippine leader said to be studying complete ban of online gambling (GGRAsia)
The Philippine leader, President Ferdinand Marcos Jr (pictured in a file photo), is said to be reviewing calls for a total ban on the online gambling sector in the country, according to remarks on Wednesday by undersecretary of the Presidential Communications Office, Claire Castro. She said the President was carefully weighing the potential economic and social impacts of such a move.
“Decisions like this are thoroughly studied to assess their impact on the economy and the public,” Ms Castro stated in a press briefing, as quoted by the Manila Standard newspaper.
She added: “We cannot rush into it. Sometimes, banning legal and licensed online gaming sites results in a rise in illegal platforms, which could affect the economy even more.”
🇵🇭 DigiPlus urges lawmakers not to drive online gaming sector underground by a ban (GGRAsia)
Philippine-listed licensed online gaming operator DigiPlus Interactive (PSE: PLUS) says it agrees that regulation is the “path to player protection,” but that “many of the proposed safeguards” mentioned recently by local lawmakers are already in place in its business.
The company urged lawmakers not to drive the sector underground and beyond the reach of regulation, by banning it.
DigiPlus chairman Eusebio Tanco, stated in a Wednesday press release from the company: “We believe regulation is the path to player protection. It’s the only way to safeguard players, preserve jobs, and close the door on illegal, underground platforms that operate without any oversight.”
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. The company said it “has consistently aligned with the principles being raised by lawmakers and advocacy groups.”
🇵🇭 Philippines govt mulls mandatory listing, tax hike for online gambling firms (GGRAsia)
Philippine Finance Secretary Ralph Recto said the government is currently studying the imposition of stricter rules on the online gaming sector in the country.
The head of the Department of Finance said on Thursday that among the options being assessed were an additional 10-percent tax for the online gaming industry, as well as the possibility of a mandatory listing of those companies in the nation’s bourse.
“It might even be good if all the licences issued by [the Philippine Amusement and Gaming Corp (Pagcor)] to online gaming,” be linked to stock exchange listings, suggested the official. “That’s another thing that we’re looking at,” he was cited as saying by the Philippine Inquirer newspaper.
Mr Recto said the potential mandatory listing of online gaming operators on the Philippine Stock Exchange (PSE) would aim to subject them to strict disclosure rules and to increase transparency in the sector.
🇵🇭 PH Resorts eyes US$72mln in new equity by year-end (GGRAsia)
PH Resorts Group Holdings Inc (PSE: PHR) has announced a business plan aimed at resolving its “negative equity position” by the end of 2025, as per a Monday filing to the Philippine Stock Exchange.
Philippine-listed PH Resorts has a provisional casino licence for the Emerald Bay Resort and Casino project (pictured) in Mactan, Cebu, a scheme currently stalled. The company is a unit of Udenna Corp, controlled by Philippine entrepreneur Dennis Uy.
PH Resorts said it plans to issue the equity via the conversion of nearly PHP4.09 billion (US$72.2 million) in deposits and advances for future stock subscription to the firm’s common stock by its parent.
It’s anticipated the exercise will be finalised by the fourth quarter of 2025, stated the firm.
🇸🇬 Starhub Ltd. - an Analysis of the Returns to Shareholders and Governance (Corporate Monitor)
🇸🇬 StarHub (SGX: CC3 / FRA: RYTB / OTCMKTS: SRHBY / SRHBF) - Communications, entertainment & digital services. 🇼 🏷️
🇸🇬 Missed The Circle Rally? Crypto Miner BitFuFu Might Offer The Next Big Opportunity (Seeking Alpha) $🗃️
🌐 BitFuFu Inc (NASDAQ: FUFU / FUFUW) - Digital asset mining service and world-leading cloud-mining service provider.
🇸🇬 CapitaLand Integrated Commercial Trust: Focus On Policy Tailwind And Asset Sale (Seeking Alpha) $🗃️
🌍🌏 CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF) - First REIT listed in Singapore & largest proxy for Singapore commercial real estate. Germany + Australia properties. 🇼 🏷️
🇸🇬 Build Reliable Passive Income with These 3 Dependable Singapore Dividend Stocks (The Smart Investor)
These three dividend-paying stocks are a surefire way to start building your reliable passive income stream.
Haw Par Corporation (SGX: H02 / OTCMKTS: HAWPF) is a conglomerate with four key divisions – healthcare, leisure, investments, and property.
Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) is one of Singapore’s largest supermarket operators with 77 stores around the island as of 31 March 2025.
Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF), or MMH, provides high-precision tools and parts used in the wafer fabrication and assembly processes of the semiconductor industry.
🇸🇬 Looking to Cut Cost? Try these 3 Singapore Transportation Stocks (The Smart Investor)
These local transport businesses are resilient and provide a decent dividend yield.
Last December marked the fourth successive year of public transport fare increases hitting Singapore commuters.
In all likelihood, you won’t see the last of these hikes, as fares are reviewed annually based on a formula that accounts for wages, energy costs and the general operating costs of public transport.
This move will not only mitigate the increase but also might help you recoup part of your transport expenses.
SBS Transit (SGX: S61) is the largest bus operator in Singapore with about 200 bus services. It also operates rail services for the North East Line, Downtown Line, and Sengkang and Punggol LRT systems.
Being a duopoly in the vehicle inspection sector, and commanding over 70% market share, Vicom Ltd (SGX: WJP)’s position provides it with reliable revenue.
But there’s another compelling option to consider: ComfortDelGro Corporation (SGX: C52 / FRA: VZ1 / VZ10 / OTCMKTS: CDGLF / CDGLY), or CDG. This land transport giant serves as the parent company to both, owning approximately 74% and 67% of SBS Transit and Vicom respectively.
🇸🇬 Bought OCBC’s Shares 10 Years Ago? Here’s How Much You Will Have Now (The Smart Investor)
Curious about how much you will end up with if you bought and held Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY)’s shares over a decade? We break down the numbers for you.
Here’s how much you would end up with if you held OCBC’s shares for a decade.
A sterling total return
Sharp growth in total income and profits
The best is yet to come
Great Eastern and a new CEO
Get Smart: The power of long-term investing
🇸🇬 3 Under-the-Radar Singapore Stocks Unlocking Value for Investors (The Smart Investor)
Here are three lesser-known Singapore stocks that are taking concrete steps to unlock value for shareholders through promising business developments.
Civmec Ltd (SGX: P9D / ASX: CVL / FRA: 1CV) is an integrated construction and engineering services provider serving the energy, resources, infrastructure, and marine & defence sectors.
Sim Leisure Group (SGX: URR), or SLG, is a designer, developer, and operator of theme parks.
Food Empire (SGX: F03) is a food and beverage manufacturing and distribution group with products sold in over 60 countries.
🇸🇬 5 Singapore Stocks Hitting Their 52-Week Highs: Can They Keep Up the Momentum? (The Smart Investor)
Here are five Singapore stocks that are hitting their 52-week high share prices. We explore if they can keep up the momentum.
APAC Realty Ltd (SGX: CLN) is a real estate services provider that holds the ERA regional master franchise rights for 17 countries in the Asia-Pacific region.
Tiong Woon Corporation Holding Ltd (SGX: BQM) is an integrated heavy lift specialist serving the oil and gas, petrochemical, infrastructure, and construction sectors.
Vicom Ltd (SGX: WJP) is a provider of inspection and technical testing services.
Keong Hong Holdings Ltd (SGX: 5TT)’s principal business activities include building construction, property development and investment, and hotel development and investment.
MoneyMax Financial Services (SGX: 5WJ) is a financial services provider, retailer, and trader of luxury products.
🇸🇬 Here’s how the Privatisation of an SGX Small-Cap Company Delivered Solid Returns for Our Portfolio (The Smart Investor)
With the impending delisting of this company, the Smart Investor’s dividend portfolio received a sweet boost.
The Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) has seen a rash of delistings this year as many companies opt to go private.
Fortunately, these delistings have been balanced by a few high-profile IPOs such as Info-Tech Systems (SGX: ITS) and the recent launch of NTT DC REIT’s IPO.
One of these recent delistings involves Grand Venture Technology (SGX: JLB), also known as GVT.
The group is a solutions and services provider for the manufacture of complex precision machining, sheet metal components, and mechatronics modules.
Earlier this week, GVT announced that Aalberts Advanced Mechatronics B.V. intends to take the group private through a scheme of arrangement at S$0.94 per share.
🇮🇳 India / South Asia / Central Asia
🇮🇳 Infosys Fiscal Q1 Earnings Preview: Muted Expectations (Seeking Alpha) $🗃️
🇮🇳 In Depth: India’s sputtering efforts to boost manufacturing investment (Caixin) $
Last month, Prime Minister Narendra Modi laid out his ambition to make India a global aviation hub, arguing that the country should not be merely seen as an aviation market but as a value chain leader — from aircraft design to manufacturing.
Speaking at the 81st International Air Transport Association Annual General Meeting and World Air Transport Summit held last month in New Delhi, Modi described the country’s burgeoning maintenance, repair and overhaul (MRO) business as a “sunrise” sector, saying that India aims to become a $4 billion global MRO center by 2030.
🇮🇳 The Beat Ideas: LIC Housing Finance- RoA at Decade High, Valuation Near Lows? (Smartkarma) $
LIC Housing Finance Ltd (NSE: LICHSGFIN / BOM: 500253)
India's largest HF company with a stable loan book, supported by LIC's parentage and a focus on salaried home loans, shows its fundamental strength.
The company demonstrates robust operational performance, marked by a decade-high 1.83% Return on Assets (RoA) and a competitive 16% Return on Equity (ROE).
It targets future growth by efficiently managing borrowing costs and strategically diversifying into higher-margin segments like project finance and LAP/LRD.
🇮🇳 Can Ola Electric Stage a Strong Comeback? Analyzing Its Current Performance & Future Potential (Smartkarma) $
Ola Electric Mobility Ltd (NSE: OLAELEC / BOM: 544225) reported a strong 35.5% QoQ increase in revenue, with a significant 32.7% increase in vehicle deliveries
Overall company showed a rebound and improvement in operational and financial performance, along with strong guidance for FY26.
Though the company continue to face key headwinds in terms of cost pressures, rare-earth related macro headwinds along with increased competition and regulatory challenges.
🇮🇳 Asian Paints Vs. Grasim: The Anti-Trust Showdown (Smartkarma) $
Grasim (Birla Opus) filed an antitrust complaint alleging Asian Paints Ltd (NSE: ASIANPAINT / BOM: 500820) used dealer-exclusivity, supply-chain pressure, and reputational tactics to throttle its rollout.
CCI’s prima-facie order opens a DG probe; outcome could reset the playbook on dealer contracts in all B2C staples.
DG has 90 days to file its report. Possible end-states: (i) dismissal, (ii) monetary penalty + conduct remedies (exclusivity clauses void), (iii) structural remedy (unlikely).
🇮🇳 The Beat Ideas: P N Gadgil Jewellers- Betting Big on High-Margin Lightweight Jewellery (Smartkarma) $
P N Gadgil Jewellers Ltd (NSE: PNGJL / BOM: 544256) is a 190-year-old legacy brand evolving into a modern retail powerhouse with 55 stores, innovative formats, and nationwide expansion plans.
Key growth drivers include 20–25 planned new stores in FY26, a 41.6% YoY jump in studded jewellery share, and a complete exit from INR 700 crore bullion sales.
With 5-year PAT CAGR of 52% and a PEG ratio of 0.71, PNGJL stands out among peers as a high-growth, efficiently valued player in organized jewellery retail.
🌍 Africa
🇿🇦 Sibanye Stillwater Is More Than A Gold Miner, And I'm Long Because Of It (Seeking Alpha) $🗃️
🇿🇦 Sibanye Stillwater's Market Positioning Should Drastically Improve (Seeking Alpha) $🗃️
🌐 Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) - World’s largest primary producers of platinum, palladium & rhodium & is a top-tier gold producer. Projects & investments across 5 continents. 🇼 🏷️
🌎 Latin America
🌎 Globant: AI Risk Appropriately Priced In (Seeking Alpha) $⛔🗃️
🌎 Globant (NYSE: GLOB) - Luxembourg HQ’d. Argentina-founded IT & software development with a presence in 25+ countries. 🇼 🏷️
🇧🇷 Itaú Unibanco: The Premium Compounder Still Steering Brazil's Banking Scene (Seeking Alpha) $🗃️
🌐 Itau Unibanco (NYSE: ITUB / BVMF: ITUB3 / ITUB4) - Largest banking institution in Brazil + Latin America. 🇼 🏷️
🇧🇷 Companhia Siderurgica Nacional: The Deleveraging Asymmetry Play (Seeking Alpha) $⛔🗃️
🇧🇷 Companhia Siderurgica Nacional SA (NYSE: SID) - Fully integrated steel producer. 5 segments: Steel industry, mining, logistics, energy & cement. 🇼
🇧🇷 Petrobras: Short-Term Headwinds From Brent And Brasilia (Seeking Alpha) $🗃️
🌐🏛️ Petrobras (NYSE: PBR / PBR-A / BCBA: PBR / PETR4) or Petróleo Brasileiro SA - Explores, produces & sells oil & gas. 🇼
🇨🇱 The Presidential Elections in Chile as The Proverbial Catalyst (TheOldEconomy Substack)
July LatAm Report: The Chilean Edition
Over the coming months, my focus will be on Chile. The country will hold presidential elections on November 16, 2025. For now, Chilean equities are in a robust bull trend, backed by the rising gov bond prices.
Chilean banks seem to agree. The big three, Banco de Chile (NYSE: BCH), Banco Santander-Chile (NYSE: BSAC), and Banco Itaú Chile (SSE: ITAUCL), are outperforming the Chilean equity index. Compared to their international peers, Standard Bank Group Ltd (FRA: SKC2), JPMorgan Chase & Co (NYSE: JPM), UniCredit SpA (MIL: UCG / FRA: CRIN / OTCMKTS: UNCFF), and Banco do Brasil (BVMF: BBAS3 / FRA: BZLA / OTCMKTS: BDORY), the Chilean banks are relatively inexpensive.
Beyond banks, Enel Chile (NYSE: ENIC) is still trading at low multiples.
🇲🇽 Coca-Cola FEMSA: Increased Capex, Reduced Long-Term FX Volatility (Seeking Alpha) $🗃️
🌎 Coca-Cola Femsa SAB de CV (NYSE: KOF) - Largest franchise bottler of Coca-Cola products in the world by volume. 🇼 🏷️
🇲🇽 Vista Energy: Robust Growth In Q2, But Not All That Glitters Is (Black) Gold (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. 🏷️
🇵🇪 Credicorp: Fundamentals Are Shining But Valuation Leaves Little Room For Upside (Seeking Alpha) $🗃️
🌎 Credicorp (NYSE: BAP) - Universal banking, insurance & pension platform, microfinance, investment banking & wealth management. 🇼
🇻🇪 Gold Reserve – how David is winning against Goliath (Undervalued Shares)
In March 2023, I highlighted a tiny Canadian company with a multi-billion expropriation claim against Venezuela. Its stock was trading at USD 1.
The share price is now at USD 3.60.
What's more, it could climb above USD 10 before the year is over. Longer term, it may even reach USD 75.
This is one of the most unbelievable stories in markets right now.
Two years ago, Undervalued-Shares.com Lifetime Members received a 38-page research report on Gold Reserve Ltd (CVE: GRZ / FRA: 97Z / OTCMKTS: GDRZF) (ISIN BMG4R86G1074, US OTC: GDRZF, Canada: GRZ.CA), a Canadian micro-cap with a market capitalisation of then USD 100m/CAD 149m.
As the report explained, the company had an (undisputed) financial claim against the Venezuelan government, totalling nearly USD 1bn, with further interest accumulating at 7% p.a. It also held a (disputed) 45% claim to a large gold, copper and silver project in Venezuela, which could be worth billions.
🌐 Global
🌐 2Q2025 Emerging Markets Expected Returns (The Emerging Markets Investor)
Emerging markets stocks outperformed the S&P 500 in the second quarter and first half of 2025 in a rare show of strength. China and Latin America led the way, while India sputtered.
🌐 Nebius: The Unexplainable FOMO (Seeking Alpha) $🗃️
🌐 Nebius: Putin Surrenders His Best And Brightest To The West (Seeking Alpha) $🗃️
🌐 Nebius: We Were Wrong (Rating Upgrade) (Seeking Alpha) $🗃️
🌐 Nebius: Think Twice Before Buying The Dip Ahead Of Q2 Earnings (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):
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 - iPath GEMS Asia 8 ETN - AYTEF
05/23/2024 - Defiance Israel Fixed Income ETF - CHAI
05/17/2024 - Global X Next Emerging & Frontier ETF - EMFM
03/25/2024 - Global X MSCI Nigeria ETF - NGE
03/21/2024 - VanEck Egypt Index ETF - EGPT
03/14/2024 - KraneShares Bloomberg China Bond Inclusion Index ETF - KBND
03/14/2024 - KraneShares China Innovation ETF - KGRO
03/14/2024 - KraneShares CICC China Consumer Leaders Index ETF - KBUY
03/13/2024 - Xtrackers MSCI All China Equity ETF - CN
03/13/2024 - Xtrackers MSCI China A Inclusion Equity ETF - ASHX
02/16/2024 - Global X MSCI China Real Estate ETF - CHIH
02/16/2024 - Global X MSCI China Biotech Innovation ETF - CHB
02/16/2024 - Global X MSCI China Utilities ETF - CHIU
02/16/2024 - Global X MSCI Pakistan ETF - PAK
02/16/2024 - Global X MSCI China Materials ETF - CHIM
02/16/2024 - Global X MSCI China Health Care ETF - CHIH
02/16/2024 - Global X MSCI China Financials ETF - CHIX
02/16/2024 - Global X MSCI China Information Technology ETF - CHIK
02/16/2024 - Global X MSCI China Consumer Staples ETF - CHIS
02/16/2024 - Global X MSCI China Industrials ETF - CHII
02/16/2024 - Global X MSCI China Energy ETF - CHIE
02/14/2024 - BNY Mellon Sustainable Global Emerging Markets ETF - BKES
01/26/2024 - The WisdomTree Emerging Markets ESG Fund - RESE
Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).
I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.
Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.
Emerging Market Links + The Week Ahead (July 20, 2025) was also published on our website under the Newsletter category.