Emerging Market Links + The Week Ahead (July 7, 2025)
Pop Mart's toys for grown-ups, HK IPO surge, Thai political chaos leads to casino uncertainty, Trump targets Mexican bank cartel ties, EM stock picks and the week ahead for emerging markets.
Bamboo Works has noted that Hong Kong IPOs explode in first half as China Inc. abandons New York as the IPO frenzy sets sights on record $32 Billion fundraising for 2025 (Caixin). However, Hong Kong’s bull market leaves China behind (FT 🗃️) as mainland stocks are flat in first six months of 2025 while the Hang Seng index has gained 20%.
In other words, predictions of Hong Kong’s demise (which I have been hearing since 2002 when I first visited China and specifically Guangzhou/Hong Kong/Macau) along with Macau’s for that matter, reminds me of a tweet I recently saw:
Finally, note that the Archive.Today website, one of the mostly commonly used sites (along with the Wayback Machine - Internet Archive, etc.) for saving/viewing articles (denoted by 🗃️ emojis linked to Achive.Today or similar sites) has been acting up all day. I am not sure what the issue is (the site has been periodically blocked by some countries who like to censor the Internet and what their citizens can read); but a ⛔ by a 🗃️ denotes articles that someone has not saved or its taking too long to search for a saved copy…
🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
🇮🇳 moneycontrol India Stock of the Day (Q2 2025) Partially $
India bars Jane Street for market manipulation & cracks down on "finfluencers"
Aditya Birla Capital, Galaxy Surfactants, Galaxy Surfactants, Hindustan Aeronautics Limited (HAL), Acutaas Chemicals Ltd (Ami Organics), Trent Limited (Trent India), State Bank of India (SBI), SJS Enterprises, Emami Limited, Tata Motors Limited, Coforge Limited, V2 Retail Ltd, 360 One Wam, SAMHI Hotels, Sula Vineyards Limited, Mahindra & Mahindra Ltd, Infosys, Jyothy Labs Ltd, ITC Ltd, Cantabil Retail India, Cummins India, Royal Orchid Hotels Limited, Eicher Motors Limited, SBI Life Insurance, Craftsman Automation, Container Corporation of India Ltd, Pearl Global Industries Ltd, Heritage Foods, Syngene International & Zensar Technologies
🌐 EM Fund Stock Picks & Country Commentaries (July 6, 2025) Partially $
Computex Taiwan trip report, Vietnam’s EM upgrade opportunity, Latin American stocks, Brazil rewiring its economy, Dollar's shifting landscape, natural gas outlook more buoyant than oil, etc.
📰🔬 Emerging Market Stock Picks / Stock Research
$ = Behind a paywall / 🗃️ = Link to an archived article / ⛔ = Article archiving may not be archivable anymore
🌏 Asia
🌏 China reroutes exports via south-east Asia in bid to dodge Trump’s tariffs (FT) $ 🗃️
Value of goods sent to US falls but shipping to Asean countries and EU rises
🇮🇩 Hiding From Tariffs Using ADRs Elsewhere (Jack Burgoyne)
The rules of this game were:
No China. No Taiwan. That’s not cowardice, that’s self-preservation.
Mid or large cap. We’re not hiding in shadows with small caps; we’re hiding behind elephants.
Low tariff sensitivity. No one wants to wake up and find their top line priced out of the market by a new import duty.
Sector and regional spread. Diversify the escape routes.
What emerged was a collection of four EM stocks that barely know there’s a war on. Two Indian behemoths, a Brazilian brewer, and an Indonesian telecom. None of them exciting. All of them plausible survivors.
🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau
🇨🇳 China unveils tax breaks to encourage foreign companies to reinvest (Caixin) $
China has rolled out new tax incentives to encourage foreign companies to reinvest profits earned in the country in its latest move to strengthen foreign direct investment amid economic headwinds.
According to a joint announcement by the Ministry of Finance, the State Taxation Administration and the Ministry of Commerce, foreign investors who reinvest dividends and other profits earned from Chinese subsidiaries into qualified domestic investments between Jan. 1, 2025, and Dec. 31, 2028, may offset up to 10% of the reinvested amount against their annual tax liability.
🇨🇳 Nike to Cut China Footwear Output to Counter $1 Billion Tariff Hit (Caixin) $
Nike (NYSE: NKE) is undertaking a major overhaul of its global supply chain to reduce its reliance on Chinese manufacturing for footwear destined for the U.S. market. The move comes as the sportswear giant faces mounting tariff pressures and falling sales.
Currently, China accounts for about 16% of Nike’s footwear imported into the United States, Matthew Friend, Nike’s chief financial officer, said during an earnings call on Thursday. The company wants to cut that figure to a “high single-digit percentage range” by May 2026, shifting production to other countries to offset rising tariff costs.
🇨🇳 US shoppers ditch Shein and Temu as Trump closes tax loophole (FT) $ 🗃️
Once ascendant online retailers are shifting focus to Europe as US-China trade dispute takes a heavy toll
🇨🇳 The Alibaba Insider (The Great Wall Street)
More than a year ago, in March 2024, I wrote my very first Substack article about Alibaba BABA -0.83%↓ , calling out their strategic mess and leadership failures. Now, a 15-year Alibaba veteran has written a 10,000-word corporate autopsy report that confirms everything I said.
The internal letter went viral in China but got little attention outside. Jack Ma even praised it—which either shows the company still has some openness or that even the founder knows the problems are real.
The employee posted this on Alibaba's internal forum before leaving. It's a brutal breakdown of how a great company became mediocre. Makes you wonder if they should have promoted him instead of letting him walk.
Because the letter did not get much attention outside of China, I share my highlights here.
🇨🇳 Chart of the Day: Leapmotor leads Chinese EV upstarts (Caixin) $
Zhejiang Leapmotor Technology Co Ltd (HKG: 9863) led in sales among China’s electric vehicle (EV) upstarts in the first half of this year, edging past rivals in an industry that remains dogged by intense price competition.
During the six months, Leapmotor delivered 221,664 vehicles, more than doubling the number from the same period last year, according to company data.
🇨🇳 China snaps up mines around the world in rush to secure resources (FT) $ 🗃️
Dealmaking hits highest level since 2013 as groups seek raw materials that underpin global economy
🇨🇳 Mining boss calls for price support to challenge China’s critical minerals dominance (FT) $ 🗃️
Sibanye-Stillwater chief executive says suppliers to western nations need ‘level playing field’
🇨🇳 Zijin Mining (601899.SS): Acquires Kazakhstan’s Raygorodok Gold Mine for USD 1.2 Billion (Smartkarma) $
Zijin Mining Group (SHA: 601899 / HKG: 2899 / FRA: FJZB / OTCMKTS: ZIJMF) has acquired one of Kazakhstan’s largest gold mines, Raygorodok, adding 3.2 Moz in reserves and 193 koz in annual production.
He asset is highly profitable (USD 202m net profit in 2024) with low costs (USD 796/oz), lifting Zijin’s output by 8% and reserves by 4%.
5.9x P/E and 3.3x EV/EBITDA, the deal looks attractively priced and enhances the scale, margins, and IPO narrative for Zijin Gold International.
🇨🇳 Zijin strikes gold in Kazakhstan with $1.2 billion deal (Caixin) $
Zijin Mining Group (SHA: 601899 / HKG: 2899 / FRA: FJZB / OTCMKTS: ZIJMF), China’s largest gold producer, has struck a $1.2 billion deal to acquire a massive gold mine in Kazakhstan in a major push to expand its overseas footprint while consolidating resources closer to home.
The deal for the Raygorodok gold mine, known as RG Gold, is Zijin’s first entry into Kazakhstan and its eighth major gold acquisition since 2020. It is part of the company’s broader strategy — outlined in 2023 — to center its growth on China and its neighboring countries amid increasingly complex global market conditions.
🇨🇳 Jiangxi Copper (0358.HK / 600362.SH): Turnaround Hinges on Captive Shift, Still Deep Value (Smartkarma) $
Jiangxi Copper (HKG: 0358 / SHA: 600362 / FRA: JIX / OTCMKTS: JIAXF)
Revenue and net profit have grown steadily over the past 5 years, but margins remain structurally thin due to its tolling-heavy model.
Strategic shift underway to expand captive mining, value-added copper products, and ESG compliance—potentially lifting margins and returns through FY30.
Trading at a steep discount to Zijin Mining Group (SHA: 601899 / HKG: 2899 / FRA: FJZB / OTCMKTS: ZIJMF) (~0.6x P/B vs. 2.3x), the gap reflects real structural differences; not unjustified—but offers upside optionality under copper price normalization and higher captive integration.
🇨🇳 In Depth: How Labubu Proved Pop Mart Right (Caixin) $
A new line of collectibles featuring Labubu, an elf doll distinguished by its big cute eyes and slightly creepy sharp-toothed smile, sold out within seconds of its online launch on June 12.
Flaunted by celebrities like Rihanna and K-pop superstar Lisa, the toy has become a global sensation, spawning bidding wars and unruly lines outside stores. The frenzy has transformed its owner, Pop Mart International Group (HKG: 9992 / FRA: 735 / OTCMKTS: PMRTY / POPMF) — a company dismissed by many investors in its early days — into one of the world’s most valuable intellectual property (IP) firms.
🇨🇳 VIDEO BRIEF: Toys for grown-ups, inside China’s $15 billion collectible toy boom (Bamboo Works) 6:56 Minutes
Last year alone, collectors worldwide spent nearly 2 billion US dollars on blind boxes from Chinese collectible toy sensation Pop Mart International Group (HKG: 9992 / FRA: 735 / OTCMKTS: PMRTY / POPMF). That fueled a sales explosion that lit a fire under the company’s stock, which has soared more than six-fold in the last 12 months. Let’s do some of our own unpacking to find out why.
🇨🇳 China Renaissance banks on cryptocurrencies to revive its fortunes (Bamboo Works)
The investment bank plans to spend $100 million on digital assets as it struggles to boost its business in a weak Chinese economy
China Renaissance Holdings Ltd (HKG: 1911 / OTCMKTS: CSCHF) plans to invest $100 million in digital assets, more than two years after its former founder and chief rainmaker was detained for bribery
The move comes as the company’s main investment banking business faces headwinds amid an economic slowdown in China, while cryptocurrencies are on a bull run
🇨🇳 HBM notches up another mega deal but is the model sustainable? (Bamboo Works)
HBM Holdings (HKG: 2142 / FRA: 6XY / OTCMKTS: HBMHF)
The biotech has agreed to sell rights to one of its cancer drugs under development for up to $670 million, adding more fuel to its share price rebound this year
The Chinese drug developer is on a mission to partner with big names in global pharma, having scored 17 licensing-out deals to date
But without any revenue from commercialized products, its earnings are prone to volatility
🇨🇳 Chaoju Eye Care preparing to re-enter acquisition mode? (Bamboo Works)
The private hospital and clinic operator announced two new purchases, signaling a potential return to acquisitions after a quiet period last year
Chaoju Eye Care (HKG: 2219) announced plans to buy out one of its majority-owned eye care facilities in Ningbo, and purchase 70% of another facility in the Ningxia region
The company is trying to jumpstart its growth, as its revenue began to contract and its profit tumbled 30% in the second half of last year
🇨🇳 Billions in China’s Pension Funds Misappropriated by Local Governments (Caixin) $
China’s top auditor found that local governments have misappropriated tens of billions of yuan of state-run basic pension funds for various purposes, including debt repayment, as they face mounting financial strain.
The National Audit Office (NAO) reviewed 4.1 trillion yuan ($576.9 billion) of basic pension funds — covering public and private sector employees as well as urban and rural residents — across 25 provincial-level regions, identifying around 60.2 billion yuan in improperly used funds, according to the State Council’s 2024 annual audit report released Tuesday.
🇨🇳 Chinese Companies Rush to List Amid Stable Markets (Caixin) $
The number of IPO applications accepted for review by the Chinese mainland’s three bourses hit a monthly record for the year in June, as companies raced to get submissions in before the end of the first half.
On Monday alone, the last day of June, nearly 40 applications for IPOs were accepted by the Beijing, Shanghai and Shenzhen stock exchanges, taking the total for the month to 147, according to exchange data. In comparison, from January through May, fewer than 15 applications were accepted per month.
🇨🇳 Lens Technology IPO Preview (Douglas Research Insights) $
Lens Technology is getting ready to complete its IPO in Hong Kong. Lens Technology is planning to raise as much as HK$4.77 billion (US$608 million) in this IPO.
If the offer size adjustment and overallotment options are exercised, the IPO gross proceeds could increase to HK$6.3 billion (US$803 million).
In 2024, the company held a 13% share of the global market for precision structural parts and modules for consumer electronics and a 20.9% share of smart vehicle interaction systems.
🇨🇳 Lens Technology IPO (Hong Kong) Valuation Analysis (Douglas Research Insights) $
Our base case valuation of Lens Technology is market cap of 146 billion CNY based on P/E of 24.9x our estimated net profit of 5.8 billion CNY in 2026.
The company's current market cap is 120.7 billion CNY. Thus, our base case valuation represents a 21% upside from current levels.
Lens Technology is well positioned to be one of the first companies to undertake large-scale production of key components and complete device assembly for humanoid robots and AI glasses.
🇭🇰 Hong Kong stocks bullish on back of recovering China (The Asset) 🗃️
Despite global worries, Chinese firms’ technical advancements, policy support favour HSI performance
Amid slowing global economic growth, Hong Kong stocks are expected to show opportunities, with the Hang Seng index ( HSI ) predicted to reach 25,500 by the end of the year on the back of a recovering Chinese economy and the technical advancement of companies there, according to a recent report.
Global economic growth is slowing in both emerging and mature markets, with the lingering negative effects of tariffs expected to gradually materialize in the US in the second half of this year with weak consumer confidence and corporate orders, finds KGI Investment Advisory’s Mid-Year Market Outlook report.
🇭🇰 Hong Kong IPOs explode in first half as China Inc. abandons New York (Bamboo Works)
Hong Kong listings by 44 companies raised $13.6 billion in the first six months of 2025, accounting for a quarter of the world’s total IPO fundraising
Hong Kong led the world in IPOs in the first half of the year with $13.6 billion in new fundraising, as New York IPOs by Chinese companies raised just $841 million
Hong Kong has taken steps to lure Chinese companies to the city, as they avoid New York over U.S.-China frictions and face difficulties listing in Shanghai and Shenzhen
🇭🇰 Hong Kong’s bull market leaves China behind (FT) $ 🗃️
Mainland equities are flat in first six months of 2025, while Hang Seng index has gained 20%
🇭🇰 Hong Kong IPO Frenzy Sets Sights on Record $32 Billion Fundraising for 2025 (Caixin) $
Hong Kong’s sizzling IPO market is prompting the Big Four accounting firms to sharply raise their fundraising forecasts for 2025. KPMG now predicts total proceeds could soar to HK$250 billion ($32 billion) if current market conditions persist.
As of June 30, the Hong Kong Stock Exchange (HKEX) was reviewing 219 active initial public offering (IPO) applications — a record-breaking 210 of which were for the main board alone.
🇭🇰 HSCEI Index Rebalance Preview: Pop Mart (9992 HK) Could Replace J&T Global (1519 HK) (Smartkarma) $
The review period for the September rebalance of the HSCEI INDEX ended on 30 June, the results will be announced on 22 August and will be implemented on 5 September.
Pop Mart International Group (HKG: 9992 / FRA: 735 / OTCMKTS: PMRTY / POPMF) could be added to the index while J&T Global Express Ltd (HKG: 1519 / SWB: J92) could be deleted from the index.
There is a possibility of Pop Mart International Group L (9992 HK) being added to the Hang Seng Index (HSI INDEX) as well.
🇭🇰 Hong Kong Exchanges: Eyes On Listings And Rates (Rating Downgrade) (Seeking Alpha) $🗃️
🇭🇰 🇬🇧 Hong Kong Exchanges & Clearing (HKG: 0388 / 80388 / FRA: D9I / OTCMKTS: HKXCF) 🇭🇰 - Equity, commodity, fixed income & currency markets through its wholly owned subs.: The Stock Exchange of Hong Kong Limited (SEHK), Hong Kong Futures Exchange Limited (HKFE) & London Metal Exchange (LME). 🇼 🏷️
🇭🇰 HK bank balance sheets grow amid 2024 global uncertainty (The Asset) 🗃️
Disciplined cost management, risk vigilance, digital innovation underpin resilience
The total assets of all surveyed licensed banks in Hong Kong rose by 4.5% to HK$24 trillion in 2024, finds the KPMG’s 2025 Hong Kong Banking Report, which analyzes the city’s banking performance in 2024 and explores the major trends shaping its future, ranging from geopolitical and credit risk to digital asset innovation and artificial intelligence ( AI ) transformation.
🇭🇰 Star Ent still open to talks with HK partners in Brisbane amid collapse of buyout deal (GGRAsia)
Australian casino operator the Star Entertainment Group Ltd (ASX: SGR / FRA: EE9 / OTCMKTS: SETY) says it “remains willing to continue negotiations” with its Hong Kong-based joint venture partners about selling to them the 50-percent equity interest in the Destination Brisbane Consortium (DBC) they do not already own.
DBC is the developer of Queen’s Wharf Brisbane (pictured), in the capital of the Australian state Queensland. The complex houses Star Entertainment’s The Star Brisbane casino complex.
Far East Consortium International Ltd (HKG: 0035 / FRA: FET / OTCMKTS: FRTCF) – one of the joint-venture partners in DBC – confirmed in a Monday morning filing in Hong Kong before trading hours that it was terminating a heads of agreement deal on buying half of Star Entertainment’s 50 percent stake in DBC.
🇭🇰 Hong Kong property group’s shares jump after $11bn debt deal (FT) $ 🗃️
New World Development Co Ltd (HKG: 0017 / FRA: NWDA / OTCMKTS: NDVLY) stock price rises 11% on first trading day since refinancing support secured
🇭🇰 Jardine Matheson (Cayucos Capital)
A perennial value stock finally has a catalyst, and we’re paid to wait. $J36.SI $JMHLY
Jardine Matheson (SGX: J36 / FRA: H4W / OTCMKTS: JARLF) is a diversified Asian conglomerate owning everything from Mandarin Oriental hotels to 7-Eleven stores. It also has one of the most fascinating histories of any public company on the planet.
That said I try to own companies where I can buy future cashflows cheaply regardless of what the market thinks of them. In this case, at the current entry level we are getting a 5% dividend yield which has scope to increase: JM is only passing on about 1/3 of the dividends it receives from its underlying companies. And I expect this to be augmented by a combination of special dividends, buybacks and increasing stakes in the underlying businesses (which leads to higher future cashflows and dividends). The critical point to avoid getting stuck in a value trap (I perhaps need to write an article on these) is that there is a catalyst for change, and here I think there is ample evidence for this change.
🇭🇰 Vitasoy’s soaring stock: A potent investor beverage or a takeover target? (Bamboo Works)
The iconic Hong Kong drink maker’s shares have risen sharply since last September on takeover speculation, as it continues to post solid financial results
Vitasoy International Holdings Ltd (HKG: 0345 / OTCMKTS: VTSYF)’s revenue rose 1% in its latest fiscal year, but its net profit more than doubled on greater efficiencies and other improvements
The beverage maker’s stock has doubled since last September on rumors of a potential takeover bid that now appears to be on hold
🇲🇴 CLSA ups 2025 Macau GGR growth forecast on China currency, new luxury hotel product (GGRAsia)
Brokerage CLSA Ltd says the opening of “certain new premium properties” mostly at resorts in Macau’s Cotai casino district are likely to help support 7.6 percent year-on-year growth in casino gross gaming revenue (GGR) for 2025, to HKD234.8 billion (circa US$30 billion).
In a May report, CLSA had expected only a 1.8 percent rise in Macau GGR for 2025, meaning its latest revision is a 5.8 percentage point improvement.
CLSA mentioned its revised 2025 forecast in a Thursday report, which came a few days after Macau reported a 19.0 percent year-on-year increase in GGR for June.
🇲🇴 Satellite op Macau Legend plans share consolidation, mulls fundraising via rights issue (GGRAsia)
Macau hotel and satellite casino services firm Macau Legend Development Ltd (HKG: 1680 / OTCMKTS: MALDF) has proposed a share consolidation and enlargement of its board lot size for the trading of its stock on the Hong Kong bourse.
The aim is to increase its share price and to facilitate trading activities, according to a filing Macau Legend lodged on Friday after Hong Kong Stock Exchange trading hours.
Macau Legend has mooted that every 10 existing shares of the issued and unissued share capital of the firm be consolidated into a single share.
The company also said that “due to the financial needs of the group,” it was “considering fund-raising exercises… including but not limited to, rights issue after the share consolidation and the change in board lot size” became effective. It added however, it “does not have any concrete plan” for such fund raising at present.
🇹🇼 Taiwan
🇹🇼 Taiwan Semiconductor: Q2 Earnings Will Test Its Moat (Seeking Alpha) $🗃️
🇹🇼 TSMC: Why I Added To My Biggest Position (Seeking Alpha) $🗃️
🌐 Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) - World's largest dedicated independent (pure-play) semiconductor foundry. 🇼 🏷️
🇹🇼 Taiwan Semiconductor (TSMC)’s $165 Billion Gamble: Will Its U.S. Expansion Undermine Its Global Edge? (Smartkarma) $
Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM), the world’s most advanced chipmaker and a linchpin in the global semiconductor supply chain, is making a historic push into the United States.
With a combined $165 billion committed to building six fabs, two advanced packaging facilities, and an R&D center in Arizona, TSMC aims to address strong customer demand from U.S.-based tech giants like Apple, NVIDIA, AMD, Qualcomm, and Broadcom.
The first fab, using 4nm technology, has entered high-volume production, and construction on the second and third fabs is underway.
🇹🇼 TSMC: Precision Built, Now Politically Pulled (Nikhs)
TSMC’s brilliance was built on singular focus and neutrality. Can it thrive in a world that demands fragmentation and allegiance?
🇹🇼 Himax Technologies: A Great 2024, But The Company Seems To Be Fairly Valued Right Now (Seeking Alpha) $⛔🗃️
🌐 Himax Technologies (NASDAQ: HIMX) 🇰🇾 - Fabless semiconductor company providing display imaging processing technologies. 🇼
🇰🇷 Korea
🇰🇷 Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (May and June 2025) (Douglas Research Insights) $
In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in May and June 2025.
There were 24 companies in the Korean stock market that announced share buybacks in the past two months. On average, the share buyback announcements represented 1.7% of outstanding shares.
There were four companies with more than 100 billion won in market cap that announced share buybacks in May and June with at least 3% of outstanding shares.
🇰🇷 Gap Trade Opportunities in Korean Prefs Vs Common Share Pairs in 3Q 2025 (Douglas Research Insights) $
In this insight, we discuss numerous gap trade opportunities involving Korean preferred and common shares in 3Q 2025.
In particular, five pairs of common and preferred stocks have experienced more than 20% widening of their share prices in the past six months.
These companies (Doosan Corp (KRX: 000150 / 000155 / 000157), Mirae Asset Securities (KRX: 006800 / 520003 / 00680K), KIS Holdings [Korea Investment Holdings (KRX: 071050 / 071055)?], Daishin Securities Co Ltd (KRX: 003540 / 003547 / 003545), and LG Chem (KRX: 051910 / 051915)) are more likely to revert to closing their gaps in the coming weeks.
🇰🇷 S.Korea’s Paradise City and Shilla Duty Free team up to tap foreign-visitor market (GGRAsia)
Paradise City [Paradise Co Ltd (KOSDAQ: 034230)], a resort with foreigner-only casino near South Korea’s main air hub Incheon International Airport, has signed an agreement with Shilla Duty Free [Hotel Shilla (KRX: 008770 / 008775)], to boost business from overseas customers. Steps the two plan include collaborative marketing campaigns, reported local media outlets, citing a Wednesday announcement by the two sides.
🇰🇷 Paradise Co’s June casino sales up 41pct from a year earlier (GGRAsia)
Casino sales at Paradise Co Ltd (KOSDAQ: 034230) rose 41.0 percent year-on-year to just under KRW82.05 billion (US$60.6 million) in June, according to a Wednesday filing to the Korea Exchange. June’s tally was flat from the preceding month.
The group’s table-games sales in June were almost KRW77.29 billion, up 41.6 percent from a year ago, and nearly unchanged from May.
Machine-game sales last month grew by 32.7 percent year-on-year, to about KRW4.76 billion. Such tally was up 1.9 percent sequentially.
The company is an operator in South Korea of foreigner-only casinos, including a venture at Paradise City (pictured) in Incheon, done jointly with Japanese entertainment conglomerate Sega Sammy Holdings Inc (TYO: 6460 / FRA: RYU / RYU0 / OTCMKTS: SGAMY / SGAMF).
🇰🇷 Grand Korea Leisure’s June casino sales nearly US$26mln, down 6pct from a year ago (GGRAsia)
Casino sales in June at Grand Korea Leisure Co Ltd (KRX: 114090), an operator in South Korea of foreigner-only casinos, stood at nearly KRW34.81 billion (US$25.6 million), according to a Thursday update filed to the Korea Exchange.
The June tally was down 6.0 percent from a year earlier, but up 13.6 percent from May.
Table-game sales last month were just under KRW31.60 billion, a decline of 7.7 percent year-on-year, but a 16.6-percent increase sequentially.
Machine-game sales in June were KRW3.21 billion, an increase of 15.3 percent from a year ago, but down 9.0 percent from May.
🇰🇷 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. 🇼 🏷️
🇰🇷 Shinhan FG: executes my favorite Banking Playbook (Under The Hood)
9.5%RoTCE, 0.61x P/TBV, 50% shareholder payout ratio
I recently trimmed Citi and Deutsche Bank as they approached Tangible Book Value (TBV); both have been successful investments, generating a 2x to 3x return in ~3 years.
They have a similar setup: a leading bank with a capable CEO initiating a turnaround focused on profitable growth, cutting unprofitable operations, and emphasizing shareholder returns over expansion. Despite this, they are viewed as persistent losers and traded at a significant discount to TBV.
As it continues to execute, using buybacks to highlight its substantial discount, the market eventually recognizes it, and the stock re-rates.
That’s my favorite banking playbook, and in my search for the next banking opportunity, I find that Shinhan Financial Group (NYSE: SHG / KRX: 055550) (a top-tier South Korean bank dual-listed in the US and Korea) is executing exactly that playbook.
🇰🇷 Korea Electric Power: Thesis Played Out; Downgrade To Hold (Seeking Alpha) $⛔🗃️
🇰🇷 KEPCO (NYSE: KEP / KRX: 015760 / FRA: KOP) or Korea Electric Power Corporation - Integrated electric utility company. Generation, transmission & distribution of electricity in Korea where it’s the largest electric utility. 🇼 🏷️
🇰🇷 New Korean Administration's Changes Provide Catalysts For Naver (Seeking Alpha) $🗃️
🌐 NAVER (KRX: 035420 / OTCMKTS: NHNCF) - Global ICT company. Korea’s #1 search portal "NAVER" + LINE messenger, SNOW camera app, digital comics platform + R&D (AI, robotics, mobility & other future technology). 🇼 🏷️
🇰🇷 How Coupang missed the Fintech opportunity (Popular Fintech)
It won in e-commerce, but lost the wallet war
Coupang, Inc. (NYSE: CPNG), the “Amazon of South Korea”, controls close to 40% of the country’s e-commerce market and serves almost half the population. Even with its dominant position, Coupang continues to grow, with analysts projecting $45 billion in revenue by 2027. That made me think Coupang must have a strong Fintech arm, just like Mercado Libre with Mercado Pago or Sea with Shopee.
But I was wrong. Coupang’s Fintech business is limited to a wallet, Coupang Pay, and a co-branded credit card, WOW card. Limited disclosures suggest that these products have a marginal contribution to the company’s top line. So what happened? My conclusion is that Coupang lost the wallet war.
🇰🇷 LG Electronics- An Insight Into Its Premium Innovative Product Development & Market Positioning! (Smartkarma) $
LG Electronics (KRX: 066570 / 066575 / FRA: LGLG / LON: 39IB) presented its first-quarter financial results for 2025, painting a nuanced picture of challenges and strategic initiatives that the company is undertaking.
LG Electronics reported consolidated sales of KRW 22.74 trillion and an operating profit of KRW 1.26 trillion for the quarter.
The results showcased a strong quarter with record-high sales figures from several of its business segments, notably in Household Solutions (HS), Vehicle Solutions (VS), and Environmental Solutions (ES).
🇰🇷 Samsung’s Vietnam Pivot: Small Deal, Big Signal (Smartkarma) $
Samsung Heavy Industries (KRX: 010140) has signed an MoU with PetroVietnam Shipyard to build two Suezmax and two LR2 tankers, marking its first move into Vietnam.
With Geoje running at 117% utilization, SHI has outsourced over 12 Suezmax tankers to PaxOcean Zhoushan and holds ~$3–3.5 billion in tanker backlog.
While modest in scale, the Vietnam deal could reshape SHI’s outsourcing model—diversifying away from China and laying the groundwork for a longer-term shift in global production strategy.
🇰🇷 POSCO Holdings (KRX: 005490.KQ | NYSE: PKX): Steel Giant in Transition with Deep-Value Appeal (Smartkarma) $
After peaking in 2021, POSCO Holdings (NYSE: PKX)’s performance has steadily weakened, with revenue and margins declining due to softer steel prices and macro headwinds.
The group is gradually pivoting toward battery materials and EV supply chains via Posco Future M Co Ltd (KRX: 003670), backed by large investments in lithium, cathodes, and green hydrogen.
Despite near-term profitability pressure, the stock trades at just 0.5× book and ~4.7× EV/EBITDA, offering compelling value if its transition strategy plays out.
🇰🇷 Korea Small Cap Gem #37: Easy Bio Inc (Douglas Research Insights) $
Easy Bio Inc (KOSDAQ: 353810) is one of the leaders specializing in piglet feed and animal feed additives in Korea.
The company completed an excellent M&A of a company in the US called Devenish Nutrition in February 2024 for 88 billion won.
If we assume a P/E of 10x and apply this on consensus net profit estimate of 36.3 billion won in 2026, this would suggest market cap of 363 billion won.
🇰🇷 Merger Between HD Hyundai Infracore and HD Hyundai Construction Equipment (Douglas Research Insights) $
After the market close on 1 July, HD Hyundai Infracore Co Ltd (KRX: 042670) announced that it will be merging with HD Hyundai Construction Equipment Co Ltd (KRX: 267270).
The merger ratio is 0.1621707 common shares of HD Hyundai Construction Equipment for each common share of HD Hyundai Infracore.
We have Negative ratings on both HD Hyundai Infracore and HD Hyundai Construction Equipment.
🇰🇷 Cosmecca Korea: Switching Listing from KOSDAQ to KOSPI Likely to Be Completed in 2H 2025 (Douglas Research Insights) $
On 2 July, Cosmecca Korea (KOSDAQ: 241710) announced that it plans to switch its listing from KOSDAQ to KOSPI. Cosmecca Korea is the third largest cosmetics ODM company in Korea.
Cosmecca Korea's ROE is similar to the average ROE of the comps. However, Cosmecca Korea's P/B valuation is 36% discount to that of the comps.
By switching its listing from KOSDAQ to KOSPI, there is an increasing probability of the Cosmecca Korea receiving higher valuations, narrowing the gap with its peers.
🇰🇷 KCC Corp: EB Issue of $625 Million To HD KSOE + KCC Corp and KCC Glass Share Swaps (Douglas Research Insights) $
Kcc Corp (KRX: 002380) announced that it is issuing an EB worth $625 million in foreign currency using its stake in HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (KRX: 009540) as the underlying asset.
The asset that is used as the underlying asset for the EB is 2.056 million shares of HD Korea Shipbuilding & Offshore Engineering held by the KCC Corp
We believe this large EB issue by KCC Corp is likely to have a positive impact on KCC Corp but slightly negative impact on HD KSOE.
🇰🇷 Korea Small Cap Gem #38: Infinitt Healthcare (Douglas Research Insights) $
Infinitt Healthcare Co Ltd (KOSDAQ: 071200) is a leading Korean healthcare IT solutions specializing in medical imaging and enterprise imaging platforms. It is the number one provider of PACS system in Korea.
Five major investment highlights include strong export growth, solid growth in sales and operating profits, number one player in PACS system in Korea, strong balance sheet, and attractive valuations.
The company has a strong balance sheet. Net cash was 150 billion won at the end of 1Q 2025, representing 95% of its market cap.
🇰🇷 A Tender Offer of Remaining Shares & Delisting of Tongyang Life Insurance by Woori Financial? (Douglas Research Insights) $
It has been reported that Woori Financial Group (NYSE: WF) is considering on acquiring all of the remaining shares (21.2%) of Tongyang Life Insurance Co Ltd (KRX: 082640) and delist it, making it a 100% subsidiary.
We believe that there is a high probability (70-80%+) that Woori Financial Group decides to acquire the remaining 21.2% stake in Tongyang Life Insurance held by minority shareholders.
Between cash and stock, we think that Woori Financial is likely to use cash to complete this deal, although the exact amount of market premium remains uncertain.
🌏 SE Asia
🇮🇩 MAP Aktif (MAPA IJ) — 2025 update (Asian Century Stocks)
MAP Aktif Adiperkasa Tbk PT (IDX: MAPA) is the sportswear subsidiary of Indonesian retail giant Mitra Adiperkasa Tbk PT (IDX: MAPI / FRA: QGI / OTCMKTS: PMDKF / PMDKY).
I wrote a deep dive on MAP Aktif in January 2022, during the depths of the COVID-19 pandemic. At the time, it was suffering from Indonesia’s large-scale social distancing restrictions. But I thought that it would eventually recover, continue growing its store count, and end up with a single-digit P/E ratio.
The recovery was even more forceful than I had expected. Today, MAP Aktif’s revenues are more than twice what they were before the COVID-19 pandemic. The stock increased roughly fivefold before peaking in 2024.
While MAP Aktif’s revenues continue to grow at a rate of close to 20% per year, there has been margin compression. I suspect MAP Aktif was overearning back in 2022-2023, as we had just emerged from the pandemic. The Indonesian macro environment is also challenging right now. There’s been greater competition from both JD Sports and Decathlon. And finally, MAP Aktif’s international expansion probably hasn’t been as profitable as that in Indonesia. All of these factors may have contributed to the decline in the gross profit margin from 48% to 46%.
However, I believe MAP Aktif has performed admirably, regardless of these issues. First-quarter 2025 revenues grew by +17% year-on-year and net profit by +19%. Yet the stock price trades at a next-twelve-month P/E of just 11.8x.
Assuming gross margins end up at 46%, opex/sales at 33% and top-line growth slows from 16% to 6%, I arrive at a 2030e forward P/E of 6.5x, well below the pre-COVID trading range of 15-20x.
🇲🇾 Why are GLCs selling off overseas assets secretly? (Murray Hunter)
A little bird (a couple actually) has told me that an order had been given at Khazanah (Malaysia’s sovereign investment fund) to sell off overseas assets and quickly repatriate funds back to Malaysia.
The reasons given was to bring back in foreign exchange to support the Ringgit and ensure Khazanah pays a high dividend to help keep down the budget deficit, and make it look like public debt is not increasing at the rates it was 2020-2022.
This is partly why the Ringgit has improved from 4.70 to USD a year ago, to 4.22 to the USD today. Looks like great economic management until you see the smoke and mirrors behind it.
🇲🇾 Can the Madani unity government last full term? (Murray Hunter)
There are growing concerns over whether the Madani government—an uneasy coalition between Pakatan Harapan (PH), Barisan Nasional (BN), and East Malaysian parties—can sustain itself through a full electoral term, let alone beyond. Headed by Prime Minister Anwar Ibrahim, the government is increasingly seen as struggling to live up to its reformist promises. The idea of it extending its tenure beyond this term appears increasingly remote. What are the reasons behind this deepening unpopularity?
🇵🇭 DigiPlus shrugs off ‘market speculation’ regarding online gaming restrictions (GGRAsia)
Philippines-listed DigiPlus Interactive (PSE: PLUS) said on Friday that the recent decline in its share price was in likelihood related to “market speculation” regarding the filing of bills aimed at restricting access to online gambling in the country.
DigiPlus’ stock price fell by 23.9 percent on Friday, to close at PHP29.50 (US$0.52) per share.
“The company notes the recent share price movement and attributes this to market speculation following the filing of the Online Gambling Regulatory bill and Online Gambling Prohibition bills filed at the Senate and House of Representatives since June 30, 2025,” stated DigiPlus in a reply to a query from the exchange regulator.
🇵🇭 Universal Robina: Refocusing On The ASEAN Region Can Deliver Growth, But Price Is No Longer Attractive (Seeking Alpha) $🗃️
🌏 Universal Robina Corporation (PSE: URC / OTCMKTS: UVRBY / UVRBF) - Branded consumer food & beverage product companies. Subs. of JG Summit Holdings (PSE: JGSHI / OTCMKTS: JGSHF / JGSMY). 🇼
🇸🇬 Riverstone (RSTON SP) (Asian Century Stocks) $
An unexpected AI beneficiary at 10x next-year P/E and 8% dividend yield
Asian Century Stocks reader Christopher alerted me to the fact that Riverstone Holdings (SGX: AP4) — US$779 million) CEO recently bought 1 million shares on the open market.
That caught my attention. Insider buying after a decline in the share price is usually a positive sign. I also knew that Riverstone had been one of the best-performing stocks on the Singapore Stock Exchange, compounding earnings per share at a +15% annual rate since its IPO in 2006.
The company manufactures disposable nitrile gloves for customers worldwide. But unlike its larger peer, Hartalega (KLSE: HARTA / OTCMKTS: HHBHF), Riverstone focuses on customized gloves sold directly to the end-users. And unlike Hartalega, Riverstone has a significant focus on cleanroom gloves used in semiconductor fabs and other electronics-related industries.
🇸🇬 Mapletree Industrial Trust: Turning Positive On Portfolio Restructuring Initiatives (Rating Upgrade) (Seeking Alpha) $⛔🗃️
🇯🇵 🇸🇬 Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF) - Primarily for industrial purposes in Singapore + data centres worldwide. Singapore & Japan. 🇼 🏷️
🇸🇬 Sea Limited: Southeast Asian Growth Titan, But No Longer An Attractive Buy (Seeking Alpha) $🗃️
🇸🇬 Sea Limited: Avoid Chasing The Rally Over The Cliff (Rating Downgrade) (Seeking Alpha) $🗃️
🌏 Sea Limited (NYSE: SE) - 3 core businesses: Garena (global online games developer & publisher), Shopee (largest pan-regional e-commerce platform in SE Asia & Taiwan), SeaMoney (leading digital payments & financial services provider in SE Asia). 🇼 🏷️
🇸🇬 Unlocking China’s Potential: 5 High-Growth Hong Kong Stocks You Can Buy as SGX SDRs (The Smart Investor)
Now, Singapore investors can directly access this upside through Singapore Depository Receipts (SDRs).
SDRs are a newly-launched initiative by SGX that introduces high-quality Hong Kong (HK) and Thai-listed companies closer to home.
From industry disruptors to established leaders, here are five high-growth HK stocks you can buy as SDRs to unlock China’s evolving potential.
Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) is a leading technology and internet company.
BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) is a dominant global player in the electric vehicle (EV) sector and has witnessed aggressive international expansion, especially in emerging markets.
Xiaomi (HKG: 1810 / SGX: HXXD / FRA: 3CP / OTCMKTS: XIACF) is one of the largest consumer electronics and smart hardware companies globally.
Alibaba (NYSE: BABA / SGX: HBBD) is a global tech powerhouse specialising in e-commerce, digital media and cloud computing.
Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) is a technology-driven retail company specialising in supply and demand delivery chain infrastructure.
🇸🇬 If You Bought 1,000 ComfortDelGro Shares at IPO, Here’s What They’re Worth Now (The Smart Investor)
ComfortDelGro Corporation (SGX: C52 / FRA: VZ1 / VZ10 / OTCMKTS: CDGLF / CDGLY), or CDG, has a long and interesting history.
The land transport giant was formed back in 2003 with the merger of Comfort and DelGro by way of a scheme of arrangement.
This scheme was approved by the High Court of Singapore on 21 March 2003, and shares of CDG were listed on 31 March of the same year.
Assuming you had bought 1,000 shares of CDG on the first trading day of the newly-merged company, here’s what you will end up with.
A decent total return
Improving financials
Acquisitive growth
Expanding globally
Intensifying competition
Get Smart: Returns to improve over time?
🇸🇬 4 Singapore Stocks Dishing Out Dividend Yields of 4.2% or More (The Smart Investor)
Income investors can look to these four stocks that are providing attractive yields.
CSE Global Ltd (SGX: 544 / FRA: XCC / OTCMKTS: CSYJY / CSYJF) is a systems integrator that provides electrification, communications, and automation solutions to a variety of industries globally.
ComfortDelGro Corporation (SGX: C52 / FRA: VZ1 / VZ10 / OTCMKTS: CDGLF / CDGLY), or CDG, is a multi-modal transport operator with a suite of transportation solutions.
StarHub (SGX: CC3 / FRA: RYTB / OTCMKTS: SRHBY / SRHBF) is one of the three major telecommunication companies (telcos) in Singapore, and offers a range of services such as mobile, Pay TV, and broadband.
Food Empire (SGX: F03) is a food and beverage manufacturer with a portfolio spanning snack foods, instant beverages, and food ingredients.
🇸🇬 3 Singapore REITs to Watch Out for in July (The Smart Investor)
Here are three REITs announcing corporate actions that deserve your attention.
CapitaLand China Trust (SGX: AU8U / OTCMKTS: CLDHF), or CLCT, is a China-focused REIT with a portfolio of nine shopping malls, five business park properties, and four logistics park properties.
Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF), or MIT, owns a diversified portfolio of industrial properties with an AUM of S$9.1 billion as of 31 March 2025.
Elite UK REIT (SGX: MXNU)’s portfolio comprises freehold properties in the UK located in town centres, and is near transportation nodes and amenities.
🇸🇬 4 New Singapore IPOs Are Coming: Here’s What Investors Need to Know (The Smart Investor)
When it came to initial public offerings (IPOs), Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX, saw a quiet first half for 2025.
There was just one listing from January to June of 2025 on Catalist, SGX’s second board – that of car dealer Vin’s Holdings (SGX: VIN).
Candy maker YLF Group Marketing was supposed to go public but pulled out, citing unfavourable market conditions.
This slow start looks set to change in the second half of 2025 as more companies have indicated their interest in listing on the exchange.
We look at four IPO aspirants that will help to broaden investors’ investment choices once their shares begin trading.
Software services provider Info-Tech Systems launched its IPO at S$0.87 apiece, with its shares set to commence trading on 4 July.
SGX could be seeing its largest REIT IPO in a decade with Japanese telecommunication company Nippon Telegraph & Telephone Corp (TYO: 9432 / FRA: NLV / NTT / OTCMKTS: NTTYY / NPPXF) plan to spin off some of its data centres into a REIT here.
Apart from the Mainboard, there is also increased activity on Catalist as two companies filed their preliminary prospectuses to list there.
The first is Lum Chang Creations, an interior fit-out company.
The company is a spin-off from Mainboard-listed Lum Chang Holdings Ltd (SGX: L19).
The second company to indicate its interest in listing on Catalist is Dezign Format.
🇹🇭 Paetongtarn Shinawatra suspension as Thai PM a blow for casino policy, family still politically strong: commentators (GGRAsia)
The suspension, announced on Tuesday, of Paetongtarn Shinawatra (pictured in a file photo) as Thailand’s prime minister has the potential to set back the country’s casino-resort legalisation effort. That is according to Ben Lee, managing partner at casino industry adviser IGamiX Management and Consulting Ltd, in comments to GGRAsia.
Daniel Cheng, a prominent commentator on the Asia-Pacific casino sector and a former casino executive, nonetheless noted to GGRAsia that Ms Shinawatra’s family remains a powerful force in Thai politics and is likely to continue pushing for casino legalisation.
Thailand’s Constitutional Court ordered on Tuesday the suspension of Ms Shinawatra, pending its investigation into a phone call last month between the premier and former Cambodian prime minister Hun Sen, which was then leaked.
🇹🇭 Thai opposition seeks end to casino bill, says Pheu Thai should put topic in its manifesto: report (GGRAsia)
Thailand’s opposition grouping the People’s Party and a coalition of civic organisations have submitted a petition to Paetongtarn Shinawatra, leader of the Pheu Thai Party, asking her to withdraw two parliamentary bills that would respectively legalise resorts with casinos, and online gambling.
🇹🇭 Fate of Thai casino-legalisation bill parliamentary progress maybe decided today (GGRAsia)
A meeting on Monday (July 7) of Thai government officials responsible for organising parliamentary voting by the current coalition government may decide on whether a bill to legalise entertainment complexes with a casino, should either be postponed or withdrawn.
🇮🇳 India / South Asia / Central Asia
🇮🇳 ICICI Bank: Stay The Course As India Nears A Credit Upswing (Seeking Alpha) $⛔🗃️
🌐 ICICI Bank (NYSE: IBN) - MNC bank & financial services. Wide range of banking & financial services for corporate & retail customers. 🇼 🏷️
🇮🇳 Genpact: Achieving Mid-Term Guidance Should Drive Valuation Re-Rating (Seeking Alpha) $⛔🗃️
🇮🇳 Event Driven: ABFRL~ Value Unlocking Through Strategic Demerger (Smartkarma) $
Aditya Birla Fashion and Retail Ltd (NSE: ABFRL / BOM: 535755) demerged its business into two focussed entities, Aditya Birla Lifestyle Brands (NSE: ABLBL / BOM: 544403) (Stable Business) and ABFRL (High growth Business).
The separation aligns capital with business maturity isolating cash-generating lifestyle brands from high-growth, capital-hungry verticals like ethnic, luxury, and digital-first.
The two entities are targeting a combined INR 30,000 Cr in revenue and 3x cash profit by FY30 through unlocking sharper execution, better capital efficiency, and distinct investor appeal.
🇮🇳 India Coal Sector Q1 FY26: Private Miners Surge, CIL Stumbles (Smartkarma) $
Coal India (NSE: COALINDIA / BOM: 533278) reports 8.5% drop in June output, while private and captive mines post double-digit growth
Unusual monsoon, logistics bottlenecks, and subsidiary underperformance drag PSU volumes
Unless execution improves in Q2 and beyond, outlook on CIL remains cautious amid structural market shifts.
🇮🇳 Event Driven: Apollo’s Restructuring-Unlocking Value in India's Omni-Channel Healthcare Ecosystem (Smartkarma) $
Apollo Hospitals (NSE: APOLLOHOSP / BOM: 508869) is demerging its omni-channel pharmacy and digital health business into a new entity, later merging with Keimed ltd, the wholesale pharmacy distribution arm.
The reorganisation aims to unlock shareholder value, enhance operational focus, and create a transparent, comprehensive pharmacy and digital healthcare platform.
The NewCo(AHL) targets INR 25,000 crore revenue(50%+) by FY27 from digital health and pharmacy scale-up, while core hospitals expand with new beds and high-value therapies.
🇮🇳 Executive Exodus at Karnataka Bank: More Than Just "Personal Reasons"? (Smartkarma) $
Karnataka Bank Ltd (NSE: KTKBANK / BOM: 532652)'s top two executives resigned under unclear circumstances, with boardroom friction, unauthorized spending, and weak financial performance raising concerns.
Even audit report also suggests some red flags of minuscule amounts in unauthorized expenses, raising governance issues.
The bank’s leadership shakeup and declining financials suggest instability; while governance reforms are needed along with new and strong leadership and governance realignment.
🇮🇳 Can Patanjali’s Foray Into the Underpenetrated Insurance Market Drive Growth Via This Acquisition? (Smartkarma) $
Patanjali Ayurved (holding company of Patanjali Foods Ltd (NSE: PATANJALI / BOM: 500368)) acquired a 73.555% majority stake in Magma General Insurance for approximately INR 4,500 crore.
Patanjali seeks to diversify, leveraging its brand and distribution network to tap India's underpenetrated insurance market, aligning with IRDAI's "Insurance for All by 2047" vision.
Magma General brings established operations, a 26% GWP CAGR, and a network of 18,000 agents, providing an immediate platform for market expansion and growth.
🇮🇳 VIL’s Revival Impossible or a State-Backed Turnaround Feasible? (Smartkarma) $
Vodafone Idea Ltd (NSE: IDEA / BOM: 532822) faces severe financial distress due to INR 83,400 crore in mounting Adjusted Gross Revenue (AGR) dues and substantial deferred payment obligations.
Management warns Vi cannot operate beyond Financial Year 2026 without timely government support for AGR dues, halting crucial bank funding. market.
Vi proposes payment plans and seeks substantial funding, while ARPU is growing, and the government supports a three-player
🇮🇳 Crizac Limited IPO Analysis (Smartkarma) $
Crizac’s INR 860-crore, 100% OFS IPO opens at INR 233-245, giving investors exposure to its fast-growing B2B overseas-education marketplace.
International student demand is booming, yet 95 % of revenue hinges on UK-Canada-Ireland; any visa tightening or pricing shock could squeeze growth.
Valuation looks fair and model asset-light, but high concentration and no fresh funds temper enthusiasm.
🇮🇳 Event Driven: Gabriel India Restructuring ~ From Shock Absorbers to a Diverse Mobility Leader (Smartkarma) $
On July 2nd, Gabriel India (NSE: GABRIEL / BOM: 505714) announced its strategic restructuring plan, merging key entities to diversify its business and unlock significant shareholder value.
The merger increases promoter shareholding from 55% to 63.5%, with projected EPS accretion of 41%.
This move positions Gabriel India as a multi-product leader, enhancing global OEM partnerships and boosting market presence in key automotive segments.
🌍 Middle East
🇮🇱 Teva's Pivot: Charting a New Course for Growth in Pharmaceuticals (R. Dennis’s Substack)
Teva Pharmaceutical Industries Ltd (NYSE: TEVA) is navigating a significant transformation, shifting from its historical identity as primarily a generics manufacturer towards a more balanced biopharmaceutical company with an increasing emphasis on innovative medicines. This strategic reorientation, termed the "Pivot to Growth," is central to Teva's current operational focus and future financial aspirations. As of the first quarter of 2025, Teva has reported its ninth consecutive quarter of revenue growth, signaling early positive momentum from this strategy.
🇮🇱 Surging Momentum: Strong Buy Israel ADRs On The Rise (Seeking Alpha) $🗃️
🇮🇱 Elbit Systems: Rising Geopolitical Tensions Drive Demand For Advanced Weaponry (Seeking Alpha) $🗃️
🇮🇱 Elbit Systems: Record Backlog, But Political Risk Still Looms (Seeking Alpha) $⛔🗃️
🇮🇱 Elbit Systems: Structural Growth Backed By Global Defense Demand (Seeking Alpha) $🗃️
🌐 Elbit Systems Ltd (NASDAQ: ESLT) - Primary provider of the Israeli military's land-based equipment & unmanned aerial vehicles. 🇼
🇮🇱 Mobileye: Autonomy Efforts Continue To Progress (Seeking Alpha) $🗃️
🌐 Mobileye Global (NASDAQ: MBLY) - Advanced driver assistance systems (ADAS) & autonomous driving technologies. 🇼
🇮🇱 ICL Group: An Insight Into The Potash Market Dynamics, Regional Expansion & Recent M&A! (Smartkarma) $
Israel Chemicals Ltd. (ICL) [Icl Group Ltd (NYSE: ICL)] reported its first quarter of 2025 financial results, showcasing modest growth amidst challenging global market conditions.
The company posted sales of $1.767 billion, representing a 2% increase year over year and a 10% rise compared to the previous quarter.
This performance was underpinned by solid execution of strategic initiatives across its divisions.
🇹🇷 Turkish stocks surge after court delays case against opposition (FT) $ 🗃️
Relief rally follows adjournment of controversial proceedings to overhaul leadership of rival party to President Erdoğan
🌍 Africa
🇿🇦 Gold Fields: Positioned To Shine In The Coming Gold Bull Market (Seeking Alpha) $🗃️
🇿🇦 Gold Fields: No Longer An Attractive Risk-Reward (Seeking Alpha) $⛔🗃️
🌐 Gold Fields (JSE: GFI / NYSE: GFI) - One of the world's largest gold mining firms. 9 operating mines in Australia, Peru, South Africa & Ghana (including the Asanko JV) & 2 projects in Canada & Chile. 🇼 🏷️
🇿🇦 Valterra Platinum (Cayucos Capital)
Today I am profiling Valterra Platinum Ltd (JSE: VAL / LON: VALT / FRA: RPHA / OTCMKTS: AGPPF / ANGPY), the world’s largest miner of platinum group metals, or PGMs.
The Oppenheimers remained major shareholders of Anglo American Plc (LON: AAL / JSE: AGL / OTCMKTS: NGLOY) into the 21st century, making them one of the richest families in the world. With their exit the company became vulnerable to takeover with a number of potential suitors circling in recent years. In 2024, mining giant BHP Group (NYSE: BHP) attempted a hostile takeover. Anglo management were able to swat away the attempt, but one of their concessions was to agree to spin off their diamond mining (De Beers), nickel assets, as well as 79% owned PGM miner Anglo American Platinum (JSE: AMS / FRA: RPHA / RPH1 / OTCMKTS: AGPPF / ANGPY) (Amplats).
The spin off has just been completed and in the process Amplats has a new name, Valterra Platinum. The company has primary listings in Johannesburg, London, and an ADR.
So in Valterra you have the best quality miner, just outside the bottom quartile of valuation range in a sector experiencing declining supply and demand likely to exceed on the upside. A risky Buy.
🌎 Latin America
🇦🇷 Milei Is Tapping Argentina’s Permian in a Bid to Cement His Reforms (Bloomberg) $ 🗃️
Oil exports are ramping up from the Vaca Muerta shale deposit in Patagonia after years of false starts. It’s a boom the libertarian president is counting on.
Prices in recent months have been bad enough for US shale drillers to begin reining in spending, prompting forecasters to warn of a rare drop in output from the world’s top oil producers.
Argentine shale companies, by contrast, have kept up investments. The biggest of them all, state-run Ypf Sa (NYSE: YPF), insists its operations can withstand a drop to $45. No. 2-ranked Vista Energy (NYSE: VIST / FRA: 1CIA / BMV: VISTAA) has said it would review its plan for the year only if prices hit $55. And smaller crude producer Pampa Energia Sa (NYSE: PAM) reckons its signature shale oil block can break even at less than $40.
🇦🇷 US judge orders Argentina to give up majority stake in state-run oil company YPF (FT) $ 🗃️
Move would partially pay record $16bn judgment against cash-strapped country
🇦🇷 Banco Macro: A Logical Pause After The Enthusiasm (Seeking Alpha) $⛔🗃️
🇦🇷 Banco Macro Sa (NYSE: BMA) - A universal bank providing a wide range of financial services with focus in low & mid-income individuals & SMEs. 🇼 🏷️
🇧🇷 PagSeguro Digital: Cheap, But With Some Country Risk (Seeking Alpha) $⛔🗃️
🇧🇷 PagSeguro Digital (NYSE: PAGS) 🇰🇾 - Financial services & digital payments. 🇼 🏷️
🇧🇷 Petrobras: Fell Into A Value Trap (Downgrade) (Seeking Alpha) $⛔🗃️
🌐🏛️ Petrobras (NYSE: PBR / PBR-A / BCBA: PBR / PETR4) or Petróleo Brasileiro SA - Explores, produces & sells oil & gas. 🇼
🇧🇷 Nu Holdings: Profitable Growth And Real Scalability In The Heart Of Latin America (Seeking Alpha) $⛔🗃️
🌎 Nu Holdings (NYSE: NU) - Digital banking platform / fintech. 🇼
🇧🇷 CI&T: Good Visibility To Growth Acceleration Ahead (Seeking Alpha) $⛔🗃️
🇨🇱 Embotelladora Andina: A Latin American Beverage Giant Trading At Fair Value Seeking Alpha) $⛔🗃️
🌎 Embotelladora Andina Sa (NYSE: AKO.A / AKO.B) - Produces, markets, & distributes Coca-Cola trademark beverages in Chile, Brazil, Argentina, & Paraguay. 🇼 🏷️
🇨🇴 A failed Colombian coup plot and other US policy stories in LatAm - 30 June 2025 (Latin America Risk Report)
Former Foreign Minister Leyva tried to convince Trump and Rubio to overthrow Petro. Rubio didn't take the bait.
🇨🇴 GeoPark: Resilient Production And Shareholder Returns As A Flagship (Seeking Alpha) $⛔🗃️
🌎 GeoPark Ltd (NYSE: GPRK / LON: 0MDP / FRA: G6O) - Leading independent Latin American oil & gas explorer in Colombia, Ecuador, Chile & Brazil. 🏷️
🇰🇾 Consolidated Water: Undervalued Cash Flow Machine With A Strategic U.S. Expansion Catalyst (Seeking Alpha) $⛔🗃️
🇰🇾🌎 Consolidated Water Company Ltd (NASDAQ: CWCO) - Designs, builds, operates & in some cases finances seawater reverse osmosis (SWRO) desalination plants & water distribution systems in several Caribbean countries. 🏷️
🇲🇽 Cartel Money Crackdown Has Mexican Banks Reeling From Sanctions (Bloomberg) $ 🗃️
The investigations now roiling Mexico’s banking system show the power of the Trump administration’s aggressive use of a new enforcement method approved in last year’s Fend Off Fentanyl Act, which US officials knew would likely deliver a death blow. It’s designed to cut off suspect banks from the US, effectively leaving them inoperable, without the need to hold a hearing, submit evidence to a judge or offer any official avenue of appeal.
🇲🇽 Bolsa Mexicana de Valores: Time To Take Profits (Seeking Alpha) $🗃️
🇲🇽 Bolsa Mexicana de Valores SAB de CV (BMV: BOLSAA / FRA: BC51 / OTCMKTS: BOMXF) - Fully integrated Exchange Group. The second largest stock exchange in Latin America. 🇼 🏷️
🇲🇽 Grupo Mexico: A Compelling Business With A Fair Price (Seeking Alpha) $⛔🗃️
🌎 Grupo Mexico (BMV: GMEXICOB / FRA: 4GE / OTCMKTS: GMBXF) - Mining, Transportation, Infrastructure & Fundacion Grupo Mexico. ASARCO (American Smelting & Refining Company) + Southern Copper (NYSE: SCCO). 🇼 🏷️
🌐 Global
🌐 Global emerging economies vulnerable to US bond market (The Asset) 🗃️
Despite the growing appeal of emerging market assets, the combination of rising US treasury yields, a weakening dollar, and escalating tariffs poses a significant threat to economies that rely on export-led growth. Local currency debt issuance offers some protection, but the risk of financial instability remains
🌐 From Nebius Group To EOS: A Strong Year And What's Next For Our Family Office (Seeking Alpha) $ 🗃️
🌐 Nebius Group: My Biggest AI Portfolio Position (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. 🇼 🏷️
🌐 Nebius: akin buying $NVDA with leverage (Lorenzo2cents)
Is Nebius Group NV (NASDAQ: NBIS) the Apple of Datacenters?
According to Horizon Grand View Research, the AI cloud market is expected to soar from $87 billion in 2024 to $647 billion by 2030, reflecting a robust 39.7% CAGR, with neoclouds well-positioned to claim an increasing share.
This means that the leading neocloud could sustain annual growth rates exceeding 50% for years.
Within this dynamic landscape, Nebius Group emerges as a standout among neocloud providers.
But does Nebius possess a competitive moat relative to its peers, particularly in a cloud computing market often perceived as commoditized?
Let’s find out.
📅 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):
Empro Group EMPG R.F. Lafferty & Co., 1.4M Shares, $4.00-4.00, $5.5 mil, 7/2/2025 Priced
We are a holding company whose Malaysian subsidiary makes and sells perfume, other cosmetics and surgical face masks. (Incorporated in the Cayman Islands)
Under the leadership of our founder, Prof. Dr. Yeoh Chee Wei, our company has steadily and successfully transcended its humble origins in the beauty industry during an operating history that spans nearly two decades.
Our business is operated through our wholly owned Malaysian subsidiary, EMP Solution, which was formed and commenced operations in 2005. We have secured exclusive distributorships with original equipment manufacturers in Asia, which enable us to distribute and market our healthcare and beauty products throughout the ASEAN region and in Europe.
Currently, we have established a presence in Thailand, Singapore, Indonesia, and several European countries (Denmark, Norway, Sweden, Finland and Switzerland), where we market medical face masks. Our future plans include expanding our product offerings to include cosmetics and skincare in these regions.
Our flagship product offerings include our proprietary triangular eyebrow pencils, with the red edition standing as our signature beauty product. Our eyebrow pencil product offerings are being enhanced with the launch of our Premio brand, which is targeted towards live shopping experiences and offers a unique appeal to consumers, and our Mios brand, which caters to a younger demographic with its affordable pricing and vibrant, colorful design.
We take immense pride in our surgical face mask products, which we began to market in 2020 during the height of COVID-19 pandemic. Our masks feature patented Aerofit technology that effectively seals gaps beside the mask, thereby providing enhanced protection against airborne viruses.
We have also recently launched SpaceLift, a potent skincare solution infused with 12 key botanical ingredients that delivers an instant lifting effect to the skin.
Our beauty and healthcare products are readily available both online and in our physical stores. Our retail outlets – of which there are currently five – serve as hubs for customers to experience our product range firsthand.
In addition to our own retail outlets, we have established a robust distribution network through various channels. We distribute our products via business-to-business (B2B) channels, with significant volumes going to major retailers such as Watsons (the flagship health and beauty brand of AS Watson Group), a leading retailer in the ASEAN region with over 700 stores throughout Malaysia and, globally, operating 8,000 stores and more than 1,500 pharmacies in 15 Asian, European and Middle-East markets, and Sasa, one of the leading cosmetics retailing groups in Asia with over 60 locations throughout Malaysia as well as a robust online presence, with each of whom we have entered into definitive distribution agreements, as further described in this prospectus. Furthermore, our products are accessible to online shoppers through platforms maintained by Shopee and Lazada, as well as our own online platforms (empro.my), ensuring convenience and accessibility to a wide audience.
Our comprehensive approach to marketing and distribution is designed to ensure that our products are readily available to consumers across various touchpoints, whether they prefer the convenience of online shopping or the personalized experience of visiting our physical stores.
Our accomplishments reflect a commitment to providing safe, professional-grade products of uncompromising quality. We take pride in our ability to adapt and respond swiftly to dynamic market needs, positioning our company as a versatile and forward-thinking enterprise. Augmented by an effective B2B distribution strategy and enduring partnerships, our success is further bolstered by a robust presence in both physical and digital retail spaces. Specifically, our products are currently sold in our five (5) retail locations in Malaysia and the retail locations of our distribution partners, such as Watsons (the flagship health and beauty brand of AS Watson Group), a leading retailer in the ASEAN region with over 700 stores throughout Malaysia and, globally, operating 8,000 stores and more than 1,500 pharmacies in 15 Asian, European and Middle-East markets, and Sasa, one of the leading cosmetics retailing groups in Asia with over 60 locations throughout Malaysia as well as a robust online presence, and our products are also available via our own online platforms, as well as platforms maintained by Watsons, Sasa, Shopee, Lazada and our other distribution partners. This comprehensive approach ensures broad market coverage and accessible customer reach. We believe that this multifaceted strategic synergy will remain pivotal in securing sustained success and a prominent industry position as we navigate into the future.
Note: Net income and revenue are in U.S. dollars for the fiscal year that ended Dec. 31, 2024.
(Note: Empro Inc. upsized its small IPO at pricing to 1.375 million shares – up from 1.25 million shares in the prospectus – and priced the deal at $4.00 – the bottom of its $4.00-to-$4.50 price range – to raise $5.5 million on Tuesday night, July 1, 2025.)
(Background: Empro Inc. disclosed its IPO’s terms in an F-1/A filing dated Jan. 22, 2025, when it said that it will offer 1.25 million shares at a price range of $4.00 to $4.50 to raise $5.31 million. R.F. Lafferty & Co. is the sole book-runner, replacing Spartan Capital. Background: Empro filed its F-1 to go public on Sept. 15, 2024, without disclosing terms for its IPO, which has estimated proceeds of $5 million. Background: Empro submitted confidential IPO documents to the SEC in late December 2023.)
Origin Investment Corp. I ORIQU ThinkEquity, 6.0M Shares, $10.00-10.00, $60.0 mil, 7/2/2025 Priced
(Incorporated in the Cayman Islands)
We intend to initially focus our search on target businesses in Asia. However, we will not consummate our initial business combination with an entity or business in China or with China operations consolidated through a variable interest entity (“VIE”) structure.
(Note: Origin Investment Corp. I priced its SPAC IPO in sync with the terms in its prospectus – 6 million units at $10.00 each – and raised $60 million on Tuesday night, July 1, 2025. Background: Origin Investment Corp. I is offering 6.0 million units at $10.00 each to raise $60.0 million in its SPAC IPO, according to its F-1 filing dated Jan. 8, 2025. Each unit consists of one ordinary share and one-half of one redeemable warrant.)
Cre8 Enterprise, Ltd. CRE American Trust Investment Services/Prime Number Capital, 1.5M Shares, $4.00-5.00, $6.5 mil, 7/7/2025 Week of
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.)
FG Holdings FGO American Trust Investment Services/Revere Securities, 2.0M Shares, $4.00-5.00, $9.0 mil, 7/7/2025 Week of
We are a holding company whose Hong Kong subsidiaries run a FinTech platform that provides mortgage loan brokerage services. (Incorporated in the British Virgin Islands)
We offer – through our operating subsidiaries – a FinTech platform for mortgage loan brokerage services available through private credit and banks. The company gives borrowers mortgage application simulation and access to several mortgage loan options from various lenders.
Since our inception in 2019, FG Global has helped match 528 borrowers with more than $906 million in loans. That loan volume includes $401 million for the fiscal year that ended June 30, 2024.
Note: Net income and revenue are for the 12 months that ended June 30, 2024.
(Note: FG Holdings filed its F-1 on Nov. 18, 2024, and disclosed the terms for its small-cap IPO: 2.0 million shares at a price range of $4.00 to $5.00 to raise $9.0 million. Background: FG Holdings submitted confidential IPO documents to the SEC on Dec. 28, 2023.)
MaxsMaking MAMK Joseph Stone Capital, 2.0M Shares, $4.00-5.00, $9.0 mil, 7/7/2025 Monday
(Incorporated in the British Virgin Islands)
We are a manufacturer of customized consumer goods such as bags, aprons, throw pillows, flags, chair covers, tablecloths, luggage, and other consumer goods, with a strong focus on advanced technology and innovation. We have developed and implemented proprietary ERP, EMS and CRM software systems, which enable us to process orders in bulk, and efficiently manage the dynamics between customers, orders, and manufacturing processes. Our patented technologies further empower us to transform single item printing to batch printing, and thus enhance both production efficiency and quality.
Our group consists of various subsidiaries that specialize in different aspects of our businesses, including digital production, software development, product design, brand management, online sales and international trade. We commenced operations in 2007 through Shanghai Alliance Industry Co., Ltd., with our headquarters located in Shanghai, China, our manufacturing facilities located in Yiwu, Zhejiang province and Zhumadian, Henan province, China.
Leveraging the advantages of talent and resource integration, industrial chain and internet, we specialize in the manufacturing of customized products, a market with potential in the manufacturing industry. Serving small and medium-sized enterprises and individual e-commerce sellers with their needs for small batch customized products, we currently mainly use cotton cloth, nylon cloth, polyester, recycled polyethylene terephthalate (rPET) and other materials to produce backpacks, shopping bags, aprons, tablecloths, luggage, suits covers, gloves, placemats and other consumer goods. We serve enterprises, schools, government agencies, non-profit organizations, e-commerce sellers and various groups and organizations to meet their needs for small-batch customized products. We are committed to helping customers build brand image and improve market competitiveness. In the production process, we use sustainable raw materials and production methods to provide customers with high-quality products, while considering our environmental protection and social responsibilities.
We seek to offer compelling value to our customers through an innovative use of technology, a broad selection of customized products, low pricing and personalized customer service. Through our use of proprietary internet-based management software, proprietary order receiving and processing technologies and advanced computer integrated sales management, we offer our customers a meaningful economic advantage, as well as high quality products and services. Our strategic goal is to become the world’s leading supplier of customized consumer goods and provider of customization services for textile products in the business-to-business (B2B) and consumer-to-manufacturer (C2M) fields.
Note: Net income and revenue are in U.S. dollars for the fiscal year that ended Oct. 31, 2024.
(Note: MaxsMaking filed its F-1 for its IPO on Nov. 13, 2024, and disclosed the terms: 2.0 million shares at a price range of $4.00 to $5.00 to raise $9 million. Background: MaxsMaking submitted confidential IPO documents to the SEC on Feb. 7, 2024.)
Mega Fortune Co. Ltd. MGRT D. Boral Capital (ex-EF Hutton), 3.8M Shares, $4.00-5.00, $16.9 mil, 7/7/2025 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.)
Masonglory Ltd. MSGY D. Boral Capital (ex-EF Hutton), 1.5M Shares, $4.00-6.00, $7.5 mil, 7/8/2025 Tuesday
We are the holding company of a wet trades (plastering, for example) subcontractor based in Hong Kong. (Incorporated in the Cayman Islands)
Masonglory, through our operating subsidiary Masontech Limited, s a Hong Kong subcontractor that has been engaged in providing wet trades services such as plastering and tile laying as well as other ancillary services since 2018. Our clients are mostly major contractors involved in property development and civil engineering projects in Hong Kong.
As a subcontractor, we provide our customers with comprehensive wet trades work solutions, which principally include (i) plastering on floors, ceilings and walls, (ii) tile laying on internal and external walls and floors, (iii) brick laying, (iv) floor screeding, and (v) marble works. In recognition of our achievements in the wet trades industry in Hong Kong, our Operating Subsidiary has been granted registration as a Group 2 Registered Specialist Trade Contractor under the Registered Specialist Trade Contractors Scheme (formerly known as the Subcontractor Registration Scheme) of the Construction Industry Council since 2020.
Note: Net income and revenue are for the fiscal year that ended March 31, 2024.
(Note: Masonglory Ltd. filed its F-1 on Nov. 7, 2024, and disclosed the terms for its micro-cap IPO: 1.5 million shares at a price range of $4.00 to $6.00 to raise $7.5 million.)
Ten-League International Holdings Ltd. TLIH Bancroft Capital LLC, 2.2M Shares, $4.00-5.00, $10.1 mil, 7/8/2025 Tuesday
We are a Singapore-based provider of turnkey project solutions. Our business primarily consists of sales of heavy equipment and parts, heavy equipment rental and provision of engineering consultancy services to port, construction, civil engineering and underground foundation industries. (Incorporated in the Cayman Islands)
Our mission is to provide high-quality equipment, value-added engineering solutions as well as maintenance and repair services through continuous adaptation and application of new technologies.
We currently conduct our operations through our wholly owned subsidiaries, Ten-League Engineering & Technology Pte. Ltd., or Ten-League (E&T), and Ten-League Port Engineering Solutions Pte. Ltd., or Ten-League (PES), which were previously held by Ten-League Corp prior to our group reorganization for the listing of our ordinary shares. Together with the operating history of Ten-League Corp, we have a total of over 24 years of history operating our business. Our core business activities consist of the following segments:
(a)
equipment sales, which involves sale of various new and used heavy equipment and parts, or Equipment Sales Business;
(b)
equipment rental, which involves the rental of various new and used heavy equipment, or Equipment Rental Business; and
(c)
engineering consultancy services, which primarily includes the provision of value-added engineering solutions, including equipment retrofitting, upgrading, modernization, fleet management and other enhancement on equipment through the replacement or application of, among others, mechanical parts, sensor fusion, software and remote control system. Our engineering consultancy services complements our Equipment Sales Business and Equipment Rental Business. We do not provide such service to third-party equipment sales/rental companies.
The equipment we provide is categorized into (i) foundation equipment; (ii) hoist equipment; (iii) excavation equipment; and (iv) port machinery.
We have been supplying fully electric reach stacker and empty container handler to port operators in Singapore since 2021 and have been contracted to supply electric prime movers with swappable battery pack and build charging infrastructure since October 2022 by a leading port operator based in Singapore, or the Leading Port Operator. Meanwhile, we are actively exploring the market for fully electric wheel loader, excavator and forklift, and offering them as a part of our fleet of electrified equipment.
**Note: Net income and revenue are for the 12 months that ended June 30, 2024, in U.S. dollars converted from Singapore dollars.
(Note: Ten-League International Holdings Ltd. filed an F-1/A dated March 14, 2025, disclosing that it has cut its IPO’s size by 20 percent to 2.24 million ordinary shares – down from 2.8 million shares – and kept the price range at $4.00 to $5.00 – to raise $10.08 million, if priced at the $4.50 mid-point of its range. Of the 2.24 million shares in the IPO, the company is offering 1.61 million shares (1,607,840 shares) and the selling shareholders, Ten-League corp. and Jules Verne, are selling an aggregate of 632,160 ordinary shares. The selling shareholders’ individual portions are: Ten-League Corp. is selling 92,160 shares and Jules Verne is selling 540,000 shares. The company will not receive any proceeds from the sale of the selling shareholders’ shares.)
(Note: Ten-League International Holdings filed an F-1/A dated Oct. 17, 2024, updating its financial statements for the six months that ended June 30, 2024. Background: Ten-League International Holdings filed an F-1/A dated July 15, 2024, naming Bancroft Capital as the sole book-runner, replacing Eddid Securities USA. Previous Background: Ten-League International Holdings updated its financial statements to include the year ended Dec. 31, 2023, in an F-1/A filing dated June 4, 2024.)
(Note: Ten-League International Holdings Ltd. filed an F-1/A dated Feb. 23, 2024, and disclosed terms for its IPO: 2.8 million shares at a price range of $4.00 to $5.00 to raise $12.6 million. The company is offering 2.01 million shares (2,009,800 shares) and selling shareholders are offering 790,200 shares, according to the prospectus. Ten-League International will not receive any proceeds from the sale of the selling shareholders’ stock. Ten-League International Holdings filed its F-1 on Nov. 1, 2023; the company submitted confidential IPO documents to the SEC on July 7, 2023.)
Globa Terra Acquisition Corp. GTERU D. Boral Capital (ex-EF Hutton), 15.2M Shares, $10.00-10.00, $152.0 mil, 7/9/2025 Wednesday
(Incorporated in the Cayman Islands)
We are a blank check company – also known as a SPAC (special-purpose acquisition company) – that intends to focus our search for target companies on the agribusiness and water sectors in the Americas, particularly in North America.
We intend to search for businesses with enterprise values between $500 million and $1 billion.
Our CEO is Agustin Tristan Aldave, who is also a director. He is the founder and CEO of Lexington Capital, an alternative investment firm. Lexington Capital has been behind numerous previous SPACs.
(Note: Globa Terra Acquisition Corp. filed its S-1 on on April 16, 2025, and disclosed its plans for its SPAC IPO: 15.2 million units at $10.00 each to raise $152.0 million. Each unit consists of one share of common stock as well as three-fourths of a warrant and one right to receive one-twentieth (1/20th) of a share upon the completion of an initial business combination.)
K-TECH SOLUTIONS CO LTD KMRK American Trust Investment Services, 2.0M Shares, $4.00-4.00, $8.0 mil, 7/11/2025 Friday
(Incorporated in the British Virgin Islands)
We are principally engaged in the design, development, testing and sale of a diverse portfolio of toy products ranging from simple plastic toy products to more complex electromechanical toy products. Our solution services span across the entire development stage of toy products from design, prototype testing, production management, quality control to after-sales services.
We specialize in the development of infant and pre-school educational toys and learning kits.
Note: Net income and revenue are in U.S. dollars for the 12 months that ended Sept. 30, 2024.
(Note: K-Tech Solutions Co. Ltd. is offering 2.0 million shares at an assumed IPO price of $4.00 each to raise $8.0 million, according to its F-1/A filing.)
Delixy Holdings Ltd. DLXY Bancroft Capital, 2.0M Shares, $4.00-5.00, $9.0 mil, 7/14/2025 Week of
We trade crude oil and oil-based products, including fuel oils, gasoline, additives, gas condensate, in Southeast Asia and East Asia. (Incorporated in the Cayman Islands)
We are principally engaged in the trading of oil related products, which can be broadly categorized into (i) crude oil and (ii) oil-based products such as fuel oils, motor gasoline, additives, gas condensate, base oil, asphalt, petrochemicals and naphtha (heavy gasoline), in Southeast Asia and East Asia..
We have the financial capability to provide our customers with financing alternatives and credit terms
We are able to provide our customers with credit terms of up to 90 days by leveraging our strong balance sheet position as well as short term credit facilities available to the Group. Our ability to extend these advantageous credit terms to our customers allows us to cater to the diverse needs of our customers across multiple countries and to provide them with the financial flexibility they may require for their business operations. As of the date of this prospectus, the amount outstanding with respect to these credit facilities is zero.
We have an experienced management team with strong relationships across our value chain.
Our management team headed by our Executive Chairman, Chief Executive Officer and Executive Director Mr. Xie, has decades of trading experience and experience in oil trading as well as in the oil industry generally, including oil refining and logistics. We also maintain strong relationships with our suppliers, storage facilities providers and fleet and logistics providers, and are able to effectively service our clients and ensure a reliable supply of crude oil and oil-based products.
We have robust and strong risk management and internal controls capabilities
We believe that the ability to manage risk is one of our key strengths. Risk management is a core function under the supervision of our senior leadership structure. Our sound risk management practices have contributed to our positive performance through the volatile market environment in recent years and have helped to mitigate earnings volatility.
We are strategically located in Singapore, Asia’s refined products trading hub.
Note: Net income and revenue are in U.S. dollars for the year that ended Dec. 31, 2024.
(Note: Delixy Holding Corp. is offering 2.0 million shares at a price range of $4.00 to $5.00 to raise $9.0 million, according to its F-1/A filings. Of the 2.0 million shares in the IPO. Delixy Holdings Ltd. is offering 1.35 million ordinary shares and the selling shareholders are offering 650,000 ordinary shares.)
🏁 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 7, 2025) was also published on our website under the Newsletter category.