Emerging Market Links + The Week Ahead (June 16, 2025)

Asia’s hydro-geometry, Chinese carmakers run on empty, Macau satellite casino closures, TSMC vs. UMC sales, South Korea dials down NK tensions, EM stock picks and the week ahead for emerging markets.

Our recent posts have covered the slow-motion car wreck happening in the hyped Chinese EV industry with the Financial Times now reporting that China’s car industry runs on empty as supply chain bills go unpaid 🗃️ while Caixin has reported that under fire, Chinese carmakers promise prompter payment for suppliers plus how Chinese exporters pivot to domestic consumers in trade war hedge. In addition, Bamboo Works’ has noted that Nio’s road to profitability obscured in haze of losses.

Someone on X has also just tweeted this chart:

And this clearly anti-CCP YouTuber also raises good points in this shorter summary video:

[The full 51 minute episode is below]

As always with China, its hard to know where the exact truth lies. However, everyone should be reminded that many of China’s real estate problems can be traced directly and indirectly back to Evergrande which, like BYD, got big enough to lay waste to an entire sector of the economy...

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🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

• 🇨🇳 China & Hong Kong Stock Picks (May 2025) Partially $

  • Who is the Chinese EV Evergrande 2.0

  • 🇨🇳 China - Sany Heavy Equipment International Holdings, Li Auto Inc., Xiaomi, PDD Holdings, Kuaishou Technology, EHang Holdings, Meituan, Tongcheng Travel, BaTeLab, Topsports, Baozun, Kanzhun Limited, iQIYI, Baidu, Xpeng Inc., Weibo, Sun Art Retail Group Ltd, ZTO Express, Naura Technology, Bilibili, Trip.com, Leapmotor, Geely Automobile, Angelalign, Alibaba, Ke Holdings, NetEase, Nexteer Automotive Group, VSTECS Holdings, CGN Mining, InnoCare Pharma, Tencent, JD.com, Tencent Music Entertainment Group, Hua Hong Semiconductor, Foxconn Interconnect Technology (FIT Hon Teng), BeiGene, Haier Smart Home, Yum China, China Life Insurance & Will Semiconductor Co Ltd

  • 🇭🇰 Hong Kong

    • 🤖 DEEPSEEK INSIGHTS

    • 🤖 DEEPSEEK - Top Picks Based on Metrics

    • 🤖 Conclusion

    • DFI Retail Group Holdings Ltd, Link Real Estate Investment Trust, Vitasoy International Holdings Ltd, Wharf Holdings Ltd, Hongkong Land Holdings Ltd, Sands China Ltd, Luk Fook Holdings International Ltd, BOC Hong Kong Holdings Ltd, HKR International Ltd, Samsonite International SA, China Aircraft Leasing Group Holdings Ltd, Nissin Foods Co Ltd, Tai Cheung Holdings Ltd, Swire Properties Ltd, Hutchison Port Holdings Trust, Galaxy Entertainment Group Ltd, Budweiser Brewing Company APAC Ltd, Techtronic Industries, Sun Hung Kai Properties Ltd, Cafe De Coral Holdings Ltd, ASMPT Ltd, Prada SpA & AIA Group Ltd.

  • 20+ high conviction stock ideas

    • 🤖 DEEPSEEK - Key Themes from the CMBI May 2025 List

    • 🤖 DEEPSEEK - Notable Metrics

    • 🤖 DEEPSEEK - Conclusion

    • Geely Automobile, Xpeng Inc., Zoomlion Heavy Industry, Sany Heavy Industry, Atour Lifestyle Holdings, ANTA Sports Products, Luckin Coffee, Yum China, Proya Cosmetics, China Resources Beverage Holdings (CR Beverage), BeiGene, Innovent Biologics, AIA Group Ltd, PICC Property and Casualty Co Ltd, Tencent, Alibaba, Trip.com, Greentown Service Group, Xiaomi, BYD Electronic International, Horizon Robotics, Will Semiconductor Co Ltd, BaTeLab, Naura Technology & Salesforce

• 🌐 EM Fund Stock Picks & Country Commentaries (June 15, 2025) Partially $

  • Israel-Iran conflict impact on stocks/markets, Taiwan trip report, AI monetization taking shape, new leveraged MercadoLibre ETF, can ex-US markets continue their outperformance, May fund updates, etc.

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📰🔬 Emerging Market Stock Picks / Stock Research

$ = behind a paywall / 🗃️ = Link to an archived article

🌏 Asia

🌏 When Rivers Turn Hostile - China’s Mega-Dam, Water Politics, and the Water Wars of the 21st Century (Murray Hunter)

• China’s proposed mega-dam on the Yarlung Tsangpo—known downstream as the Brahmaputra—isn’t just an engineering feat. It’s a declaration. At $137 billion and 60,000 megawatts, it will dwarf even the Three Gorges Dam. But its real power isn’t electrical—it’s geopolitical.

• The dam sits in Tibet, the “Water Tower of Asia,” source of major rivers that sustain over a billion people across 10 countries. For Beijing, it’s part green transition, part strategic assertion. At one level, it’s about reducing coal dependence and meeting net-zero targets. At another, it’s about establishing hydro-sovereignty: the idea that whoever controls the headwaters controls the future.

• This becomes starkly provocative when we consider Asia’s hydro-geometry. China sits upstream of the Brahmaputra, Mekong, Irrawaddy, and Salween—rivers that snake into India, Bangladesh, Myanmar, Laos, Cambodia, Vietnam, and Thailand. Unlike India, which is bound by the Indus Waters Treaty with Pakistan and the Ganges Treaty with Bangladesh, China has signed no binding transboundary water agreements. It prefers soft, bilateral deals—tools it can adjust as strategic needs evolve.

🇯🇵 Tabio: Licensing and Overseas Expansion Should Boost Sock Retailer (Smartkarma) $

• Tabio Corp (TYO: 2668) is the biggest retailer of hosiery in Japan but has suffered a decade of stagnant growth.

• It now has plans to grow e-commerce, men’s sports lines through licenses such as with FC Barcelona.

• It will also speed up overseas expansion, especially in China.

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🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 In Depth: Chinese Exporters Pivot to Domestic Consumers in Trade War Hedge (Caixin) $

• The recent 90-day truce in the U.S.-China tariff war has prompted a flurry of activity among Chinese exporters, with traders rushing to ship goods overseas before tensions escalate again. But at the same time a major shift is underway among exporters — many are now trying to sell those same goods at home, as they scramble to hedge their bets against future global instability.

• In April, as Beijing and Washington went to toe-to-toe with tariffs, foreign trade manufacturers turned to domestic consumers, launching high-profile “export-to-domestic sales” exhibitions and campaigns in supermarkets, department stores and shopping malls. Manufacturing areas held investment promotion conferences and e-commerce platforms tilted traffic toward “repatriated” foreign trade products.

🇨🇳 Analysis: China’s Exports Slow as U.S. Shipments Plunge (Caixin) $

• China’s export growth slowed to 4.8% year-on-year in May from 8.1% in April, a negative surprise to the consensus expectation of 6% growth.

• On a seasonally adjusted basis, our preliminary estimate suggests the shipment level expanded 0.7% month-on-month in May, following a contraction of greater than 1% in April. The sequential shipment expansion led to further strength in export momentum.

• In summary, the shipment level may have picked up and export momentum may have strengthened, but the sequential improvement was not enough to support headline year-on-year growth. Furthermore, we estimate real export growth moderated to 7.9% year-on-year in May from 13% in April.

🇨🇳 Analysis: E-commerce giants extend midyear sale as China’s consumption slump drags on (Caixin) $

• China’s major e-commerce platforms have extended their promotional campaigns for the country’s annual midyear shopping festival, as they grapple with weak consumer spending and rising competition from smaller rivals like Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY).

• Alibaba (NYSE: BABA)’s Taobao and Tmall platforms kicked off their “618” presales on May 13, a week earlier than last year, extending their campaigns to June 20 for a total of 39 days. Similarly, JD.com (NASDAQ: JD) and PDD Holdings (NASDAQ: PDD) or Pinduoduo also stretched their events to 39 days, compared to 21 days and 33 days in 2024, respectively, according to local media.

🇨🇳 Tencent, Kuaishou, and Huya: What Stood Out in Their Q1 2025 Earnings (The Great Wall Street - Investing in China)

• I went through the reports and calls—here’s what I found worth paying attention to.

• This quarter, I’m taking another look at the earnings from Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY), Kuaishou Technology (HKG: 1024 / 81024 / LON: 0A74 / OTCMKTS: KUASF / KSHTY), and Huya Inc (NYSE: HUYA). Just like last time, I’m focusing on a few Chinese companies operating in related spaces. I sometimes like to read and write about several companies together because they work in similar fields, and you can learn a lot by seeing different companies talk about the same thing from different angles.

• But again, this isn’t a detailed walkthrough of every line in the income statement. I won’t be dissecting gross margin trends by segment or calculating free cash flow conversions. What I’m doing is pulling out the things that stood out to me—developments that seemed under-discussed, or simply details I found interesting.

• The goal here isn’t to drown in numbers, but to work out a few things that might actually matter.

🇨🇳 Alibaba’s Bold AI & Cloud Bet Is Driving Our Optimism–But It Comes at A BIG COST! (Smartkarma) $

• Alibaba (NYSE: BABA) delivered a mixed performance in the March quarter and for the full fiscal year 2025, showing resilience in its core operations while falling short of analyst expectations on key financial metrics.

• The company reported revenue of $32.58 billion for the quarter, marking a 7% year-over-year increase, but this fell below projections of $33.28 billion.

• Net income for the period came in at $1.71 billion, significantly lower than the anticipated $2.93 billion.

🇨🇳 Baidu Targets Enterprise Cloud Market with a Raft of Industry-Specific AI Agents (Smartkarma) $

• Chinese tech giant Baidu (NASDAQ: BIDU) is intensifying its push into the enterprise cloud market with a suite of industry-specific artificial intelligence (AI) agents designed to deeply integrate AI into business operations across sectors such as energy, healthcare, transportation and automotive..

• The company recently unveiled its new lineup of AI agents tailored for vertical industries including transportation, automotive, medical and environmental services. The rollout underscores Baidu’s intent to use intelligent cloud services as a strategic entry point into China’s enterprise market amid growing demand for AI-driven infrastructure.

🇨🇳 JD.com: AI Expansion into On-Demand Retail & Food Delivery Is An Interesting New Development! (Smartkarma) $

• In the first quarter of 2025, JD.com (NASDAQ: JD) reported strong financial and operational performance, indicating a positive start to the year.

• The company's total revenues increased by 16% year-over-year, showing accelerated growth compared to the previous quarter.

• This growth was broad-based, with electronics and home appliances revenue up by 17% and general merchandise revenue rising by 15%, demonstrating the strength of JD.com's diversified product range and supply chain capabilities.

🇨🇳 BGM transformed by rapid series of AI acquisitions (Bamboo Works)

• The company looks set for big growth after adopting a Salesforce-like strategy of acquisitions and expansion to build an AI productivity platform

• BGM Group Ltd (NASDAQ: BGM) has been rapidly transforming from a traditional drug maker to an AI services provider through a rapid series of acquisitions worth more than $460 million

• The company aims to develop a low-barrier AI productivity toolset and collaborative ecosystem tailored for startups and individuals in China

🇨🇳 China’s Didi starts food delivery operations in Brazil, ahead of rival Meituan (Momentum Works)

• On Monday 9 June, DiDi Global (OTCMKTS: DIDIY) kickstarted its food delivery operations in Brazil through 99food brand. The launch took place in Goiânia, a city of 1.5 million residents in central Brazil.

• The launch came after two months of preparations, and ahead of Meituan’s Keeta starting their own operations in Brazil [Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY)].

• A few thoughts and pointers:

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

RoboSense Technology (HKG: 2498)

• The maker of sensors for assisted driving and robotics suffered a revenue dip in the first quarter but moved closer to its breakeven target

• The company managed to cut its losses by 24% in the quarter

• Growing demand for sensor systems for robots could tip the earnings balance in the firm’s favor

🇨🇳 Chinese Chipmaker Hygon to Buy Server Firm in $16 Billion Deal (Caixin) $

• Chinese chipmaker Hygon Information Technology (SHA: 688041) said it plans to acquire server manufacturer Dawning Information Industry Co Ltd (SHA: 603019) or Sugon, through a share swap deal, as Beijing ramps up its push toward tech self-reliance.

• Sugon shareholders will receive 0.5525 Hygon shares for each share held, according to details of the merger in a joint statement released by the Shanghai Stock Exchange Tuesday. This translates to a valuation of 115.967 billion yuan ($16 billion) for Sugon, representing a 28% premium over its market capitalization before the trading halt. Trading in both companies’ shares was halted on May 26 when a plan for the merger was announced.

🇨🇳 Cambricon to raise $700 million in race to build a Chinese AI chip leader (Bamboo Works)

• The advanced chipmaker has posted strong recent revenue growth and became profitable at the end of last year, as it recovers from U.S. sanctions

• Cambricon Technologies Corp (SHA: 688256) aims to raise 5 billion yuan through a new share placement, with plans to use the money to develop large language model chips and software

• The AI chipmaker’s explosive growth masks its risky dependence on a few major clients, threatening future revenue stability.

🇨🇳 Tencent To Acquire Nexon? Time and Price Lining Up for a Final Deal? (Douglas Research Insights) $

• Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) has been interested in acquiring Nexon Games (KRX: 225570) for more than six years. However, the timing and price were not right for such a deal to take place in the past.

• The higher probability scenario is for Kim's family members to sell when the timing and price is right. This time around, a $15 billion could be the right price.

• Late founder Kim's family members own a 44.4% stake in Nexon through NXC Corp and its affiliate NXMB BV. Kim's wife and daughters own a 67.6% stake in NXC Corp.

🇨🇳 China’s car industry runs on empty as supply chain bills go unpaid (FT) $ 🗃️

• Beijing has acted to ease stresses of a damaging price war with carmakers pressed to settle invoices within 60 days

🇨🇳 Under fire, Chinese carmakers promise prompter payment for suppliers (Caixin) $

• More than a dozen Chinese carmakers have pledged to pay all their suppliers within 60 days, joining a government effort to curb a prolonged price war that has eroded profits across the industry and undermined supply chain stability.

• A total of 17 major carmakers have made the 60-day payment pledge as of Wednesday afternoon, according to a tally released by the Ministry of Industry and Information Technology (MIIT).

🇨🇳 Chinese carmakers pledge faster supplier payments as price wars intensify (FT) $ 🗃️

• Beijing has cracked down amid fears that cut-throat competition is hurting industry

🇨🇳 BYD (1211 HK) Options: Unpacking the Top Trades of the Week (Smartkarma) $

• This Insight analyzes sophisticated, live, multi-leg options strategies on BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF), executed over the period from 2 June to 9 June on the HKEX

• Highlights: Discover a range of noteworthy strategies, from an in-the-money bear put spread, to a bold short-term bullish iron condor, and a butterfly aiming at a narrow price target.

• Why read: In-depth breakdown of complex option strategies, shedding light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies.

🇨🇳 Leapmotor rolls into Hong Kong with right-hand-drive debut (Caixin) $

• Chinese electric-vehicle (EV) maker Zhejiang Leapmotor Technology Co Ltd (HKG: 9863) on Thursday began taking preorders for two models in Hong Kong, marking its official entry into the right-hand-drive vehicle market.

• While Hong Kong is a small market, with annual sales of around 40,000 to 50,000 cars, the city will serve as a showcase for Leapmotor to reach global consumers and international investors to better understand the brand, Leapmotor Chairman Zhu Jiangming said.

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

• The NEV maker’s sales fell short of expectation and its losses continued to widen in the first quarter, even as founder Li Bin outlined a route to profitable by year-end

• NIO Inc (NYSE: NIO)’s first-quarter net loss widened 30.2% year-on-year, making its goal of becoming profitable by year end look even harder to reach

• The new energy vehicle maker’s 42,000 units delivered in the first quarter failed to reach even 10% of its annual target

🇨🇳 Biogene gets bruised in ‘Battle of the skincare belles’ (Bamboo Works)

• A squabble involving false advertising claims by a sinking Bloomage Biotechnology Corp Ltd (SHA: 688363) against highflying rival Giant Biogene Holding (HKG: 2367) has captivated China, with no end in sight

• Shares of Giant Biogene have plunged 30% in the month since it was accused of false advertising by rival Bloomage Biotech

• Biogene’s stock had more than doubled before the squabble on success of its collagen skincare products, making it vulnerable to an attack by its jealous rival

🇨🇳 CSPC Pharma teases big bucks deals after earnings miss (Bamboo Works)

CSPC Pharmaceutical Group (HKG: 1093 / FRA: CVG / OTCMKTS: CHJTF)

• The Chinese drug giant revealed it was in talks with three parties to license its products for up to $5 billion in potential fees, a day after it delivered lackluster earnings

• The drug firm’s revenue dropped nearly 22% in the first quarter while net profit fell just over 8%

• The ultimate value of the licensing deals, if finalized, would depend on the size of upfront payments and whether milestone goals are met

🇨🇳 Shandong Gold Mining Co., Ltd. (600547.SS, 1787.HK) - Scaling Production and Enhancing Margins (Smartkarma) $

• EBITDA margin is expected to expand to 19% by FY27, with EPS rising from CNY 0.51 to CNY 1.10, supported by operational efficiencies and a favorable gold price environment.

• Shandong Gold Mining Co Ltd (SHA: 600547 / HKG: 1787 / FRA: 188H / OTCMKTS: SDGMF) aims for 70–80 tonnes of self-mined gold by 2027, with FY25–FY27 revenue projected to reach CNY118.8 billion at $3,400/oz gold price, driven by volume growth & higher prices.

• Commodity price volatility, geopolitical risks in international ventures (Argentina, Greece), and state ownership influence pose challenges to margins and shareholder value.

🇨🇳 Checking out or checking in? Jin Jiang can’t decide (Bamboo Works)

• Three years after privatizing its Hong Kong-listed shares, storied hotelier Jin Jiang has rolled out plans to re-list on the city’s stock exchange

• Shanghai Jin Jiang International Hotels (SHA: 600754 / 900934) has applied to list in Hong Kong, just three years after withdrawing from the market

• The company’s profit tumbled over 80% in the first quarter as Chinese travelers reined in their spending

🇨🇳 Miniso: TOP TOY Spin-Off - Early Stage Pop Mart. Valuation Upside (Smartkarma) $

• MINISO Group Holding (NYSE: MNSO) has confirmed that it is considering a possible spin-off listing of TOP TOY, its pop toy division, signalling its intent to unlock value from its collectible toy business.

• Pop Mart International Group (HKG: 9992 / FRA: 735), the leading player in the pop toy retail segment, is trading at nearly 50x forward earnings compared to Miniso's 13.5x forward P/E.

• TOP TOY is in an early stage of its growth curve compared to Pop Mart and could be valued at a discount given notably lower operating margins.

🇨🇳 China Literature: IP Monetization Outlook Is Mixed (Seeking Alpha) $ 🗃️

• 🇨🇳 China Literature Ltd (HKG: 0772 / FRA: C2X) - Incubates original Mandarin IPs from its online literature platform for digital entertainment mediums (comics, animation, film, TV series, web series & games).

🇨🇳 Starbucks to cut prices in China (FT) $ 🗃️

• Consumer businesses under pressure from weaker economic backdrop and intense competition

🇨🇳 Starbucks garners ‘a lot of interest’ in China business stake, chief says (FT) $ 🗃️

• US coffee chain exploring partnership with outside investor to restore growth amid intense pricing competition

🇨🇳 Foshan Haitian Flavouring & Food Company Hong Kong IPO Preview (Douglas Research Insights) $

• Foshan Haitian Flavouring & Food (SHA: 603288) is the largest listed condiments producer in mainland China which is seeking to raise up to HK$9.56 billion (US$1.22 billion) in Hong Kong listing.

• It is offering 263.2 million shares at HK$35 to HK$36.30 each. The final offer price is expected to be announced on 17 June.

• Foshan Haitian Flavouring & Food is the largest condiments company in China with strong brand power with loyal customers.

🇨🇳 Global Funds Flood Back to Hong Kong IPOs as Haitian Flavouring Launches $1.2 Billion Share Sale (Caixin) $

• With international funds returning to Hong Kong IPOs, Chinese condiment and sauce giant Foshan Haitian Flavouring & Food (SHA: 603288) launched its HK$10 billion ($1.27 billion) H-share offering Wednesday — marking another major “A-share first, H-share later” listing that underscores a broader IPO resurgence fueled by strong global investor demand.

• Wang Yajun, head of equity capital markets for Goldman Sachs Asia ex-Japan, said international long-term funds are clearly resuming their participation in Hong Kong listings this year, with the number of global investors in some IPOs surpassing 20 — up from just a handful in 2022 and 2023.

🇨🇳 🇭🇰 In Depth: Can China’s A-Share Giants Push Hong Kong to Top Global IPO Spot? (Caixin) $

• Hong Kong looks set for a bumper year for IPOs after companies raised more than HK$76 billion ($9.7 billion) through new listings on the city’s exchange from the beginning of the year to May 25. That’s a year-on-year increase of more than eightfold and close to 90% of the HK$88 billion raised through such offerings for the whole of 2024.

• The boom is being driven partly by companies already trading on the A-share markets in Shanghai and Shenzhen seeking offshore IPOs to raise funds. Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750) accounted for more than half of the total, earning it the title of the world’s largest IPO of the year so far. The Shenzhen-listed battery giant debuted on Hong Kong’s main board on May 20, raising HK$41 billion, the largest IPO in the city in more than four years.

🇨🇳 🇭🇰 China’s new listing policy aims to deepen mainland-Hong Kong financial ties (Caixin) $

• China has given the green light to companies based in the Greater Bay Area (GBA) already listed in Hong Kong to pursue listings on the Shenzhen Stock Exchange (SZSE), a move aimed at further opening up the Chinese mainland’s stock market and deepening financial ties within the region.

• The new policy is contained in the Opinions on Further Advancing Shenzhen’s Comprehensive Pilot Reforms to Deepen Reform and Innovation and Expand Opening-Up, which was finalized in August 2024 but only publicly released on Tuesday by the State Council, China’s cabinet, and the Communist Party Central Committee.

🇭🇰 Silicon Motion: Positioned For Recovery And Sustainable Growth (Seeking Alpha) $ 🗃️

• 🌐 Silicon Motion Technology Corporation (NASDAQ: SIMO) - Designs, develops, & markets NAND flash controllers for solid-state storage devices. 🇼

🇭🇰 Century Ent flags joint venture deal for the Philippine market (GGRAsia)

• Hong Kong-listed Century Entertainment International Holdings Ltd (HKG: 0959) says it has signed an agreement to establish a joint venture to further develop an “existing gaming system platform and content development” business in the Philippines.

• In a Tuesday filing, Century Entertainment said the joint venture partner – whose name was not disclosed – is a company incorporated in the Philippines and licensed by the nation’s casino regulator, the Philippine Amusement and Gaming Corp (Pagcor), as a “gaming system service and gaming content provider”.

🇲🇴 ‘Satellite casino’ era winds down in transforming Macao (Bamboo Works)

• The phasing out of smaller casinos operated by licensed gaming firms in non-gaming properties could help to boost gaming company margins

• Key Takeaways:

  • All 11 of Macao’s “satellite casinos” will be shuttered by the end of this year, ending a three-year transition to phase out such casinos

  • Melco International (HKG: 0200 / FRA: MX7A / OTCMKTS: MDEVF), with just one satellite casino, will feel limited impact from its closure, while SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY), which has nine, will feel a much bigger impact

🇲🇴 Operators of satellite casinos in Macau say only informed of closures by partner SJM Holdings on Monday (GGRAsia)

• Four Hong Kong-listed operators of satellite casinos in Macau – each working under the licence of concessionaire SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY) – reacted on Monday night to news that all such operations in the city will close by the end of this year. A common note was confirmation that each firm only earlier that day had received information on the decision by SJM Holdings of not renewing their respective service agreements.

• Macau currently has 11 satellite casinos operating under the 10-year gaming concessions that began in January 2023. Nine of these 11 venues operate under SJM Holdings’ licence; one under Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF)’s permit; and one under Melco Resorts & Entertainment Ltd (NASDAQ: MLCO)’s gaming rights.

🇲🇴 Macau satellite casino closures impact ‘negligible’ for Melco, Galaxy Ent, but more complex for SJM: analysts (GGRAsia)

• The announced closure of Macau’s 11 satellite casinos by year-end was a “negative surprise”, and the transition will in likelihood be more complex for SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY) than the other concessionaires that have satellite partners, said various brokerages.

• All three affected concessionaires issued statements on Monday afternoon regarding the closure of their respective satellite casinos by year-end.

• JP Morgan Securities (Asia Pacific) Ltd said in a Tuesday memo that in its view the impact from the cessation of satellite operations would be “negligible” for Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) and Melco Resorts & Entertainment Ltd (NASDAQ: MLCO).

🇲🇴 Macau govt underestimates economic pain of satellite casino closures: real estate association (GGRAsia)

• The Macau government has “underestimated” the economic impact from the closure by year-end of Macau’s 11 satellite casinos, says the Macau General Association of Real Estate.

• That is in terms of the risk attached to outstanding loans raised by satellite-property investors, and the dependence of nearby small and medum-sized enterprises (SMEs) on foot traffic from those casinos.

• The association estimates “over MOP50 billion” (US$6.19 billion) in loans are directly tied to satellite properties and their investors, with up to an additional “MOP20 billion” in loans tied to satellite-hinterland shops and other service providers.

🇲🇴 Ponte 16 and L’Arc will still need Macau govt nod to continue gaming as SJM core properties: André Cheong (GGRAsia)

• The two Macau properties that SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY) has flagged it will acquire, are Ponte 16, a casino hotel in the Inner Harbour district, and L’Arc Macau, in downtown Macau.

• The other SJM Resorts satellites – and that the company has not pledged to acquire – are: Casino Grandview; Casino Legend Palace; Casino Fortuna; Casino Landmark; Casino Emperor Palace; Casino Kam Pek Paradise; and Casino Casa Real.

• Paradise Entertainment Ltd (HKG: 1180 / FRA: LIL3 / OTCMKTS: PDSSF), the Hong Kong-listed partner at Casino Kam Pek Paradise, had halted trading in its shares at 2.27pm on Monday.

🇲🇴 Jay Chun ups Paradise Ent stake amid share plunge as Macau ditches satellite casinos (GGRAsia)

• Jay Chun, chairman and managing director of Hong Kong-listed Paradise Entertainment Ltd (HKG: 1180 / FRA: LIL3 / OTCMKTS: PDSSF), has spent about HKD323,880 (US$41,263) with two transactions in the space of three days, to acquire an aggregate of 356,000 shares in the company. The move comes amid a plunge in the firm’s stock value following the June 9 news that all satellite gaming operations in Macau will close by year-end.

• As well as making gaming equipment, Paradise Entertainment provides casino management services for the satellite gaming venue Casino Kam Pek Paradise in downtown Macau.

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🇹🇼 Taiwan

🇹🇼 TSMC Reports Another 40% YoY Revenue Growth In May, Resisting Tariff Fears (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: AI's Most Powerful Gatekeeper (Seeking Alpha) $ 🗃️

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

🇹🇼 TSMC, UMC Monthly Sales: A Tale of 2 Worlds (Smartkarma) $

• Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) is on its way to beat its 2Q revenue guidance, Apr + May represent 72% of 2Q guide. YTD revenue growth 43% YoY, Consensus at 26% (NT$). Upgrade coming?

• United Microelectronics Corp (TPE: 2303 / NYSE: UMC) is on its way to miss its 2Q revenue guidance, Apr + May represent 63% of 2Q guide. YTD revenue growth 4% YoY . No recovery in legacy semiconductor.

• This confirms, again, that AI is the only growing segment in semiconductors. The rest is lackluster (computers, smartphone, automotive, industrial, you name it).

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🇰🇷 Korea

🇰🇷 South Korea silences border loudspeakers to dial down tensions with North (FT) $ 🗃️

• Leftwing president Lee Jae-myung has taken early conciliatory steps towards Pyongyang

🇰🇷 Emergence of North Korea Reconciliation Related Stocks Starting to Outperform (Douglas Research Insights) $

• In this insight, we discuss the emergence of the North Korea reconciliation related stocks that are starting to outperform. We have seen this playbook before.

• With the new President Lee Jae-Myung, there is likely to be an outperformance of some of these stocks once again.

• Among the 6 stocks listed above, we believe Hyundai Elevator Co Ltd (KRX: 017800 / OTCMKTS: HYEVF) is one of best stocks to capitalize on the increased reconciliation with North Korea.

🇰🇷 No Visa For Group Tour Visitors from China to South Korea Likely Starting 3Q 2025 (Douglas Research Insights) $

• In the next several weeks, the South Korean government is likely to provide details of a no visa policy for group tour visitors from China to South Korea.

• We provide a list of top 15 Korean companies that could benefit from potential no visa policy for group tour visitors from China to South Korea.

• These 15 companies' share prices are up on average 49.2% YTD, sharply outperforming KOSPI and KOSDAQ that are up 21.2% and 15.9%, respectively YTD.

🇰🇷 Shinsung Tongsang: A Second Try at Tender Offer and Privatization (Douglas Research Insights) $

• On 9 June, [Knitwear & fashion stock] Shinsung Tongsang (KRX: 005390) announced a second tender offer after a failed attempt last year. Tender offer price is 4,100 won per share.

• The tender offer price this time (second try) is much higher than recent prices, making it much more likely that the tender offer will be successful.

• From 2019 to 2023, Top Ten's sales nearly tripled whereas Uniqlo Korea's sales declined by about 33% in the same period.

🇰🇷 NAV Analysis of Hanmi Science, Amorepacific Holdings, Youngone Holdings, OCI Holdings, & Orion Holdings (Douglas Research Insights) $

• In this insight, we provide updated NAV valuations of Hanmi Science (KRX: 008930), Amorepacific Group (KRX: 002790), Youngone Holdings (KRX: 009970), OCI Holdings (KRX: 010060), and Orion Holdings (KRX: 001800).

• These five smaller holding companies have also outperformed the market this year (up 43% on average versus KOSPI which is up 20% in the same period).

• These holdcos' outperformance has been driven by investors' perception that the new Lee Jae-Myung administration will make real changes to improve corporate governance policies.

🇰🇷 Preferred Shares of Five Major Korean Holdcos - Likely to Close the Gap Further With Common Shares (Douglas Research Insights) $

• In this insight, we discuss the preferred shares of five major holding companies and how the share price gap relative to their common counterparts could decrease.

• There is a relatively easy way to improve shareholder value of these holding companies which is to cancel the entire preferred shares that trade at discount to their common counterparts.

• The common shares of these five companies have experienced an average share price appreciation of 33.2% YTD versus 28.7% appreciation for their preferred shares counterparts.

🇰🇷 Korea Small Cap Gem #36: FnGuide [Increasing Moat for Its Index Business] (Douglas Research Insights) $

• FnGuide Inc (KOSDAQ: 064850) has been able to capitalize on its excellent brand name in the financial industry (especially for research used in equity trading) to profitably expand into the index development business.

• Although the index business accounted for 25% of its sales in 2024, it has been the fastest growing business in the past six years.

• Valuations are reasonable and it is trading at 27% below four year historical EV/EBITDA basis. We like FnGuide as a long-term investment story.

🇰🇷 Why Amazon Issuing Stablecoins Could Negatively Impact Samsung Card's Share Price (Douglas Research Insights) $

• WSJ reported that Amazon.com (NASDAQ: AMZN) and other major multinational in the US are actively considering on potentially issuing their own stablecoins. This could negatively impact card issuers such as Samsung Card (KRX: 029780).

• Once stablecoins are legally approved in South Korea and some of the major merchants in Korea start to use stablecoins, the current revenue streams of Samsung Card could get disrupted.

• Although the exact levels of revenue disruption still remain uncertain, many investors do not like uncertainty which means that some investors could start to reduce their holdings on Samsung Card.

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🌏 SE Asia

🇲🇾 China-Malaysia crackdown on alleged Ponzi scheme rattles Penang’s corporate, political circles (CNA)

• Malaysian government officials told CNA the ongoing clampdown, which is at its initial stages and is likely to involve more arrests and asset seizures, is part of a months-long joint operation between the Home Affairs Ministry and China’s Public Security Ministry.

🇲🇾 Rumblings of corruption in Penang may become an earthquake & From Scams to State Projects: How the Teow Web Infiltrated Malaysia’s Mega Deals (Murray Hunter)

• Chinese authorities force Malaysian police to act upon Ponzi scheme in Penang

🇲🇾 Anwar’s friends have all abandoned him (Murray Hunter)

• His political career is in crash dive mode

🇵🇭 Jollibee Foods Close to Acquiring Norang Tongdak in Korea (Douglas Research Insights) $

• It was reported in Chosun Business Daily that the Phillippine food giant Jollibee Foods (PSE: JFC / OTCMKTS: JBFCF / JBFCY) is close to acquiring Norang Tongdak.

• The entity to be sold is a 100% stake in Norang Food, the operator of Norang Tongdak. The sales price is expected to be around 150 billion won.

• EV/EBITDA multiple ranges from 7.2x to 9.3x if we assume equity value range from 130 billion won to 160 billion won.

🇵🇭 Globe Telecom: Consider Regulatory Uncertainty And Monetization Potential (Rating Downgrade) (Seeking Alpha) $ 🗃️(?)

• 🌐🅿️ Globe Telecom (PSE: GLO / GLOPP / OTCMKTS: GTMEY / GTMEF) - Telecommunications services + human capital management, BPO, IT, software dev’t, consultancy, data center services, etc. Subs. of Ayala Corp (PSE: AC) + Singtel (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF). 🇼

🇵🇭 Puregold: More Dividends Could Be A Significant Catalyst (Seeking Alpha) $ 🗃️

• 🇵🇭 Puregold Price Club (PSE: PGOLD / OTCMKTS: PGCMF / PRGLY) - Supermarkets + S&R Membership Shopping. JV with convenience store chain Lawson Inc (TYO: 2651 / FRA: LAW / OTCMKTS: LWSOF). 🇼

🇵🇭 Bank of the Philippine Islands: Expecting Positive Surprises (Rating Upgrade) (Seeking Alpha) $ 🗃️

• 🇵🇭 Bank of the Philippine Islands (PSE: BPI / OTCMKTS: BPHLF / BPHLY) - Oldest bank in the Philippines & SE Asia. 🇼

🇸🇬 Grab: $1.25bn Convertible Note Seems A Move To Secure Financing For Potential Acquisition (Seeking Alpha) $ 🗃️

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

🇸🇬 DBS Group Holdings: Tapping Into Asia's Booming Wealth Management Growth (Seeking Alpha) $ 🗃️

• 🌏 DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) - Financial services group in Asia with a presence in 19 markets: Greater China, Southeast Asia & South Asia. 🇼 🏷️

🇸🇬 BitFuFu: Q1 Was A Strategic Reset, But Hashrate Rebound Signals A Stronger Q2 Ahead (Seeking Alpha) $ 🗃️

• 🌐 BitFuFu Inc (NASDAQ: FUFU / FUFUW) - Digital asset mining service and world-leading cloud-mining service provider.

🇸🇬 FAX: Limited U.S. Dollar Exposure A Huge Plus (Seeking Alpha) $ 🗃️

• 🌏 abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN: FAX) - Closed-end fund.

🇸🇬 SIA Engineering: I Was Wrong, Upgrade To Buy (Seeking Alpha) $ 🗃️

• 🌐 SIA Engineering Company (SGX: S59 / FRA: O3H / OTCMKTS: SEGSF) - Maintenance, repair & overhaul (MRO) provider. Subs. of Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF). 🇼 🏷️

🇸🇬 How This Quiet Blue Chip More Than Tripled Your Money (The Smart Investor)

• While the spotlight often falls on banks and tech stocks, one of Singapore’s most consistent performers has quietly delivered strong long-term returns.

• Over the last 10 years, Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering has delivered a total return of nearly 233% with dividends reinvested.

• That means a S$10,200 investment would be worth nearly S$34,000 today. The stock hit a record high of over S$8 per share on 6 June 2025.

  • A Decade of Steady Compounding

  • Strong Business, Quiet Execution

  • Order Book Visibility

  • The Turnaround and Recovery

  • The Long-Term Lesson

  • Get Smart: What to Watch Next

🇸🇬 3 Singapore Stocks to Watch as Oil Prices Climb (The Smart Investor)

• Rising oil prices could fuel gains for these 3 Singapore-listed companies.

  • Seatrium Ltd (SGX: SE2 / FRA: S8N / OTCMKTS: SMBMF) is an engineering solutions company specialising in engineering solutions for energy infrastructure.

  • Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) is an alternative asset management firm with S$88 billion of funds under management.

  • Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF) is a Singapore-based energy supplier and urban development company.

🇸🇬 3 Solid Singapore Dividend Stocks for Recession-Proof Income (The Smart Investor)

• Here are three dividend-paying stocks that can continue to dish out reliable dividends even when the economy tanks.

  • Raffles Medical Group (SGX: BSL / FRA: 02M1 / OTCMKTS: RAFLF), or RMG, is an integrated healthcare provider with a network of four hospitals and over 100 multi-disciplinary clinics.

  • IHH Healthcare Bhd (KLSE: IHH / SGX: Q0F / OTCMKTS: IHHHF) is also an integrated healthcare player that owns a portfolio of trusted brands such as Mount Elizabeth, Gleneagles, Fortis, Parkway, and Acibadem.

  • Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF), or FCT, is a retail REIT with a portfolio of nine suburban retail malls and an office building in Singapore.

🇸🇬 5 Singapore Blue-Chip Stocks Whose Share Prices Fell Double-Digits Year-to-Date: Are They a Buy? (The Smart Investor)

• Although the Straits Times Index (SGX: ^STI) is one of the better-performing indices globally year-to-date, there are several stocks that saw their share prices fall by double digits over the same period.

• Here are five that could be bargains waiting for the picking.

  • Yangzijiang Shipbuilding Holdings (SGX: BS6 / FRA: B8O / OTCMKTS: YSHLF), or YZJ, is one of the largest non-state-owned shipbuilding companies in China.

  • Jardine Cycle & Carriage (SGX: C07 / FRA: CYC), or JC&C, is an investment holding group with interests in different businesses spread across Indonesia and Vietnam.

  • Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF) is a provider of technology products, services, and solutions.

  • Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF), or MLT, is an industrial REIT with a portfolio of 180 properties spanning eight countries.

  • SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) is a leading provider of gateway solutions, air cargo transport services, and airline catering.

🇸🇬 3 Singapore Stocks Reporting Higher Profits and Dividend Yields Exceeding 5.8% (The Smart Investor)

• We highlight three attractive stocks that not only delivered higher profits but also sport dividend yields of 5.8% or higher.

  • Multi-Chem Ltd (SGX: AWZ) has been distributing IT products since 2002 and is a leading regional cybersecurity and network performance products.

  • First Resources Ltd (SGX: EB5 / FRA: 5F1 / OTCMKTS: FTROF) is a leading palm oil producer which manages more than 200,000 hectares of oil palm plantations across various provinces in Indonesia.

  • Sing Investments & Finance (SGX: S35), or SIF, is a finance company offering a full spectrum of financial products and services, including deposits, personal financing, and corporate finance.

🇸🇬 These 5 Singapore Dividend Stocks Beat DBS Over the Last Decade: Did You Own Them? (The Smart Investor)

• DBS has done very well over the last decade by delivering a mix of capital gains and dividends for its shareholders. But these five stocks beat the bank over the same period.

  • Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF), or SCI, is a utility and urban development specialist.

  • iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF) is a financial technology company that operates a digital platform for the buying and selling of unit trusts, equities, and bonds.

  • UMS Integration Ltd (SGX: 558 / OTCMKTS: UMSSF) provides equipment manufacturing and engineering services to original equipment manufacturers (OEMs) of semiconductors and related equipment.

  • Food Empire (SGX: F03) manufactures instant beverages, snack foods and food ingredients and sells them in over 60 countries.

  • Azeus Systems Holdings (SGX: BBW) is a provider of software products and services and delivers innovative IT solutions to organisations and government agencies in more than 100 countries.

🇻🇳 VinFast Auto Q1 Earnings: Growth Not Worth The Cost (Seeking Alpha) $ 🗃️

• 🌐 VinFast Auto Ltd. (NASDAQ: VFS) - Design & manufacture of EVs, e-scooters, e-buses & parts. 🇼

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🇮🇳 India / South Asia / Central Asia

🇮🇳 Wipro Continues To See Client Ramp-Downs And Declining Revenue (Seeking Alpha) $ 🗃️

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

🇮🇳 Infosys: High Cash Flow But Revenue Growth Remains A Challenge (Seeking Alpha) $ 🗃️

• 🌐 Infosys (NYSE: INFY) - IT outsourcing services. 🇼 🏷️

🇮🇳 The Beat Ideas: Chambal Fertilisers - From Urea Giant to Agri-Solutions Powerhouse (Smartkarma) $

• Chambal Fertilisers and Chemicals Ltd (NSE: CHAMBLFERT / BOM: 500085) or CFCL is shifting from a subsidy-driven urea player to a diversified Agri-inputs firm, with strong traction in crop protection, biologicals, and a INR 1,645 Cr TAN project. .

• This diversification reduces exposure to regulatory risks, enhances margins, and positions CFCL for long-term structural growth in high-value Agri-solutions

• With a near debt-free balance sheet and visibility on INR 900–1,000 Cr revenue from TAN, we now view CFCL as a multi-engine growth story beyond commoditized urea.

🇮🇳 RITES Ltd (NSE: RITES) – Stable Core, Turnkey Drag, Strong Rail Capex Tailwinds (Smartkarma) $

• Rites Ltd (NSE: RITES / BOM: 541556) reported a ~10% YoY decline in revenue, from Rs2,453 Cr in FY24 to Rs2,218 Cr in FY25, with PAT falling ~16% to Rs424 Cr due to reduced turnkey execution.

• The company is ramping up selective metros, export projects, and EPC work, while maintaining its strong core consultancy business, which makes up roughly 50% of revenue.

• Trading at around 34× P/E, with a ROCE of ~21% and a dividend yield of ~3.8%, RITES remains well-positioned to benefit from India’s sustained rail sector investments.

🇮🇳 Shilpa Medicare: Strong FY25, FDF and Biologics, Focus on Asset Monetisation (Smartkarma) $

• Shilpa Medicare Ltd (NSE: SHILPAMED / BOM: 530549)’s FY 25 revenue +13 %, EBITDA margin 26 %, EU-GMP clearances, key FDF launches and stronger biologics/CDMO orders mark a decisive operational step-up.

• Growth now rests on differentiated, limited-competition products and biologics CDMO, promising steadier earnings and less reliance on lumpy one-off licensing fees.

• Improved asset utilisation, regulatory wins and visible pipeline recast Shilpa from a cyclical API player into a diversified, higher-margin specialty-biologics growth story.

🇮🇳 Divi's Laboratories (DIVI IN): Double-Digit Growth and Margin Improvement to Continue (Smartkarma) $

• Divi's Laboratories (NSE: DIVISLAB / BOM: 532488) ended FY25 on a strong note. Continued momentum in CS business, recovery in generic business, and significant margin improvement are the key highlights of Q4FY25 result.

• Divi’s is witnessing sustained momentum in CS, with a healthy uptick in RFPs and regular site visits. Favorable product mix, stable raw material, and logistics prices will improve overall margin.

• Moving ahead, the company is looking to maintain double-digit revenue growth. This compares favorably with less than 2% revenue CAGR over the last three years.

🇮🇳 RHIM (NSE: RHIM) – Margins Easing, Capex Driving Growth, Integration Overhang Fading (Smartkarma) $

RHI Magnesita India Ltd (NSE: RHIM / BOM: 534076)

• Margin pressures are likely to ease from Q2FY26 as raw material costs normalize and recent price hikes take effect.

• The company is executing a Rs150 Cr capex plan focused on automating DOCL plants and localizing high-margin products.

• Integration challenges, cost inflation, and inventory issues that weighed on FY24–25 performance appear largely behind now.

🇮🇳 Oswal Pumps: Snapshot of Growth, Strategy, and Risks (NSE: OSWALPUMPS) (Smartkarma) $

• Past Growth: Oswal Pumps scaled rapidly under PM-KUSUM, becoming India’s largest solar pump supplier with strong revenue and order book growth.

• Plans: It aims to expand capacity, enter industrial pumps and motors, and grow exports and private-sector sales.

• Risks: Heavy reliance on a tapering subsidy scheme, limited post-KUSUM demand, and exposure to policy, ESG, and working capital challenges.

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🌍 Middle East

🇸🇦 Who comes after MBS in Saudi Arabia? (FT) $ 🗃️

• Prince Mohammed is all but assured to become monarch, but his rapid ascent has upended the kingdom’s royal hierarchy

🇦🇪 Frontier Telecom's Hidden Gem: VEON's Undervalued Growth And Nasdaq Catalyst (Seeking Alpha) $ 🗃️

🇦🇪 Veon's Post-Russia Pivot: A Digital Turnaround In Progress (Seeking Alpha) $ 🗃️

• 🌍🌏 VEON Ltd (NASDAQ: VEON) - Telecommunication & digital services company. Pakistan, Ukraine, Kazakhstan, Uzbekistan, Kyrgyzstan & Bangladesh. 🇼

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🌍 Africa

🇳🇦 Paladin Energy (ASX: PDN) – Ramp-Up Progressing Amid Strong Uranium Tailwinds & Optionality (Smartkarma) $

• Paladin Energy Ltd (ASX: PDN / FRA: PUR / OTCMKTS: PALAF) reported a Q3 FY25 net loss of US$38M, impacted by non-cash impairments and ramp-up costs, though production at Langer Heinrich hit post-restart highs.

• Management targets steady-state output of ~6 Mlb by FY27, with uranium demand set to outpace supply driven by new reactor builds and SMR adoption.

• At core EV/EBITDA of ~2.8x on US$70/lb uranium, valuations appear undemanding relative to long-life assets and sector-leading leverage to uranium prices.

🇿🇦 Sasol: The Stock That Makes You Scream (And Sometimes Smile) (Seeking Alpha) $ 🗃️

• 🌐 Sasol (NYSE: SSL) - Global chemicals & energy company. 3 distinct market-focused businesses, namely: Chemicals, Energy & Sasol ecoFT. 🇼 🏷️

🇿🇦 Most Investors Are Ignoring Absa Group - Here's Why That's A Mistake (Seeking Alpha) $ 🗃️

• 🌍Absa Group (JSE: ABG / OTCMKTS: AGRPY) - One of Africa’s largest diversified financial services groups with a presence in 15 countries. 🇼 🏷️

🇿🇦 Exxaro's Strategic Moves: Potential Full Buyout of Jupiter Mines Following JV Acquisition in Manganese Sector (Smartkarma) $

• Jupiter Mines Ltd (ASX: JMS / FRA: LGU / OTCMKTS: JMXXF)' valuation is implied at A$0.315/share, a 60% premium to current trading levels, following a JV sale.

• Exxaro Resources (JSE: EXX / FRA: LCQ / OTCMKTS: EXXAF) acquired a 20% stake in Jupiter Mines at A$0.315/share, indicating interest in further consolidation.

• The Tshipi Borwa mine, a Tier 1 asset, contributes ~6% to global manganese supply, primarily for steel production.

🇿🇦 Harmony Gold (HAR SJ / HMY US): Strong Results, Copper Diversification, Attractive Valuation (Smartkarma) $

• Harmony Gold Mining Company Limited (JSE: HAR / NYSE: HMY) delivered strong earnings and margin expansion, driven by higher gold prices and improved grades across key underground assets.

• The company is expanding into copper via CSA Mine and Eva, aiming to diversify production and enhance long-term cash flows.

• Valuations remain attractive, though risks include commodity price volatility, South African exposure, and integration of new international assets.

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🌍 Eastern Europe & Emerging Europe

🇬🇷 National Bank of Greece: Solidity Improves, But May No Longer Be A Buy (Seeking Alpha) $ 🗃️

• 🇬🇷 National Bank of Greece SA (ASE: NBGr / FRA: NAGF / OTCMKTS: NBGIF) - Greece’s first bank. 🇼

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🌎 Latin America

🌎 MercadoLibre: Even With A Premium, The Stock Has Room To Grow (Seeking Alpha) $ 🗃️

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

🇱🇺🌎 Tenaris: Long-Term Growth Factors Key To Maneuver Challenges (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇱🇺🌎 Tenaris: The Buybacks Continue (Seeking Alpha) $ 🗃️

• 🌐 Tenaris S.A. (NYSE: TS) 🇱🇺 - Welded steel pipes for gas pipelines (South America). Subs. of Argentine-Italian conglomerate Techint. 🇼

🌎 Ternium: Odd Choice Of Dividends When The Company Is Selling For 50% Book Value (Seeking Alpha) $ 🗃️

• 🌎 Ternium S.A. (NYSE: TX) 🇱🇺 - Manufactures & processes steel products (including for oil & gas) with 18 production centers in Argentina, Brazil, Colombia, United States, Guatemala & Mexico. Subs. of Argentine-Italian conglomerate Techint. 🇼 🏷️

🇦🇷 YPF Sociedad: From Deep Value To Fairly Priced Execution Play (Seeking Alpha) $ 🗃️

• 🇦🇷 🏛️ Ypf Sa (NYSE: YPF) - Vertically integrated, majority state-owned Argentine energy company. Oil & gas exploration & production + transportation, refining & marketing of gas & petroleum products. 🇼 🏷️

🇧🇷 Brazil plans panda bond as Lula looks to bolster ties with China (FT) $ 🗃️

• Planned issuance also includes debt in Europe and will test investor appetite amid concerns over government policies

🇧🇷 Petrobras: A Value Opportunity (Seeking Alpha) $ 🗃️

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

🇧🇷 Sigma Lithium: Low Costs Make It Ideal For The Next Lithium Upswing (Seeking Alpha) $ 🗃️

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

🇧🇷 Suzano: This Is Why The Market Likes The JV With Kimberly-Clark (Seeking Alpha) $ 🗃️ (?)

• 🌐 Suzano SA (BVMF: SUZB3 / NYSE: SUZ) - Largest paper & pulp company in Latin America. 🇼

🇧🇷 After Doubling, Sendas Distribuidora Still Looks Undervalued (Seeking Alpha) $ 🗃️

• 🇧🇷 Sendas Distribuidora SA (BVMF: ASAI3 / OTCMKTS: ASAIY) or Assaí Atacadista - Self-service wholesale company (Cash & Carry). 🇼 🇼 🏷️

🇧🇷 B3 S.A. - Brasil, Bolsa, Balcão: A Macro-Fueled Rally Has Pushed Expectations Too High (Seeking Alpha) $ 🗃️

• 🇧🇷 B3 SA - Brasil, Bolsa, Balcão (BVMF: B3SA3 / FRA: YBV0 / OTCMKTS: BOLSY) - São Paulo Stock Exchange (Bovespa), Brazilian Mercantile & Futures Exchange (BM&F) & CETIP. 🇼

🇧🇷 StoneCo: A Brazilian Growth Powerhouse (Seeking Alpha) $ 🗃️

• 🇧🇷 StoneCo Ltd (NASDAQ: STNE) 🇰🇾 - Fintech. Financial technology & software solutions to merchants for eCommerce.

🇨🇱 Sociedad Química y Minera De Chile: From The Atacama Desert To The World's Electric Cars (Seeking Alpha) $ 🗃️

• 🌐 Sociedad Química y Minera de Chile (NYSE: SQM) - Lithium, potassium nitrate, iodine & thermo-solar salts. 🇼

🇲🇽 Mexico’s Historic 2025 Judicial Elections: Winners, Controversies, and Political Implications (Moments in Mexico)

• Explore the historic 2025 judicial elections in Mexico, voter turnout, Morena’s consolidation of power, the Supreme Court justices elected, and what this means for the US-Mexico relationship.

🇲🇽 Gruma Facing Increasing Headwinds (Seeking Alpha) $ 🗃️

• 🌎 Gruma SAB de CV (BMV: GRUMAB / FRA: 3G3B / OTCMKTS: GMKKY / GPAGF) - One of the world's leading tortilla & corn flour producers. 🇼 🏷️

🇵🇦 Copa: An Undervalued And Well-Managed Airline In A Spicy Sector (Seeking Alpha) $ 🗃️

• 🇧🇷👼🏻 Companhia de Saneamento De Minas Gerais-Copas (BVMF: CSMG3) or COPASA - Among the largest sanitation companies in Brazil. 🏷️

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🌐 Global

🌐 “Shit” mining companies – the next stellar performers? (Undervalued Shares)

• Of all the publicly listed mining companies that "shat the bed" (American slang to describe a person or thing that failed, often in a complete and irreparable fashion), Bougainville Copper Ltd (ASX: BOC / FRA: BOU1 / OTCMKTS: BOCOF) (ISIN PG0008526520, AU:BOC) has to be the bellwether. Like the other companies featured in today's Weekly Dispatch, politics played a major role in its fate.

• The Australian company operated the giant Panguna copper mine in Papua New Guinea – once one of the world's largest, and notable for a significant amount of gold.

• However, the company's relationship with the indigenous population was anything but smooth.

• In 2022, I revisited the story, asking whether there was "A new oil boom in the Falkland Islands". Undervalued-Shares.com Lifetime Members received an in-depth report on Rockhopper Exploration (ISIN GB00B0FVQX23, UK:RKH) [Rockhopper Exploration (LON: RKH / FRA: R4Y / OTCMKTS: RCKHF)], then the last remaining Falkland Islands oil explorer still standing and a neglected micro-cap listed on London's AIM.

• Bangladesh's coal company that shat the bed

  • That's exactly what happened with GCM Resources PLC (LON: GCM / FRA: LFD / OTCMKTS: GCLMF) (ISIN GB00B00KV284, UK:GCM), a London-listed company that shat the bed in the mid-2000s.

🌐 Nebius: Time To Trim Aggressively (Rating Downgrade) (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. 🇼 🏷️

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📅 Earnings Calendar

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

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📅 Economic Calendar

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

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🗳️ Election Calendar

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

• Japan Japanese House of Councillors 2025-07-31 (t) Date not 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

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📅 Emerging Market IPO Calendar/Pipeline

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

BEST SPAC I Acquisition Corp. BSAAU Maxim Group, 5.5M Shares, $10.00-10.00, $55.0 mil, 6/13/2025 Priced

(Incorporated in the British Virgin Islands)

It is our intention to pursue prospective targets that are in the consumer goods sector, which we believe has an optimistic growth trajectory for the coming years. We also intend to focus on prospective target businesses that have potential for revenue growth and/or operating margin expansion with recurring revenue and cash flow, and strong market positions within their industries. We will primarily seek to acquire one or more businesses with a total enterprise value of between $100 million and $600 million.

(Note: BEST SPAC I Acquisition Corp. priced its small-cap SPAC IPO in sync with the terms in the prospectus – 5.5 million units at $10.00 each – and raised $55.0 million on Thursday night, June 12, 2025. Each unit consists of one of our Class A ordinary shares and one right to receive one-tenth (1/10th) of one Class A ordinary share upon consummation of our initial business combination.)

Happy City Holdings Limited HCHL Dominari Securities/Pacific Century Securities/Revere Securities, 1.0M Shares, $5.00-7.00, $6.0 mil, 6/16/2025 Week of

(Incorporated in the British Virgin Islands)

We are a restaurant operator that runs three all-you-can-eat hotpot restaurants through our wholly owned operating subsidiaries in Hong Kong. We have been in the restaurant services industry serving the Hong Kong market for over 5 years, which is a relatively short operating history compared to some of our established competitors. Our restaurants serve all-you-can-eat Thai and Japanese hotpot to our customers under the brand names “Thai Pot (泰金鍋)” and “Gyu! Gyu! Shabu Shabu (牛牛殿堂日式火鍋放題)”. As of the date of this prospectus, we operate three restaurants located in the Tsuen Wan District in the New Territories, the Mong Kok District in Kowloon, and the North Point District on Hong Kong Island.

For the years ended August 31, 2024, and August 31, 2023, our revenue was generated from providing food and beverage to customers in our restaurants in North Point, Mong Kok and Tsuen Wan.

We give customers set time limits for dining.

Note: Net income and revenue are in U.S. dollars for the year that ended Aug. 31, 2024.

(Note: Happy City Holdings Limited filed its F-1 on March 17, 2025, and disclosed the terms for its small-cap IPO: The company is offering 1.0 million shares at a price range of $5.00 to $7.00 to raise $6.0 million, if priced at the mid-point of its range.)

Julong Holding Corp. JLHL US Tiger Securities, 1.3M Shares, $4.00-6.00, $6.0 mil, 6/16/2025 Week of

(Incorporated in the Cayman Islands)

We aspire to be a pioneer and a leader in China’s intelligent integrated solutions industry that exceed customers’ expectations, embrace innovation, invest in technologies and effect improvements in the industry.

We are a growth-oriented professional provider of intelligent integrated solutions to public utilities, commercial properties, and multifamily residential properties operating at scale in China. The intelligent integrated solutions that we offer typically include intelligent security systems, fire protection systems, parking systems, toll collection systems, broadcasting systems, identification systems, data room systems, emergency command systems and city management systems.

Since our inception in 1997, we have focused on the successful and on-time execution of complex projects, through our “deliveries before deadline” and “customers first” initiatives. We initially focused primarily on providing products and services to individual customers, such as sole proprietorships, property owners and residents, until May 2012 when our founder, chairman and chief executive officer, Mr. Jiaqi Hu, led our strategic transition to become a provider of intelligent integrated solutions, mainly serving public utilities, commercial properties, multifamily residential properties and other institutional customers and focusing on complex and large-scale intelligent integrated engineering projects. As we cross-sell our service and solution offerings and further advance our purpose-built technologies, we have become well-prepared to achieve economies of scale and capture future opportunities.

We have successfully provided intelligent integrated services and solutions to numerous landmark infrastructure projects in private and public sectors in China, such as (i) the design, procurement, installation, integration and maintenance of the security system, access control system and parking system of an international airport in Beijing, (ii) the installation, integration and maintenance of the parking system and visitor management system of a prestigious public university in Beijing, and (iii) the operation and maintenance of the intelligent integrated systems of over 460 branches of a renowned commercial bank in Southwest China. We primarily obtain contracts either through direct invitation for quotation from customers, or through a competitive tendering process of the project employers or their main contractors.

Our business lines include (i) engineering solutions of intelligent projects, (ii) operation and maintenance of intelligent projects, and (iii) sales of equipment and materials of intelligent systems.

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

Note: As of Sept. 30, 2024, we had a backlog of (i) 75 engineering solutions of intelligent projects to be completed on contracts totaling RMB40,821 thousand (US$5.82 million) and (ii) 37 operation and maintenance of intelligent projects to be completed on contracts totaling RMB15,778 thousand (US$2.25 million) representing the total estimated contract value of work (including adjustments and variation orders) that remain to be completed pursuant to the terms of the outstanding contracts.

(Note: Julong Holding Ltd. unveiled the terms for its small-cap IPO: 1.25 million shares at a price range of $4.00 to $6.00 to raise $6.25 million, if priced at the $5.00 mid-point of its range.)

Kandal M. Venture Ltd. FMFC Dominari Securities/Revere Securities, 2.0M Shares, $4.00-5.00, $9.0 mil, 6/16/2025 Week of

(Incorporated in the Cayman Islands)

Through FMF, our operating subsidiary, we are a contract manufacturer of affordable luxury leather goods with our manufacturing operations in Cambodia. We primarily manufacture handbags, such as shoulder bag, crossbody bag, tote bag, backpack, top-handle handbag, satchel, and other smaller leather goods, such as wallets. Our customers are well-known global fashion brands that are headquartered in the United States.

With our craftsmanship and extensive knowledge of the leather goods manufacturing process, our product engineers convert our customers’ vision and design into leather goods products. Our products are primarily affordable luxury products that are made of leather and/or other materials.

Our Competitive Strengths

We believe the following competitive strengths differentiate our operating subsidiary from its competitors:

• Having long-term and strong business relationships with renowned global fashion brands but we cannot assure continued good relationships with them, and they are not obligated in any way to continue placing orders with us at the same or increasing levels, or at all;

• Having long-term collaborative relationships with our suppliers but their services are susceptible to fluctuations in pricing, timing, and quality, and we have limited control over their operations and compliance with regulations as we do not have long-term contracts with them;

• Having extensive understanding of leather goods manufacturing process, up-to-date machinery and efficient management resulting in competitive pricing while maintaining quality and high efficiency; and

• Having experienced management team with extensive knowledge of the leather goods manufacturing industry where we operate but we cannot assure the retention of key executives and personnel necessary to maintain or expand our business, and the loss of any member of our management team could negatively impact our business plan and expansion.

Our Strategies

We aim to accomplish our business objective, further strengthen our market position and continue to be a competitive manufacturer of leather goods by pursing the following key strategies:

• Broadening our customer base by expanding our geographical market reach to other key markets, including the European markets but failure to implement the growth strategy in a timely or commercially acceptable manner may adversely affect our business growth and operating results;

• Enhancing our production capacity but failure to implement the growth strategy in a timely or commercially acceptable manner may adversely affect our business growth and operating results; and

• Establishing a new design and development center for enhancing our product development capabilities but failure to implement the growth strategy in a timely or commercially acceptable manner may adversely affect our business growth and operating results.

Corporate History and Structure

KMV is a holding company registered and incorporated in the Cayman Islands, and is not a Cambodian operating company. As a holding company with no material operations, we conduct our core business operations in Cambodia through our operating subsidiary, FMF.

On April 5, 2017, FMF is the Group’s key operating subsidiary and was established under the laws of Cambodia to engage in the business of leather goods manufacturing. FMF’s skilled craftsmanship and high-quality manufacturing capabilities are the cornerstones of the Group’s operations and reputation, allowing us to attract business from leading global brands. Customers issue letters of authorization directly to FMF which grant FMF the right to produce and export leather goods using their trademarks, and they frequently visit the production site of FMF located in Cambodia to inspect orders and conduct quality checks. PFL was incorporated under the laws of Hong Kong on November 3, 2016 as a trading company for the Group’s material procurement and customer invoicing.

Note: Net income and revenue are in U.S. dollars (converted from Cambodia’s currency) for the 12 months that ended March 31, 2024.

(Note: Kandal M. Venture Ltd. trimmed its small-cap IPO’s size to 2.0 million shares – down from 2.8 million shares originally – and kept the price range at $4.00 to $5.00 – to raise $9.0 million, according to its F-1/A filing dated Feb. 18, 2025.)

(Note: Dominari Securities and Revere Securities are the new joint book-runners, replacing the original book-running team of Cathay Securities and WestPark Capital.)

ALE Group Holding Limited ALEH D. Boral Capital (ex-EF Hutton), 1.5M Shares, $4.00-6.00, $7.5 mil, 6/23/2025 Week of

We are a holding company incorporated in the BVI with all of our operations conducted in Hong Kong by our wholly owned subsidiary, ALE Corporate Services Ltd., also known as ALECS. (Incorporated in the British Virgin Islands)

We provide accounting and corporate consulting services to small and medium-sized businesses. Our services include financial reporting, corporate secretarial services, tax filing services and internal control reporting. Our business is operated through our wholly owned subsidiary, ALE Corporate Services Ltd. (ALECS), a Hong Kong company incorporated on June 30, 2014. Our goal is to become a one-stop solution for all the accounting, corporate consulting, taxation and secretarial needs of small and medium enterprises operating in Asia and the U.S.

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

(Note: D. Boral & Company (formerly E.F. Hutton) is the sole book-runner. Background: The company disclosed that E.F. Hutton was named the sole book-runner – replacing Prime Number Capital – according to an F-1/A filing dated March 26, 2024.)

Dalu International Group Ltd. DLHZ Revere Securities, 1.5M Shares, $4.00-6.00, $7.5 mil, 6/23/2025 Week of

We provide property management services as well as real estate leasing services in China. (Incorporated in the Cayman Islands)

We are an integrated property management services and commercial operation services provider, and we operate a real estate leasing business in Chengdu, the capital city of Sichuan Province, China.

With an operating history of two decades, our PRC subsidiaries have been focusing on providing property management services to owners, developers and occupiers of residential and commercial properties in Chengdu. Our PRC subsidiaries have accumulated extensive experience in the property management services sector. In addition, to drive our value growth and diversify our revenue streams, we also provide a variety of commercial operation services, primarily consisting of brand planning, market research and positioning consultancy, tenant sourcing and management, marketing and business support to owners and developers of commercial properties, and (we) engage in real estate leasing business.

We are a well-known property management brand in Chengdu, having undertaken property management and related services for well-known projects in some of the most prosperous commercial areas, such as the fashion center of Chengdu and one of the most popular pedestrianized shopping streets, Chunxi Road, and South Renmin Road in Chengdu’s central business district.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended September 30, 2024.

(Note: Dalu International Group Ltd. is offering 1.5 million shares at a price range of $4.00 to $6.00 to raise $7.5 million, according to its F-1 filings with the SEC.)

FG Holdings FGO American Trust Investment Services/Revere Securities, 2.0M Shares, $4.00-5.00, $9.0 mil, 6/23/2025 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.)

NUSATRIP Inc. NUTR Cathay Securities, 3.8M Shares, $4.00-5.00, $16.9 mil, 6/23/2025 Week of

We are an online travel agency based in Jakarta, Indonesia. We specialize in Southeast Asia. We are being spun out of Society Pass. (Incorporated in Nevada)

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

(Note: NUSATRIP Inc. increased its IPO’s size to 3.75 million shares – up from 3.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $16.88 million, according to its F-1/A filing dated April 14, 2025. Background: NUSATRIP Inc. revived its IPO – a day after withdrawing it – with the filing of an F-1 on March 21, 2025, in which it disclosed the terms: 3.0 million shares at a price range of $4.00 to $5.00 to raise $13.5 million.)

(Background – Withdrawn IPO: NUSATRIP Inc. withdrew its plans for its IPO in a letter to the SEC dated March 20, 2025; the terms called for NUSATRIP Inc. to offer 2.7 million shares at a price range of $4.00 to $5.00 to raise $12.15 million. Background: NUSATRIP Inc. filed its F-1 to go public in November 2024.)

Delixy Holdings Ltd. DLXY Bancroft Capital, 2.0M Shares, $4.00-5.00, $9.0 mil, 6/30/2025 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.)

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🏁 Emerging Market ETF Launches

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

• 04/02/2025 - 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

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🚽 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

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

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

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

Emerging Market Links + The Week Ahead (June 16, 2025) was also published on our website under the Newsletter category.

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