Emerging Market Links + The Week Ahead (June 30, 2025)
Luckin Coffee lands in NYC, HK IPO boom, SK best performing Asian market on crypto-craze, Singapore casinos face future Japan/Thai competition, EM stock picks and the week ahead for emerging markets.
Jun 30, 2025
Coconut latte maker Luckin Coffee lands in New Yorkwith its first outlets to open there (apparently their app is already ready) as opposed to tea chainChagee Holdings Limited (NASDAQ: CHA) that picked Los Angeles for its first US outlet. This is said to signal Luckin’s aim to go beyond just serving the Chinese diaspora and to target the American coffee crowd head-on.
Meanwhile here in Malaysia, where Luckin operates through a local master licensee, I have to wonder how well they are doing. While Mixue and similar outlets always seem busy, the two Luckin outlets closest to where I live, one in the lower ground floor of the Berjaya Times Square mall and another in the just re-renovated yet again and still mostly empty BB Park (an outdoor entertainment and dining area) in front of the Low Yat IT mall (which is filled with young local Chinese workers/customers), are usually almost deserted of customers whenever I walk by them.
As discussed in my April 21st post, Luckin is relying heavily on technology and apparently making customers download an App (like people need or want another app…) to get their first coffee for RM2.99 (I guess in inflation weary USA, it will be 99 cents). Again, that might work to lure in young hipsters in NYC where customers might also overlook the fact they are also a Chinese company, but I think Luckin is going to be a much harder sell in the rest of the USA…
Activist US investor targets UK trusts, 10 challenges facing China’s economy, Taiwan equity, India too focused on services vs manufacturing, Middle East conflict, Sri Lankan stocks, Brazil, etc.
📰🔬 Emerging Market Stock Picks / Stock Research
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These Japanese stocks are so obviously strong and easy to understand that you barely think about them - But when you do, you realize how stupid you've been for not owning them
The company's dividend yield also increased sharply from 2.2% in FY24 to 3.8% in FY25, on the back of strong growth in earnings and solid dividend payout (35% in FY25).
Core customers of the company (Nestlé, Procter & Gamble, Coca-Cola, L’Oréal, Unilever, Kao, and Suntory) are very careful and cautious in terms of what companies they buy these products from.
China’s economic growth has been steady for the last year or so, so why has national tax revenue continued to fall?
Last year, national tax revenue fell 3.4% to 17.5 trillion yuan ($2.5 trillion), Ministry of Finance data showed. The trend extended into this year, with the figure for the first quarter falling 3.5% year-on-year.
The merger of its Ele.me service with its core e-commerce business marks a new stage in the e-commerce giant’s three-way “on-demand retail wars” with Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) and JD.com(NASDAQ: JD)
Alibaba (NYSE: BABA) has shut down its money-losing local services segment, absorbing its Ele.me takeout dining service into its main e-commerce business group
On-demand commerce has become the company’s new mantra in its restructured e-commerce business as it shelves a previous breakup plan
Alibaba (NYSE: BABA) is integrating its food delivery service Ele.me and travel booking platform Fliggy into its e-commerce division, as the Chinese tech giant streamlines its businesses while competition intensifies across China’s consumer services sectors.
Under the new structure, Ele.me and Fliggy will retain independent company operations, but will align their business decisions and execution with the e-commerce division, according to an internal memo sent by Alibaba CEO Eddie Wu on Monday. Ele.me CEO Wu Zeming and Fliggy CEO Zhuang Zhuoran will report directly to e-commerce business group CEO Jiang Fan.
JD.com(NASDAQ: JD)'s attack, Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY)’s Churchill moment, and a few thoughts on one vastly underestimated trend. Plus a quick update on a position I’ve only shared with paying subscribers.
The Shanghai-listed chip designer is applying for a second listing in Hong Kong, following a recent trend for Chinese companies to make such dual listings
GigaDevice Semiconductor Inc (SHA: 603986) has filed for a Hong Kong IPO, reporting its net profit surged in 2024 but is still well below the level from 2022
The chip maker’s valuation is higher than its global peers, but its operations could be affected by U.S. export restrictions on chip design software
In an interview last month, the chairman of Great Wall Motor (SHA: 601633 / HKG: 2333 / FRA: GRV / OTCMKTS: GWLLF / GWLLY) lambasted the auto industry’s “reckless” price cuts, arguing they’ve forced carmakers to compromise on quality to stay competitive.
While few in the industry would dispute Wei Jianjun’s criticism, it also reflects his growing worry about the future of his company.
While Great Wall Motor has stayed out of the price war, it wasn’t immune to its impact — its first quarter report showed profits plunged 45.6% year-on-year to 1.75 billion yuan ($243 million) and vehicle sales slid 6.73% to 256,807 units.
The company raised HK$35.7 billion ($4.56 billion) in its secondary listing, and earmarked 90% of that capital for building up its battery plant in Hungary. Once completed, the Debrecen plant’s total capacity is expected to hit 100 gigawatt-hours (GWh), making it one of the largest battery manufacturing facilities in Europe.
South Korean and Japanese battery-makers are launching a legal offensive in Europe to fend off growing Chinese competition.
Tulip Innovation, a patent management company jointly established by LG Energy Solution (KRX: 373220) and Panasonic Energy Co. Ltd. [Panasonic (TYO: 6752 / LON: 0QYR / FRA: MATA / OTCMKTS: PCRFY / PCRFF)], announced in May that it had obtained injunctions in Germany against several subsidiaries of Chinese battery-maker Sunwoda Electronic (SHE: 300207).
China’s Luckin Coffee (OTCMKTS: LKNCY) is opening its first two stores in the United States – both in New York City. Its USA app is already live on the app store.
This signals Luckin’s aim to go beyond just serving the Chinese diaspora — it’s targeting the mainstream coffee crowd head-on. Can it really challenge Starbucks in its own backyard?
The price of Kweichow Moutai (SHA: 600519)’s signature liquor has continued its decline, falling below the critical 2,000-yuan ($279) mark amid a seasonal lull in demand, e-commerce discounts and a government crackdown on lavish spending.
The average wholesale price of a 500-milliliter bottle of Feitian Moutai dropped to 1,780 yuan on Wednesday, marking a further decline since it slipped below the 2,000-yuan threshold on June 11, according to liquor pricing platform Jinri Jiujia. Feitian Moutai’s wholesale price reportedly peaked at 3,170 yuan per bottle in August 2021.
After a blockbuster 2022 driven by lithium supercycle highs, Tianqi Lithium Corp (SHE: 002466 / HKG: 9696 / FRA: 2220) saw earnings swing into deep losses in 2024 amid price crashes.
Looking ahead, it plans to scale lithium chemical capacity to over 140,000 tons/year, deepen integration in China and Southeast Asia, and selectively invest in technologies like DLE.
While near-term profitability remains uncertain, current EV/EBITDA valuations below 5x suggest the downside may be priced in.
Zijin Mining Group (SHA: 601899 / HKG: 2899 / FRA: FJZB / OTCMKTS: ZIJMF) plans to IPO its overseas gold unit, targeting 85t output in 2025; timeline not yet disclosed.
SOTP values copper business at RMB 592 bn, gold at RMB 190–200 bn, lithium adds RMB 18–28 bn.
Stock trades ~15–20% below intrinsic value, offering ~25–26% upside even without IPO re-rating.
Context: The New Hope Corporation Ltd (ASX: NHC / FRA: OD8 / OTCMKTS: NHPEF) vs. Yancoal Australia (ASX: YAL / HKG: 3668 / FRA: YA1 / OTCMKTS: YACAF) Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.
The cosmetic surgery specialist’s shares have nearly doubled in the last two weeks as investors flock to its new business model centered on self-operated clinics
So-Young International Inc (NASDAQ: SY) has delayed implementation of a planned reverse share split following a surge that has seen its stock price nearly double in the last two weeks
The cosmetic surgery specialist is shifting its business model from referring people to third-party clinics to operating its own facilities to give it better quality control
The pharmaceutical services firm wants to expand production of peptides used in anti-obesity drugs, but it faces fierce competition and other business risks
The global market for developing and supplying pharmaceutical peptides is dominated by two players, leaving third-ranked Medtide with just a 1.5% slice
The company relies heavily on a handful of clients, leaving it exposed to any changes in business relationships
Chinese companies trading on U.S. stock exchanges may face tighter scrutiny as the Securities and Exchange Commission (SEC) seeks to update decades-old rules on foreign private issuers (FPIs), a move that could further test deteriorating China-U.S. relations.
The surge in foreign companies, particularly from China, leveraging offshore tax havens to list on U.S. exchanges has made it more difficult for American regulators to oversee them, as their FPI status gives them exemptions from the same disclosure requirements as their domestic counterparts.
Three Chinese consumer companies that debuted in Hong Kong on Thursday had mixed performances, showing that investor interest remains patchy despite signs the city’s equity market is ending a years-long slump.
Jewelry retailer Zhou Liu Fu Jewellery Co Ltd(HKG: 6168) closed up 25% at HK$30 ($3.82), while maternity care provider Saint Bella Inc (HKG: 2508). jumped 33.7% to HK$8.8. Perfume distributorEternal Beauty Holdings Ltd (HKG: 6883), however, dropped 16.7% to HK$2.4, below its HK$2.88 offering price.
The apparel maker’s revenue began to contract in the second half of its latest fiscal year, as business from its largest customer fell 11%
Nameson Holdings Ltd (HKG: 1982)’s profit tumbled 40% in the second half of its latest fiscal year, as business from its largest customer fell and it spent heavily on a new production base in Vietnam
The company slashed its dividend for the second half of its fiscal year by more than half, citing its “ongoing commitment to prudent cash management”
The fundraising, even as the Hong Kong jeweler has sufficient financial resources to run its current operation, could hint at plans for its next growth phase
Chow Tai Fook Jewelry Group (HKG: 1929 / FRA: 1CT / OTCMKTS: CJEWY / CJEWF) will use proceeds from a HK$8.8 billion convertible bond to develop its gold jewelry business, including for store upgrades, and overseas expansion
Revenue from the Hong Kong jeweler’s fixed-price gold products more than doubled last year
The popular Hong Kong fast food chain’s revenue, profit and gross margin all fell in its latest fiscal year, as it suffers from fundamental shifts in its home market
Cafe De Coral (HKG: 0341 / OTCMKTS: CFCGF)’s revenue sagged 1.4% in its latest fiscal year, while its profit plunged nearly 30%
The popular Hong Kong fast food chain’s gross margin also fell to 10.4% for the year, amid rapid changes on the city’s dining scene
Macau satellite casino promoter Emperor Entertainment Hotel Ltd (HKG: 0296 / FRA: EM7A) reported an annual loss attributable to its owners of nearly HKD188.9 million (US$24.1 million) for the 12 months to March 31. The figure compared with a net profit of HKD60.9 million in the prior financial year.
Emperor Entertainment operates a second hotel in Macau, called Inn Hotel, but that property does not have gaming facilities. The group also has hotel operations and serviced-apartment business in Hong Kong.
Earlier this month, Emperor Entertainment confirmed it had received a notice from the SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY) in relation to the latter’s decision to end by year-end the operation of the gaming area at Grand Emperor Hotel.
The gaming firm is an investor in the casino portion of the US$1.2-billion Sri Lanka resort complex in the capital, Colombo, developed by its local partner John Keells Holdings PLC (CSE: JKH). Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) had previously mentioned it would spend US$125 million as its contribution toward the casino resort.
“This launch marks the completion of the final components of the project, including a world-class casino, the luxurious Nüwa hotel and a premium shopping mall,” stated the partners in a press release.
According to John Keells’ annual report, published earlier this month, Nüwa at City of Dreams Sri Lanka will be on the top five floors of the hotel tower at the resort, with “dedicated access to the casino”. The latter will have 180,000 square feet (circa 16,725 sq. metres) available for gaming operations.
Melco Resorts was awarded a licence to run a gaming venue in Sri Lanka valid for a “term of 20 years effective from 1 April 2024”.
New president’s pledge to allow won-based stablecoins has led to huge gains in related shares this month
Stocks that have been involved in the Bank of Korea’s digital currency project, including Kakao Pay (KRX: 377300) and LG CNS Co Ltd (KRX: 064400), have been on a wild ride. Kakao Pay shares more than doubled this month and LG CNS rose almost 70 per cent, before paring some gains this week on profit-taking.
On the Kosdaq junior market, fintech security company ATON Inc (KOSDAQ: 158430)’s stock jumped 80 per cent, while Me2on Co Ltd (KOSDAQ: 201490), a mobile game producer, tripled, with its subsidiary recently launching a dollar-pegged stablecoin for casino games.
In this insight, we discuss the increasing popularity of EB [exchangeable bond] issues with treasury shares as the base assets in Korea. There were seven EB issue announcements in Korea in June.
Going forward, more Korean companies are likely to issue EBs in the next several months, prior to the actual official changes in regulations of treasury shares in Korea.
These companies that issue EBs using treasury shares as underlying assets are prime targets of short selling/underperformance.
Kangwon Land (KRX: 035250), operator of Kangwon Land, a resort with the only casino in South Korea that is open to locals, has signed a marketing agreement with Duwon Shipping Co Ltd, a domestic ferry firm that connects the country’s port city of Donghae to Vladivostok, in the Russian Far East.
Donghae, a 75-minute drive from the Kangwon Land complex, is a major transportation hub in eastern Gangwon province. According to Duwon Shipping’s website, its vessel Eastern Dream makes weekly roundtrips from Donghae to Vladivostok. The vessel also travels weekly from Donghae to Sakaiminato, a port town in Tottori prefecture, in Japan.
Vladivostok is near the Primorye Integrated Entertainment Zone in Russia, which features two gaming properties: the Shambala casino resort, and the Tigre de Cristal complex, the latter majority-owned by Summit Ascent Holdings Ltd (HKG: 0102), a Hong Kong-listed firm controlled by LET Group Holdings(HKG: 1383.
Key Insights: The pair has not mean-reverted. This Insight discusses the use of a Stop Loss in a statistical pair trading context and why one might be considered at this point.
Why Read It: For investors interested in quantitative strategies, this article demonstrates some of the mechanics of statistical arbitrage and which indicators can be used to decide on exiting a position.
Margins have improved steadily since FY2020, but bottom-line gains remain volatile due to non-operating drags.
Backlog at Record Highs; Nuclear a Key Differentiator: ₩20.1 tn order book, rising SMR traction, and global nuclear wins position Doosan as a strategic supplier.
Structural Tailwinds Priced In: While medium-term growth looks strong, premium multiples (~28x EV/EBITDA) suggest limited room for execution missteps.
LG CNS Co Ltd (KRX: 064400) has been one of the hottest stocks in the Korean stocks market in the past one month (up 87%), sharply outperforming KOSPI.
The biggest driver of LG CNS's share price in the past month has been that this company has the potential to become a leading stablecoin platform in Korea.
Many investors believe that LG CNS has the expertise in blockchain/AI/cryptocurrency backend solutions to become one of the leading Won based stablecoin platforms in Korea.
It was reported that the sale was made at around 59,475 won to 59,780 won, a 2.0-2.5% discount from the previous day's closing price of 61,000 won.
This block deal sale of 1.9% stake in Shinhan could be viewed negatively as Affinity has decided to sell the shares at current levels rather than waiting for further upside.
On 25 June, Hahn & Co completed a block deal sale of about 9% stake in [engineering, procurement, construction, and operation of solar power and onshore wind power generation] SK Eternix Co Ltd (KRX: 475150) at 25,634 won (approximately 11% discount to the previous day's closing price).
Despite the expected sharp growth in the company's sales and profits next year, its valuations have reached very high levels.
Combined with the recent block deal sales at significant market discount, we believe this is likely to put a break on its share price in the next 3-6 months.
Minority shareholders of Hanwha Corporation (KRX: 000880 / 00088K)preferred shares are demanding better protection (such as converting preferred shares into common shares) and are criticizing the potential delisting of its shares.
We provide four major scenarios that could occur for Hanwha Corp preferred shares (000885 KS) in the coming weeks.
The fact that Hanwha Group companies are on such positive momentum, it would be in the best interest for Hanwha to improve shareholder value of the Hanwha Corp's preferred shares.
After the market close on 26 June, Lotte Corp (KRX: 004990 / 00499K) announced that it sold 5% of its outstanding shares worth 145 billion won to its affiliate Lotte Moolsan.
This is poor corporate governance since the company should be cancelling the treasury shares instead.
Major reason why Lotte Corp sold its 5% stake in the company to Lotte Moolsan is to have the Lotte Group Chairman's Shin family maintain control over the Lotte Group.
After the market close on 27 June, Taekwang Industrial Co Ltd (KRX: 003240) announced that it is issuing an exchangeable bond (EB) worth 319 billion won based on its treasury shares.
Taekwang Industrial announced it will issue EBs with the 271,769 treasury stocks representing 24.41% of the issued shares. This is poor corporate governance and not shareholder friendly.
Going forward, we believe its shares are likely to underperform the market in the next 1-2 years.
This insight provides an updated progress on the tender offer and delisting of Viol Co Ltd (KOSDAQ: 335890). The tender offer period lasts from 18 June to 7 July 2025.
Through this tender offer, VIG Partners plans to acquire full management rights of Viol and also take it private.
If the number of shares offered for the tender offer reaches the maximum target, SPC will secure a 98.84% stake in Viol.
Our comparable companies valuation analysis suggests implied market cap of 557 billion won or target price of 13,187 won per share.
This represents a 71% upside from the high end of the IPO price range (7,700 won per share). Given the excellent upside, we have a Positive view of this IPO.
One could argue that valuation discount on Samyang Comtech may be too conservative mainly due to higher sales growth, ROE, and operating margins of Samyang Comtech relative to the comps.
DH Shipbuilding is getting ready to complete its IPO in KOSPI in August. DH Shipbuilding would be the second largest IPO in Korea after LG CNS so far this year.
The IPO price range is 42,000 won to 50,000 won per share. At the high end of the IPO price range, it could raise as much as 500 billion won.
Our base case valuation of DH Shipbuilding IPO is target price of 67,576 won per share, which represents a 35% upside to the high end of the IPO price range.
Given the solid upside, we have a Positive view of this IPO. Our valuation sensitivity analysis suggests a market cap range of 2.3 trillion won to 2.9 trillion won.
Our target P/B valuation multiple of 5.7x is 20% premium to the comps' P/B valuation multiple which is justified due to the company's higher ROE, operating margins and stronger balance sheet.
🇵🇭 PLDT (NYSE: PHI) or Philippine Long Distance Telephone Company - Telecommunications & digital services. Controlled by First Pacific Co Ltd (HKG: 0142 / FRA: FPC / OTCMKTS: FPAFY / FPAFF).🇼
Investment bank Morgan Stanley says it does not expect the opening of casinos in Japan and potentially in Thailand to undermine the business profile of Singapore’s casino duopoly.
“While we expect Japanese and Thai gaming casinos to be competitive and large, they may not be ready before 2030,” the institution noted in a Tuesday report.
It added: “We also expect a large portion of their business to be local and mainland [China] business… Singapore could remain relevant even after Thailand and Japan are fully operational.”
Morgan Stanley, however, cautioned that it saw a “bigger risk” from Thailand compared to Japan, due to the former’s geographical proximity to Singapore.
We feature four companies dishing out special dividends that can boost your passive income.
Boustead Singapore (SGX: F9D / OTCMKTS: BSTGF)is a conglomerate with four key divisions – energy engineering, real estate, geospatial technology, and healthcare.
Cortina Holdings (SGX: C41)is a luxury watch retailer with more than 50 boutiques across the Asia Pacific region.
Valuetronics Holdings (SGX: BN2 / FRA: GJ7)is an integrated electronics manufacturing services (EMS) provider that offers a full range of services from conceptualisation and engineering design to production and supply chain support.
Singapore Post Limited (SGX: S08 / FRA: SGR / OTCMKTS: SPSTY / SPSTF), or SingPost, is Singapore’s sole postal service provider and is also an e-commerce logistics provider in Asia Pacific.
These four companies have been raising their dividends steadily over the years.
Haw Par Corporation (SGX: H02 / OTCMKTS: HAWPF)is a conglomerate with four key divisions – healthcare, leisure, property, and investments.
Azeus Systems Holdings (SGX: BBW)distributes software products and services and delivers IT solutions to prominent organisations and government agencies in more than 100 countries.
iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF)is a financial technology company operating a platform for the buying and selling of unit trusts, bonds, and equities.
NetLink NBN Trust (SGX: CJLU / OTCMKTS: NETLF)designs, builds, owns, and operates the passive fibre network infrastructure for Singapore’s nationwide broadband network (NBN).
Outlook downgraded to 'deteriorating' but further downside limited due to stable operating environment, low unemployment rate
Fitch Ratings has downgraded the outlook of Thailand’s banking sector in the face of weakened economic momentum and increasing exposure to bad debts, but further downside is limited given the country’s economic and financial stability.
The rating agency has changed the sector’s outlook from “neutral” to “deteriorating” as Southeast Asia’s second-largest economy struggles to maintain its growth momentum. The country’s GDP is expected to grow below 2% in 2025, the lowest among regional peers, says the Fitch report.
Winners found to have the most promising business plans and capabilities among applicants
Bank of Thailand ( BOT ), the country’s central bank which advised the MOF on the decision, says the groups are led by ACM Holding, Krung Thai Bank PCL (BKK: KTB / FRA: KTB1 / OTCMKTS: KGTFF / KTHAF / KGTFY), and SCB X PCL (BKK: SCB / SCB-F / FRA: OU80 / OU8).
ACM Holding Group is a subsidiary of Charoen Pokphand ( CP ) Group, which also owns Ascend Money, the operator of the TrueMoney e-wallet service.
The consortium led by SCB X, the fintech arm of Siam Commercial Bank, includes WeBank, a prominent digital bank from China, and KakaoBank (KRX: 323410), a South Korea-based lender.
The group led by state-owned lender Krungthai Bank also counts telco giant AIS and PTT Group, through PTT Oil & Retail Business PCL (BKK: OR / FRA: 7F80), as its members.
Over the last month Thai and Cambodian military forces have been stepping up their positions along the 803 km (499 miles) mutual land border. This all begin back on May 28 when a border clash occurred after Cambodian nationalist visited the Prasad Ta Moan temple on land not fully demarcated between the two countries. This escalated when Thai authorities began closing the land borders on June 7 and ordered a full alert of troops along the border. Cambodia reciprocated.
This is all going on while the Thai prime minister Paetongtarn Shinawatra is hanging on for her political life, after the withdraw of the Bhumjaithai Party from the coalition. Paetongtarn has a majority of two seats in a 500 seat parliament. Former prime minister Thaksin Shinawatra is under threat of returning to prison after allegations of faking his medical ailments while in prison in 2023/24, In addition, Thaksin is in an all-out feud with his friend for 30 years, former Cambodian prime minister and now president of the Senate Hun Sen. Hun Sen disclosed that Thaksin had faked his sickness, only putting on a neck brace for the photo they took together.
Paetongtarn’s position as prime minister will either end up with her resigning or being brought down through a vote of no confidence in the parliament. Paetongtarn’s days are limited, as are her father Thaksin, who could face another stint in jail again.
After that, the Thai Cambodian border tensions will just disappear very quickly.
Thailand’s Prime Minister announced on Monday new land border restrictions aimed at blocking tourists heading into Cambodia, as a border dispute between the two countries escalates. Paetongtarn Shinawatra said Thailand will restrict border crossings to Cambodia across seven provinces, and halt exports of goods, according to media reports.
Relations between the countries have deteriorated following an armed confrontation in late May.
Ms Shinawatra said in her Monday remarks that her country would boost screening at land borders and block departing tourists. She added that only students, medical patients and others who need to purchase essential goods would be allowed to enter or leave Thailand.
The Prime Minister reportedly said the measures were aimed at blocking people heading toward Cambodia’s casinos, as well as to cripple transnational crime syndicates linked to scam operations in the neighbouring country.
Thailand’s national government announced on Wednesday that it will postpone the first reading of a bill to legalise entertainment complexes with casinos in the country, according to a media report. The first reading by the lower house of Thailand’s National Assembly was originally scheduled for July 9.
The plan to allow casinos in Thailand is facing growing opposition: a recent survey conducted by Thailand’s National Institute of Development Administration shows that the majority of respondents oppose the legalisation of casino gambling in the country.
Last week, a petition with 53,900 signatures was submitted to Thailand’s Election Commission, calling on the government to hold a national referendum on casino legalisation.
The national government of Vietnam officially approved on Friday a project to develop a casino resort in the northeastern province of Quang Ninh, within the Van Don Special Economic Zone. The plan entails a minimum investment of US$2 billion, according to a report by local media outlet VnExpress.
Quang Ninh authorities are now tasked with selecting an investor for the development, the report stated.
Context: The Indian Overseas Bank (NSE: IOB / BOM: 532388) vs. UCO Bank (NSE: UCOBANK / BOM: 532505)Price-Ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.
Natco Pharma Ltd (NSE: NATCOPHARM / BOM: 524816) specializes in complex generics with a catalogue of 30 Para IV filings (14 approved), demonstrating strong R&D expertise and a track record of successful high-value launches most prominently gRevlimid.
Its current pipeline include potential blockbuster drugs like generic versions of Evrysdi, Ozempic/Wegovy (GLP-1), Kyprolis, and Imbruvica, which could drive future growth and offset concerns about declining Revlimid revenues post-FY26.
We estimate Natco (ex-Revlimid) can generate ~2,500cr in revenues with profit of 320-350cr. Its 3,500cr cash-in-hand, Para IV optionalities and NCE investments (Gene therapy) make its current valuation attractive.
Crizac is a play on growth of overseas education. Its network of agents help candidates file University applications, which are then processed by Crizac before passing it to the universities
Universities are increasingly outsourcing application and assessment processes to tap inbound students from emerging markets like India/China. 7mn people study abroad today, off which 3+mn are from India and China.
IPO is priced attractively at TTM PE of 28x. We estimate FY27 EPS of 11-13 and potential multiple of 30x implying an upside of 35-60% from IPO price of 245
🌍 TAV Havalimanlari Holding AS (IST: TAVHL / OTCMKTS: TAVHF) - Turkish airport operation & services with 15 airports in 8 countries (Turkey, Croatia, Georgia, Kazahstan, Latvia, North Macedonia, Saudi Arabia & Tunisia). Part of Groupe ADP(EPA: ADP). 🇼🏷️
I made a map while tracking corruption issues and impeachment processes around the hemisphere
I’m engaged in a longer research project on how and why presidents leave office early. In the modern era, Latin American presidents are more likely to be forced out due to institutional battles and impeachment-like processes than they are in coups. That means tracking these processes is important for monitoring institutional stability. So I decided to sketch out a map of where various countries are right now.
Arcos Dorados Holdings Inc (NYSE: ARCO), the largest independent McDonald's franchisee in the world, recently reported its first quarter 2025 earnings, demonstrating both challenges and strategic progress.
The company's total revenue for the quarter was $1.1 billion, reflecting stability despite multiple headwinds, including decreased guest volumes in the QSR industry and notable currency depreciation across its major markets.
Constant currency revenue, however, showed resilience with an 11.1% increase in system-wide comparable sales, keeping pace with regional inflation levels.
🌎 Millicom (NASDAQ: TIGO) - Fixed & mobile, telecommunications services, cable & satellite TV, mobile financial services & local content such as music & sports in Latin America. 🇼🏷️
Unlike other state-owned oil giants like Saudi Arabia's Saudi Arabian Oil Co (TADAWUL: 2222) or Saudi Aramco or Norway's Equinor...Brazil’s Petrobras(NYSE: PBR / PBR-A / BCBA: PBR / PETR4)was founded without meaningful oil reserves. Bit strange isn't it? But for decades, Brazilians believed that their country had oil. And they persisted in that belief despite words and data saying otherwise. And their faith was rewarded! Turns out there was oil in Brazil. It just wasn't on land. In this video, how Brazil learned to drill its deepwater oil.
🌐 Embraer SA (BVMF: EMBR3 / NYSE: ERJ) - The 3rd largest producer of civil aircraft after Boeing & Airbus & the leading provider of regional jets worldwide. 🇼🏷️
Ceiba Investments Ltd (LON: CBA) (ISIN GG00BFMDJH11, UK:CBA) has a real estate portfolio in Cuba that is valued at USD 130m even during current market conditions. With 100% of its portfolio invested in Cuba, it's a pure play.
CEIBA owns a six-building office complex in central Havana. The Miramar Trade Center is widely recognised as the best office block in the nation's capital. It has a 97.5% occupancy rate and last year generated net income after tax of USD 13.5m.
CEIBA also owns a hotel in Havana, and three beach hotels in Varadero, Cuba's principal beach resort destination. All of them are either four- or five-star hotels and profitable, despite suffering from low occupancy.
Last but not least, CEIBA owns a brand new five-star hotel near Trinidad, a UNESCO World Heritage Site. It only opened last year and was already profitable, despite ending its first year with a 32% occupancy rate.
Cuba has deep economic problems, including inflation, currency devaluation, and capital controls. CEIBA, however, has hard currency income. 100% of the hotel bookings are earned in euros and US dollars, and some of the tenants of the office complex are paying in US dollars.
Mexican President Claudia Sheinbaum responded sharply Thursday to U.S. government sanctions to block transfers from three Mexican financial institutions, saying Washington hasn’t shown evidence of its allegations of money laundering.
Shortly after, Mexico’s banking authority announced that it was temporarily taking over management of two of the institutions, CIBanco and Intercam Banco, to protect creditors.
The U.S. Treasury Department announced the sanctions Wednesday on the two banks, as well as on the brokerage Vector Casa de Bolsa, alleging that they had facilitated millions of dollars in money transfers for Mexican drug cartels.
The U.S. Treasury found ties between drug cartels and the Mexican companies, including a brokerage firm controlled by a former chief of staff of Andrés Manuel López Obrador.
Brookfield Asset Management was banking on years of steady profits when it took over three toll roads in fast-growing Lima, Peru. Instead, it stumbled into a political minefield.
The tolls spawned public protests over the costs to Lima residents, corruption charges against a local official and disputes between Brookfield and both the country and its capital city. At present, a populist mayor nicknamed Porky has made killing the toll contract his singular goal, and Brookfield’s latest arbitration asserts Peru illegally seized the roads.
🌐 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. 🇼🏷️
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):
Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):
Cre8 Enterprise, Ltd.CRE American Trust Investment Services/Prime Number Capital, 1.5M Shares, $4.00-5.00, $6.5 mil, 6/30/2025 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 HoldingsFGO American Trust Investment Services/Revere Securities, 2.0M Shares, $4.00-5.00, $9.0 mil, 6/30/2025 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.)
We do business through our subsidiary, Grande Capital, a boutique financial firm that specializes in IPOs, corporate financial advisory services and referral services.
Note: Net income and revenue are in U.S. dollars for the 12 months that ended Sept. 30, 2024.
(Note: Grande Group disclosed its terms for its IPO – 1.875 million shares at a price range of $4.00 to $6.00 – to raise $9.38 million, if priced at the $5.00 mid-point of its range, according to its F-1/A filing dated Jan. 30, 2025. The IPO’s size was cut from its original terms of 2.25 million shares at the $4.00-to-$5.00 price range.)
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.)
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.)
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:
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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 30, 2025) was also published on our website under the Newsletter category.
Really intresting take on Yalla's liquidity position going into 2026. The social networking and gaming space in the Middle East has been growing steadily, and having strong cash reserves definately gives them flexibility to invest in new features or potentialy expand into adjacent markets. Their voice chat platform model seems pretty defensible compared to some other social apps that rely purely on algoritm driven feeds. Would be curious how they plan to deploy that capital though.
Really intresting take on Yalla's liquidity position going into 2026. The social networking and gaming space in the Middle East has been growing steadily, and having strong cash reserves definately gives them flexibility to invest in new features or potentialy expand into adjacent markets. Their voice chat platform model seems pretty defensible compared to some other social apps that rely purely on algoritm driven feeds. Would be curious how they plan to deploy that capital though.
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