Emerging Market Links + The Week Ahead (March 4, 2024)
Quality matters b/c wooing investors requires trust, top science + tech hubs, finding opportunities in crisis, India’s broader stock market boom, EM stock picks & the week ahead for emerging markets.
A recent Visual Capitalist infographic mapped the world’s top 50 science and technology hubs with many of them concentrated in China. The Asset also has an interesting article about Shenzhen’s success due to it’s support of innovative local businesses - something that the tech manufacturing hub of Penang in Malaysia has not been that successful at doing.
Nevertheless, there was an interesting essay in the Financial Times (What China can learn from the ashes of my boat 🗃️) written by someone who just had their boat destroyed by a Chinese lithium-ion battery overheating or exploding (apparently something that more than 1% of them now do globally). The article’s by-line and conclusion which he tied back to the performance of the Chinese stock market: Quality matters because wooing investors requires trust.
[Note that I am typing this while looking a Fangor portable flat screen that’s in front of the flickering screen on my Lenovo Group (HKG: 0992 / FRA: LHL / LHL1 / OTCMKTS: LNVGY / LNVGF) laptop that spent much of the COVID pandemic as a brick due to a faulty chip on the motherboard and a not-so international warranty only honoured in the USA where it was purchased… Oh and the hard drive has also been replaced in it - that’s usually the first thing that fails on a laptop…]
He had also written this which really hit home with me and something investors should keep in mind:
Not a day passes without me screaming at televisions, pepper grinders, lawnmowers or Tupperware. Such poor design. So badly executed. If only Steve Jobs or Sir James Dyson had made you, damn it!
🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
🇨🇳 🇭🇰 CMBI Research China & Hong Kong Stock Picks (January-February 2024) Partially $
February: iQIYI, JNBY Design, Baidu, Shengyi Tech, ZTE, BeiGene, Li Auto, Yancoal Australia, Trip.com, New Oriental Education, Amazon.com Inc, Microsoft, NIO Inc, Tongcheng Travel Holdings, XPeng, Xiaomi Corp, Guangzhou Automobile Group, Yum China, Alibaba, FIT Hon Teng, Q Technology (Group) Company, Jiumaojiu International Holdings, PICC Property and Casualty Co Ltd, China Yongda Automobile Services Holding & Unity Group Holdings International Ltd
January: Stella International Holdings Ltd, Sunny Optical, China MeiDong Auto Holdings, BYD Electronic International Co Ltd, Zhongji Innolight, GigaCloud Technology, JD.com, Netflix, Sinotruk Hong Kong Ltd, Weichai Power, Tencent Music Entertainment Group, Tencent, Kuaishou Technology, Shanghai Henlius Biotech, Inner Mongolia Yili Industrial Group, Horizon Construction Development, WuXi Biologics, Geely Automobile Holdings, Prada SpA, Sirnaomics Ltd, FriendTimes Inc, Xtep, Kingdee International Software Group, ANTA Sports Products & Samsonite International
20+ high conviction stock ideas: Li Auto, Geely Automobile, Weichai Power, Zhejiang Dingli, CR Power, CR Gas, JNBY, JS Global, Vesync, Kweichow Moutai, BeiGene, PICC P&C, Tencent, Alibaba, Pinduoduo, Amazon.com, Netflix, Kuaishou, GigaCloud, CR Land, BYDE, Luxshare, Innolight & Kingdee
EM Fund Stock Picks & Country Commentaries (March 3, 2024) $
Emerging & Eastern Europe has room to grow further; accessing China via Korea-Taiwan; Taiwan semiconductor inventories stabilize; research on Kaspi, KSOE, Kia, Bajaj Holdings, Elite Material, etc.
📰🔬 Emerging Market Stock Picks / Stock Research
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 [PDD Holdings Inc. (PDD US, BUY, TP US$178) TP Change]: Fine-Tuned Extraction of Merchant Profits (Smartkarma) $
We expect PDD Holdings (NASDAQ: PDD) or Pinduoduo to report CY4Q23 top-line and non-GAAP net income 14.3% and 21.2% vs. consensus. Main model changes are increased Temu revenue per order and PDD take-rate;
Temu continued increasing prices despite the holiday shopping season, and merchants reported that Temu began charging service fees. PDD upgraded its ads tools, which we expect boosted China take rate.
We maintain our BUY rating and raise our TP to US$ 178.
🇨🇳 Alibaba Cloud slashes prices as previous cuts underwhelm, executive says (Caixin) $
China’s public cloud market is in the early stages of another price war. Alibaba (NYSE: BABA)’s cloud unit kicked off the offensive on Thursday with its second bout of steep discounting within a year.
Alibaba Cloud has slashed the prices of more than 100 products by up to 55% as growth in the sector, and the company’s market share, has diminished.
🇨🇳 Lenovo future hinges on four letters: AI PC (Bamboo Works)
Analysts lowered their price targets for the Chinese PC giant after it reported its revenue rose just 3% and its profit fell 23% year-on-year in its latest fiscal quarter
Lenovo Group (HKG: 0992 / FRA: LHL / LHL1 / OTCMKTS: LNVGY / LNVGF)’s profit fell 23% in its third fiscal quarter to $340 million
The PC maker expects its new AI PC models to fuel its next revenue boom
🇨🇳 Li Auto charges ahead in fourth quarter as slowdown looms (Bamboo Works)
The NEV maker’s revenue from vehicle sales rose 134% in the fourth quarter, but it forecast its overall revenue growth would slow to about 70% in the first quarter of 2024
Li Auto (NASDAQ: LI) posted triple-digit revenue growth in the fourth quarter and improving margins, but forecast a sharp slowdown in the growth rate in the current quarter
The Chinese NEV sector’s rapidly slowing growth could accelerate on growing consumer worries following a recent string of negative headlines about the technology
🇨🇳 Li Auto (LI US): 4Q23, High Growth and Profit, A Winner of Market Concentration, Upgraded to Hold (Smartkarma) $
🇨🇳 Chinese cinema projector maker says electric vehicles have box office potential (FT) $ 🗃️
Appotronics (SHA: 688007) is adapting its laser equipment for carmakers as they seek to outdo each other on in-car entertainment
🇨🇳 Now all grown up, should Daqo consider privatizing? (Bamboo Works)
The polysilicon maker has more than enough cash to purchase all of its outstanding shares, as its stock remains stubbornly undervalued by investors
Daqo New Energy’s (NYSE: DQ)’s output rose 80% in the fourth quarter with the addition of new capacity, but its profit tumbled on plunging polysilicon prices
The global solar power sector is likely to enter a new phase of no growth between 2024 and 2028, following several years of strong expansion, according to Wood Mackenzie
🇨🇳 Haier Smart Home: The failed arbitrage play (Simon’s Substack)
Completely apart from the D-share project, currently companies from China are speeding up their foreign listings by leveraging Global Depositary Receipts (GDR), with a preference for a listing in Switzerland.
In summary, if Haier Smart Home (HKG: 6690 / SHA: 600690 / OTCMKTS: HSHCY / OTCMKTS: HRSHF) truly wanted to reduce the price spread between D- and H-shares, they would have options. Starting with free convertibility, buybacks of the D-shares instead of the expensive H- or A-shares, and also, more active IR work.
Haier is not a victim of circumstances here, instead, they have consciously decided to just dip a small toe in the pond. The D-shares trade at a discount because Haier lets them trade at a discount.
🇨🇳 In tight times, Vipshop wows investors with dividend policy (Bamboo Works)
The discount e-commerce company, which has been consistently profitable since 2013, said it will return $250 million to investors through a dividend this year
Vipshop Holdings (NYSE: VIPS) said it will pay $250 million to investors this year under a newly announced dividend policy, equaling a relatively low payout ratio of about 23%
The company looks relatively well situated to weather China’s economic downturn due to its focus on bargain-priced clothing and relatively small average order size
🇨🇳 China Sportswear (Part 2: Anta) (East Asia Stock Insights)
Industry-leading brand portfolio and execution
In Part 1, we discussed why China’s homegrown sportswear brands are interesting to look at. Now, we will go deeper into the individual names: ANTA Sports Products (HKG: 2020 / FRA: AS7 / OTCMKTS: ANPDY / OTCMKTS: ANPDF) and Li Ning (HKG: 2331 / FRA: LNLB / FRA: LNL / OTCMKTS: LNNGY / LNNGF).
Earlier this month, I travelled to Beijing and had the opportunity to conduct some store visits. Through this, I also aim to provide an authentic and up-to-date analysis on these names.
🇨🇳 China Sportswear (Part 3: Li-Ning) (East Asia Stock Insights) $
Li Ning (HKG: 2331 / FRA: LNLB / FRA: LNL / OTCMKTS: LNNGY / LNNGF) was established in 1990 by the legendary gymnast Li Ning, becoming China's first well-known sportswear brand. Li was a gymnast who won six medals at the 1984 Summer Olympics, cementing him as one of the most decorated Chinese athletes of all time.
Li-Ning is largely a single-brand company today. While management often talks about this as a strategy, a more accurate explanation is that it resulted from the company's previous failures to develop acquired brands.
🇨🇳 Haidilao tastes profit success with budget hotpot chain (Bamboo Works)
The Chinese restaurant sector is continuing a run of upbeat results and earnings forecasts, with hotpot giant Haidilao saying its profits surged last year
Haidilao International Holding (HKG: 6862 / FRA: 8HI / OTCMKTS: HDALF) predicted its net profit for 2023 would reach at least 4.4 billion yuan, a rise of nearly 170%
The hotpot leader has rolled out cheaper options to tempt budget-conscious consumers in China’s weakening economy
🇨🇳 Profit setback for Simcere Pharma in novel drugs quest (Bamboo Works)
The pharmaceutical company’s profits have been buffeted by erratic returns on an equity stake in a fellow developer of innovative drugs
Simcere Pharmaceutical Group (HKG: 2096 / FRA: S2P / OTCMKTS: SMHGF) holds a 9% stake in 3D Medicines Biotechnology (HKG: 1244), making it the firm’s second-biggest shareholder. It chose not to cash out any of its holdings when the stock was surging
Simcere slashed the price of its oral Covid drug Xiannuoxin by 27% to get the product into China’s health insurance program, which will squeeze future profits
🇨🇳 Ispire finds success straddling U.S.-China divide. But are its cannabis dreams just hot air? (Bamboo Works)
The U.S.-based vaping company with China roots says its revenue could balloon over the next five years on the fast-growing cannabis market
Recently listed Ispire Technology (NASDAQ: ISPR) co-CEO Michael Wang estimates his company’s revenue could grow to $2 billion in five years, from an expected $200 million in its current fiscal year
Much of the vaping company’s growth could come from cannabis hardware sales, which rose 149% in the company’s latest quarter, making up nearly half its revenue
🇨🇳 Xinyi Glass (868 HK): Resilient FY23 Results; A Nice Dividend Play (Smartkarma) $
Xinyi Glass Holdings (HKG: 0868 / FRA: XI9 / OTCMKTS: XYIGY / XYIGF) reported FY23 results, with net profit up 5% yoy and sales up 4% yoy.
The company announced a final dividend of HKD0.37 per share, resulting in a full year dividend of HKD0.63 per share, which is a yield of 8%.
Overall the results look resilient, with auto glass segment a bit weaker than expected and float glass segment stronger than expected.
🇨🇳 Sinotrans (598.HK), a Shining Example of SOE Reform (Smartkarma) $
Sinotrans Ltd (SHA: 601598 / HKG: 0598 / FRA: SIY / OTCMKTS: SNOTF)
A Profit-Oriented State Owned Enterprise that is walking the walk.
Management incentives are aligned with shareholders, a rarity in China.
Plenty of upside remains despite the market outperformance to date
🇨🇳 China Airports: Beijing Capital Airport Offers Best Risk/Return Payoff (Smartkarma) $
Recent newsflow and company results suggest China outbound travel is on track to recover to pre-pandemic level by the end of this year.
China airports have different exposures to outbound travel, which largely determines the scale of their duty-free shopping business and earnings upside amidst this recovery cycle.
Beijing Capital International Airport Co Ltd (HKG: 0694 / FRA: BJ1 / OTCMKTS: BJCHY / BJCHF) offers best risk/return profile among listed China airports in our view as current valuation does not fully capture even a conservative scenario of recovery in outbound travel.
🇭🇰 Cathay Pacific - Reported Air China Interest Prompts Assessment of Structural Disadvantages (Smartkarma) $
We publish a deep dive on historical margin management at Cathay Pacific Airways Limited (HKG: 0293 / OTCMKTS: CPCAY) following Bloomberg reports that Air China (SHA: 601111 / HKG: 0753 / FRA: AD2 / LON: AIRC / OTCMKTS: AIRYY) is considering raising its 29.99% stake.
We see Cathay's consistent underperformance of the global industry as due to structural disadvantages competing against lower cost competitors without the benefit of attractive joint ventures or M&A.
Our deep dive comparing margin generation to ten major global peers highlights weak pricing power without sufficient offset from staff cost/other cost efficiencies as the key problem.
🇭🇰 Plover Bay Technologies' (1523.HK) 2023 results show solid earnings trajectory (Pyramids and Pagodas)
Shares up 13% despite moderate revenue growth, while profits surge. Stock's strength lies in consistent dividends, growing recurring revenues, and niche market offering.
Yesterday, we hopped on Plover Bay Technologies (HKG: 1523 / OTCMKTS: PBTDF) (“Plover Bay”) FY23 earnings call to see how our long-term bullish thesis on the Company is holding up.
The full-year results came on the heels of our well-received interview with the Company’s founder and CEO, Alex Chan, in which he shared his insights on leadership, vision, and growth prospects. For those of you who didn’t tune in. Plover Bay manufactures routers and sells subscriptions for always-on 5G connectivity, accessible from anywhere in the world.
🇭🇰 Jeju Shinhwa operator flags wider loss for 2023 (GGRAsia)
Hong Kong-listed casino developer Shin Hwa World Ltd (HKG: 0582) says it expects the group’s consolidated net loss for full-year 2023 to more than double from the prior year. The company runs a resort called Jeju Shinhwa World with foreigner-only casino in Jeju, South Korea.
In other news, the firm said in a Monday filing before the Hong Kong bourse opened, that trading in its shares was being halted at its own request with effect from 9am that day.
🇲🇴 Rolling the dice on Macau gaming stocks and bonds (The Asset) 🗃️
US-affiliated casino operators boast strong fundamentals that outweigh generally gloomy market sentiment
Both in fixed income and equity, Macau gaming companies, particularly those with US-based parents such as [Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF)] Las Vegas Sands (NYSE: LVS, [Wynn Macau Ltd (HKG: 1128 / FRA: 8WY / OTCMKTS: WYNMY / WYNMF)] Wynn Resorts Ltd (NASDAQ: WYNN), and Studio City International Holding Ltd (NYSE: MSC), provide investors with strong fundamentals that outweigh the generally downbeat market sentiment.
Bonds, both high yield and investment grade, of US-affiliated Macau gaming companies are currently trading at 7% to 10% yields. The spread between the bonds of the US-based parent companies and those of their Macau-based affiliates trading in Hong Kong has widened.
🇲🇴 Galaxy Ent 4Q EBITDA US$359mln, announces dividend (GGRAsia)
Macau casino operator Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) reported fourth-quarter 2023 adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) of just under HKD2.81 billion (US$358.7 million). The result was up 1.4 percent sequentially, and compared with a negative figure of HKD163 million in fourth-quarter 2022.
He added: “We are the first Macau concessionaire to resume dividends and return capital to shareholders after the border reopened. These dividends demonstrate our continued confidence in the longer-term outlook of Macau and for the company.”
🇰🇷 Alpha Generation Through Share Buybacks in Korea: Bi-Monthly (Jan and Feb 2024) (Smartkarma) $
In this insight, we discuss the alpha generation through companies that announced share buybacks in Korea in January and February 2024.
We provide a list of 22 stocks in the Korean stock market that have announced share buyback programs in the past two months.
Major companies that have announced share buybacks in Korea in the past two months include Shinhan Financial Group (NYSE: SHG / KRX: 055550), Hyundai Mobis (KRX: 012330), and Samick Musical Instruments Co Ltd (KRX: 002450). All three have outperformed the market.
🇰🇷 Celltrion (068270 KS): Solid Performance in Core Business in 2023; Eyes 60% Sales Growth in 2024 (Smartkarma) $
Celltrion (KRX: 068270) has reported 12% YoY growth in its core business of biosimilars in 2023. Growth was mainly driven by new portfolios including Remsima SC and Yuflyma.
Operating profit and operating margin improved slightly YoY, led by an increase in high-margin biosimilar sales. Biosimilar products contributed 67% of total revenue in 2023, up from 57% in 2022.
The company is targeting more than 60% global sales growth to KRW3.5 trillion in 2024. Celltrion is eyeing KRW1.6 trillion EBITDA and more than 40% EBITDA margin in 2024.
🇰🇷 HYBE Invests Additional 104 Billion Won in SM Entertainment - Why? (Smartkarma) $
After the market close, it was announced that HYBE (KRX: 352820) acquired a 3.7% stake (868,948 shares) in SM Entertainment Co Ltd (KOSDAQ: 041510) for 104.3 billion won.
HYBE's acquisition of shares was accomplished through the exercise of a put option by SM Entertainment's founder Lee Soo-Man. After this purchase, HYBE will own 12.6% stake in SM Entertainment.
We like SM Entertainment at current levels. Valuations are attractive and there is a strong pipeline of new music/songs to be launched by its artists in 2Q 2024.
🇸🇬 Yangzijiang Financial: a free mystery box (Value Zoomer)
We’re going back for some classic deep value in this month's article with Singaporean financial company Yangzijiang Financial Holding Ltd (SGX: YF8 / OTCMKTS: YNGFF). A recent spinoff with some Chinese real estate exposure and management turnover, that’s trading at an incredibly cheap valuation and returning capital. The intrinsic value is opaque, but it’s an extremely interesting situation with an attractive risk/reward profile.
🇸🇬 Our thoughts on Grab’s 2023 Q4 and Full Year results (Momentum Works)
On Thursday (22 Feb), Grab Holdings Limited (NASDAQ: GRAB) released financial results for the fourth quarter and the full year of 2023, recording a first quarterly profit – of US$11 million – benefiting from an “accounting accrual reversal”.
With ample cash on hand, Grab announced it would repay term loans and initiate a share buyback programme – the first time for Grab or any listed Southeast Asian tech major.
Some thoughts:
🇸🇬 ST Engineering’s 2023 Core Net Profit Jumped 24% Year-on-Year: 5 Highlights from its Latest Earnings Report (The Smart Investor)
The engineering specialist reported a strong set of earnings with a robust order book that sets the stage for continued good performance this year.
Here are five salient highlights from Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF)’s latest earnings report that investors should know about.
A robust financial performance
The commercial aerospace division is taking off
A strong order book for the Defence & Public Security division
A downbeat performance for the Urban Solutions and Satcom division
Bulking up its order book
🇸🇬 SATS More Than Doubled its Core Net Profit for 3Q FY2024: 5 Things Investors Need to Know About its Latest Business Update (The Smart Investor)
SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF)
The ground handler cum food caterer is going from strength to strength as it benefits from the air travel rebound.
Here are five things investors need to know about its latest 3Q FY2024 business update.
A surge in core net profit with positive free cash flow
Lower reliance on Food Solutions
Stronger operating metrics
Encouraging business developments
A bright outlook
🇸🇬 OCBC’s 2023 Net Profit Hit a Record S$7 Billion, Ups Dividend: 5 Highlights from the Bank’s Latest Results (The Smart Investor)
Oversea-Chinese Banking Corp (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY)
The lender, like its peers, also delivered a strong set of earnings and increased its 2023 dividend.
Here are five highlights from the bank’s latest financial results.
Net profit at a record high
A steady rebound in NIMs
Higher non-interest income
Well-controlled costs along with a lower NPL ratio
An increase in dividends
🇸🇬 City Developments Reports Record Revenue and Declares a Final Dividend of S$0.08: 5 Highlights from the Property Giant’s Latest Earnings (The Smart Investor)
The real estate giant is advancing on its GET strategy even as it pays out a dividend to reward shareholders.
Here are five highlights from City Developments Limited (SGX: C09 / FRA: CDE / OTCMKTS: CDEVY)’s latest 2023 earnings.
Record revenue and higher core net profit
Healthy Singapore property sales with a promising launch pipeline
Ongoing asset enhancements, redevelopments and revamps
Stronger results for hotel operations
Boosting recurring income streams
🇸🇬 CapitaLand Investment Limited Reports a Lower Core Net Profit But Maintains Dividend of S$0.12: 5 Things You Need to Know (The Smart Investor)
Capitaland Investment (SGX: 9CI / FRA: 5NU / OTCMKTS: CLILF)
The property investment giant sees headwinds ahead but remains confident of its recurring income generation capability.
Here are five highlights from the group’s latest earnings that you need to know.
Weaker core earnings offset by higher recurring revenue
FUM growth led by a jump in private fundraising
Lodging management division reports a record year
A challenging environment for the real estate investment business
Setting new targets
🇸🇬 Raffles Medical Group’s 2023 Net Profit Tumbles 37% Year on Year: 5 Highlights from the Integrated Healthcare Player’s Latest Earnings (The Smart Investor)
The integrated healthcare player sees better days ahead with its latest Vietnam hospital acquisition.
Here are five highlights from Raffles Medical Group (SGX: BSL / FRA: 02M1 / OTCMKTS: RAFLF)’s latest financial statements that investors should know about.
Weaker net profit offset by steady free cash flow generation
Addressing evolving patient needs in Singapore
Gestational losses for China hospitals
Higher loss ratio for its insurance division
A reduction in the final dividend
🇲🇾 GEN Malaysia 4Q profit tops US$46mln, to pay dividend (GGRAsia)
Global casino operator Genting Malaysia (KLSE: GENM) reported fourth-quarter net profit of MYR217.6 million (US$48.6 million), compared to a loss of MYR372.4 million in the prior-year period. Judged sequentially, net profit was up 22.7 percent, according to a Thursday filing to Bursa Malaysia.
Revenue in the three months to December 31 reached nearly MYR2.72 billion, flat sequentially, and up 11.8 percent from a year ago.
Genting Malaysia operates Resorts World Genting (pictured in a file photo), Malaysia’s only licensed casino property. The group also runs casinos in the United States, the Bahamas, the United Kingdom, and Egypt.
🇳🇴 🏴 DNO (ToffCap)
DNO has assets in the North Sea, Kurdistan and West Africa (total 2P + 2C reserves roughly at 540 mmboe – that is, million barrel of oil equivalent), but the company is mostly exposed to the semi-autonomous region of Kurdistan, holding the operatorship and working interests in the Tawke license (75%) and the Baeshiqa license (65%). Production from Tawke and Baeshiqa is transported via the Iraq-Turkey (Ceyhan) pipeline, a very important conduit for oil transport in the region, which provides Iraq access to the international oil markets (which means more volumes and better prices).
🇬🇷 Aeropuerto Internacional de Atenas - Una tesis a lo Peter Lynch (HerediaLaso | Inversión GARP)
Note: In Spanish. Use a browser translator to translate.
This is an investment idea in the purest "value" style in which we can buy something for much less than what it is worth for its fundamentals. However, no one can guarantee that this gap will one day close. Edit 27/02/2024:
In the meantime, we can expect sitting on an approximate 5% dividend yield.On the other hand, I don't expect big growth or strong emotions. If the gap closes with the valuation, it will be time to dismantle the position.
The company has, however, quite a positive option, as there are still 24 airports with 100% public management. Athens International Airport SA (FRA: 9O1) has the "call" of being granted one of these airports. However, I believe that they are more likely to be awarded to Fraport Greece because of its greater experience managing regional airports.
🇿🇦 Woolworths’s half-year earnings plunge despite resilience to SA headwinds (IOL)
Retailer Woolworths (JSE: WHL / OTCMKTS: WLWHY)’s resilience against plummeting economic conditions in South Africa helped its revenues for the interim period to end December 2023, although its Australian and New Zealand operations suffered from depressed consumer sentiment as shopping trends shift away from spending on goods and services.
Looking ahead, Woolworths is anticipating the remainder of the current financial year “to remain challenging”, although it expected inflation to ease gradually. “Interest rates across both geographies are likely to remain elevated, placing continued pressure on consumer disposable income. In South Africa, the ongoing energy crisis, port and infrastructure challenges are expected to further constrain economic activity,” the company said.
🌎 Arcos Dorados: Expanding With Solid Fundamentals (Seeking Alpha) $
Arcos Dorados Holdings Inc (NYSE: ARCO) is the largest quick-service restaurant chain in Latin America and the Caribbean, with a strong market presence and capacity to serve over four million customers daily.
ARCO demonstrated robust performance in FY23, capitalizing on expansion and improving efficiency, leading to double-digit revenue growth and expanding margins.
The company's solid growth prospects, including plans to open new restaurants, improving macroeconomic indicators, and decent liquidity levels, make it an attractive investment opportunity.
🇰🇾 Consolidated Water: Good Growth Prospects And The Stock Is Oversold (Seeking Alpha) $
Consolidated Water Company Ltd (NASDAQ: CWCO) is well-positioned to benefit from the growth trend in the desalination and water treatment plant markets.
The company has a good cash position which adds hidden value to the valuation.
Consolidated Water's stock is slightly discounted.
🇧🇷 Rumo: Chugging Ahead With Brazil's Largest Railway Network (Seeking Alpha) $
Rumo (BVMF: RAIL3) exhibits a unique growth potential in the railway sector in Brazil, boasting extensive infrastructure and a dominant market position.
The company's strategic investments in key projects, such as network renovation and expansion, reinforce its competitive edge and contribute to sustainable long-term growth.
With low competition and high entry barriers, Rumo benefits from increased revenue predictability and reduced risk of substitute products, further bolstering its market position.
Rumo's ongoing deleveraging efforts and anticipated profitability, driven by favorable crop harvests, underscore its financial strength and potential for future growth.
🇧🇷 Braskem - Catching BAK Up (Calvin's thoughts) $
The company is showing signs of improvement on multiple fronts, while a binding buyout offer could be on the way
2023 ended with hope for Braskem (NYSE: BAK) bulls close to a 52 week low. To catch you up on one of my largest exposures, I’ll provide a timeline.
So where are we today? Why has the Braskem share price recently been appreciating again? In this post I’ll bring you up to speed and share my views on where things go from here.
🇧🇷 Out of Petrobras (Calvin's thoughts) $
🇧🇷 PagSeguro: Q4 Earnings - Solid Results, Favorable Guidance, And Attractive Valuations (Seeking Alpha) $
PagSeguro Digital (NYSE: PAGS)'s Q4 earnings showed robust growth in Total Payment Volume, profits, and banking risk management, bolstered by favorable macroeconomic conditions in Brazil.
Despite trading at a discount compared to peers, PAGS's valuation remains attractive, supported by its conservative growth profile and significant buyback activity.
Market indicators, including the RSI and moving averages, suggest a bullish trend for the Company's shares post-earnings, reinforcing optimism in the company's performance.
With a strategic focus on integrating payment and banking services and achievable annual guidance, PagSeguro presents a compelling investment opportunity with more favorable macroeconomic trends in Brazil.
🇧🇷 XP Inc.: Needs A Risk-On Environment (Seeking Alpha) $
XP Inc (NASDAQ: XP) is a Brazilian broker/dealer with an emerging general retail finance business as well as an investment banking arm.
The company's new verticals in general banking and investment banking are performing well, driving all the growth together.
XP is reasonably valued compared to US peers and the Brazilian Real should do decent against the US Dollar.
Growth prospects owed to the more emerging and less penetrated market make the multiple relatively quite interesting, although a Brazil discount should remain.
In general, the business is growing nicely, but for the stock to really perform, it's going to need a risk-on environment in Brazil, which starts with looser financial conditions that are probably coming soon.
🇨🇱 Insight: Inside a copper output plunge at No. 1 global producer Codelco (Reuters)
Detailed article with a number of charts and graphics…
Chile is the world's largest supplier of the red metal and Codelco accounts for just over a quarter of the country's output.
The overhaul at PMCHS should extend the mine's lifespan by 50 years but the underground mine has been dogged by delays, collapses and construction difficulties.
Reuters spoke to more than a dozen Codelco employees at key mines, headquarters and unions, and reviewed hundreds of pages of internal company reports, financial statements and regulatory documents and investigations to assess the causes behind the delays.
🇨🇴 Presentation on Parex Resources & Parex Resources - Brilliant Tax Strategy Will Pay Huge Dividends (Calvin's thoughts) $
I created this 40 minute presentation to present my thesis on Parex Resources (TSE: PXT / FRA: QPX / OTCMKTS: PARXF) I believe it's a world class compounder trading at absurdly cheap valuations despite having some of the highest earnings quality of any company in the world. I have ~40% of my portfolio allocated long.
🇲🇽 Grupo Aeroportuario Del Centro Norte Stock Remains Attractive (Seeking Alpha) $
Nearshoring trend in Mexico presents opportunities for increased manufacturing and economic activity, benefiting Grupo Aeroportuario del Centro Norte, known as OMA (NASDAQ: OMAB / BMV: OMA).
Risks include stalling economic growth affecting manufacturing output and capacity cuts for airlines due to downtime of GTF-powered airplanes.
Despite challenges, OMAB stock remains a compelling investment opportunity with a projected price target of $111.70.
📰🔬 Further Suggested Reading
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 Increases in Large Reinvestment Budgets by American Companies Observed Cautious Optimism Found in 2024 AmCham South China Study (The American Chamber of Commerce in South China)
The American Chamber of Commerce in South China (AmCham South China) today released its 2024 Special Report on the State of Business in South China. The release was attended by over 200 government officials, business executives and members of media including over 40 foreign consulates mostly represented by their consuls general. This publication can be downloaded free of charge from the Chamber's website at http://www.amcham-southchina.com/amcham/static/publications/specialreport.jsp
Key Takeaways of the 2024 Special Report on the State of Business in South China:
🇨🇳 Cover story: Chinese pharma turns to global deals to cure capital crunch (Caixin) $
After enduring the chill of a prolonged capital winter, China’s drugmakers have begun to feel a thawing breeze.
Deal-making has surged in 2024, with the nation’s pharmaceutical industry attracting increased attention from international rivals for their innovative treatments. Last year, Chinese drugmakers set a record for new drug out-licensing deals — in which a company allows another party to use its product, technology or intellectual property — and saw the first-ever acquisition of a domestic biotech firm by a multinational pharmaceutical giant.
The resurgence comes as China’s drugmakers face a sustained investment contraction, mirroring a wider pullback by investors amid the country's stock market slump. Over the past three years, Chinese pharmaceutical shares have lost $600 billion in market value.
🇨🇳 Charts of the Day: China’s Lithium Miners Cut Output as Demand Falls (Caixin) $
China’s lithium carbonate miners have been cutting production, as prices of the key electric vehicle (EV) battery material continue to drop amid weaker demand.
Factory operating rates dropped to 45.73% on Friday from 52.5% on Feb. 9, the day before the Lunar New Year holidays began, according to data from Shandong Longzhong Information Technology Co. Ltd.
🇨🇳 China’s securities regulator promises strict crackdown on financial fraud (Caixin) $
China’s top securities watchdog denied market speculation that the regulator will retrospectively review initial public offerings (IPOs) made over the past 10 years but said a strict check will be kept on IPO companies to catch any violations.
Financial audits remain a top priority in the daily supervision of listed companies, Yan Bojin, chief risk officer of the China Securities Regulatory Commission (CSRC) and head of the department of public offering supervision, said at a Friday press conference.
🇨🇳 What China can learn from the ashes of my boat (FT) $ 🗃️
Quality matters because wooing investors requires trust
Not a day passes without me screaming at televisions, pepper grinders, lawnmowers or Tupperware. Such poor design. So badly executed. If only Steve Jobs or Sir James Dyson had made you, damn it!
I was pondering the issue of quality and China’s woeful stock market performance even before my boat was destroyed by fire on Monday. The cause was a Chinese lithium-ion battery overheating or exploding — as more than 1 per cent of them now do globally, according to Gitnux data. Luckily no one was killed.
Recent viral videos of angry Chinese buyers smashing up defective robot vacuum cleaners may seem trivial. But they add to the lack of trust in local stocks which are already down 15 per cent over the past 12 months.
🇨🇳 Shenzhen success due to indigenous innovation (The Asset) 🗃️
When it comes to converting foreign direct investment into income growth and technological upgrading, Shenzhen, China, has been far more successful than Penang, Malaysia. The reason is simple: Shenzhen, unlike Penang, supported the rise of innovative local businesses
🌐 Mapped: The World’s Top 50 Science and Technology Hubs (Visual Capitalist)
🇰🇷 South Korea unveils reforms to unlock value of listed companies (FT) $ 🗃️
Financial regulators vow to introduce ‘stronger incentives’ than Japan
🇮🇳 A tale of two bull markets (FT) $ 🗃️
While the US rise in stock prices is all about tech, India’s boom is more broad-based
🌐 Ep 6. Finding opportunities in crisis – Interview with veteran emerging and frontier market investor, Michael McGaughy (Pyramids and Pagodas)
In search of companies trading at generational lows, Michael scours some of the world's most volatile markets and outperform major emerging and frontier market indices
In this episode, Michael McGaughy, Head of Research at Hong Kong based Fusion Wealth Management. Fusion manages Research Alpha – a long-only, absolute return equity fund that invests globally in undervalued quality companies, particularly in emerging and frontier markets. Research Alpha's investments run the gauntlet of places that give conventional investors nightmares – think Argentina, Egypt, and Nigeria.
🌐 Big Macs, Mercantilism and the Commodity Curse (The Emerging Markets Investor)
We look below at the annual volatility of currencies over this period. We highlight the stability of champion exporters of manufactured goods like Germany, Korea, Taiwan, Singapore, Mexico, and Malaysia.
Brazil and the United States, two countries now enthusiastically pursuing neo-mercantilist agendas, are interesting cases with similarities. Both have severely deindustrialized while at the same time expanding energy production aggressively. Both went from being large importers of oil to self-sufficiency since 2010, which, all else being equal, should translate into stronger currencies. The implication is that neo-mercantilist policies may be pursued at a high cost, without the luxury of a weak currency.
🌐 Global elections in 2024: What do expats expect? (Expat.com)
Taiwan, Finland, Comoros, Indonesia, and seven other countries have already held their elections since the beginning of 2024. Over 50 other states are yet to go, with elections scheduled almost every month throughout the year. Portugal in March, South Korea in April, South Africa in May, the European Union in June, and undoubtedly, the most awaited election globally: the American presidential election. How do expats feel about all this?
🌐 The State of Global Fertility (Statista)
📅 Earnings Calendar
Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):
📅 Economic Calendar
Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).
🗳️ Election Calendar
Frontier and emerging market highlights (from IFES’s Election Guide calendar):
Russian Federation Russian Presidency Mar 17, 2024 (t) Confirmed Mar 18, 2018
South Korea South Korean National Assembly Mar 28, 2024 (d) Confirmed Apr 15, 2020
India Indian People's Assembly Apr 30, 2024 (t) Date not confirmed Apr 11, 2019
Kuwait Kuwaiti National Assembly Apr 4, 2024 (d) Confirmed Jun 6, 2023
Ecuador Referendum Apr 21, 2024 (d) Confirmed Aug 20, 2023
India Indian People's Assembly Apr 30, 2024 (t) Date not confirmed Apr 11, 2019
Panama Panamanian National Assembly May 5, 2024 (t) Confirmed May 5, 2019
Panama Panamanian Presidency May 5, 2024 (t) Confirmed May 5, 2019
South Africa South African National Assembly May 29, 2024 (d) Confirmed May 8, 2019
Venezuela Venezuela Presidency May 31, 2024 (t) Date not confirmed May 20, 2018
Mexico Mexican Senate Jun 2, 2024 (t) Date not confirmed Jul 1, 2018
Mexico Mexican Chamber of Deputies Jun 2, 2024 (t) Date not confirmed Jun 6, 2021
Mexico Mexican Presidency Jun 2, 2024 (t) Date not confirmed Jul 1, 2018
Mongolia Mongolian State Great Hural Jun 28, 2024 (d) Confirmed Jun 24, 2020
Croatia Croatian Assembly Jun 30, 2024 (t) Date not confirmed Jul 5, 2020
Sri Lanka Sri Lankan Presidency Sep 30, 2024 (t) Date not confirmed
Czech Republic Czech Senate Sep 30, 2024 (t) Date not confirmed Sep 23, 2022
Romania Romanian Presidency Sep 30, 2024 (t) Date not confirmed Nov 24, 2019
Georgia Georgian Parliament Oct 26, 2024 (d) Confirmed Oct 31, 2020
Uruguay Uruguayan Presidency Oct 27, 2024 (t) Date not confirmed
Uruguay Uruguayan Chamber of Representatives Oct 27, 2024 (t) Date not confirmed
Uruguay Uruguayan Chamber of Senators Oct 27, 2024 (t) Date not confirmed
Jordan Jordanian House of Deputies Oct 31, 2024 (t) Date not confirmed Nov 10, 2020
Georgia Georgian Presidency Nov 30, 2024 (t) Date not confirmed Nov 28, 2018
Romania Romanian Senate Nov 30, 2024 (t) Date not confirmed Dec 6, 2020
Romania Romanian Chamber of Deputies Nov 30, 2024 (t) Date not confirmed Dec 6, 2020
Namibia Namibian Presidency Nov 30, 2024 (t) Date not confirmed Nov 27, 2019
Namibia Namibian National Assembly Nov 30, 2024 (t) Date not confirmed Nov 27, 2019
Georgia Georgian Presidency Nov 30, 2024 (t) Date not confirmed Nov 28, 2018
Uzbekistan Uzbekistani Legislative Chamber Dec 31, 2024 (t) Tentative Dec 22, 2019
📅 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):
Ryde Group Ltd. RYDE Maxim Group, 3.0M Shares, $4.00-5.00, $13.5 mil, 3/4/2024 Monday
We are a Singapore-based ride-hailing app. (Incorporated in the Cayman Islands)
Our vision is to become a “Super mobility app” where multiple mobility tools can be accessed and function seamlessly out of a single app, offering ultimate convenience and reliability for our customers. We currently operate in Singapore, with our core businesses in the following segments: (i) mobility, where we provide on-demand and scheduled carpooling and ride-hailing services, matching riders to our driver partners; and (ii) quick commerce, where we provide on-demand, scheduled, and multi-stop parcel delivery services.
Our mobility business segment includes carpooling and ride-hailing.
Carpooling refers to services that connect riders with driver partners who provide rides in a variety of vehicles, such as cars of different seating capacities. Carpooling is about sharing rides and is provided via our RydePOOL service in our mobile app. We launched carpooling through our RydePOOL service in Singapore. RydePOOL allows real-time, on-demand bookings as well as advance bookings via our Schedule Pickup function, and only allows seating capacity for one rider per request, while riders may have to share their ride with other riders.
Ride-hailing refers to services that connect riders with private-hire or taxi drivers, with the rider having the option to choose the type of ride from a variety of vehicles, such as cars of different seating capacities and make. We started off with only carpooling services, but ride-hailing services was a natural adjacency for us as we have the technology and the platform to enable it. Our ride-hailing services allow riders to determine the number of seats they require for the trip, and offers real-time, on-demand bookings as well as advance bookings and multi-stop options. We started to grow our offerings in this space and currently have the following different service offerings: RydeX, RydeXL, RydeLUXE, RydeFLASH, RydePET, RydeHIRE, and RydeTAXI services.
Quick Commerce is a package delivery booking service, which enables driver partners to accept bookings for package delivery services through our driver partner app. Our partners that fulfill deliveries range from driver partners, to motorcyclists and walkers as well. Consumers can arrange for instant deliveries and cater for different package sizes. E-commerce businesses, Food and Beverage businesses and social sellers can utilise our last mile delivery services to their customers as an option as well. We provide our quick commerce service through our RydeSEND offering, which comprises of real-time on-demand, scheduled, and multi-stop parcel delivery services.
Acquisition of Meili
On February 20, 2023, we completed the purchase of Meili Technologies Pte. Ltd. (“Meili”), a last-mile on-demand logistics service provider in Singapore, where we purchased the entire issued and paid-up share capital of Meili for a purchase consideration of S$450,000 which shall be satisfied through the issuance of exchangeable notes to the shareholders of Meili in an amount equal to the proportion of the purchase consideration (“Meili Acquisition”). The Meili Acquisition enables us to expand our business into the quick commerce industry, thereby increasing our revenue streams, acquire a new consumer and driver partner’s base as well as improve our operational efficiency. By leveraging on the existing technology and operational infrastructure of Meili, our operational costs have reduced. We believe that the Meili Acquisition helps us to stay competitive in the quick commerce market and potentially grow our business.
*Note: Net loss and revenue figures are in U.S. dollars for the 12 months that ended June 30, 2023.
(Note: Ryde Group Ltd. increased the size of its micro-cap IPO in an F-1/A filing dated Jan. 18, 2024, to 3.0 million shares – up from 2.25 million shares originally – and kept the price range the same at $4.00 to $5.00 – to raise $13.5 million. Background: Ryde Group Ltd. disclosed terms for its IPO in an F-1/A filing dated Oct. 2, 2023: 2.25 million Class A ordinary shares at a price range of $4.00 to $5.00 to raise $10.13 million. Background: Ryde Group Ltd. filed its F-1 on Aug. 31, 2023, without disclosing terms for its IPO. The company submitted confidential IPO documents to the SEC in May 2023.)
Trident Digital Tech Holdings TDTH Eddid Securities USA, 1.8M Shares, $5.00-7.00, $10.8 mil, 3/4/2024 Week of
We are a leading digital transformation enabler in the small and medium enterprise, or the SME segment of the e-commerce enablement and digital optimizing services market in Singapore. We offer business and technology solutions which are designed to optimize our clients’ experiences with their customers by driving digital adoption and self-service. (Incorporated in the Cayman Islands)
We started our journey in 2014 as a full-service information technology company headquartered in Singapore. Since then, we recognized and captured the opportunities arising from the global fast-growing digital adoption trend in various industries and rapidly developed as a leading digital transformation enabler in the SME segment of e-commerce enablement and digital optimizing services market in Singapore. According to the Frost & Sullivan Report, among the Singapore-based companies who have been approved to participate in the SMEs Go Digital program led by Infocomm Media Development Authority, a statutory board under the Singapore Ministry of Communications and Information of the Republic of Singapore, we ranked fourth, contributing to 1.5% of the SME segment of the e-commerce enablement and digital optimizing services market in Singapore in 2022.
The SMEs Go Digital program is to provide SMEs in Singapore with a variety of digital solutions and services, such as e-commerce platforms, digital marketing tools, and data analytics software. The program also offers government grants to eligible SMEs to subsidize the costs, driving digital adoptions.
Our clients and prospective clients are faced with transformative business opportunities due to advances in software and computing technology. These organizations are dealing with the challenge of having to reinvent their core products, services, processes and systems rapidly and position themselves as “digitally enabled.” The journey to the digital future requires not just an understanding of new technologies and new ways of working, but a deep appreciation of existing technology landscapes, business processes and practices. We have been a navigator for our clients as they ideate, plan and execute on their journey to a digital future through our solutions and services, comprising:
• Business consulting: We support clients to define and deliver technology-enabled transformations of their business. Equipped with the complete value chain approach, our suite of offerings ranges from brand proposition, multi-channel commerce and digital marketing to improve customer experience and increase customer acquisition, to insights and real-time predictive analysis for efficient decision-making and optimizing processes.
• IT customization: We offer solutions and services to plan, design, operate, optimize and transform business processes. We support clients to get the best value from technology by developing an IT strategy, optimizing applications and infrastructure, implementing IT operating models, and governing their technical architecture for reliability and security.
We provide customized solutions and services that address the specific needs of clients in our strategic vertical markets. Our primary vertical industries include e-commerce, food and beverage, fintech, healthcare and service, wholesale and retail that are fast-growing and have increasing level of digitalization potentials. Our configurable technology integrates seamlessly into our clients’ systems, empowering our clients to manage, improve their businesses and to win. As of June 30, 2023, we served over 200 clients across our core verticals such as food and beverage, wholesale and retail.
Digital technology continues to impact our world through its transformative capability and pervasive impact. Our management believes we have a successful track record of applying our proprietary technologies to respond to changing business needs and evolving client demands. Leveraging such experiences, we plan to launch a Web 3.0 e-commerce platform whereby customers and merchants can transact in a transparent and secure way, or Tridentity, in the fourth quarter of 2023.
**Note: Net loss and revenue figures are for the 12 months that ended June 30, 2023.
(Note: Trident Digital Tech Holdings adjusted the terms of its IPO in an F-1/A dated Feb. 20, 2024: Each American Depositary Share now represents eight Class B ordinary shares – a change from the original terms in which each ADS represented 10 ordinary shares. The IPO’s terms: 1.8 million ADS at a price range of $5.00 to $7.00 to raise $10.8 million. Background: T rident Digital Tech Holdings cut its IPO’s size by reducing the number of shares to 1.8 million American Depositary Shares (ADS) – down from 1.875 million ADS – and slashing the price range to $5.00 to $7.00 – down from $8.00 to $10.00 – to raise $10.8 million in an F-1/A filing dated Feb. 7, 2024. Background: Trident Digital Tech Holdings filed an F-1/A dated Jan. 19, 2024, in which it named Eddid Securities USA as its sole book-runner to replace US Tiger Securities. Background: Trident Digital Tech Holdings filed an F-1/A on Oct. 19, 2023, in which it disclosed the terms for its IPO: 1.875 million American Depositary Shares (ADS) at a price range of $8.00 to $10.00 to raise $16.88 million. Each ADS represents 10 ordinary shares, the prospectus says. Background: Trident Digital Tech Holdings filed its F-1 on Oct. 4, 2023.)
Lucas GC Limited LGCL Joseph Gunnar & Co., 1.3M Shares, $4.00-6.00, $6.3 mil, 3/5/2024 Tuesday
We are the largest technology-driven online agent-centric human capital management service provider targeting professionals based on Platform-as-a-Service, or PaaS, in China, in terms of the number of active users in the human resources industry as of June 30, 2022, and total net revenues for the year ended Dec. 31, 2021.. (Incorporated in the Cayman Islands)
As a company empowered by artificial intelligence, or AI, data analytics, and blockchain technologies, we are committed to digitalizing and intellectualizing the entire human capital management process. We provide a platform to support trusted private social networks of professionals, through which we provide services consisting of recruitment services, outsourcing services, and other services such as information technology services and training services. Our users are primarily professionals who work in human resources-related functions. Our corporate customers are corporations with recruitment, training, sales lead generation and outsourcing demands.
As of Dec. 31, 2022, we had approximately 431,220 active registered users on our proprietary platforms, Star Career and Columbus, through which the users of our platforms will receive customized job recommendations and work as talent scouts to source suitable candidates for our corporate customers through their own trusted private social network, as well as receive trainings and other value-added services.
Our proprietary human capital management PaaS is developed based on patented, novel and advanced AI and machine-learning algorithms which are based on unparalleled access to big data assets that can derive actionable insights and knowledge for recruitment and other services such as training. In order to upgrade themselves with knowledge in human resources and basic labor law and financial skills, users on our platform are able to receive trainings and obtain the Certified Career Resources Planner Certificate, or CCRP Certificate, which will certify the user’s possession of fundamental knowledge in human resources, labor law and finance.
*Note: Net income and revenue are in U.S. dollars for the 12 months that ended June 30, 2023.
(Note: In an F-1/A filing dated Feb. 15, 2024, Lucas GC Limited cut the size of its IPO by 68.8 percent to 1.25 million shares – down from 3.07 million shares – and cut the price range to $4.00 to $6.00 – down from $6.00 to $7.00 – to raise $6.25 million – down sharply from its previously estimated IPO proceeds of $20.0 million. Lucas GC Limited also disclosed that it has changed its sole book-runner to Joseph Gunnar & Co., replacing joint book-runners Prime Number Capital and JonesTrading.)
(Note: In an F-1/A filing dated Oct. 27, 2023, Lucas GC Limited updated its financial statements for the period that ended June 30, 2023.)
(Note: Lucas GC Limited increased the size of its IPO, changed underwriters and updated its financial statements to include the year ended Dec. 31, 2022, in an F-1/A filing dated May 31, 2023: The IPO’s size was increased to 3.07 million shares – up from 750,000 shares – and the price range was cut to $6.00 to $7.00 – down from $8.00 to $9.00 – to raise $20.0 million. The new estimated IPO proceeds of $20.0 million represent an increase of 213.5 percent from the previous estimate of $6.38 million under the IPO’s original terms. Prime Number Capital was named the new book-runner, replacing The Benchmark Company and Valuable Capital.)
(Background: Lucas GC Limited filed an F-1/A dated March 22, 2023, in which it disclosed terms for its micro-cap IPO: 750,000 shares at $8.00 to $9.00 to raise $6.38 million ($6,375,000). The stock in the IPO will be offered by the Cayman Islands-incorporated holding company and not by the underlying business in China. Lucas GC Limited filed its F-1 on Feb. 28, 2023; it had submitted confidential IPO documents to the SEC on Nov. 21, 2022.)
Intelligent Group Limited INTJ WestPark Capital, 2.0M Shares, $4.00-5.00, $9.0 mil, 3/7/2024 Week of
(Incorporated in the British Virgin Islands)
We are a professional services provider in Hong Kong that engages in the business of providing Financial PR services. Our Financial PR services include arranging press conferences and interviews, participating in the preparation of news releases and shareholders’ meetings, monitoring news publications, identifying shareholders, targeting potential investors, organizing corporate events, and implementing crisis management policies and procedures.
We aim to build an effective channel for the exchange of information between the public, investors and our clients. We provide information about our clients to the public and investors in a manner designed to enable them to understand our clients’ operations more easily. We also provide training to our clients so as to allow them to understand public relations tactics and practice. The objective is to create a positive market image of our clients to the public.
Our Industry
Hong Kong, which occupies a unique geographic position, continues to achieve remarkable expansion in its role as a regional financial leader. As one of the financial centers in the Asia-Pacific region, Hong Kong attracts a number of public relations firms to provide services in Hong Kong, mainly in Financial PR, corporate public relations and consumer marketing services. According to the website of the HK Stock Exchange — Annual Market Statistics (As of December 30, 2022) (source: https://www.hkex.com.hk/-/media/HKEX-Market/Market-Data/Statistics/Consolidated-Reports/Annual-Market-Statistics/e_2022-Market-Statistics.pdf and https://www.hkex.com.hk/-/media/HKEX-Market/Market-Data/Statistics/Consolidated-Reports/Annual-Market-Statistics/2021-Market-Statistics_e.pdf), Hong Kong has ranked number four and four in the world in 2021 and 2022, respectively, in terms of the amount of funds raised through IPOs. According to the market statistics published by the HK Stock Exchange, the total funds raised through IPOs on the HK Stock Exchange in 2021 and 2022 were approximately HK$328.9 billion and HK$99.1 billion, respectively. The total post-IPO funds raised by listed companies on the HK Stock Exchange in 2022 amounted to HK$147.3 billion and, together with funds raised by IPOs, the total funds raised on the Main Board (“Main Board”) and GEM Board of the Hong Kong Stock Exchange, amounted to approximately HK$251.9 billion. Despite the decrease in the total funds raised in 2022 due to the impact of resurgences of the COVID-19 outbreak, the capital market and fund-raising activities are expected to rebound in 2023.The demand for Financial PR services is expected to correlatively rebound.
Competitive Strengths
We believe the following competitive strengths differentiate us from our competitors:
• We provide comprehensive Financial PR services to our clients;
• We provide extensive coverage in media monitoring and promotion services for our clients;
• We have a strong client base; and
• We have experienced and competent management and professional staff.
Our Strategy
We intend to pursue the following strategies to further expand our business:
• Further strengthening our Financial PR business in Hong Kong;
• Expanding our market presence in other international capital markets, in particular the U.S.; and
• Enhancing the automation and establishment of our virtual Financial PR services.
**Note: Net income and revenue are for the 12 months that ended May 31, 2023
(Note: Intelligent Group Limited filed an F-1/A dated Nov. 21, 2023. The terms of its IPO: 2 million ordinary shares at $4.00 to $5.00 to raise $9.0 million. )
CDT Environmental Technology Investment Holdings Limited CDTG WestPark Capital, 2.0M Shares, $4.00-5.00, $9.0 mil, 3/11/2024 Week of
We are a waste treatment company that generates revenue through design, development, manufacture, sales, installation, operation and maintenance of sewage treatment systems and by providing sewage treatment services. We primarily engage in two business lines: sewage treatment systems and sewage treatment services in both urban and rural areas. Sewage treatment systems are sometimes also referred to herein as rural sewage treatment, and sewage treatment services are sometimes also referred to herein as septic tank treatment.
For sewage treatment systems, we sell complete sewage treatment systems, construct rural sewage treatment plants, install the systems, and provide on-going operation and maintenance services for such systems and plants in China for municipalities and enterprise clients. We provide decentralized rural sewage treatment services with our integrated and proprietary system using our advanced quick separation technology. Our quick separation technology uses a biochemical process for economically and sufficiently treating rural sewage. In addition, our integrated equipment generally has a lifespan of over 10 years without replacement of the core components. Due to our quick separation technology and our technological expertise and experience, our integrated rural sewage treatment system produces a high quality of outflowing water, with high degrees of automation, efficient construction and start up, and low operational costs. In addition, our equipment is typically able to process abrupt increases of sewage inflows and high contamination. Our integrated equipment consists of a compact structure and is buried underground in order to minimize changes to the surrounding environment.
**Note: Net income and revenue figures are in U.S. dollars for the 12 months that ended June 30, 2023.
(Note: CDT Environmental Technology Investment Holding Limited updated its financial statements for the six-month period that ended June 30, 2023, in an F-1/A filing dated Nov. 20, 2023.)
(Note: CDT Environmental Technology Investment Holding Limited cut its IPO’s size by about 35 percent to 2.0 million shares – down from 3.07 million shares – and increased the price to a range of $4.00 to $5.00 – up from an assumed IPO price of $4.00 – to raise $9.0 million, according to an F-1/A filing dated March 27, 2023. CDT Environmental Technology Investment Holdings Limited updated its financial statements in an F-1/A dated Feb. 24, 2023. The company changed its sole book-runner to WestPark Capital from ViewTrade Securities in an F-1/A filing in June 2021. The F-1 was filed on Jan. 15, 2021. The company submitted confidential IPO documents to the SEC on Nov. 15, 2019.)
SKK Holdings Limited SKK Bancroft Capital LLC, 2.5M Shares, $4.00-5.00, $11.3 mil, 3/11/2024 Week of
We are a civil engineering service provider that specializes in subsurface utility works in Singapore and have participated in numerous public utility projects, including but not limited to power and telecommunication cable laying works, water pipeline works and sewer rehabilitation works. (Incorporated in the Cayman Islands)
We were founded in 2013 by Mr. Sze, our Chief Executive Officer, together with, among others, Mr. Ng, one of our Executive Directors and our Chief Operating Officer. Our Executive Officers including Mr. Sze, Mr. Ng, Mr. Wong and Mr. Tang have over 28, 26, 18 and 15 years of experience in the field, respectively.
As of the date of this prospectus, we were equipped with a fleet of five HDD rigs, 18 excavators and 36 vehicles and a staff over 140. We are one of the five major contractors in Singapore for horizontal directional drilling, or HDD works.
*Note: Net income and revenue are for the 12 months that ended June 30, 2023 (in U.S. dollars converted from Singapore dollars)
(Note: SKK Holdings Limited filed its F-1 on Jan. 29, 2024, and disclosed terms for its IPO: 2.5 million ordinary shares at a price range of $4.00 to $5.00 to raise $11.25 million. Of the 2.5 million ordinary shares in the IPO, the company is offering 1.75 million shares and selling stockholders are offering 750,000 shares. The company will not receive any proceeds from the sale of the selling stockholders’ shares. Background: SKK Holdings filed confidential IPO documents with the SEC on Sept. 20, 2023.)
U-BX Technology Ltd. UBXG EF Hutton, 2.0M Shares, $5.00-5.00, $10.0 mil, 3/11/2024 Week of
U-BX was incorporated on June 30, 2021, in the Cayman Islands. U-BX does not have material operations of its own. We conduct business through the PRC Operating Entities. (Incorporated in the Cayman Islands)
Since U-BX China’s establishment in 2018, the PRC Operating Entities have used AI-driven technology to provide value-added services to the insurance industry, including insurance carriers and brokers.
Our PRC Operating Entities’ business primarily consists of providing the following three services/products: i) digital promotion services, ii) risk assessment services, and iii) value-added bundled benefits. We help our institutional clients obtain visibility on various social media platforms and generate our revenue based on consumers’ clicks, views or our clients’ promotion time through those channels. We have also developed a unique algorithm and named it the “Magic Mirror” to calculate payout risks for insurance carriers to underwrite auto insurance coverage. Utilizing our proprietary algorithmic model, we are able to generate individualized risk reports based on the vehicle brand, model, travel area, and vehicle age. In turn, we are able to generate revenue based on the number of assessment reports we provide to the insurance carriers. Lastly, to help major insurance carriers or brokers attract their customers, we sell bundled benefits, including car wash, maintenance plan or parking notification, to these carriers, which they may then pass onto their customers for either low or no cost. In addition to servicing institutional customers, we provide up-to-date insurance-related information to individual consumers through our mini-application embedded in other social media platforms. The information is provided to educate consumers and insurance brokers about the insurance industry, thus helping us build a stronger brand image with the general public.
At present, our client base consists of more than 300 city-level property and auto insurance carriers nationwide, in addition to approximately 200,000 insurance brokers that use our products and services to conduct business on a daily basis. Some of our clients include large corporations such as the People’s Insurance Company of China, Dajia Property Insurance Co., Ltd., China Pacific Property Insurance Co., Ltd., China Life Property Insurance Co., Ltd., Yongcheng Property Insurance Co., Ltd., and Huatai Insurance Brokers Co., Ltd.
Note: For its fiscal year ended June 30, 2021, U-BX Technology Ltd. reported a net loss of US$9,562 on revenue of US$72.3 million.
Note: For its fiscal year ended June 30, 2022, U-BX Technology Ltd. reported a net loss of US$49,022 on revenue of US$86.68 million.
Note: For its fiscal year ended June 30, 2023, U-BX Technology Ltd. swung to a net profit from a net loss in its FY ended June 30, 2022.
Note: For its fiscal year ended June 30, 2023, U-BX Technology Ltd. reported net income of $0.21 million (net income of $205,911) on revenue of $94.32 million (revenue of $94,318,710). Note: U-BX Technology Ltd. filed an F-1/A dated Dec. 5, 2023, in which it updated its financial statements through the fiscal year that ended June 30, 2023.
(Note: U-BX Technology Ltd. changed its sole book-runner to EF Hutton, replacing Prime Number Capital, in an F-1/A filing dated Feb. 12, 2024.)
(Note: U-BX Technology Ltd. filed an F-1/A dated Nov. 17, 2023, in which it slashed the IPO’s size by 60 percent – cutting the number of shares to 2.0 million – down from 5.0 million – and kept the assumed IPO price at $5.00 – to raise $10 million. In that Nov. 17, 2023, filing with the SEC, U-BX Technology changed its sole book-runner to Prime Number Capital, which replaced Boustead Securities, the original underwriter.)
(Background Note: U-BX Technology Ltd. tweaked the terms of its IPO in an F-1/A filing dated Aug. 5, 2022, by stating the assumed offering price is $5.00, the top of its previous $4.00-to-$5.00 range – and kept the number of shares at 5.0 million shares, to raise $25.0 million. Note: In an F-1/A filing dated July 19, 2022, U-BX Technology cut the size of its IPO by reducing the number of shares to 5.0 million shares, down from 6.0 million shares, and decreasing the price range to $4.00 to $5.00, down from $4.50 to $5.50, to raise $22.5 million. The new terms represented a 25 percent reduction in the IPO’s estimated proceeds, based on mid-point pricing. Note: U-BX Technology Ltd. filed its F-1 on Jan. 28, 2022, in which it disclosed that it intended to offer 6.0 million ordinary shares at a price range of $4.50 to $5.50 to raise $30.0 million – with Boustead Securities as its sole underwriter. In October 2021, U-BX Technology Ltd. submitted its confidential IPO filing to the SEC.)
Zhibao Technology ZBAO EF Hutton, 1.3M Shares, $4.00-4.00, $5.0 mil, 3/11/2024 Week of
We launched the first digital insurance brokerage platform in China in 2020, powered by our proprietary PaaS (Platform as a Service). (Incorporated in the Cayman Islands)
We are a leading and high-growth InsurTech company primarily engaged in providing digital insurance brokerage services in China.
We operate substantially all of our business through its PRC Subsidiaries, or Zhibao China Group, in particular Zhibao China and Sunshine Insurance Brokers.
2B2C (“to-business–to-customer”) digital embedded insurance is our innovative business model, which Zhibao China Group pioneered in China.
2B2C digital embedded insurance refers to our one-stop customized insurance brokerage model conducted through Zhibao China Group, under which we provide proprietary and customized insurance solutions to be digitally embedded in the existing customer engagement matrix of business entities (our “business channels” or “B channels”) to reach and serve such B channels’ existing pool of end customers (“end customers” or “C”). Each B channel encompasses a specific scenario where its end customers also have potential, untapped insurance needs. For example, a Chinese travel agency (our B channel) has an average of 100,000 Chinese tourists traveling to the U.S. for tourism every year. We believe this presents an untapped scenario-specific opportunity for international travel accident insurance needs for a pool of 100,000 Chinese tourists as end customers. These end customers might otherwise have to search for and purchase insurance separately or might not purchase insurance at all. After Zhibao China Group reaches an agreement with such travel agency to become one of our B channels, they build and embed a travel insurance solution across this travel agency’s matrix of digital channels, including its website, App, Douyin (the Chinese equivalent of TikTok), WeChat Mini Program, and other social media accounts. Consequently, we, through Zhibao China Group, may pinpoint the 100,000-strong customer base and provide insurance brokerage services which are specifically and accurately tailored to the insurance needs of these end customers.
Note: For the fiscal year that ended June 30, 2023, Zhibao Technology Inc. reported a net loss of $5.9 million on revenue of $19.6 million.
(Note: Zhibao Technology Inc. is offering 1.25 million Class A ordinary shares at an assumed IPO price of $4.00 – the low end of its price range of $4.00 to $6.00 – to raise $5.0 million in its initial public offering. This is a NASDAQ listing. Background: Zhibao Technology Inc. filed its F-1 without disclosing terms on Sept. 8, 2023. The Shanghai-based InsurTech company submitted its confidential IPO documents to the SEC on March 23, 2023.)
Ten League International Holdings TLIH Eddid Securities USA, 2.8M Shares, $4.00-5.00, $12.6 mil, 3/18/2024 Week of
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, 2023.
(Note: Ten-League International Holdings filed an F-1/A dated Feb. 23, 2024, and disclosed terms for its IPO: 2.8 million shares at $4.00 to $5.00 to raise $12.6 million. The company filed its F-1 on Nov. 1, 2023. Ten-League International Holdings submitted confidential IPO documents to the SEC on July 7, 2023.)
🏁 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:
02/07/2024 - Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares XXCH - Equity, leveraged
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
11/07/2023 - Global X MSCI Emerging Markets Covered Call ETF EMCC - Equity, leverage
11/07/2023 - Avantis Emerging Markets Small Cap Equity ETF AVEE - Active, equity, small caps
09/22/2023 - Matthews Asia Dividend Active ETF ADVE - Active, equity, Asia
09/22/2023 - Matthews Pacific Tiger Active ETF ASIA - Active, equity, Asia
09/22/2023 - Matthews Emerging Markets Sustainable Future Active ETF EMSF - Active, equity, ESG
09/22/2023 - Matthews India Active ETF INDE - Active, equity, India
09/22/2023 - Matthews Japan Active ETF JPAN - Active, equity, Japan
09/22/2023 - Matthews Asia Dividend Active ETF ADVE - Active, equity, Asia
08/25/2023 - KraneShares Dynamic Emerging Markets Strategy ETF KEM - Active, equity, emerging markets
08/18/2023 - Global X India Active ETF NDIA - Active, equity, India
08/18/2023 - Global X Brazil Active ETF BRAZ - Active, equity, Brazil
07/17/2023 - Matthews Korea Active ETF MKOR - Active, equity, South Korea
05/18/2023 - Putnam Emerging Markets ex-China ETF PEMX - Active, value, growth stocks
05/11/2023 - JPMorgan BetaBuilders Emerging Markets Equity ETF BBEM - Passive, large + midcap stocks
03/16/2023 - JPMorgan Active China ETF JCHI - Active, equity, China
03/03/2023 - First Trust Bloomberg Emerging Market Democracies ETF EMDM - Principles-based
1/31/2023 - Strive Emerging Markets Ex-China ETF STX - Passive, equity, emerging markets
1/20/2023 - Putnam PanAgora ESG Emerging Markets Equity ETF PPEM - Active, equity, ESG, emerging markets
1/12/2023 - KraneShares China Internet and Covered Call Strategy ETF KLIP - Active, equity, China, options overlay, thematic
1/11/2023 - Matthews Emerging Markets ex China Active ETF MEMX - Active, equity, emerging markets
12/13/2022 - GraniteShares 1.75x Long BABA Daily ETF BABX - Active, equity, leveraged, single stock
12/13/2022 - Virtus Stone Harbor Emerging Markets High Yield Bond ETF VEMY - Active, fixed income, junk bond, emerging markets
9/22/2022 - WisdomTree Emerging Markets ex-China Fund XC - Passive, equity, emerging markets
9/15/2022 - KraneShares S&P Pan Asia Dividend Aristocrats Index ETF KDIV - Passive, equity, Asia, dividend strategy
9/15/2022 - OneAscent Emerging Markets ETF OAEM - Active, Equity, emerging markets, ESG
9/9/2022 - Emerge EMPWR Sustainable Select Growth Equity ETF EMGC - Active, equity, emerging markets
9/9/2022 - Emerge EMPWR Unified Sustainable Equity ETF EMPW - Active, equity, emerging markets
9/8/2022 - Emerge EMPWR Sustainable Emerging Markets Equity ETF EMCH - Active, equity, emerging markets, ESG
7/14/2022 - Matthews China Active ETF MCH - Active, equity, China
7/14/2022 - Matthews Emerging Markets Equity Active ETF MEM - Active, equity, emerging markets
7/14/2022 - Matthews Asia Innovators Active ETF MINV - Active, equity, Asia
6/30/2022 - BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF XEMD - Passive, fixed income, emerging markets
5/2/2022 - AXS Short CSI China Internet ETF SWEB - Active, inverse, thematic
4/27/2022 - Dimensional Emerging Markets High Profitability ETF DEHP - Active, equity, emerging markets
4/27/2022 - Dimensional Emerging Markets Core Equity 2 ETF DFEM - Active, equity, emerging markets
4/27/2022 - Dimensional Emerging Markets Value ETF DFEV - Active, equity, emerging markets
4/27/2022 - iShares Emergent Food and AgTech Multisector ETF IVEG - Passive, equity, thematic [Mostly developed markets]
4/21/2022 - FlexShares ESG & Climate Emerging Markets Core Index Fund FEEM - Passive, equity, ESG
4/6/2022 - India Internet & Ecommerce ETF INQQ - Passive, equity, thematic
2/17/2022 - VanEck Digital India ETF DGIN - Passive, India market, thematic
2/17/2022 - Goldman Sachs Access Emerging Markets USD Bond ETF GEMD - Passive, fixed income, emerging markets
1/27/2022 - iShares MSCI China Multisector Tech ETF TCHI - Passive, China, technology
1/11/2022 - Simplify Emerging Markets PLUS Downside Convexity ETF EMGD - Active, equity, options strategy
1/11/2022 - SPDR Bloomberg SASB Emerging Markets ESG Select ETF REMG - Passive, equity, ESG
🚽 Emerging Market ETF Closures/Liquidations
Frontier and emerging market highlights:
11/11/2023 - Global X China Innovation ETF - KEJI
11/11/2023 - Global X Emerging Markets Internet & E-commerce ETF - EWEB
11/09/2023 - Franklin FTSE South Africa ETF - FLZA
10/27/2023 - Simplify Emerging Markets Equity PLUS Downside Convexity - EMGD
10/20/2023 - WisdomTree India ex-State-Owned Enterprises Fund - IXSE
10/20/2023 - WisdomTree Chinese Yuan Strategy Fund - CYB
10/20/2023 - Loncar China BioPharma ETF - CHNA
10/18/2023 - KraneShares Emerging Markets Healthcare Index ETF - KMED
10/18/2023 - KraneShares MSCI China ESG Leaders Index ETF - KSEG
10/18/2023 - KraneShares CICC China Leaders 100 Index ETF - KFYP
10/16/2023 - Strategy Shares Halt Climate Change ETF - NZRO
09/20/2023 - VanEck China Growth Leaders ETF - GLCN
08/28/2023 - Asian Growth Cubs ETF - CUBS
08/01/2023 - VanEck Russia ETF - RSX
07/07/2023 - Emerge EMPWR Sustainable Emerging Markets Equity ETF - EMCH
06/23/2023 - Invesco PureBeta FTSE Emerging Markets ETF - PBEE
06/16/2023 - AXS Short China Internet ETF - SWEB
04/11/2023 - SPDR Bloomberg SASB Emerging Markets ESG Select ETF - REMG
3/30/2023 - Invesco BLDRS Emerging Markets 50 ADR Index Fund - ADRE
3/30/2023 - Invesco BulletShares 2023 USD Emerging Markets Debt ETF - BSCE
3/30/2023 - Invesco BulletShares 2024 USD Emerging Markets Debt ETF - BSDE
3/30/2023 - Invesco RAFI Strategic Emerging Markets ETF - ISEM
2/17/2023 - Direxion Daily CSI 300 China A Share Bear 1X Shares - CHAD
1/13/2023 - First Trust Chindia ETF - FNI
12/28/2022 - Franklin FTSE Russia ETF - FLRU
12/22/2022 - VictoryShares Emerging Market High Div Volatility Wtd ETF CEY
8/22/2022 - iShares MSCI Argentina and Global Exposure ETF AGT
8/22/2022 - iShares MSCI Colombia ETFI COL
6/10/2022 - Infusive Compounding Global Equities ETF JOYY
5/3/2022 - ProShares Short Term USD Emerging Markets Bond ETF EMSH
4/7/2022 - DeltaShares S&P EM 100 & Managed Risk ETF DMRE
3/11/2022 - Direxion Daily Russia Bull 2X Shares RUSL
1/27/2022 - Legg Mason Global Infrastructure ETF INFR
1/14/2022 - Direxion Daily Latin America Bull 2X Shares LBJ
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 (March 4, 2024) was also published on our website under the Newsletter category.