Emerging Market Links + The Week Ahead (May 12, 2025)

Understanding platform ambitions in China, tariffs rattle auto industry, Taiwan Dollar's surge, Saudi Aramco cuts its dividend, Teva, Ituran, EM stock picks and the week ahead for emerging markets.

May 12, 2025

It looks like the “End Times,” otherwise known as tariffs or Trump’s tariff war against China is once again on hold with QTR’s Fringe Finance Substack already expressing the growing frustration many of us have with the ~~oligarch~~ corporate financial media:

💻 Financial Media's Tariff Incontinence: A Retrospective (QTR’s Fringe Finance)

Remember just one month ago when the media was acting like tariffs were a guarantee of 100 years of famine, plague and pestilence? Well tomorrow the stock market is going to be well on its way toward all-time highs, again…
My readers will remember that just about a month ago, after “Liberation Day,” I made the case that the mainstream financial media’s panic and histrionics over President Trump’s tariffs were equal parts embarrassing and pointless…
I thought the media’s behavior was ridiculous for a couple of reasons. First, as I said, how can anyone expect meaningful change without experiencing some temporary discomfort? Second, I found it downright embarrassing how the slightest downtick in the stock market—a market that has arguably been overvalued for decades—immediately sent analysts and media personalities into a full-blown panic over tariffs before they even went into effect, and certainly before we’d had any chance to negotiate deals.

The White House’s new Drudge Report style WH Wire has also put out this release: Fact Sheet: President Donald J. Trump Secures a Historic Trade Win for the United States

Finally, today (Monday) was Wesak Day (Malaysia) or Vesak Day in countries with large Buddhist populations (namely a public holiday in Cambodia, Thailand, Malaysia, Myanmar, Singapore, Indonesia, and Sri Lanka). The day commemorates the birth, enlightenment and death of Buddha.

In Kuala Lumpur, there is always a candlelit procession (+floats) that walks 12 kilometres around the city (I walk roughly halfway until back in my neighbourhood) with 10,000s of participants - ranging from Minister of Transport Anthony Loke to the elderly/blind/wheelchair bound and even dogs in strollers; plus local contingents of Bangladeshi, Nepali, Thai, Chin & other Myanmar ethnic groups, Sinhalese or Sri Lankan, etc. Buddhists from the major sects; plus people lining the streets (some handing out free refreshments):

🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

🌐 Emerging Market Stock Picks (April 2025) Partially $
🌐 EM Fund Stock Picks & Country Commentaries (May 11, 2025) Partially $
- Unexciting (but reliable) Asian small cap investing themes, new investment face of MENA, European defense stocks, global real estate outlooks, MercadoLibre defies skeptics, Q1/April fund updates, etc.

📰🔬 Emerging Market Stock Picks / Stock Research

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

🌏 Asia

🌏 Asia-Pacific Q1 cross-border CRE investment doubles (The Asset) 🗃️

Investors focus on Japan, Australia, South Korea, strong demand for office, industrial, retail assets

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 US-UK trade deal squeezes China supply chains (FT) $ 🗃️

Diplomats say pact’s provisions on strategic sectors is template for Washington
The UK has accepted strict US security “requirements” for its steel and pharmaceutical industries, in what diplomats see as a template that Washington could use to exclude China from other countries’ strategic supply chains.

🇨🇳 Chinese companies purge supply chain of foreign parts amid US trade war (FT) $ 🗃️

Beijing’s self-reliance drive accelerates as groups seek out local suppliers in response to tariffs

🇨🇳 Platform Ambitions in China: How Trying to Sell Everything Burns Billions (The Great Wall Street - Investing in China)

China’s cut-throat competition makes even market leaders bleed billions when they venture outside their core business.
Lately, I’ve been obsessing over business models—not out of academic curiosity, but because of some very real questions surfacing inside my own company. After talking to a few marketing experts, and revisiting some books, I started noticing patterns I had conveniently ignored. It turns out that even billion-dollar giants can fall into the same traps as I did. And somehow still manage to explain it away on earnings calls like it’s all part of the plan.
One question kept nagging at me: does having a strong business model (like a platform business model) actually make it easier to expand into new categories? The textbook says yes. Reality says: not so fast.
This piece is a reflection—part investment note, part therapy session.

🇨🇳 Alibaba jumps into China’s quick commerce war (Momentum Works)

On April 30, as China was heading into the 5-day May Day golden week holidays, Alibaba jumped into the Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY), JD.com (NASDAQ: JD) quick commerce flight.
According to the announcement, all the quick commerce offerings of Alibaba are now consolidated into a single top menu item in the Taobao app called “闪购” (Instashopping).
Instashopping, which takes the same name as the quick commerce offering of Meituan, includes categories such as food delivery (through Alibaba subsidiary ele.me), supermarkets / convenience stores, medicine, fashion and department store goods, mobile phone and digital devices:
A few thoughts:

🇨🇳 Ant Group Considering on Listing Overseas Unit Ant International in Hong Kong (Douglas Research Insights) $

Ant Group is considering on listing its overseas unit Ant International in Hong Kong. Ant International contributes approximately 20% to Ant Group's total revenue.
Ant International operates four core business lines: Alipay+ (cross-border payment platform), Antom (global merchant acquiring network), WorldFirst (remittance service), and Bettr (digital payment solution).
Given the growing political to delist Chinese stocks from the US exchanges, there could be a greater political pressure on the Chinese government to approve Chinese IPOs in Hong Kong.

🇨🇳 Exclusive: Ant Group in Talks for International Unit IPO in Hong Kong (Caixin) $

Ant Group Co. Ltd., the fintech giant backed by Alibaba (NYSE: BABA), is seeking a Hong Kong listing for its international unit, Caixin learned from sources with knowledge of the matter.
The group is in talks with relevant regulatory bodies over a Hong Kong IPO for Ant International and has received indications that there are currently no policy obstacles, sources close to the group told Caixin. Zhou Zhifeng, a senior vice president and general counsel of the group, is leading the discussions with regulators in Hong Kong and Singapore, they said. Ant International was incorporated in Singapore.

🇨🇳 PAX Global Technology Remains Stagnant With A Lack Of Differentiation (Seeking Alpha) $ 🗃️

🌐 Pax Global Technology Ltd (HKG: 0327 / FRA: P8X / OTCMKTS: PXGYF) 🇧🇲 - Develops & sells electronic funds transfer point-of-sale products. 🇼

🇨🇳 BYD Breaks Ground on Cambodia EV Plant as Part of Global Expansion (Caixin) $

BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) has broken ground on a $32 million passenger electric vehicle plant in Cambodia, marking its latest move to localize production as part of a broader global expansion that has seen the Chinese automaker become a top-selling EV brand in markets from Brazil to the UK.
The company said on Tuesday that the plant in Sihanoukville Special Economic Zone is expected to be finished by October 2025, with production starting in the fourth quarter. With an, The facility, with an annual capacity of 10,000 units, will make both battery EVs and plug-in hybrid EVs.

🇨🇳 How Did China's LFP Batteries Get So Cheap? (Asianometry) 20:40 Minutes

The Chinese EV and stationary battery industries continue to churn forward. Market analysts point out that LFP prices will continue to fall, but probably nowhere near as fast as they were in prior years. I think one of the most interesting industry developments to keep an eye on is the forthcoming technology progress of sodium ion. I covered this in another video a few years back and have not mentioned much about it since. But Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750), BYD [BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) / BYD Electronic International Co Ltd (HKG: 0285)] and Huawei are all pursuing it. Sodium ion suffers fundamental energy density shortcomings against lithium ion. But sodium is far more accessible than lithium, seems to be able to charge faster, and energy density numbers are getting better. Considering how optimized the LFP supply chain is, I wonder if sodium will be as impactful. We shall see.

🇨🇳 China’s BYD, Tsingshan Scrap Plans for Chile Lithium Plants as Price Collapses

Plunging lithium prices have forced Chinese electric vehicle (EV) maker BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) and stainless steel producer Tsingshan Holding Group Co. Ltd. to cancel plans to build battery material plants in Chile, a setback for the Andean nation’s strategy to extract more value from its vast lithium reserves.
Chile’s state development agency, Corfo, announced termination of the projects on May 7, underscoring how volatile global lithium markets are reshaping investment decisions across the battery supply chain.

🇨🇳 Zeekr gets set to drive off Wall Street, just a year after arriving (Bamboo Works)

The company’s proposed privatization is part of an ongoing effort by parent Geely Automobile Holdings (HKG: 0175 / FRA: GRU / OTCMKTS: GELYY / GELYF) to consolidate its many listed units
ZEEKR Intelligent Technology Holding Limited (NYSE: ZK) has received a privatization bid from Hong Kong-listed parent Geely, which is offering to buy its shares at a 20% premium
The privatization, just a year after Zeekr’s New York IPO, is being driven by several factors, including an increasingly hostile environment for Chinese companies on Wall Street

🇨🇳 East Buy Holdings (1797 HK): Potential KWEB Deletion in June (Smartkarma) $

[eCommerce livestreaming] East Buy Holding Ltd (HKG: 1797 / OTCMKTS: KLTHF) was deleted from the Hang Seng TECH Index in March and could be deleted from the KraneShares CSI China Internet ETF (KWEB US) in June.
There are other ETFs that track the same index (and similar indices), and those trackers will be selling East Buy Holding (1797 HK) too.
There has been some short covering in the stock recently, but short interest is pretty high as a percentage of float. Watch out for short covering that offsets passive selling.

🇨🇳 Fosun International sheds real estate assets in Portugal (Bamboo Works)

On a mission to shrink its international footprint and contain debt, the conglomerate has sold off property holdings in what was a key European base
The building units in a Lisbon urban renewal project were sold to the Portuguese central bank for around 190 million euros
Last year Fosun International (HKG: 0656 / FRA: FNI / OTCMKTS: FOSUF / FOSUY) spent 11.1 billion yuan on maturing bond payments

🇨🇳 In Depth: Record land prices return as developers bet on prime plots (Caixin) $

The once-dormant land auction market in Chengdu, the sprawling capital of Sichuan province, has sprung back to life this spring with a flurry of record-breaking deals.
In mid-March, China Merchants Property Development Co. Ltd. secured a residential plot in the city’s High-Tech Zone after an intense 130 rounds of bidding. The state-owned giant beat off a dozen of rivals, paying a record 31,700 yuan ($4,346) per square meter of floor space — a 70% premium over the starting price.

🇨🇳 Three Squirrels chases Hong Kong listing in scurry for offshore cash (Bamboo Works)

The snack food maker is joining a wave of companies listed on China’s domestic A-share markets hoping to target global investors with second IPOs in Hong Kong
China’s leading snack food maker Three Squirrels Inc (SHE: 300783) has filed for a Hong Kong IPO, with nut products accounting for over half of its revenue
The company is well placed in a highly fragmented domestic market where per-capita spending on snacks is significantly lower than in many developed countries

🇨🇳 AstraZeneca Faces Intensified Probe in China as Tax Evasion Amount Grows (Caixin) $

British-Swedish pharmaceutical giant AstraZeneca (NASDAQ: AZN) is facing increasing scrutiny in China, with authorities accusing the company of evading more than $1.6 million in import taxes as part of a widening smuggling investigation that now includes a top-selling breast cancer drug.
In its first-quarter earnings report released Tuesday, AstraZeneca confirmed it had received a new official notice from Shenzhen Customs’ anti-smuggling bureau concerning allegations of unlawful drug imports. The notice identified Enhertu, a HER2-targeting antibody-drug conjugate co-developed with Japan’s Daiichi Sankyo Co. Ltd., as part of the broader probe.

🇨🇳 Zijin Mining Group: Undervalued, Diversified, and Scaling Fast (Smartkarma) $

5-Year Growth: EBITDA doubled to RMB 72.6 bn; production scaled across copper, gold, and lithium through global M&A and low-cost execution.
Capex Plans: USD 10.4 bn over 5 years across copper, lithium, and gold; includes Zijin Mining Group (SHA: 601899 / HKG: 2899 / FRA: FJZB / OTCMKTS: ZIJMF) spin-off by late 2025.
Zijin is projected to deliver 19–27% CAGR in EBITDA and net profit through 2026, yet trades at just 6.3x 2025E EV/EBITDA — a notable discount to peers trading at 7–8x

🇨🇳 In Depth: China’s Trillion-Yuan Personal Debt Hangover Weighs on Banking System (Caixin) $

Every month, as interest payment deadlines approach, the branch manager of a major state-owned bank in eastern China braces himself. He doesn’t wait for clients to show up — he goes to them, often pleading, in his words, “Please, just pay the interest.”
“As long as they cover the interest, the loan doesn’t go bad,” he told Caixin, “That’s all we ask now.”

🇨🇳 Beijing Capital International Airport: Rating Downgrade On Trade War Risk (Seeking Alpha) $ 🗃️

🇨🇳🏛️ Beijing Capital International Airport Company Limited (HKG: 0694 / FRA: BJ1 / OTCMKTS: BJCHY / BJCHF) 🇨🇳 - Aeronautical & non-aeronautical businesses at the Beijing Capital Airport. 🇼 🏷️

🇨🇳 CATL: Key Highlights in 1Q 2025 and PHIP Updates on Hong Kong Listing (Douglas Research Insights) $

Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750) reported a 6.2% YoY increase in revenue in 1Q 2025. EV battery sales rose 14.0% YoY driven by healthy demand offset by lower ESS battery sales.
CATL provided discussions about ongoing tariff disputes. It mentioned that the overall impact and outcome remain uncertain. The U.S. market accounts for about 7% of CATL's total EV battery business.
We maintain a Positive View of CATL. Our base case valuation of CATL is implied market cap of 1.3 trillion CNY which is 32% higher than current market cap.

🇭🇰 Cathay Pacific: Buy Case Remains, Price Target Trimmed (Seeking Alpha) $ 🗃️

🌐 Cathay Pacific Airways Ltd (HKG: 0293 / FRA: CTY / CTYA / OTCMKTS: CPCAY / CPCAF) 🇭🇰 - Passenger (Incl. Air Hong Kong & HK Express) & air cargo + tour operator, airline catering, aircraft/ground handling & cargo terminal services. Swire Pacific (HKG: 0019 / 0087 / OTCMKTS: SWRAY / SWRAF) controlled. 🇼 🏷️

🇭🇰 Hongkong Land Is A Buy With Recent Property Sale (Seeking Alpha) $ 🗃️

🌏 Hongkong Land Holdings (SGX: H78 / LON: HKLJ / FRA: HLH / OTCMKTS: HKHGF / HNGKY) - 2 segments: Investment Properties & Development Properties. Hotel investment, finance & project management businesses. Subs. of Jardine Strategic. 🇼 🏷️

🇭🇰 Techtronic Industries: Consider Earnings Headwinds And Share Gain Potential (Rating Downgrade) (Seeking Alpha) $ 🗃️

🌐 Techtronic Industries (HKG: 0669 / FRA: TIB1 / OTCMKTS: TTNDY / OTCMKTS: TTNDF) 🇭🇰 - Cordless technology spanning Power Tools, Outdoor Power Equipment, Floorcare & Cleaning Products. Brands like MILWAUKEE, RYOBI & HOOVER. 🇼 🏷️

🇭🇰 Laopu Gold (6181 HK): Heritage Luxury, Guochao Appeal. Key Facts, Financials & Valuation (Smartkarma) $

Laopu Gold Co Ltd (HKG: 6181) targets to raise approximately USD350 mn from a primary placement of 4.31 million new shares at HKD630 per share.
Laopu Gold has delivered both superior margins and rapid growth by marrying cultural resonance, premium pricing, artisanal excellence, and outstanding store economics.
Laopu’s growth track record coincides with period of rising gold prices. Investors should weigh its impressive margins and brand strength against the risk of a less supportive gold price environment.

🇲🇴 Macao’s gaming fatigue takes the roar out of MGM China (Bamboo Works)

Once a favorite of investment banks for its strong post-pandemic performance, MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY)’s business started to contract in the first quarter of 2025
MGM China’s revenue fell 3% in the first quarter, as Macao’s post-pandemic rebound lost momentum
Revenue from the casino operator’s VIP rooms plummeted by 50% during the quarter, far worse than a 10% decline for rival Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF)

🇲🇴 Wynn Macau Ltd 1Q results down year-on-year, parent open to consider fresh Japan IR bid if ‘setup is right’ (GGRAsia)

Casino operator Wynn Macau Ltd (HKG: 1128 / FRA: 8WY / OTCMKTS: WYNMY / WYNMF) reported first-quarter operating revenue of just under US$865.89 million, a 13.3-percent decline from a year earlier, according to a Tuesday filing by U.S.-listed parent Wynn Resorts Ltd (NASDAQ: WYNN).
In a follow-up earnings call with investment analysts, group chief executive Craig Billings acknowledged the Wynn brand could be interested in joining a fresh round of bids for casino resorts in Japan, but only “if the setup was right”.
According to media reports, Japan’s national government aims to start this year a fresh process round for integrated resorts (IRs) with casinos, with the hope of approving “by December 2027” as many as two new locations to supplement the under-development MGM Osaka scheme.
GGRAsia had reported in March – based on multiple sources, most of them asking not to be named – that the new application process proper might start in 2026.
[Also see: New Japan IR licences unlikely in the ‘next two to three years’: MGM’s Bowers]

🇲🇴 Melco Resorts doubles 1Q net income, revenue grows to US$1.2bln (GGRAsia)

Global casino operator Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) says it is talking with “potential buyers” for its interest in the City of Dreams Manila complex (pictured) in the Philippine capital.
Mr Davis made the comments in a Thursday conference call with investment analysts following Melco Resorts’ announcement of its first-quarter 2025 results.
In late February, Melco Resorts said it was looking at “strategic alternatives” regarding the future of its involvement in the City of Dreams Manila complex, which it manages in a deal with local partners.
The company said the review was part of the group’s plan to adopt a new strategy, namely “to be asset light”.

🇲🇴 🇵🇭 Melco Resorts says in talks with ‘potential buyers’ on disposal of its interest in City of Dreams Manila (GGRAsia)

Global casino operator Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) reported first-quarter net income of US$32.5 million, compared with US$15.2 million in the prior-year period, the U.S.-listed firm said in a Thursday press release.
The group – which runs casinos in Macau and the Republic of Cyprus, plus one in the Philippines, and will soon launch a venue in Sri Lanka – said it generated total operating revenues of US$1.23 billion in the three months to March 31, up 10.8 percent year-on-year.
The increase in revenues “was primarily attributable to the improved performance in all gaming operations and overall non-gaming operations,” stated the casino firm.

🇲🇳 Mongolia: The Land of Dunes, Diplomacy, and a Fragile Democracy (KonichiValue Japan)

My journey to Mongolia: An infant democracy wedged between giants, where K-pop blasts from crumbling Soviet blocks and dusty Toyotas glide across surreal dunes and endless steppes
The observations above are informed by on-the-ground travel and discussions, as well as data on Mongolia’s economy and international ties. For instance, Mongolia’s heavy reliance on mining (about 90% of exports) is documented by trade and industry reports. The dominance of used Japanese cars (95% of imports, mostly right-hand drive) in Mongolia’s vehicle fleet has been noted by the American Chamber of Commerce in Mongolia. Mongolia’s “third neighbor” policy and its close ties with Japan and South Korea have been discussed in diplomatic analyses. The influence of South Korean pop culture and the positive perception of Japan and Korea among Mongolian youth are reflected in public opinion surveys, and the large Mongolian diaspora in South Korea (over 50,000 people) underscores the human link between the countries. Major Japanese-supported infrastructure, such as Ulaanbaatar’s new airport, was built with Japanese loans and expertise. Finally, Mongolia’s struggles with corruption in the mining sector and the public demand for accountability were vividly illustrated by the December 2022 protests over missing coal revenue and the government’s subsequent reform pledges. All these elements weave into the complex, hopeful tapestry of today’s Mongolia – a democracy at a crossroads between giants, determined to choose its own path.

🇹🇼 Taiwan

🇹🇼 What The Hell Is Going On With The Taiwan Dollar? (ZeroHedge) $ 🗃️

This week saw Taiwan’s dollar surged the most since 1988 as traders speculated that authorities might allow it to appreciate to help reach a trade deal with the US...
In an emergency press briefing late Monday, Taiwan’s central bank sought to quell speculation about the currency’s surge, saying that the wild, two-day appreciation was partially attributable to market chatter and urged against irresponsible speculation.
It also reiterated that the US did not require the currency to appreciate. Taiwan’s office of trade negotiations also said that it had wrapped up a first round of tariff-reduction negotiations with the US and that the talks did not touch upon the issue of foreign exchange policy. US President Donald Trump has previously advocated a weaker US dollar to boost America’s competitiveness

🇹🇼 Giant Manufacturing (9921 TT) (Asian Century Stocks) $

The world’s largest bicycle manufacturer nearing an inflection point at 10x P/E
Taiwan’s Giant Manufacturing Co Ltd (TPE: 9921) — US$1.7 billion) is the world’s largest bicycle manufacturer.
It’s based in the Taiwanese city of Taichung, which has become somewhat of the center of the global bicycle industry. From there, it controls nine factories around the world, selling about 6 million bicycles a year via many thousands of distributors in 50 countries. Most of these bicycles are sold under their own brand names, including “Giant” and “Liv.”

🇹🇼 ASE Technology: Why There May Be More To The Latest Headline Numbers (Seeking Alpha) $ 🗃️

🌐 ASE Technology Holding (NYSE: ASX) - Independent semiconductor manufacturing services in assembly, test, materials & design manufacturing. 🇼 🏷️

🇹🇼 TSMC: Tariffs Are About To Bite Hard (Seeking Alpha) $ 🗃️

🇹🇼 Taiwan Semiconductor: Still Not Too Late To Buy (Technical Analysis) (Seeking Alpha) $ 🗃️

🇹🇼 Taiwan Dollar Surges As US Dollar Slumps: TSMC Boom Or Bust? (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: Remember, Such Golden Opportunities Don't Come By Often (Seeking Alpha) $ 🗃️ (?)

🇹🇼 The Taiwanese Dollar May Have Strengthened, But TSMC Remains Deeply Undervalued (Seeking Alpha) $ 🗃️

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

🇹🇼 TSMC Investment Case! (Global Equity Briefing)

Supreme Foundry Market Share, 5G, AI, Automotive, and China vs Taiwan!
Operational excellence has resulted in financial excellence, with sales and profits more than doubling since 2020!
In this article, I will present the Investment Case of Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM), which largely rests on their strong foundry market share, and the growth of the semiconductor industry fueled by IoT, 5G, automotive, and AI.
Additionally, I will briefly discuss the China vs Taiwan risk!

🇰🇷 Korea

🇰🇷 Grand Korea Leisure’s casino sales at nearly US$26mln in April (GGRAsia)

Casino sales in April at Grand Korea Leisure Co Ltd (KRX: 114090), an operator in South Korea of foreigner-only casinos, stood at KRW36.17 billion (US$25.9 million), according to a Wednesday update filed to the Korea Exchange.
The April tally was up 11.5 percent from a year earlier, but down 12.7 percent from March.
In April, table-game sales were just under KRW32.86 billion, up 11.7 percent year-on-year, but down 14.5-percent sequentially.
Machine-game sales last month were KRW3.32 billion, a 10.3-percent increase from a year ago, and 10.5-percent higher than in March.
Grand Korea Leisure runs three foreigner-only, Seven Luck-branded, casinos. Two are in the capital Seoul, including one at Gangnam. Its third is in the southeastern port city of Busan.

🇰🇷 Coupang: 1Q25 Business Update (Speedwell Memos)

Strong Core Growth and Gaining Traction in Taiwan
Coupang, Inc. (NYSE: CPNG) continues to execute strongly in their core business with simple things—like growing selection and FLC—supporting revenue growth. They noted that they added more brands this quarter and continue to work on forging direct relationships with suppliers. As we noted in our original research report, just adding more selection was sufficient to spawn more consumer purchasing—and that is exactly what we’ve seen. Relative to other growth vectors—like launching in new markets—this is sort of a high probability growth vector for further growth in spending per customer.

🇰🇷 ESR Kendall Square REIT's 150 Billion Won Capital Raise and Continued Outperformance of Korean REITs (Douglas Research Insights) $

On 9 May, ESR Kendall Square REIT Co Ltd (KRX: 365550) announced that it plans to conduct a rights offering capital increase of approximately 150 billion won.
The Korean REIT sector started to bottom out in 2023, after big underperformance in the previous three years.
The interest rate gap on the company's expected dividend yield (5.7%) is now nearly 3% higher than the 10 year South Korean government bond yield (2.7%) which is meaningful.

🇰🇷 A 100% Tariffs on Films Produced Outside the U.S. - Negative on Korean Film Production Companies (Douglas Research Insights) $

The Trump administration proposed a new 100% tariffs at movies produced outside the United States. Korean contents account for about 8-9% of total viewing hours on Netflix globally.
Top three listed film/drama production companies in Korea including Studio Dragon (KRX: 253450), CJ ENM Co Ltd (KOSDAQ: 035760), and Contentree JoongAng (KRX: 036420) are likely to be negatively impacted by the new major tariffs imposed by the U.S.
Economics of making a movie is much cheaper in South Korea versus the U.S. Producing a film in South Korea can cost 30–70% less than in the United States.

🇰🇷 Nextrade (NXT) Overview: History, Sharp Market Share Gains, and Key Differentiators (Douglas Research Insights) $

Since the start of its operations on 4 March, Nextrade (NXT) has rapidly gained its market share to nearly 25% of the total equity trading value in Korea.
Although retail investors account for about 95% of total trading value at NXT, there is a growing interest in more institutional investors trading through the Nextrade exchange.
High frequency traders as well those trying to capitalize on lower trading transaction fees and alpha generating trading events/news flow in after hour markets are increasingly trading on the NXT.

🇰🇷 F&F: A Key Beneficiary of Explosive Popularity of Jung Hoo Lee (Grandson of the Wind) In the MLB (Douglas Research Insights) $

F&F Co (KRX: 383220) is one of the key beneficiaries of the exploding popularity of Jung Hoo Lee in the MLB (Major League Baseball).
The surging popularity of Jung Hoo Lee could lead to higher demand for F&F's core products (MLB baseball caps and apparel products), which could lead to higher sales and profits.
F&F recently provided new shareholder return plans including providing at least 25% of net profit as dividends/buybacks/cancellations (including buyback at least 60 billion won from 2025 to 2027).

🇰🇷 Korea Small Cap Gem #33: Shinyoung Wacoal [Real Estate Value Is More Than 5x Market Cap] (Douglas Research Insights) $

A core investment thesis of Shinyoung Wacoal Inc (KRX: 005800) is that its market cap is 94 billion won but its real estate properties in Seoul/Daejeon account for more than 500 billion won.
Shinyoung Wacoal's net cash as a percentage of market cap is 99%. If the real estate is revalued to market values, it would be trading at P/B of only 0.1x.
Shin Young Wacoal (005800 KS) is one of the largest companies in Korea that specializes in women's underwear.

🇰🇷 Korea Zinc Announces Cancellation of Its Treasury Shares (Douglas Research Insights) $

Korea Zinc (KRX: 010130)'s chairman Choi Yoon-Beom announced that the company will cancel all 2.04 million treasury shares that the company acquired through a tender offer last year.
Now the company has finally decided to cancel all of the treasury shares this year, this should have a positive impact on its share price.
Korea Zinc announced better than expected earnings in 1Q25. Korea Zinc achieved more than 3.5-fold increase in sales in the strategic minerals sector, including antimony, indium, and bismuth in 1Q25.

🇰🇷 Initial Thoughts on the Musinsa IPO (Douglas Research Insights) $

Musinsa is getting ready to complete its IPO in 2H 2025. Musinsa is the top fashion online/mobile platform in Korea.
The market value of Musinsa is expected to be about 5 trillion won which could be one of the largest IPOs in Korea this year.
Musinsa had its best ever results in 2024 with sales of 1.2 trillion won (up 25.1% YoY), operating profit of 102.8 billion won, and net profit of 69.8 billion won.

🇰🇷 D'Alba Global IPO Bookbuilding Results Analysis (Douglas Research Insights) $

The IPO price of d'Alba Global has been finalized at 66,300 won which is at the high end of the IPO price range.
The demand ratio of the IPO was 1,141 to 1. A 98.4% of the IPO shares applied thought that the value of the company is 66,300 won or more.
Our base case valuation of d'Alba Global is a target price of 101,609 won per share, which represents 53% higher than the IPO price of 66,300 won.

🌏 SE Asia

🇲🇾 AirAsia parent plots Hong Kong listing (The Asset) 🗃️

Capital A says move to complement presence on Bursa Malaysia, broaden investor base
Capital A Berhad (KLSE: CAPITALA / OTCMKTS: AIABF), the parent company of low-cost carrier AirAsia, is preparing for a potential dual listing on the Hong Kong Stock Exchange to unlock fresh capital and strengthen its global investor base, particularly across Greater China.
The Malaysian-based group, which rebranded from AirAsia Group Berhad in 2022, has evolved well beyond its airline roots. Today, Capital A is a growing ecosystem of digital-first, asset-light businesses spanning aviation, logistics, travel, and engineering services.
Its portfolio includes the AirAsia airline, the delivery network Teleport, aircraft maintenance provider Asia Digital Engineering ( ADE ), and AirAsia MOVE, a digital travel and lifestyle platform.

🇲🇾 Genting Malaysia’s full acquisition of Empire Resorts ‘bringing a painful chapter to a close’: Maybank (GGRAsia)

Maybank Investment Bank Bhd says it hopes the announcement by Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF) that it will acquire the remaining stake in the loss-making Empire Resorts Inc in the United States which it does not yet own “will be the last value-destroying related-party transaction” for the Malaysia-based casino operator.
Maybank analyst Samuel Yin Shao Yang wrote in a Monday note that the investment bank was trimming its earnings estimates for Genting Malaysia for full years 2025 to 2027 by two percent to four percent, due to the higher economic interest the firm will hold in Empire Resorts.
“We do not view this [acquisition] proposal positively, but hope that this will be the last value-destroying related-party transaction,” Mr Yin wrote.

🇸🇬 Grab Holdings: A Solid Company At Far Too High Prices (Seeking Alpha) $ 🗃️

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

🇸🇬 Grab Q1'25: Strong Operating Leverage, Tariff Resistant, Solid Growth Runway, One Negative (Sleep Well Investments)

Q1 results has one negative. MTU up 44.5M (+16%), GMV $4.9B (+16%), Adj. EBITDA (+50% est.), 4MOUs in AV. Acquisitions to expand Mart (Everrise) and Fintech (Validus). Trading at 25 P/FCF.
Grab Holdings Limited (NASDAQ: GRAB) outperformed in Q1, despite uncertainties and the slowest quarter seasonally. Let’s review the key KPIs and then the essential bits.
One negative
Sleep Well’s number one focus
Long-term growth - Demographic, Products, and Acquisitions
Others - Fintech and AV
Valuation

🇸🇬 Singapore Technologies Engineering: After A 72% Rally, Is There More Fuel In The Tank? (Seeking Alpha) $ 🗃️

🇸🇬 Singapore Technologies Engineering: Q1 Performance Had Mixed Takeaways (Seeking Alpha) $ 🗃️

🌐 Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering - Diverse portfolio of businesses spanning the aerospace, smart city, digital solutions, defence & public security segments. 🇼 🏷️

🇸🇬 Sheng Siong’s Share Price is Hitting an All-Time High: Can the Supermarket Operator Continue to Shine? (The Smart Investor)

Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) share price has been on a tear since April.
The supermarket operator saw its share price hit an all-time high of S$1.86 recently and is up more than 13% year-to-date.
The retailer is one of the largest supermarket operators in Singapore and has plans to open even more stores in the city-state.
We explore Sheng Siong’s plans to determine if the group can continue to do well.
A sparkling set of earnings
Gross margin continues to climb.
A steady payer of dividends
Expanding its presence around Singapore
Get Smart: A promising outlook

🇸🇬 Better Buy: Mapletree Industrial Trust Vs Mapletree Logistics Trust (The Smart Investor)

We compare two popular industrial REITs to determine the more attractive investment candidate.
Both Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF) [MIT] and Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF) [MLT] recently announced their full fiscal 2025 (FY2025) earnings ending 31 March 2025.
The two blue-chip industrial REITs have a strong sponsor in Mapletree Investments Pte Ltd and investors may be curious to know which is the more attractive REIT to consider investing in.

🇸🇬 Singapore’s 3 Big Banks Just Reported Earnings: Here’s What You Need to Know (The Smart Investor)

Singapore’s three major banks — DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF), United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF) and Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) — just released their Q1 2025 results. Despite global uncertainties, all three posted resilient performances, with DBS and OCBC beating profit forecasts. Here's how each bank fared and what it means for investors.

🇸🇬 5 Dividend-Paying Singapore Small & Mid-Cap Stocks You Can Consider for Your Portfolio (The Smart Investor)

The small-cap space has its share of dividend-paying stocks that you can think about adding to your portfolio.
Nanofilm Technologies (SGX: MZH / OTCMKTS: NNFTF) is a leader in nanotechnology solutions and specialises in advanced coatings, nanofabrication, and hydrogen fuel cell innovations.
Tai Sin Electric Ltd (SGX: 500), or TSE, provides comprehensive electrical cabling and wiring solutions for both the private and public sectors for industrial, commercial, residential, and infrastructure projects.
ST Group Food Industries (STGF) (SGX: DRX) holds the exclusive franchise and licence rights for six international food and beverage brands such as PappaRich, NeNe Chicken, and Gong Cha.
Hotung Investment Holdings Ltd (SGX: BLS) is Taiwan’s only venture capital investment management group.
Marco Polo Marine Ltd (SGX: 5LY / OTCMKTS: MRPMF), or MPM, offers shipyard, offshore energy, and marine transportation services.

🇸🇬 4 Singapore Stocks Bursting Through Their 52-Week Highs: Are They a Buy? (The Smart Investor)

Sifting through the 52-week high share price list is a good way to filter out potential investment candidates.
Such companies usually announced good news, such as a major acquisition or strong earnings.
However, investors need to temper this positive sentiment by assessing the risks of the business as well.
Here are four Singapore stocks that recently touched their 52-week highs.
Q&M Dental (SGX: QC7) owns the largest network of private dental clinics in Singapore, with 106 outlets as of 31 December 2024.
Parkway Life Real Estate Investment Trust (SGX: C2PU), or PLife REIT, is a healthcare REIT with a portfolio of three hospitals and medical centres in Singapore, 60 nursing homes in Japan, 11 nursing homes in France, and a medical centre in Malaysia.
DFI Retail Group (SGX: D01 / FRA: DFA1 / OTCMKTS: DFIHY) is a pan-Asian retailer operating over 10,700 outlets across Asia in key retail divisions such as food, home and furnishings, health and beauty, and restaurants.
Oiltek International Ltd (SGX: HQU) provides a comprehensive range of refinery processes and engineering solutions across different sectors of the vegetable oils industry value chain.

🇻🇳 Vietnam casinos facing ‘unsophisticated and immature’ legal framework: Hoiana general counsel (GGRAsia)

Vietnam’s legal framework regulating the country’s casino industry is “still very unsophisticated and immature”, with the main areas of concern being oversight of junket operations and the extension of credit to gamblers for betting purposes. That is according to Luís Mesquita de Melo, general counsel at Hoi An South Development Ltd, the developer and operator of Hoiana Resort & Golf, a beachside holiday complex with a foreigner-only casino on Vietnam’s central coast.
“The current regulatory system in Vietnam is still very unsophisticated and immature, and therefore there are a lot of loopholes, which create significant challenges – especially for legal practitioners trying to understand the system,” he added.
Mr Mesquita de Melo’s comments were made on Friday, during a panel discussion titled “The Latest Compliance Issues Faced by Gaming Operators”. It formed part of the Global Gaming Expo (G2E) Asia 2025 casino trade show and conference. The three-day event at the Venetian Macao casino resort concluded on Friday.

🇮🇳 India / South Asia / Central Asia

🇮🇳 Roll out the barrel: Scotch makers toast UK trade deal with India (FT) $ 🗃️

Agreement will halve tariffs on whisky into world’s biggest export market by volume for the spirit

🇮🇳 Inside TCS: How 8 of the Top 10 Global Custodian Banks Run on a Single Platform (Business Model Mastery)

With 300,000+ AI-trained employees and 60M+ lines of auto-generated code, its edge is only widening
1️⃣ Industry Penetration: Tata Consultancy Services (NSE: TCS / BOM: 532540) powers 8 of the top 10 global custodian banks, manages over 140 million insurance policies, and supports financial systems in 100+ countries, embedding itself deeply into regulated industries.
2️⃣ Margin Leadership: Operates with an industry-leading 24.6% operating margin, with Manufacturing (30.9%)and Life Sciences (28.5%) as the most profitable sectors, reflecting strong efficiency and pricing power.
3️⃣ AI Integration: Over 300,000 employees trained in AI/ML, generating 60+ million lines of code and driving productivity gains of 50%, while processing 1 million+ clinical cases using AI-powered platforms.
4️⃣ Global Growth Spread: Fastest-growing regions include India (20.3%), Latin America (21.1%), and the UK (17.7%), signaling rising demand across diverse, high-potential markets.
5️⃣ Defensive Moats: Boasts over 8,000 patents filed, operates 40+ R&D centers, and maintains client relationships with no single customer over 10%, reinforcing deep vendor permanence and platform-driven lock-in.

🇮🇳 Gravita India: Expansion Momentum Amid Elevated Valuations (Smartkarma) $

Gravita India Limited (NSE: GRAVITA / BOM: 533282) reported steady FY25 results with ~10% EBITDA margins, strong cash generation, and maintained a net cash position despite ongoing capex.
Business mix is evolving with increasing aluminium recycling, higher Africa contribution, and new verticals like lithium-ion, aiming to double capacity by FY27.
Valuations appear elevated but are supported by strong ROIC, clear growth visibility, and alignment with global ESG trends.

🇮🇳 Shilchar Technologies Q4FY25 : Full Capacity Utilization Achieved Ahead of Schedule. (Smartkarma) $

Shilchar Technologies Ltd (BOM: 531201) achieved full capacity utilization ahead of FY26 guidance, delivering record quarterly and annual profitability.
The early ramp-up boosts earnings visibility, positioning Shilchar to benefit from strong domestic and export transformer demand.
Near-Term growth outlook strengthens with a INR 750–800 crore revenue guidance for FY26, while medium-term capex plans are under evaluation.

🇮🇳 Business Breakdown: Associated Alcohols- The Spirit of Bold Expansion (Smartkarma) $

Associated Alcohols & Breweries Ltd (NSE: ASALCBR / BOM: 507526) is entering premium segments with new products like gin, whisky, and tequila marking a shift from mass-market to value-added growth.
This matters as it boosts margin potential and strengthens brand equity amid rising premium liquor demand.
Our view shifts positively on AABL’s long-term strategy, despite near-term risks in regulation and corporate governance.

🇮🇳 Nuvoco Vistas: Improving Performance and Strategic Expansion (Smartkarma) $

Nuvoco Vistas Corporation Ltd (NSE: NUVOCO / BOM: 543334) reported improved volumes, margins, and deleveraging in FY25, with continued focus on cost optimization and operational efficiency.
The Vadraj Cement acquisition expands capacity to 31 MTPA, diversifying regional exposure and strengthening presence in Gujarat and Maharashtra - west region.
Valuations are reasonable at ~16x FY27E earnings and ~Rs5,100/ton EV/ton, but upside depends on timely integration and ramp-up of new assets.

🇮🇳 APL Apollo Tubes: Volume Momentum Intact; Margin Expansion and Capex Execution Key to Valuations (Smartkarma) $

Apl Apollo Tubes (NSE: APLAPOLLO / BOM: 533758)

Q4 FY25 performance was strong with volumes up 25% YoY, EBITDA up 48% YoY, and net profit up 72% YoY; EBITDA per ton improved to Rs4,864 (+18%YoY).
Management targets ~20% volume growth and ~Rs5,000/ton EBITDA for FY26, with capex of Rs1,500 crore over three years to expand capacity from 4.5 to 6.8mt.
EPS is projected to grow ~55% in FY26 and 20%+ in FY27; stock trades at ~39x FY26E and ~33x FY27E earnings, supported by strong internal cash generation and low leverage.

🌍 Middle East

🇮🇱 Teva's Transformation: Why This 'Forgotten Pharma' Could Deliver 30% Upside (Seeking Alpha) $ 🗃️

🌐 Teva Pharmaceutical Industries Ltd (NYSE: TEVA) - Branded-drugs, active pharmaceutical ingredients, contract manufacturing services & out-licensing platform. 🇼

🇮🇱 Teva Pharmaceuticals Q1 Update ($TEVA): Innovation and Generics drive 9th consecutive quarter of growth (Kontra Investments)

Teva Pharmaceutical Industries Ltd (NYSE: TEVA), the world’s largest manufacturer of generic drugs, is confidently powering ahead, demonstrating once again that its pivot to innovation is paying off significantly. With a robust Q1´25 performance, marked by its 9th consecutive quarter of revenue growth, the company is showcasing impressive momentum that solidifies its strategic transformation and long-term growth potential.
Teva Pharmaceuticals has successfully repositioned itself from being perceived merely as a generics producer to becoming a strong player in innovative drug markets. The 9th consecutive quarter of revenue growth underlines the company’s revitalized trajectory, driven by a powerful combination of strategic innovation, generics excellence, operational optimization, and disciplined financial management.
Given the evident momentum in innovative medicines, substantial generics business strength, aggressive cost management, and steadily improving financial health, Teva remains a compelling opportunity with significant upside potential. I believe we will see Teva at around $25-27 during the next 9-12 months.

🇮🇱 [ITRN] Crime Pays, Predictably: Ituran, Israel's Subscription Security Machine (Silba)

Where police fail, Ituran Location And Control Ltd (NASDAQ: ITRN) thrives — building a utility business on society's broken promises
Ituran operates by transforming the universal anxiety of vehicle theft into a predictable monthly revenue stream—essentially, converting fear into cash flow.
This conversion happens through two simple mechanics: monthly subscriptions for tracking services, which deliver exactly $10-15 per vehicle per month regardless of whether anything ever happens to that car, and one-time hardware sales that create the infrastructure for those subscriptions. The elegant part is how these two revenue streams complement each other—hardware sales generate modest margins but lock customers into high-margin monthly payments that continue indefinitely.

🇸🇦 Saudi Aramco cuts its dividend by $10bn (FT) $ 🗃️

Saudi Arabian Oil Co (TADAWUL: 2222)

Lower payouts from supermajor put pressure on Riyadh’s ambitious diversification plans

🌍 Africa

🇲🇺 Alphamin Resources: Bisie Mine In Congo Restarts Amid Robust Tin Prices (Seeking Alpha) $ 🗃️ (?)

🇨🇩 Alphamin Resources Corp (CVE: AFM / FRA: 21L / JSE: APH / OTCMKTS: AFMJF) - Production & sale of tin concentrates. Bisie tin mine in the Democratic Republic of Congo. 🇼

🇿🇦 Gold Fields: Complete Takeover Of Gruyere Strengthens Prospects (Seeking Alpha) $ 🗃️

🌐 Gold Fields (JSE: GFI / NYSE: GFI) - One of the world's largest gold mining firms. 9 operating mines in Australia, Peru, South Africa & Ghana (including the Asanko JV) & 2 projects in Canada & Chile. 🇼 🏷️

🌍 Eastern Europe & Emerging Europe

🇬🇷 Aegean Airlines Navigates Airplane Groundings And Inflation (Seeking Alpha) $ 🗃️

🌐 Aegean Airlines SA (ASE: AGNr / FRA: 32A / OTCMKTS: AGZNF) - Flag carrier of Greece. 🇼

🇵🇱 Mispriced Opportunity: Niche Video Game Developer Only 8x Earnings (Overlooked Alpha) $

11 Bit Studios (WSE: 11B / FRA: 11C)

In an industry dominated by publishers with enormous budgets, we've identified a European gaming studio that combines artistic vision with commercial success, while trading under 10 times normalized earnings. This small developer has demonstrated an ability to create critically acclaimed titles on modest budgets, generating high returns on investment. With strong margins, experienced management holding significant ownership stakes, and favorable tax treatment, we believe investors have overreacted to temporary challenges. The stock is down 60% but we think the upcoming release of a highly anticipated title could be the catalyst to take shares back towards their peak. Let’s dig in…

🌎 Latin America

🌎 MercadoLibre: LatAm Fintech Flywheel Accelerates (Seeking Alpha) $ 🗃️

🌎 MercadoLibre: Best Growth Company In Latam (Seeking Alpha) $ 🗃️

🌎 MercadoLibre: Competitive Landscape And Q1 Results (Seeking Alpha) $ 🗃️

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

🇦🇷 Banco Macro: Key Player In The Argentine Financial Reset (Seeking Alpha) $ 🗃️

🇦🇷 Banco Macro Sa (NYSE: BMA) - A universal bank providing a wide range of financial services with focus in low & mid-income individuals & SMEs. 🇼 🏷️

🇦🇷 YPF: Why I Still Think It's A Great Option (Seeking Alpha) $ 🗃️

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

🇧🇷 In Depth: China Is Crucial to Vale’s Future, CEO Says (Caixin) $

As global companies navigate economic shifts, rapid technological advancements and the energy transition, Brazilian mining giant Vale (NYSE: VALE) is doubling down on its commitment to sustainability.
In a written interview with Caixin on March 21, Vale CEO Gustavo Pimenta discussed how the company is adapting to China’s economic transformation, addressing global demand for iron ore and advancing its decarbonization efforts.

🇧🇷 Nu Holdings: Mexican Banking License Opens A Door To New Growth Avenue (Seeking Alpha) $ 🗃️

🌎 Nu Holdings (NYSE: NU) - Digital banking platform / fintech. 🇼

🇧🇷 Banco Santander Q1: Good, But Still Not Enough Again (Seeking Alpha) $ 🗃️(?)

🇧🇷🅿️ Banco Santander Brasil (NYSE: BSBR / BVMF: SANB3 / SANB4 / SANB11) - Various banking products & services to individuals, SMEs & corporate customers. Part of Spain based Santander Group. 🇼

🇧🇷 Bradesco Q1: Reporting More Than Promised (Rating Upgrade) (Seeking Alpha) $ 🗃️

🌎🅿️ Banco Bradesco (NYSE: BBD / BBDO / BVMF: BBDC3 / BBDC4) - Banking & Insurance. 🇼

🇧🇷 Itaú Unibanco: Profitability Without Surprises, But Without Failures (Seeking Alpha) $ 🗃️

🇧🇷 Itaú Unibanco Q1: Bank Exceeds Expectations With Strong Profitability (Seeking Alpha) $ 🗃️

🌐 Itau Unibanco (NYSE: ITUB / BVMF: ITUB3 / ITUB4) - Largest banking institution in Brazil + Latin America. 🇼 🏷️

🇧🇷 BRF: Undervalued Yet Overperforming Brazilian Protein Market Giant (Seeking Alpha) $ 🗃️

🌐 BRF Brasil Foods SA (NYSE: BRFS / BVMF: BRFS3) - Brazilian food processing company with 30+ brands in its portfolio. 🇼 🏷️

🇧🇷 Ambev: Premiumization Continues Through Carnival (Seeking Alpha) $ 🗃️

🌎 Ambev (NYSE: ABEV) - Brazilian brewing company now merged into Anheuser-Busch Inbev SA (NYSE: BUD). 🇼

🇧🇷 Suzano: Deleveraging Continues, End Of Downtime Should Improve Unit Economics (Seeking Alpha) $ 🗃️(?)

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

🇧🇷 Raia Drogasil: Valuation Burn Now, Healthy Gains Later (Seeking Alpha) $ 🗃️

🇧🇷 Raia Drogasil (BVMF: RADL3 / OTCMKTS: RADLY) - Largest pharmacy chain in Brazil + one of the 10 largest digital retail platforms in the country. 🇼 🏷️

🇲🇽 Alsea: Wraps Chipotle Into Its Portfolio (Seeking Alpha) $ 🗃️(?)

🌎 🇪🇸 Alsea SAB de CV (BMV: ALSEA / FRA: 4FU / OTCMKTS: ALSSF) - Leading restaurant operator in Latin America & Spain of global brands. 🇼 🏷️

🇲🇽 CEMEX: Initiating Bullish Position On Positive Near-Term Trends (Technical Analysis) (Seeking Alpha) $ 🗃️

🌐 CEMEX (NYSE: CX) - Leading vertically integrated building materials / cement company. 🇼 🏷️

🇲🇽 Wal-Mart De Mexico: Positive Catalyst Still Remain (Seeking Alpha) $ 🗃️

🇲🇽 Wal-Mart de Mexico SAB de CV (BMV: WALMEX) - Discount warehouses & stores, hypermarkets, supermarkets & membership self-service wholesale stores. 🇼 🏷️

🌐 Global

🌐 Nebius Q1 Preview: A Sleeping Giant Set To Awaken In 2026 (Seeking Alpha) $ 🗃️

🌐 Nebius Group: 20-F Filing Confirms Upside Thesis (Seeking Alpha) $ 🗃️

🌐 Nebius: Funds Are Loading The Truck -- So Am I (Seeking Alpha) $ 🗃️

🌐 Nebius: Recent Nosedive Is A Golden Buying Opportunity (Seeking Alpha) $ 🗃️

🌐 Nebius Throws Hyperscalers A Lifeline - Buy It (Seeking Alpha) $ 🗃️

🌐 Nebius Group NV (NASDAQ: NBIS) - AI-centric cloud platform built for intensive AI workloads. Sold Yandex to a consortium of Russian investors. Retains several businesses outside of Russia. 🇼 🏷️

🌐 Glencore: Rising Metallurgical Coal Production Should Support Share Price In 2025 (Seeking Alpha) $ 🗃️

🌐 Glencore (LON: GLEN / JSE: GLN / FRA: 8GC / OTCMKTS: GLNCY / OTCMKTS: GLCNF) - Swiss commodity behemoth operating in 35+ countries around the world. 🇼 🏷️

🌐 In Depth: U.S. tariffs rattle global auto industry (Caixin) $

At an October campaign rally in Michigan, then-presidential candidate Donald Trump vowed to revive the state’s auto industry if re-elected, promising that the world “will be talking about the Michigan miracle and the stunning rebirth of Detroit” by the end of his term.
He reiterated this pledge during his Jan. 20 inaugural address as the 47th U.S. president, declaring that carmakers would “build automobiles in America again at a rate that nobody could have dreamt possible just a few years ago.”
To fulfill this promise, Trump turned to tariffs. On Feb. 18, he threatened a 25% tariff on auto imports. On March 26, he signed a proclamation imposing the levy on passenger vehicles and select auto parts, effective April 3 and May 3, respectively. The base U.S. tariff rate for auto imports had been 2.5%.

📅 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):

Romania Romanian Presidency 2025-05-04 (d) Confirmed 2024-12-08
Philippines Philippine Senate 2025-05-12 (d) Confirmed 2022-05-09
Philippines Philippine House of Representatives 2025-05-12 (d) Confirmed 2022-05-09
Poland Polish Presidency 2025-05-18 (d) Confirmed 2020-07-12
Venezuela Venezuelan National Assembly 2025-05-25 (d) Date not confirmed 2020-12-06
South Korea South Korean Presidency 2025-06-03 (t) Date not confirmed 2022-03-09
Macau Chinese Legislative Council (Macau) 2025-09-14 (d) Confirmed 2021-09-12
Côte d'Ivoire Ivorian Presidency 2025-10-25 (d) Confirmed 2020-10-31
Argentina Argentinian Chamber of Deputies 2025-10-26 (t) Date not confirmed 2023-10-22
Argentina Argentinian Senate 2025-10-26 (t) Date not confirmed 2023-10-22
Czech Republic Czech Chamber of Deputies 2025-10-31 (t )Date not confirmed 2021-10-08
Chile Chilean Chamber of Deputies 2025-11-16 (d) Confirmed 2021-11-21
Chile Chilean Presidency 2025-11-16 (d) Confirmed 2021-12-19
Chile Chilean Senate 2025-11-16 (d) Confirmed 2021-11-21
Hong Kong Hong Kong Legislative Council 2025-12-31 (t) Date not confirmed 2021-09-05

📅 Emerging Market IPO Calendar/Pipeline

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

Antalpha Platform Holding Ltd. ANTA Roth Capital Partners/ Compass Point, 3.9M Shares, $11.00-13.00, $46.2 mil, 5/13/2025 Tuesday

We provide the digital asset industry with supply chain financing. (Incorporated in the Cayman Islands)

We provide financing, technology and risk management solutions to the digital asset industry. We are the primary lending partner for Bitmain.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended Dec. 31, 2024.

(Note: Antalpha Platform Holding Ltd. disclosed the terms for its IPO – 3.85 million shares at a price range of $11.00 to $13.00 – to raise $46.2 million, according to its F-1/A filing dated May 6, 2025. Background: Antalpha Platform Holding filed its F-1 for its IPO on April 18, 2025, without disclosing terms; estimated initial proceeds are $50.0 million.)

OMS Energy Technologies, Inc. OMSE Roth Capital Partners, 5.6M Shares, $8.00-10.00, $50.0 mil, 5/13/2025 Day-to-Day

(Incorporated in the Cayman Islands)

We are a growth-oriented manufacturer of surface wellhead systems, or SWS, and oil country tubular goods, or OCTG products used in the oil and gas industry. These products are primarily used for both onshore and offshore oil exploration and production, or E&P activities in the Asia Pacific and the Middle Eastern and North Africa (MENA) Regions.

Our customers often operate in geographic locations where the operating environment requires wellheads, casing and tubing materials capable of meeting exact standards for temperature, pressure, corrosion, torque resistance and abrasion. Our products have been designed, manufactured and certified with the American Petroleum Standards (API) and International Organization of Standardization (ISO). Through our comprehensive and technologically advanced portfolio of SWS and OCTG, we are able to serve as a single-source supplier for our customers and respond to their demand for products. Our operations benefit from our broad, strategically positioned geographic footprint, which supports our ability to supply our (i) Specialty Connectors and Pipes and (ii) Surface wellhead and Christmas tree, allowing us to serve our customers operating in the Asia Pacific and MENA Regions.

We have finishing facilities in close proximity to some of our top end-users’ E&P operations, for example, we have facilities in Saudi Arabia where our largest client, Saudi ARAMCO Oil is located, which allows us to provide our customers with customized technical solutions and to synchronize our production and logistics with evolving demands.

We primarily conduct our business through our subsidiaries (i) OMS (Singapore), (ii) OMS (Saudi Arabia), (iii) OMS (Indonesia), (iv) OMS (Thailand), (v) OMS (Malaysia Holding), (vi) OMS (Malaysia OpCo) and (vii) OMS (Brunei), operating in Singapore, Saudi Arabia, Indonesia, Thailand, Malaysia and Brunei, respectively. Furthermore, through our localization efforts in collaboration with the various governments, we operate manufacturing facilities and warehouses across these six jurisdictions that we operate in. For further information, please refer to the section entitled “Business — Real Property” in the prospectus.

Note: Net income and revenue are for the 12 months that ended March 31, 2024.

(Note: The status of OMS Energy Technologies, Inc.’s IPO is “day to day” with expectations that the IPO may price during the week of May 13, 2025. OMS Energy Technologies, Inc.’s F-1/A filing shows the deal’s size at 5.56 million shares at $8.00 to $10.00 to raise $50.0 million.)

(Note: OMS Energy Technologies, Inc. is offering 5.56 million ordinary shares (5,555,556 ordinary shares) at a price range of $8.00 to $10.00 to raise $50.0 million, according to its F-1/A filing dated March 26, 2025. Background: OMS Energy Technologies, Inc. filed its F-1 to go public on Nov. 4, 2024; the Singapore-based company submitted its confidential IPO documents to the SEC on May 29, 2024.)

eToro Group Ltd. ETOR Goldman Sachs/Jefferies/UBS Investment Bank/Citigroup/Deutsche Bank Securities/BofA Securities/Cantor/Citizens JMP/Keefe, Bruyette & Woods (A Stifel Company)/Mizuho/TD Securities, 10.0M Shares, $46.00-50.00, $480.0 mil, 5/14/2025 Wednesday

We are a global trading platform that serves retail investors. As of Dec. 31, 2024, we had about 3.5 million funded accounts for customers in 75 countries. (Incorporated in the British Virgin Islands)

On our platform, users can:

▪ trade equities, commodities, currencies and cryptoassets, traded as the underlying asset or a derivative, depending on the asset class and on the user’s location;

▪ learn, via our eToro Academy, which contains curated content to help investors, old and new, to learn and practice investing;

▪ trade directly, invest in a Smart Portfolio, or replicate the investment strategy of another investor via our patented CopyTrader product;

▪ utilize eToro Money, our complimentary money management offering, to make deposits, withdrawals and to trade local stocks in local currencies;

▪ engage in our social offering, by consuming and creating content within a global community of passionate investors;

▪ access valuable investment tools, including sophisticated charting and analysis and extended-hours trading; and

▪ earn, through our Popular Investor program by engaging the community and growing the value of the users’ assets copying them (“Assets Under Copy”).

Note: Net income and revenue are for the 12 months that ended Dec. 31, 2024.

(Note: eToro Group Ltd. disclosed the terms for its IPO on May 5, 2025, in an F-1/A filing: 10.0 million shares at a price range of $46.00 to $50.00 to raise $480 million, if priced at the $48.00 mid-point of its range. Background: eToro Group Ltd. filed its F-1 for its IPO on March 24, 2025, without disclosing the terms. Estimated initial proceeds are $100.0 million. Some Wall Street pros, however, believe that eToro’s IPO could raise about $500 million to $700 million.)

Masonglory Ltd. MSGY D. Boral Capital (ex-EF Hutton), 1.5M Shares, $4.00-6.00, $7.5 mil, 5/14/2025 Week of

We are the holding company of a wet trades (plastering, for example) subcontractor based in Hong Kong. (Incorporated in the Cayman Islands)

Masonglory, through our operating subsidiary Masontech Limited, s a Hong Kong subcontractor that has been engaged in providing wet trades services such as plastering and tile laying as well as other ancillary services since 2018. Our clients are mostly major contractors involved in property development and civil engineering projects in Hong Kong.

As a subcontractor, we provide our customers with comprehensive wet trades work solutions, which principally include (i) plastering on floors, ceilings and walls, (ii) tile laying on internal and external walls and floors, (iii) brick laying, (iv) floor screeding, and (v) marble works. In recognition of our achievements in the wet trades industry in Hong Kong, our Operating Subsidiary has been granted registration as a Group 2 Registered Specialist Trade Contractor under the Registered Specialist Trade Contractors Scheme (formerly known as the Subcontractor Registration Scheme) of the Construction Industry Council since 2020.

Note: Net income and revenue are for the fiscal year that ended March 31, 2024.

(Note: Masonglory Ltd. filed its F-1 on Nov. 7, 2024, and disclosed the terms for its micro-cap IPO: 1.5 million shares at a price range of $4.00 to $6.00 to raise $7.5 million.)

OFA Group OFAL R.F. Lafferty & Co., 3.4M Shares, $4.50-4.50, $15.1 mil, 5/14/2025 Week of

(Incorporated in the Cayman Islands)

Through our wholly owned operating subsidiary, Office for Fine Architecture Limited, we provide comprehensive architectural services, including design and fit out services for commercial and residential buildings. The design service includes both the consultation with our staff and the actual design work and the Company provides a specific conceptualized design with layout plans, detailed design drawings, advice relating to, among other things, budgetary consideration, optimal use of space, the materials, fittings, furniture, appliances and other items to be used with an aim to produce a preliminary design plan and quotation for clients’ considerations. Fit out works include installing protective materials to cover floors or walls, installing or constructing partition walls, windows and window frames and decorative fittings, furniture or fixtures, installing plumbing systems as well as installing switches, power outlets, telephone wiring, computer outlet covers and other electrical and wiring works.

Our mission is to leverage our expertise in architectural design to maximize the potential of every property, ensuring that its unique attributes are highlighted and enhanced through thoughtful innovations. We are focused on innovation, efficiency, and scalability in our business model and service offerings. While we currently operate on a traditional project-based model, we utilize various technological tools to enhance our design process, including Houzz, a commercially available software platform that includes automated visualization capabilities. Through Houzz’s platform, we convert two-dimensional building plans into three-dimensional models and efficiently generate various design alternatives by applying different materials and equipment options. This functionality helps expedite our design process and facilitates client decision-making by providing rapid visualization of different design options. Based on our market research, we believe the use of such visualization tools is not yet widespread among architectural firms in Hong Kong, which we believe provides us with certain operational efficiencies compared to traditional design methods.

We currently utilize Houzz’s standard commercially available features as a regular platform user, which includes basic listing and networking capabilities. As part of our growth strategy, we continuously monitor developments in architectural design and visualization technologies, and may explore potential collaborations or partnerships with various technology providers to enhance our service offerings in Asian markets. However, we have not initiated any discussions regarding such partnerships, and there can be no assurance that any such agreements will be reached in the future.

We have developed extensive industry relationships through our operating subsidiary’s 10-year membership in the Hong Kong Institute of Architects (“HKIA”) and maintain an active network of approximately 100 clients and numerous industry relationships throughout Hong Kong. As we continue to grow, we plan to leverage these relationships and our local market expertise to explore potential technological partnerships and enhanced service offerings for the Asian market. However, our ability to implement such enhancements would depend on reaching formal agreements with technology providers, and there can be no assurance that such agreements will be reached or that enhanced services will be developed.

Our current service enhancement initiatives focus on utilizing existing visualization tools to improve design efficiency, exploring potential development of specialized software tools for building code compliance, and continuing to evaluate and implement commercially available technology solutions that could benefit our clients. We believe these initiatives can help us deliver more efficient services to our clients, though the implementation and success of these initiatives involve various risks and uncertainties as described in “Risk Factors – Risks Related to Our Business and Industry – Our utilization of artificial intelligence and machine learning technologies may materially impact our business operations and financial result.”

In addition, we have entered into a definitive co-development agreement with Alan To AI Consultancy Co. Limited (“Alan To AI”), a Hong Kong-based firm specializing in IT solutions, for the development of an automated building code compliance review system. This project aims to develop an AI-enabled tool that can analyze architectural drawings and provide feedback based on local building codes and regulations. The development scope encompasses the creation of specialized review systems, integration of regulatory databases, and development of user interface components. The project includes system testing and validation phases, as well as plans for ongoing optimization and enhancement of the technology.

Note: Net loss and revenue are for the 12 months that ended Sept. 30, 2024.

(Note: OFA Group increased its IPO’s size to 3.36 million shares – up from 1.5 million shares initially – and kept the assumed IPO price at $4.50 – to raise $15.12 million, according to its F-1/A filing dated April 11, 2025. Background: OFA Group is offering 1.5 million shares at an assumed IPO price of $4.50 to raise $6.75 million, according to its F-1 filing dated Feb. 20, 2025.)

Kandal M. Venture Ltd. FMFC Dominari Securities/Revere Securities, 2.0M Shares, $4.00-5.00, $9.0 mil, 5/16/2025 Friday

(Incorporated in the Cayman Islands)

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

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

Our Competitive Strengths

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

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

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

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

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

Our Strategies

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

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

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

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

Corporate History and Structure

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

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

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

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

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

Dalu International Group DLHZ Revere Securities, 1.5M Shares, $4.00-6.00, $7.5 mil, 5/19/2025 Week of

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

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

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

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

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

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

Delixy Holdings Ltd. DLXY Bancroft Capital, 2.0M Shares, $4.00-5.00, $9.0 mil, 5/19/2025 Week of

We trade crude oil and oil-based products, including fuel oils, gasoline, additives, gas condensate, in Southeast Asia and East Asia. (Incorporated in the Cayman Islands)

We are principally engaged in the trading of oil related products, which can be broadly categorized into (i) crude oil and (ii) oil-based products such as fuel oils, motor gasoline, additives, gas condensate, base oil, asphalt, petrochemicals and naphtha (heavy gasoline), in Southeast Asia and East Asia..

We have the financial capability to provide our customers with financing alternatives and credit terms

We are able to provide our customers with credit terms of up to 90 days by leveraging our strong balance sheet position as well as short term credit facilities available to the Group. Our ability to extend these advantageous credit terms to our customers allows us to cater to the diverse needs of our customers across multiple countries and to provide them with the financial flexibility they may require for their business operations. As of the date of this prospectus, the amount outstanding with respect to these credit facilities is zero.

We have an experienced management team with strong relationships across our value chain

Our management team headed by our Executive Chairman, Chief Executive Officer and Executive Director Mr. Xie, has decades of trading experience and experience in oil trading as well as in the oil industry generally, including oil refining and logistics. We also maintain strong relationships with our suppliers, storage facilities providers and fleet and logistics providers, and are able to effectively service our clients and ensure a reliable supply of crude oil and oil-based products.

We have robust and strong risk management and internal controls capabilities

We believe that the ability to manage risk is one of our key strengths. Risk management is a core function under the supervision of our senior leadership structure. Our sound risk management practices have contributed to our positive performance through the volatile market environment in recent years and have helped to mitigate earnings volatility.

We are strategically located in Singapore, Asia’s refined products trading hub.

(Note: 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.)

Enigmatig Limited EGG Prime Number Capital, 3.8M Shares, $4.00-5.00, $16.9 mil, 5/19/2025 Week of

(Incorporated in the Cayman Islands)

We are an international consultancy firm providing one-stop cross-border licensing solutions and related services. Our services range from assisting clients incorporate companies in overseas jurisdictions and related corporate secretarial services to a wide range of licensing and regulatory maintenance services.

Most of our clients were headquartered in the Asian-Pacific region, primarily including Hong Kong, Malaysia, the UAE, Thailand and mainland China. We service our clients through four global offices located in Singapore, Hong Kong, Shanghai and London, and maintain a desk in Bangkok, Thailand.

Our corporate services income is mainly generated from fees we receive assisting our clients obtain, renew and comply with a range of business licenses (primarily including brokerage licenses and other financial licenses) in a variety of jurisdictions (primarily in London, Cyprus and Belize). In Fiscal 2022, Fiscal 2023 and Fiscal 2024, corporate services income from our licensing services, together with related regulatory consultancy services, was US$2,386,085, US$3,201,761 and US$2,126,338, respectively, accounting for 84.6%, 69.5% and 53.6%, respectively, of our corporate services income for those periods. The remainder of our corporate services income is derived from a wide range of corporate secretarial and other related services we provide to our clients. In Fiscal 2022, Fiscal 2023 and Fiscal 2024, we recognized net profit of US$137,694, US$1,134,436 and US$821,192, respectively. We believe the broad range of services we are able to offer our clients in the form of one-stop solutions represents a key competitive advantage over our peer competitors.

Our clients consist primarily of small and medium-sized corporations setting up contract for difference brokerage businesses, in particular foreign exchange brokerage businesses in overseas jurisdictions. We had 87 clients from nine distinct jurisdictions in Fiscal 2022, 60 clients from 17 distinct jurisdictions in Fiscal 2023 and 55 clients from 15 distinct jurisdictions in Fiscal 2024. We received a substantial portion of our corporate services income from a limited number of customers. For the years ended September 30, 2022, 2023 and 2024, corporate services income generated from our two largest customers accounted for approximately 46.3%, 54.7%, and 47.9%, respectively, of our total corporate services income.

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

(Note: Enigmatig Limited filed its F-1 on March 28, 2025, and disclosed the terms for its small IPO: The company is offering 3.75 million shares at a price range of $4.00 to $5.00 to raise $16.88 million.)

Fast Track Group (New IPO Filing) FTRK Alexander Capital/Network 1 Financial Securities, 3.8M Shares, $4.00-5.00, $16.9 mil, 5/19/2025 Week of

Note: Fast Track Group re-filed its IPO plans in a new F-1 filing dated April 14, 2025 – the same date that it withdrew its previous IPO plans in a letter to the SEC dated April 14, 2025.

(Incorporated in the Cayman Islands)

Fast Track Events Pte. Ltd. was incorporated as an exempt private company limited by shares in Singapore on March 8, 2012 as an operating company of our businesses. We are a regional entertainment-focused event management and marketing company that provides a full range of services including experiential marketing, artiste endorsement and management, movie premiere organizations, grand openings and concerts. In addition to our expertise in event and concert management, we offer comprehensive value-added services tailored to meet specific client demands. These include media planning and PR management to boost event visibility, technical production planning for seamless execution of audiovisual requirements, and event manpower support for logistical efficiency. Internally, we handle project management and select media press releases, while sourcing technical support from specialized suppliers across event locations. This integrated approach ensures that we deliver high-quality, customized solutions that meet the diverse needs of our clients, enhancing the success and impact of each event we undertake.

Since our inception, we have been instrumental in creating, developing, organizing, hosting, and managing a diverse range of events and concerts for our clients. Leveraging our extensive experience, we have successfully orchestrated large-scale events featuring renowned Asian bands and artistes such as B.A.P, BTS, and David Tao. Additionally, we have hosted international speakers including Michael Franzese and Michelle Yeoh, as well as organized appearances by global celebrities like John Cena and Steven Seagal. Notable milestones include organizing Malaysia’s inaugural Hollywood Movie Premiere Red Carpet event for “Baby Driver,” as well as the acclaimed 2015 BTS Live Trilogy: Episode II The Red Bullet concerts. Furthermore, we managed the successful 2018 Wild Kard Tour showcases held in Sydney and Melbourne, Australia. These events underscore our capability to deliver memorable experiences and highlight our expertise in managing high-profile engagements across different regions and entertainment genres.

We derive a significant portion of our revenue from a small number of customers. For example, one major customer accounted for 100% of our total revenue for the year ended February 28, 2023, and approximately 75% of our total revenue for the year ended February 29, 2024 was generated from two major customers, who are also related parties. Due to the nature of our business, our portfolio of major customers may vary from year to year as our customers may only be holding one or two events and/or concerts in a year and such events and/or concerts may not be held on a regular basis. We may continue to have a concentration of customers in the future, and we face the risk of losing a significant source of revenue if our major customers do not engage our services and we cannot secure new customers on time. Part of our diversification strategy involves expanding into various facets of the entertainment industry, including Live Entertainment and Agency services, which would allow us to not be reliant on a single revenue source and maintain stability even when one segment faces challenges.

Note: Net income and revenue are in U.S. dollars for the Fiscal Year that ended Feb. 29, 2024.

(Note: Fast Track Group revived its IPO plans in a new F-1 filing dated April 14, 2025 – the same date that it withdrew its previous IPO plans in a letter to the SEC – and disclosed the new terms for its revived IPO: The company is offering 3.75 million shares – up from 3.0 million shares in the old and withdrawn prospectus – and kept the price range at $4.00 to $5.00 – the same price range as in the old and withdrawn prospectus – to raise $16.88 million – with Alexander Capital added as the “lead left” joint book-runner. Alexander Capital and Network 1 Financial Securities, the original sole book-runner, now make up the joint book-running team.)

(Note: Fast Track Ltd. cut its IPO’s size to 3.0 million shares – down from 3.75 million shares initially – and kept the price range at $4.00 to $5.00 – to raise $13.5 million, according to an F-1/A filing dated Nov. 15, 2024. Background: Fast Track Ltd. disclosed the terms for its IPO in an F-1/A filing on Sept. 6, 2024.)

Rainbow Capital Holdings Ltd. RNBW Cathay Securities, 1.4M Shares, $4.00-5.00, $6.2 mil, 5/19/2025 Week of

(Incorporated in the British Virgin Islands)

RCHL is a holding company incorporated in the BVI. As a holding company with no material operations, RCHL conducts all of its operations through our sole Operating Subsidiary, Rainbow Capital, a company incorporated in Hong Kong. Investors of our Class A Ordinary Shares should be aware that they will not and may never directly hold equity interests in our Operating Subsidiary, but rather purchasing equity solely in RCHL, the BVI holding company.

We principally engage in providing corporate finance services in Hong Kong. Our sole Operating Subsidiary, Rainbow Capital, is a corporation licensed by the SFC to carry on Type 6 (advising on corporate finance) and Type 1 (dealing in securities) regulated activities under the SFO. Over the years, through our dedication, passion and commitment in the industry, Rainbow Capital has emerged to be one of the most active financial advisers in Hong Kong based on the league tables set out in the section headed “Industry” in this prospectus. From 2022 to 2024, Rainbow Capital has been among the top five service providers in terms of the number of deals for various corporate finance services in Hong Kong, according to Frost & Sullivan. Specifically, during the same period, Rainbow Capital ranked 2^nd, 2^nd, 4^th, 5^th and 4^th in terms of the number of deals for acting as financial adviser to offerors in takeover transactions, one-time financial adviser to listed companies in Hong Kong, independent financial adviser in transactions related to the Listing Rules and the GEM Listing Rules, independent financial adviser in transactions related to the Takeovers Code and compliance adviser, respectively.

Since the commencement of our corporate finance services business in January 2020 and up to the date of this prospectus, we have acted for over 200 clients, a majority of which are listed companies in Hong Kong, engaging in a variety of industry sectors including biotechnology, technology, consumer products, food and beverage, property development and management, manufacturing, logistics, construction services, energy, natural resources and financial services. For the years ended September 30, 2023 and 2024, our net income amounted to approximately US$1.0 million and US$1.6 million, respectively.

Note: Net income and revenue are in U.S. dollars (converted from Hong Kong dollars) for the fiscal year that ended Sept. 30, 2024.

(Note: Rainbow Capital Holdings Ltd. is offering 1.375 million shares at a price range of $4.00 to $5.00 to raise $6.19 million, according to its F-1 filing dated Feb. 14, 2025.)

FG Holdings FGO American Trust Investment Services/Revere Securities, 2.0M Shares, $4.00-5.00, $9.0 mil, 5/26/2025 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.)

🏁 Emerging Market ETF Launches

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

04/02/2025 - Goldman Sachs India Equity ETF - GIND
03/21/2025 - FT Vest Emerging Markets Buffer ETF - March - TMAR
02/25/2025 - Touchstone Sands Capital Emerging Markets ex-China Growth ETF - TEMX
02/19/2025 - abrdn Emerging Markets Dividend Active ETF - AGEM
02/14/2025 - GMO Beyond China ETF - BCHI
02/06/2025 - PLUS Korea Defense Industry Index ETF - KDEF
01/04/2025 - Simplify China A Shares PLUS Income ETF - CAS
12/24/2024 - FT Vest Emerging Markets Buffer ETF - December - TDEC - Options
11/19/2024 - Fidelity Fundamental Emerging Markets ETF - FFEM - Equity
11/19/2024 - Fidelity Enhanced Emerging Markets ETF - FEMR - Equity
11/13/2024 - Dimensional Emerging Markets ex China Core Equity ETF - DEXC - Equity
10/07/2024 - First Trust WCM Developing World Equity ETF - WCME - Active, equity
09/20/2024 - FT Vest Emerging Markets Buffer ETF - September - TSEP - Options
09/11/2024 - Polen Capital Emerging Markets ex-China Growth ETF - PCEM - Equity
09/04/2024 - Macquarie Focused Emerging Markets Equity ETF - EMEQ - Active, equity
09/04/2024 - iShares MSCI Emerging Markets Value Factor ETF - EVLU - Equity
09/04/2024 - iShares MSCI Emerging Markets Quality Factor ETF - EQLT - Active, equity
09/04/2024 - SPDR S&P Emerging Markets ex-China ETF - XCNY - Equity, ex-China
08/13/2024 - Simplify Gamma Emerging Market Bond ETF - GAEM - Active, Bond, Latin America
08/13/2024 - Janus Henderson Emerging Markets Debt Hard Currency ETF - JEMB - Currency
07/01/2024 - Innovator Emerging Markets 10 Buffer ETF - EBUF - Equity
05/16/2024 - JPMorgan Active Developing Markets Equity ETF - JADE - Equity
05/09/2024 - WisdomTree India Hedged Equity Fund - INDH - Equity, India
03/19/2024 - Avantis Emerging Markets ex-China Equity ETF - AVXC - Active, equity, ex-China
03/15/2024 - Polen Capital China Growth ETF - PCCE - Active, equity, China
03/04/2024 - Simplify Tara India Opportunities ETF - IOPP - Active, equity, India
02/07/2024 - Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares - XXCH - Equity, leveraged, China
01/11/2024 - Matthews Emerging Markets Discovery Active ETF - MEMS - Active, equity, small caps
01/10/2024 - Matthews China Discovery Active ETF - MCHS - Active, equity, small caps

🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

02/14/2025 - Global X MSCI Emerging Markets Covered Call ETF - EMCC
01/06/2025 - iShares Frontier and Select - FM
10/10/2024 - Pacer CSOP FTSE China A 50 ETF - AFTY
09/26/2024 - American Century Emerging Markets Bond ETF - AEMB
09/19/2024 - KraneShares S&P Pan Asia Dividend Aristocrats Index ETF - KDIV
09/19/2024 - KraneShares CICC China 5G & Semiconductor Index ETF - KFVG
09/05/2024 - Amplify Emerging Markets FinTech ETF - EMFQ
07/27/2024 - iPathGEMS Asia 8 ETN - AYTEF
05/23/2024 - Defiance Israel Fixed Income ETF - CHAI
05/17/2024 - Global X Next Emerging & Frontier ETF - EMFM
03/25/2024 - Global X MSCI Nigeria ETF - NGE
03/21/2024 - VanEck Egypt Index ETF - EGPT
03/14/2024 - KraneShares Bloomberg China Bond Inclusion Index ETF - KBND
03/14/2024 - KraneShares China Innovation ETF - KGRO
03/14/2024 - KraneShares CICC China Consumer Leaders Index ETF - KBUY
03/13/2024 - Xtrackers MSCI All China Equity ETF - CN
03/13/2024 - Xtrackers MSCI China A Inclusion Equity ETF - ASHX
02/16/2024 - Global X MSCI China Real Estate ETF - CHIH
02/16/2024 - Global X MSCI China Biotech Innovation ETF - CHB
02/16/2024 - Global X MSCI China Utilities ETF - CHIU
02/16/2024 - Global X MSCI Pakistan ETF - PAK
02/16/2024 - Global X MSCI China Materials ETF - CHIM
02/16/2024 - Global X MSCI China Health Care ETF - CHIH
02/16/2024 - Global X MSCI China Financials ETF - CHIX
02/16/2024 - Global X MSCI China Information Technology ETF - CHIK
02/16/2024 - Global X MSCI China Consumer Staples ETF - CHIS
02/16/2024 - Global X MSCI China Industrials ETF - CHII
02/16/2024 - Global X MSCI China Energy ETF - CHIE
02/14/2024 - BNY Mellon Sustainable Global Emerging Markets ETF - BKES
01/26/2024 - The WisdomTree Emerging Markets ESG Fund - RESE

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

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

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

Emerging Market Links + The Week Ahead (May 12, 2025) was also published on our website under the Newsletter category.

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Emerging Market Links + The Week Ahead (May 12, 2025)

Understanding platform ambitions in China, tariffs rattle auto industry, Taiwan Dollar's surge, Saudi Aramco cuts its dividend, Teva, Ituran, EM stock picks and the week ahead for emerging markets.

🔬 Emerging Market Stock Pick Tear Sheets

📰🔬 Emerging Market Stock Picks / Stock Research

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇮🇳 India / South Asia / Central Asia

📅 Earnings Calendar

📅 Economic Calendar

🗳️ Election Calendar

📅 Emerging Market IPO Calendar/Pipeline

We provide the digital asset industry with supply chain financing. (Incorporated in the Cayman Islands)

We provide financing, technology and risk management solutions to the digital asset industry. We are the primary lending partner for Bitmain.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended Dec. 31, 2024.

(Incorporated in the Cayman Islands)

Note: Net income and revenue are for the 12 months that ended March 31, 2024.

(Note: The status of OMS Energy Technologies, Inc.’s IPO is “day to day” with expectations that the IPO may price during the week of May 13, 2025. OMS Energy Technologies, Inc.’s F-1/A filing shows the deal’s size at 5.56 million shares at $8.00 to $10.00 to raise $50.0 million.)

We are a global trading platform that serves retail investors. As of Dec. 31, 2024, we had about 3.5 million funded accounts for customers in 75 countries. (Incorporated in the British Virgin Islands)

On our platform, users can:

▪ trade equities, commodities, currencies and cryptoassets, traded as the underlying asset or a derivative, depending on the asset class and on the user’s location;

▪ learn, via our eToro Academy, which contains curated content to help investors, old and new, to learn and practice investing;

▪ trade directly, invest in a Smart Portfolio, or replicate the investment strategy of another investor via our patented CopyTrader product;

▪ utilize eToro Money, our complimentary money management offering, to make deposits, withdrawals and to trade local stocks in local currencies;

▪ engage in our social offering, by consuming and creating content within a global community of passionate investors;

▪ access valuable investment tools, including sophisticated charting and analysis and extended-hours trading; and

▪ earn, through our Popular Investor program by engaging the community and growing the value of the users’ assets copying them (“Assets Under Copy”).

Note: Net income and revenue are for the 12 months that ended Dec. 31, 2024.

We are the holding company of a wet trades (plastering, for example) subcontractor based in Hong Kong. (Incorporated in the Cayman Islands)

Note: Net income and revenue are for the fiscal year that ended March 31, 2024.

(Note: Masonglory Ltd. filed its F-1 on Nov. 7, 2024, and disclosed the terms for its micro-cap IPO: 1.5 million shares at a price range of $4.00 to $6.00 to raise $7.5 million.)

(Incorporated in the Cayman Islands)

Note: Net loss and revenue are for the 12 months that ended Sept. 30, 2024.

(Incorporated in the Cayman Islands)

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

Our Competitive Strengths

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

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

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

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

Our Strategies

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

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

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

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

Corporate History and Structure

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

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

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

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

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

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

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

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

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 have the financial capability to provide our customers with financing alternatives and credit terms

We have an experienced management team with strong relationships across our value chain

We have robust and strong risk management and internal controls capabilities

We are strategically located in Singapore, Asia’s refined products trading hub.

(Incorporated in the Cayman Islands)

Most of our clients were headquartered in the Asian-Pacific region, primarily including Hong Kong, Malaysia, the UAE, Thailand and mainland China. We service our clients through four global offices located in Singapore, Hong Kong, Shanghai and London, and maintain a desk in Bangkok, Thailand.

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

(Note: Enigmatig Limited filed its F-1 on March 28, 2025, and disclosed the terms for its small IPO: The company is offering 3.75 million shares at a price range of $4.00 to $5.00 to raise $16.88 million.)

Note: Fast Track Group re-filed its IPO plans in a new F-1 filing dated April 14, 2025 – the same date that it withdrew its previous IPO plans in a letter to the SEC dated April 14, 2025.

(Incorporated in the Cayman Islands)

Note: Net income and revenue are in U.S. dollars for the Fiscal Year that ended Feb. 29, 2024.

(Incorporated in the British Virgin Islands)

Note: Net income and revenue are in U.S. dollars (converted from Hong Kong dollars) for the fiscal year that ended Sept. 30, 2024.

(Note: Rainbow Capital Holdings Ltd. is offering 1.375 million shares at a price range of $4.00 to $5.00 to raise $6.19 million, according to its F-1 filing dated Feb. 14, 2025.)

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.)

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