Emerging Market Links + The Week Ahead (May 5, 2025)
China running low on copper, delisting dramas, reshored supply chain winners/losers, SG F&B/aviation/bank stocks, "Goldman of the Tropics," EM stock picks and the week ahead for emerging markets.
As mentioned in the All-In podcast covered in yesterday’s post, there are many creative work arounds to deal with tariffs. Here is a new one I just saw today: Delta routes new Airbus plane to Tokyo to sidestep Trump tariffs. Now the new plane is “used” and no longer subject to tariffs...
However, some Chinese exporters are ‘washing’ products in third countries to avoid Donald Trump’s tariffs (🗃️); but China’s Asian neighbours are wary of becoming staging posts for trade actually destined for US. Nevertheless, I suspect dire media predictions of empty Wal-Mart shelves and Temu/Amazon carts are overblown.
On the other hand, last week we mentioned US-supplied ethane becoming a serious problem for the Chinese plastics industry (and ultimately everything that’s made from plastic). Its now being reported that China's copper stockpiles are on track to dwindle to nothing in just a few months - if not weeks - as the market suffers “one of the greatest tightening shocks” in its history. That might be another reason why the Chinese delegation spotted entering the Treasury Department demanded photos be deleted (🗃️) - according to a report a week ago in Korea’s The JoongAng…
🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
🇰🇷 Korean Stock Picks (March 2024) Partially $
Weiss Korea Opportunity Fund winddown & more private equity problems + DoubleDown Interactive, Bukwang Pharmaceutical, Hanwha Aerospace, Ecopro Materials, Hyundai Motor, Yuhan Corp, Chong Kun Dang Holdings, Korean Reinsurance Company, Kumyang Co Ltd, Kolmar Korea, Sanil Electric, HanAll Biopharma, SL Corp, POSCO Holdings, Dongjin Semichem, Douzone Bizon, Shift Up Corp, Hyundai Rotem, Samsung SDI, HMM, Poongsan Corp, Kakao Corp, Paradise Co, SOCAR Inc, LS Corp, LG Energy Solution, LG Electronics, Korea Zinc, KEPCO, NAVER, Young Poong Precision Corporation, Kiwoom Securities, NH Investment & Securities, i-SENS, NongShim, Cafe24 Corp, Nexon Games, Dentium, Krafton, Hanwha Systems, Dear U Co Ltd, Woori Financial Group & KT Corp
🌐 EM Fund Stock Picks & Country Commentaries (May 4, 2025) Partially $
AI's “bulls**t cascade” + AI agent/tariff reality checks, Vietnam’s gov't restructuring, Brazil's "land of the future," EVs in EM, Russia’s frozen sovereign assets status, March/Q1 fund updates, etc.
📰🔬 Emerging Market Stock Picks / Stock Research
$ = behind a paywall / 🗃️ = Link to an archived article
🌏 Asia
🌏 China, Russia and the remaking of the Eurasian supercontinent (FT) $ 🗃️
Three books offer a guide to shifting power in the region and what it means for the US and Europe
🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau
🇨🇳 US lawmakers urge SEC to delist Alibaba and Chinese companies (FT) $ 🗃️
🇨🇳 Delisting Dramas (The Great Wall Street - Investing in China) $
How real is Washington’s newest threat to Chinese stocks?
In this article I examine how real today’s delisting risk is, what legal levers exist, how quickly action could follow, and whether and when the targeted companies can secure alternative listings. The full analysis is reserved for paying subscribers.
🇨🇳 Temu abandons Chinese imports to US as tariffs force overhaul (FT) $ 🗃️ / Temu Ends China Shipments To US After Trump Closes "De Minimis" Loophole (ZeroHedge) 🗃️
Ecommerce company to source all US products from local merchants as ‘de minimis’ tax loophole closed
🇨🇳🌐 Attention Homeowners: Here's Where Your Imported Home Goods Are Actually Made (ZeroHedge) 🗃️
Goldman analysts Susan Maklari, Charles Perron-Piche, and Rhea Bhatia cited United States International Trade Commission data to help clients understand where the most basic imported home goods and building materials were sourced from in 2024.
Maklari provided clients with a country-by-country breakdown of the top U.S. imports of home goods and building materials, including washers, dryers, water heaters, cabinets, vinyl tile, ceramic tile, carpets, lighting, mattresses, and lumber.
The note serves as a guide for identifying alternative sourcing options in countries with lower tariffs and a robust manufacturing base should these products be tariffed higher in top-producing countries at a cost-prohibitive rate:
🇨🇳 Goldman's China Tech Tour Underscores One Message: America Must Reclaim These Supply Chains By 2030 (ZeroHedge) 🗃️ $
Early takeaways from China's tech ecosystem suggest that Asia holds the lead, especially regarding handsets, eVTOL, and other technologies that share similar production ecosystems. This report serves as a wake-up call for Washington elites: re-shoring these critical supply chains is essential for 2030 dominance.
🇨🇳🌐 The Potential Winners and Losers in Reshoring Supply Chains (Charles Hugh Smith / OfTwoMinds blog)
Until values, priorities and incentives change, "the lifestyle you ordered is currently out of stock and on back order, with no estimate of a future delivery date."
The ultimate winners and losers in reshoring supply chains to North America have yet to be determined, and may change depending on the time frame. In the short-term, there are ample reasons to reckon consumers will be the losers as shortages and price-gouging ("it's the tariffs" will be the excuse given for profiteering) take their toll.
Matt Stoller has posted two comprehensive essays on these topics:
In the longer term, however, consumers could be winners as reshored supply chains will be more stable and predictable than globalized supply chains. Stability has a value that isn't recognized until it's absent--as do durability and quality.
One set of potential winners might be large retail corporations that choose to switch from "horizontal" global supply chains to vertically integrated domestic production, in which raw materials are turned into finished products in one production facility.
🇨🇳🌐 How China is adapting to US trade tariffs? (The Asset) 5:48 Minutes
Looking at opportunities across Southeast Asia, Latin America and Africa
Yuki Li, associate at The Asset explains how China is refocusing its economic activities away from the United States.
🇨🇳🌏 Chinese exporters ‘wash’ products in third countries to avoid Donald Trump’s tariffs (FT) $ 🗃️
Asian neighbours wary of becoming staging posts for trade actually destined for US
Chinese social media platforms are awash with adverts offering “place-of-origin washing”, while an inflow of goods from China has raised alarm in neighbouring countries wary of becoming staging posts for trade actually destined for the US.
🇨🇳 "Greatest Tightening Shock The Market Has Ever Seen": Chinese Copper Stocks To Run Out In Weeks (ZeroHedge) 🗃️ / China’s copper supplies set to run out as US tariffs bite, says Mercuria (FT)🗃️
Fast forward three years, when Geneva-based commodities trading giant Mercuria now predicts that China's copper stockpiles are on track to dwindle to nothing in just a few months - if not weeks - as the market suffers “one of the greatest tightening shocks” in its history, as unprecedented demand from both the US and China, a surge in a trans-Atlantic arb trade, and mounting fears of US tariffs, unleash havoc in the copper market.
As a result, Chinese copper stocks have plunged over the past few weeks, and “at the current pace of draws, those Chinese inventories could deplete [to zero] by the middle of June”, Nicholas Snowdon, Mercuria’s head of metals and mining research, told the Financial Times.
This “is potentially going to be one of the greatest tightening shocks this market’s ever seen”, Snowdon said. Beijing had a “razor thin inventory buffer” to meet domestic demand, he added.
🇨🇳 Why JD.com Entered Food Delivery — and Whether the Strategy Can Pay Off (The Great Wall Street - Investing in China)
A strategic move into instant retail or an uphill battle for user mindshare? Here’s how to think about JD.com (NASDAQ: JD)’s delivery play from an investor’s perspective.
I’ve written extensively about e-commerce, delivery models, and logistics networks, so it wasn’t exactly shocking when JD decided to enter the food delivery market. JD felt threatened by Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY)’s foray into instant retail, known as Meituan Shangou (美团闪购) or “Flash Buy.”
From what I heard, JD’s move into food delivery wasn’t just about competing head-to-head — it was a strategic push to increase user frequency, an area where JD lags behind other players in China. Lately, I’ve been getting so many questions about this that I figured it would be easier to put everything into a short update — backed by a little on-the-ground research.
🇨🇳 Quhuo’s transformation story hits headwinds as new initiatives stumble (Bamboo Works)
The company is moving away from its original business of providing takeout dining drivers, but revenue for most of its major new initiatives contracted in the second half of 2024
Quhuo Ltd (NASDAQ: QH)’s revenue fell 27% in the second half of last year, as its core on-demand delivery services fell by 25%
The company’s car exporting business also suffered a setback during the six-month period, as its vehicle exports fell sharply following a strong start in 2023
🇨🇳 Fuyao Glass’ profit surges, unbroken by Trump’s trade war (Bamboo Works)
The automotive glass maker, once heralded as a model of China-U.S. manufacturing cooperation, was unaffected by tariff turmoil in the first quarter
FuYao Glass Industry Group (SHA: 600660 / HKG: 3606 / FRA: 4FG)’ net profit jumped 46% to 2.03 billion yuan in the first quarter
The automotive glass maker relies on locally based production for about 70% of its products sold in the U.S.
🇨🇳 🇹🇭 In Depth: Chinese EV-makers lured by Thai perks face reality check (Caixin) $
It’s hard to miss the aggressiveness of Chinese automakers in the Thai market on the drive from Suvarnabhumi Airport into Bangkok: huge billboards featuring BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF), Changan Auto, Guangzhou Automobile Group (HKG: 2238 / SHA: 601238 / FRA: 02G / OTCMKTS: GNZUF / GNZUY) or GAC Group, Great Wall Motor (SHA: 601633 / HKG: 2333 / FRA: GRV / OTCMKTS: GWLLF / GWLLY), SAIC Motor Corp (SHA: 600104) and many other Chinese brands line the highways and roads. And on the streets of the capital, Chinese car dealerships are often located steps away from the long-established showrooms of Japanese brands such as Toyota and Honda.
Thai consumers now have more choice than ever and at attractive prices. This phenomenon followed a deluge of Chinese brands in the Thai market over the past three years, with at least nine automakers currently in the fray.
🇨🇳 China and South Korea extend battery battle from EVs to grid storage (FT) $ 🗃️
China has upper hand on technologies but fresh tariffs mean rival can better exploit US market
🇨🇳 Satellite images reveal Huawei’s advanced chip production line in China (FT) $ 🗃️
Rapid expansion of Shenzhen facilities designed to break dependence on foreign technologies
🇨🇳 ZJK focuses on the nuts-and-bolts, steers clear of Nvidia hype (Bamboo Works)
The maker of industrial fasteners reported its revenue grew 30% last year, as international markets grew to account for about a third of its business from 14% in 2023
ZJK Industrial Co Ltd (NASDAQ: ZJK)’s revenue rose 30% to $37.8 million last year, accelerating from 17% growth the previous year, as the company aggressively expanded its global footprint
The company looks well positioned to benefit from the AI boom by supplying its high-precision fasteners to an A-list of clients that includes Nvidia and Foxconn
🇨🇳 Nanhua Futures steps up global journey with Hong Kong listing plan (Bamboo Works)
The company’s planned Hong Kong IPO would complement its current Shanghai listing, and is part of efforts to advance its globalization strategy
Nanhua Futures (SHA: 603093) has filed to list in Hong Kong, reporting its net profit rose 13.7% last year to 458 million yuan
The company hopes to expand the reach of its fast-growing overseas business, which could soon account for more than half of its revenue
🇨🇳 Luckin Coffee: Solid Growth Continues But With Emerging Cost Pressures (Seeking Alpha) $ 🗃️ (?)
🇨🇳 Luckin Coffee (OTCMKTS: LKNCY) - Brewed drinks & pre-made food & beverage items. 🇼 🏷️
🇨🇳 Chinese Restaurant Stock Analysis Series Part 4: Chagee (CHA) (Dragon Invest)
Really undervalued beloved Chinese milk tea chain; ADR risks persist
Welcome to part 4 of my Chinese restaurant stock analysis series and I’m so sorry for not posting anything for what three weeks now. I had a lot of work that I had to catch up with and just couldn’t find the time to actually sit and type 3000-5000 words. But trust me, I used the break to research some undervalued and high alpha names for you guys and hopefully the next few weeks are going to be a bonanza for you. I’ll try my best to be more regular from now on and I sincerely hope that you’ll forgive my extended absence. With all that out of the way now let’s get into the nitty gritty details of today’s stock, shall we?.
In this part, I’ll be covering Chagee Holdings Limited (NASDAQ: CHA), which is a very popular and rapidly expanding milk tea chain in China and South East Asia. I personally love their products and brand and have been waiting for their IPO for quite some time now. Let’s first begin by looking at a top down sectoral overall of the Chinese tea industry.
🇨🇳 Shanghai Junshi Bioscience (1877 HK): Tuoyi Gains Momentum; Losses Narrow; New Geographies Open Up (Smartkarma) $
Shanghai Junshi Biosciences Co Ltd (HKG: 1877 / FRA: 8SJ / OTCMKTS: SHJBF) reported 32% revenue growth during 1Q25, driven by toripalimab in China. 10 out of total 12 approved indications of the drug were included in NRDL.
Toripalimab was launched in the U.S. in January 2024 and reported ~$19M revenue for 2024. Approvals received in new geographies like India, UK, Singapore, Australia etc.
Loss narrowed to RMB 239M in 1Q25 from RMB 307M in 1Q24 as the company slowly and steadily optimizes the R&D spend.
🇨🇳 CATL: Launch of Book Building for Hong Kong Listing (Douglas Research Insights) $
According to Reuters, Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750) plans to launch its Hong Kong listing process including book building during the week of 12 May.
We estimate CATL to generate revenue of 423.6 billion RMB (up 17% YoY) and net profit of 55.6 billion RMB (up 13.1% YoY) in 2025.
Our base case valuation of CATL is implied market cap of 1.3 trillion CNY which is 32% higher than current market cap. We believe CATL's shares are undervalued.
🇭🇰 Hutchison Telecom (0215.HK) – Dialing up value in a discounted recovery call with decent yield (Pyramids and Pagodas)
Strong cashflow, defensive yield, and organic growth initiatives position Hutchison Telecom for stable returns amid a recovering Hong Kong market
Hutchison Telecommunications Hong Kong Holdings Limited (HKG: 0215) “Hutchison Telecom”) offers a rare combination in today's volatile market: a deeply discounted valuation, a high dividend yield, and growing momentum in its roaming and 5G services. With a solid net cash position covering 67% of its market cap, minimal capex requirements, and improving profitability driven by tourism recovery and cost efficiencies, Hutchison Telecom stands out as a defensive income opportunity with modest growth upside. While the Company operates in a competitive landscape dominated by larger peers, its disciplined capital management, focus on organic growth projects, and exposure to resurgent travel trends position it to deliver stable returns in the coming years.
Mobile operators bear significant upfront costs building cell towers to enhance network coverage, and later recoup investments from selling data plans and other services to customers. After many years of heavy investment, Hutchison Telecom has claimed a decent slice of the Hong Kong market. Hutchison Telecom, with a market cap of HKD 4.77 billion (USD 615 million), is a subsidiary of CK Hutchison Holdings (HKG: 0001 / FRA: 2CKA / OTCMKTS: CKHUY / CKHUF) and holds a 17% share of the Hong Kong mobile network market. It operates under the brand “3 Hong Kong”. Locally it’s the second largest telecom operator by customers behind China Mobile (SHA: 600941 / HKG: 0941 / 80941 / FRA: CTM) and provides mobile and fixed-line services.
🇲🇴 Sands China gambles on room revamp to revive flagging profits (Bamboo Works)
The Macao casino operator has reported a drop in quarterly profit but is banking on demand for its refurbished rooms during May’s Golden Week holidays
Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF)’s first-quarter profit fell 32% to $202 million, with adjusted property EBITDA dropping 12% to $540 million
After a luxury upgrade, rooms and leisure facilities at its Londoner Macao resort are now fully open for business
🇲🇴 Grand Lisboa Palace 1Q GGR up 41pct y-o-y as promoter SJM Holdings records modest profit (GGRAsia)
Macau casino operator SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY) moved into first-quarter profit of HKD31 million (US$4.0 million), compared to a HKD74-million loss a year earlier.
That was on total net revenue that rose 8.1 percent year-on-year, to HKD7.48 billion.
Gaming net revenue went up 7.5 percent year-on-year, to nearly HKD6.95 billion.
The gaming performance was supported by a 41.1 percent year-on-year gain in gross gaming revenue (GGR) at the group’s Cotai resort, Grand Lisboa Palace (pictured), to nearly HKD1.57 billion.
The company – which is only required under Hong Kong Stock Exchange rules to make formal earnings reports on a six-monthly basis – released on Tuesday unaudited selected highlights from its trading for the three months to March 31.
🇹🇼 Taiwan
🇹🇼 Uh-oh, the Taiwanese dollar is having a mad one (FT) $ 🗃️
Asset-liability mismatches FTW
Taiwanese life insurers have apparently not been super-diligent about hedging their swelling foreign currency exposures, opening up a huge mismatch between their Taiwanese dollar liabilities and their US dollar assets.
🇹🇼 TSMC: Thanks To The Uncertainty, The Leader Is On Sale Again (Seeking Alpha) $ 🗃️
🌐 Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) - World's largest dedicated independent (pure-play) semiconductor foundry. 🇼 🏷️
🇹🇼 Hon Hai Precision: Anticipating A Strong Q1 And An Above-Expectations Q2 (Rating Upgrade) (Seeking Alpha) $ 🗃️
🌐 Hon Hai Precision Industry Co (TPE: 2317 / FRA: HHP2 / OTCMKTS: HNHPF) - Foxconn is the World’s largest electronics manufacturer. 🇼 🏷️
🇰🇷 Korea
🇰🇷 Finance Minister Choi Quits and Lee Jae-Myung's Fate Remains Uncertain Post Supreme Court Ruling (Douglas Research Insights) $
The Finance Minister Choi Sang-Mok resigned as the National Assembly was trying to vote to impeach him just before Choi resuming role as South Korea's acting President once again.
The Supreme Court "reversed and remanded" the case of Lee Jae-Myung, the leading candidate of the Democratic Party of Korea, for being guilty of violating the Public Official Election Act.
All in all, given the uncertain political landscape, this could result in more overseas institutional investors in the Korean stock market to sit out longer on the sidelines.
🇰🇷 KB Financial: Q1 Net Profit And Updated Dividend Guidance Surpassed Expectations (Seeking Alpha) $ 🗃️
🌏 KB Financial Group (NYSE: KB) - Financial holding company. Banking, credit card, financial investment, insurance business etc. 🇼 🏷️
🇰🇷 LG Display Stays A Buy With Operating Income Beat And Favorable Prospects (Seeking Alpha) $ 🗃️
🇰🇷 LG Display: Quarterly Progress Negated By Tariff Uncertainty (Seeking Alpha) $ 🗃️
🌐 LG Display (NYSE: LPL) - Leading display company. Innovative displays & related products through differentiated technologies such as OLED & IPS. 🇼 🏷️
🇰🇷 Samsung Electronics: A Titan At Crossroads - Hold For Now Amid Volatility (Seeking Alpha) $ 🗃️
🌐🅿️ Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) - MNC major appliance & consumer electronics corporation. 🇼 🏷️
🇰🇷 Kangwon Land Inc 1Q net income down 17pct y-o-y (GGRAsia)
Kangwon Land (KRX: 035250), operator of Kangwon Land (pictured), a South Korean resort with the only casino in that country open to locals, saw its first-quarter net income fall 16.9 percent year-on-year, and dip by 31.1 percent quarter-on-quarter.
Net income for the first three months of 2025 was just over KRW78.0 billion (US$54.3 million), compared to KRW93.9 billion a year earlier, and just under KRW113.3 billion in the fourth quarter of 2024.
The information was given in a Tuesday filing to the Korea Exchange.
🇰🇷 Biggest Cyberattack in SK Telecom's History - Likely to Lead to Major Management Changes (Douglas Research Insights) $
SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA) experienced the biggest cyberattack in its history in April which is likely to result in a major shakeup of its management team.
We estimate SK Telecom could lose 1 million+ mobile service customers. Given its ARPU of 29,355 won per month, this would represent lost annual revenue of nearly 352 billion won.
This massive cyberattack could cost SK Telecom more than 1 trillion won in a combination of lost revenue and additional commission/advertising necessary to attract new customers.
🇰🇷 LG CNS: Better Than Expected Results in 1Q 2025 Led by Cloud & AI Unit (Douglas Research Insights) $
LG CNS Co Ltd (KRX: 064400) reported better than expected results in 1Q 2025 with sales of 1.2 trillion won (up 13.2% YoY) and operating profit of 78.9 billion won (up 144.3% YoY).
The company's sales, operating profit, and net profit were 5.5%, 16.5%, and 36.4% better than the consensus estimates, respectively in 1Q 2025.
The company's Cloud & AI unit had sales of 717.3 billion won (up 30.1% YoY) in 1Q 2025.
🇰🇷 Overhang on KDB's Sell Down of Its 19.5% Stake in Hanwha Ocean (Douglas Research Insights) $
Korea Development Bank (KDB) is capitalizing on the huge share price appreciation of Hanwha Ocean (KRX: 042660) to sell some of its stake in the company through block deal sales.
KDB plans to sell its 19.5% stake in Hanwha Ocean. However, the initial block deal sale will be for about 13 million shares (4.3% of outstanding shares).
Hanwha Ocean's lofty valuations are difficult to justify. As KDB is getting ready to sell more shares, this could cause further overhang on its shares over the next 3-6 months.
🇰🇷 Hanwha Aerospace Rights Offering - Third Time Is a Charm? (Douglas Research Insights) $
Hanwha Aerospace (KRX: 012450) has once again provided a revised rights offering prospectus following another request from the Financial Supervisory Service (FSS).
Rights offering amount remains the same at 2.3 trillion won. Expected rights offering price is 539,000 won which is subject to change. New shares listing date is 21 July 2025.
Hanwha Aerospace reported sales of 5.5 trillion won (14.3% better than consensus) and operating profit of 560.8 billion won (11.7% better than consensus) in 1Q 2025.
🇰🇷 A Pair Trade of Hanwha Aerospace and Hanwha Ocean (Douglas Research Insights) $
In this insight, we discuss a pair trade between Hanwha Aerospace (KRX: 012450) (go long) and Hanwha Ocean (KRX: 042660) (go short).
Hanwha Ocean faces bigger overhang risk of KDB continuing to sell additional shares of the company as compared to Hanwha Aerospace's rights offering shares dilution risk.
Hanwha Aerospace/Hanwha Ocean price ratio (5 year period) is near the 2 standard deviation (STD) mark which could suggest a reversion to the mean.
🇰🇷 Woongjin Is Buying Preed Life (Largest Death Care Service Company in Korea) Using LBO (Douglas Research Insights) $
Woongjin Co Ltd (KRX: 016880) (through its subsidiary WJ Life Holdings) is buying the controlling interest in Preed Life (largest funeral service company in Korea) using LBO (leveraged buyout).
Preed Life is the number one player in the funeral service provider industry in Korea. It has excellent financials and it has done an excellent job of consolidating this industry.
All in all, we like this acquisition of Preed Life by Woongjin using LBO. Preed Life has stable cash flow generation and strong growth in sales and profits.
🇰🇷 Krafton: Acquisition of Controlling Stake in Neptune from Kakao Games (Douglas Research Insights) $
On 29 April, Krafton (KRX: 259960) announced that it plans to acquire a 39.37% controlling stake in Neptune Company from Kakao Games (KRX: 293490) for 165 billion won ($114.9 million).
Prior to this deal, Krafton owned a 3.2% stake in Neptune. After this deal is completed, Krafton will own a 42.53% stake (19.86 million shares) of Neptune.
Krafton reported excellent results in 1Q 2025. The company beat its sales, operating profit, and net profit by 10.1%, 18.3%, and 13.8%, respectively in 1Q 2025.
🇰🇷 Lee Myung-Hee Transfers All of Her 10.2% Stake In Shinsegae to Her Daughter Chung Yoo-Kyung (Douglas Research Insights) $
On 30 April, Lee Myung-Hee (Chairwoman of Shinsegae Group) decided to transfer all of her 10.2% stake in Shinsegae Inc (KRX: 004170) as a gift to her daughter Chung Yoo-Kyung.
After this gift, Chung Yoo-Kyung's ownership in Shinsegae will rise from 18.95% to 29.16%.
We are positive on this share transfer of 10.2% stake in Shinsegae from mother (Lee Myung-Hee) to her daughter Chung Yoo-Kyung on the share price impact on Shinsegae.
🇰🇷 DN Solutions Cancels IPO (Douglas Research Insights) $
DN Solutions cancelled its IPO today due to low demand. There were not enough institutional investors willing to put their hard earned capital into this IPO.
The IPO price range was between 65,000 won and 89,700 won with market cap ranging from 4.1 trillion won to 5.7 trillion won.
The cancellation of the IPO for DN Solutions is also likely to have a negative impact on DN Automotive Corp (KRX: 007340) which is up 23% in the past one year.
🌏 SE Asia
🇰🇭 Donaco reports EBITDA of US$2.6mln in the quarter to March 31 (GGRAsia)
Donaco International Ltd (ASX: DNA), an operator of a border casino in Cambodia and a border casino in Vietnam, reported net revenue of AUD10.03 million (US$6.45 million) in the first three months of 2025, compared to AUD12.65 million in the prior-year period. Revenue was down from AUD10.90 million from the prior quarter.
The Australia-listed firm said in a Tuesday filing that group-wide earnings before interest, taxation, depreciation and amortisation (EBITDA) stood at AUD4.10 million in the reporting period, down nearly 48.0 percent from a year earlier, and a 28.9-percent decrease sequentially.
At the group’s main operation, DNA Star Vegas resort (pictured in a file photo) at Poipet, on Cambodia’s border with Thailand, property EBITDA fell by 43.1 percent year-on-year, to AUD3.48 million.
In mid-March, Donaco announced it had signed an agreement with one of its investors – a Hong Kong-based investment fund – for the latter to acquire 100 percent of Donaco’s shares.
🇸🇬 Grab Or Sea: Choosing The Stronger Play In Emerging Markets Tech (Seeking Alpha) $ 🗃️
🇸🇬 Grab: Incredible Growth Trajectory, But Watch Out For Valuation And Incentives Spending (Seeking Alpha) $ 🗃️
🇸🇬 Grab Q1 2025: It's Delivering Exactly What I Hoped (Seeking Alpha) $ 🗃️
🇸🇬 Grab: Get Ready For The First Financial Services Profit After Kitchen Sinking In Q1 2025 (Seeking Alpha) $ 🗃️
🇸🇬 Grab: Southeast Asia's Super-App Is Quietly Building Momentum (Seeking Alpha) $ 🗃️
🌏 Grab Holdings Limited (NASDAQ: GRAB) - Superapp in SE Asia for mobility, deliveries, & digital financial services to millions of Southeast Asians. 🇼 🏷️
🌏 Sea Limited (NYSE: SE) - 3 core businesses: Garena (global online games developer & publisher), Shopee (largest pan-regional e-commerce platform in SE Asia & Taiwan), SeaMoney (leading digital payments & financial services provider in SE Asia). 🇼 🏷️
🇸🇬 With Trump’s Tariffs Looming, Are Singapore Banks Still a Good Buy? (The Smart Investor)
Trump may have tweaked his tariff policy recently, but will this negatively impact the local banks?
The current tariff situation
Banks paint an optimistic outlook
DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) expects loan growth for 2025 along with a high-single-digit year-on-year increase in non-interest income, led by increases in wealth management fees and treasury customer sales.
Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) is looking at mid-single-digit loan growth but warned that trade tensions could impede global growth.
As for United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF), or UOB, management painted a bullish picture with the expectation of high single-digit loan growth for 2025 and double-digit fee income growth.
Dampened consumer and business sentiment
Keep an eye on non-performing loans
Interest rates may stay high
🇸🇬 5 Singapore Stocks with Share Prices Hitting 52-Week Highs: Are They a Compelling Buy? (The Smart Investor)
Here are five Singapore stocks that recently touched their 52-week high, but should they be in your investment portfolio?
Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF)), or STE, is a technology and engineering firm serving customers in the aerospace, smart city, defence, and public security sectors.
Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel is Singapore’s largest telecommunications company, offering a wide spectrum of services such as mobile and broadband.
Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX, is Singapore’s sole stock exchange operator and operates a platform for the buying and selling of a wide variety of securities such as equities, bonds, and derivatives.
Food Empire (SGX: F03) is a food and beverage manufacturer with a portfolio spanning instant beverages, snack foods, and food ingredients.
Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) is one of the largest supermarket operators in Singapore, with 77 stores around the island as of February 2025.
🇸🇬 Earnings Preview: Can These 3 Singapore Aviation Stocks Raise Their Dividends? (The Smart Investor)
The aviation sector saw a sharp surge in demand during 2023 and 2024 as people took to the skies again after the pandemic receded.
Aviation-related stocks, however, delivered a mixed performance.
Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF), or SIA, saw its share price dip by 1.8% in 2024, while SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) share price soared 32.4% last year.
Meanwhile, SIA Engineering Company (SGX: S59 / FRA: O3H / OTCMKTS: SEGSF), or SIAEC, saw its share price remain flat at S$2.38 through last year.
With travel demand moderating this year, coupled with uncertainty swirling around Trump’s tariff announcement, can these aviation stocks still deliver better earnings and increase their dividends?
A decent dividend track record
Earnings recap
Cloudy skies with a chance of turbulence
Get Smart: Dividends could decline in the next fiscal year.
🇸🇬 iFAST’s Share Price Plunged by 12%: Is the Fintech Company a Compelling Buy? (The Smart Investor)
iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF) share price fell by nearly 12% in a single day, following the release of its 2025 first quarter (1Q 2025) results.
Given the recent 12% drop in its price, is it a good time to buy iFAST?
Lowered 2025 profit target for the Hong Kong (HK) segment
Why this could be an investment opportunity
Get Smart: Focus on the actual results and not targets
🇸🇬 4 Singapore Food & Beverage Stocks Serving Up Delicious Dividend Yields of 3.8% or Higher (The Smart Investor)
Income investors can look at these dividend-paying food and beverage companies.
Here are four Singapore F&B-related stocks with dividend yields of 3.8% or higher.
Jumbo Group (SGX: 42R) is an F&B company operating a diverse portfolio of brands and concepts.
Fraser and Neave (SGX: F99 / FRA: FNV2 / OTCMKTS: FNEVF), or F&N, operates an F&B business manufacturing carbonated soft drinks, juices, milk, and ice cream.
Delfi Limited (SGX: P34 / OTCMKTS: PEFDF) manufactures and sells branded consumer products, including chocolates and other foodstuffs.
Kimly Ltd (SGX: 1D0) is one of the largest traditional coffee shop operators in Singapore and operates and manages an extensive network of 86 food outlets and 176 food stalls, along with kiosks and restaurants.
🇸🇬 3 Singapore Stocks to Keep Your Eyes on in May (The Smart Investor)
These companies have announced business developments that may make them interesting investment candidates.
CapitaLand Investment Limited (SGX: 9CI), or CLI, is a leading global real estate manager with S$136 billion of assets under management (AUM) and S$117 billion of funds under management (FUM) as of 31 December 2024.
Stoneweg European REIT (SGX: CWBU / OTCMKTS: CRMWF), or SERT, is a REIT with a portfolio of more than 100 predominantly freehold properties located in countries such as Italy, France, Germany, Finland, and the UK.
CapitaLand China Trust (SGX: AU8U / OTCMKTS: CLDHF), or CLCT, is a China-focused REIT with a portfolio of nine shopping malls, five business park properties, and four logistics park properties.
🇹🇭 My thoughts on Foodpanda’s exit from Thailand (Momentum Works)
Foodpanda, Delivery Hero (ETR: DHER / FRA: DHER / OTCMKTS: DLVHF)’s Asia focused food delivery platform, shut down its Thailand operations last week – after 13 years of operations in the country.
Many of you know that I was involved in leading parts of the Foodpanda operations in 2015, when it was still a startup built by Rocket Internet. When the announcement of Thailand closure came, many of you reached out to me and asked what I thought about this move.
I have been travelling in China for a very fruitful immersion and only had the chance to read about it today. A few quick thoughts:
🌐 Delivery Hero Needs To Show More Progress In Asia (Seeking Alpha) $ 🗃️
🌐 Delivery Hero (ETR: DHER / FRA: DHER / OTCMKTS: DLVHF) - Global online food delivery platform. Owns Talabat Holding PLC (DFM: TALABAT). 🇼
🇮🇳 India / South Asia / Central Asia
🇮🇳 ICICI Bank: Full Steam Ahead For India's Banking Outperformer (Seeking Alpha) $ 🗃️
🇮🇳 ICICI Bank: Strong Performance Continues, But High Valuation And Near-Term Rate Cut Headwinds Keep Me On The Sidelines (Seeking Alpha) $ 🗃️
🌐 ICICI Bank (NYSE: IBN) - MNC bank & financial services. Wide range of banking & financial services for corporate & retail customers. 🇼 🏷️
🇮🇳 The India Fund: Primed For A Rebound (Seeking Alpha) $ 🗃️
🇮🇳 India Fund: Healthy Distributions, But Not Much Else Going For It (Seeking Alpha) $ 🗃️
🇮🇳 The India Fund, Inc. (NYSE: IFN) - Closed-end fund.
🇮🇳 JSW Infra: Expansion Plans Prudent; Valuation Multiples Remain Elevated (Smartkarma) $
JSW Infrastructure (NSE: JSWINFRA / BOM: 543994)
Strong FY25 growth, but bulk cargo (~90%) dominates, keeping revenue per ton lower versus peers.
Targeting 10% volume and 50% logistics growth by FY27, with heavy CAPEX and Navkar integration focus.
Trades at ~28x EV/EBITDA, ~40x P/E — far higher than Adani Ports; promoter dilution likely to meet public float norms.
🇮🇳 Greaves Cotton Q4 FY25 Update: Diversification Strategy Drives Strong Performance & Profitability (Smartkarma) $
Greaves Cotton Ltd (NSE: GREAVESCOT / BOM: 501455) reported impressive Q4 and FY25 results, marking a 93% YoY increase in EBITDA and strong revenue growth across key sectors, especially electric mobility.
The company’s transformation through diversification into high-margin segments, including EVs and non-auto applications, has improved profitability, solidifying its position for long-term growth.
With strong leadership, technological advancements, and a clear 2030 growth vision, Greaves Cotton is well-poised to thrive in emerging markets, especially EV and CNG segments.
🇮🇳 IEX: Transitioning with India’s Energy Landscape (Smartkarma) $
Indian Energy Exchange Ltd (NSE: IEX / BOM: 540750) reported 18.7% volume growth to 121 BU in FY25, with revenue up 19.3% and PAT up 22.3%, driven by higher RTM and Green Market volumes.
Strong growth in Green Market and REC trading; new initiatives like Green RTM, Carbon Credit Trading, and Coal Exchange are progressing toward regulatory approvals.
Management expects volume growth from rising demand and policy support, but regulatory changes and market coupling remain key execution and competitive risks.
🇮🇳 Strong Volumes Offset by Declining Margins and Capital Efficiency at UltraTech (Smartkarma) $
FY25 EBITDA growth was primarily volume-driven, with EBITDA/ton declining to Rs988 due to flat realizations and initial dilution from acquisitions.
Ultratech Cement (NSE: ULTRACEMCO / BOM: 532538 / OTCMKTS: UCLQF) is investing Rs1,800 crore to enter the cables and wires segment, targeting December 2026 commissioning and leveraging its existing retail and B2B networks.
At Rs12,000 per share, the stock trades at 51–53x FY26E EPS, supported by expectations of sustained volume growth and operational efficiency gains.
🇮🇳 Gautam Adani nephew denies insider trading (FT) $ 🗃️
Pranav Adani seeks settlement with India’s markets regulator over allegations linked to energy company acquisition
A nephew of Indian infrastructure tycoon Gautam Adani has denied violating laws against insider trading, saying he is seeking to settle allegations made by the country’s capital markets regulator.
🇮🇳 Adani Enterprises: Airports, Green Energy, and Industrial Projects Are the Key Growth Drivers (Smartkarma) $
Adani Enterprises (NSE: ADANIENT / BOM: 512599)’ consolidated EBITDA rose by 26% to Rs16,722 crore in FY25, supported by expansion across key infrastructure and energy businesses.
Focus areas include scaling airports, green hydrogen production, solar manufacturing, data centers, and stabilized annuity cash flows from roads.
Key risks are project execution delays, regulatory oversight, high leverage, ESG scrutiny etc.
🇮🇳 Adani Energy Solutions Ltd. Q4 FY25 Update: Robust Growth Driven by T&D Expansion (Smartkarma) $
Adani Energy Solutions Ltd (NSE: ADANIENSOL / BOM: 539254)’s Q4 FY25 PAT jumped 87% YoY to INR 714 crore, driven by strong transmission execution and distribution growth.
The company’s record order book of INR 59,936 crore and aggressive smart metering ramp-up signal sustained growth ahead.
AESL is strengthening its position across transmission, distribution, and metering, reinforcing its multi-year growth visibility.
🇮🇳 Commissioning Milestones Critical as JSPL Enters Peak Expansion Phase (Smartkarma) $
Jindal Steel & Power (NSE: JINDALSTEL / BOM: 532286)
FY25 steel production grew 2% YoY to 8.12 MT; adjusted EBITDA stood at Rs9,570 crore with EBITDA/t of Rs12,008; net debt/EBITDA improved to 1.26x.
Major projects including BF2, BOS2, CRM complex, slurry pipeline, and SBPP are targeted for commissioning by FY26-end, expanding steel capacity to 14.45 MTPA.
Near-Term priorities are volume ramp-up, improving cost efficiency through captive resources and logistics, and maintaining strict capital discipline with net debt/EBITDA below 1.5x.
🇮🇳 Vedanta’s Volume-Led Growth and Deleveraging Journey (Smartkarma) $
Vedanta (NSE: VEDL / BOM: 500295) reported 10% revenue growth and 37% EBITDA growth in FY25, supported by volume expansion across aluminium and zinc businesses.
Major capex projects, including Gamsberg Phase 2 and captive bauxite and coal mines, are expected to drive volume growth through FY27, with steady operational guidance.
Vedanta Resources standalone net debt reduced from $8.9 billion to $4.9 billion over three years, easing refinancing risks and improving financial flexibility.
🇮🇳 Laurus Labs Q4 FY25 Update: Diversification and Strategic R&D Drive Growth (Smartkarma) $
Laurus Labs (NSE: LAURUSLABS / BOM: 540222) achieved a 122% YoY increase in PAT for FY25, driven by strong CDMO execution and higher margins.
The company is accelerating its transformation from an ARV-heavy model to a diversified CDMO/CMO business, with growing client base and strong pipeline visibility.
Laurus’ focus on small molecule and bio-CDMO segments, supported by strategic investments in new capacities, positions the company for continued growth, with improved asset turnover and higher operating leverage.
🇮🇳 Ather Energy IPO: A High-Risk Ride in a Crowded E2W Market (Smartkarma) $
Ather Energy is launching an IPO to raise INR 2,626 crore for capacity expansion, R&D, and marketing, and OFS of INR 350 Crore.
Despite strong technological positioning, Ather faces rising competitive pressure, high cash burn, low capacity utilization, and growing risks from policy and supplier dependencies.
While Ather’s innovation strength is intact, its financial instability and fierce competition make the IPO a high-risk, cautious-watch opportunity rather than a straightforward growth bet.
🇱🇰 City of Dreams Sri Lanka ‘on track’ for 3Q opening: Lawrence Ho (GGRAsia)
The casino at City of Dreams Sri Lanka, in that country’s capital Colombo, is “on track to open in the third quarter of 2025”, says gaming entreprenuer Lawrence Ho Yau Lung.
His comments were in the annual report filed on Monday, for Hong Kong-listed Melco International (HKG: 0200 / FRA: MX7A / OTCMKTS: MDEVF), of which Mr Ho (pictured in a file photo) is chairman and chief executive.
Melco International is parent to Nasdaq-listed Melco Resorts & Entertainment Ltd (NASDAQ: MLCO), which will manage a land-based casino and hotel at City of Dreams Sri Lanka. Melco Resorts also manages City of Dreams Manila in the Philippines, and controls casino properties in Macau and in the Republic of Cyprus.
Melco Resorts is an investor in the casino portion of the US$1-billion Sri Lanka resort complex, which was created by John Keells Holdings PLC (CSE: JKH). Melco Resorts had previously mentioned it would spend US$125 million as its contribution toward the casino resort.
🌍 Eastern Europe & Emerging Europe
🇭🇺 Wizz Air: Undervalued Amidst Engine Crisis (Seeking Alpha) $ 🗃️
🌍🌏 Wizz Air (LSE: WIZZ / OTCMKTS: WZZZY / FRA: WI20 / FRA: WI2) - Ultra low-cost carrier. Short-haul & medium-haul point-to-point routes in Europe, Middle East, North Africa & Northwest Asia. 🇼
🌎 Latin America
🌎 Globant: AI Growth Tempered By Cost-Takeout And LatAm Headwinds (Seeking Alpha) $ 🗃️
🌐 Globant (NYSE: GLOB) - Luxembourg HQ’d. Argentina-founded IT & software development with a presence in 25+ countries. 🇼 🏷️
🇦🇷 Banco BBVA Argentina: Long-Term Potential In An Orderly Economy (Seeking Alpha) $ 🗃️
🇦🇷 Bbva Argentina (NYSE: BBAR) - Subs. of Banco Bilbao Vizcaya Argentaria S.A. (NYSE: BBVA). Retail & corporate banking to a broad customer base, including individuals, SMEs & large companies. 🇼 🏷️
🇧🇷 Prio: Oil, FX, And A Field Of Opportunities (Seeking Alpha) $ 🗃️
🇧🇷 Petrobras: Gigantic Yield, It's A Buy (Seeking Alpha) $ 🗃️
🇧🇷 Petrobras: This Is Why Dividends Will Be Smaller And Smaller (Seeking Alpha) $ 🗃️(?)
🌐🏛️ Petrobras (NYSE: PBR / PBR-A / BCBA: PBR / PETR4) or Petróleo Brasileiro SA - Explores, produces & sells oil & gas. 🇼
🇧🇷 ‘Goldman of the Tropics’ wants to help Brazil feed the world (FT) $ 🗃️
Banco BTG Pactual SA (BVMF: BPAC11 / BPAC3 / BPAC5) aims to be one of main commodities players as it boosts its presence in Asia
BTG, whose initials spell out “Better than Goldman” in a pun favoured by some of Brazil’s financial community, remains majority-owned by its partners — vanishingly rare for a 21st century bank but something Esteves believes is “sacred” and the key to its success.
Roughly 90 partners and 300 associates own about 70 per cent of the bank, a figure that has not changed much since the bank floated a minority stake in 2012.
🇧🇷 Nu Holdings: An Attractive Opportunity To Invest In LatAm's Fintech Ecosystem (Seeking Alpha) $ 🗃️
🌎 Nu Holdings (NYSE: NU) - Digital banking platform / fintech. 🇼
🇧🇷 Gerdau Q1 Earnings: Upside Is Interesting, But There Are No Triggers (Seeking Alpha) $ 🗃️
🌎🅿️ Metalurgica Gerdau SA (BVMF: GOAU3 / GOAU4) - Leading global steel producer & the largest producer of long steel in the Americas. 🇼 🏷️
🇧🇷 WEG Q1: Even After A 10% Drop In Shares, I Remain Confident (Seeking Alpha) $ 🗃️
🇧🇷 WEG SA (BVMF: WEGE3) - Operates worldwide in the electric engineering, power & automation technology areas. Electric motors, generators, transformers, drives & coatings. 🇼 🏷️
🇨🇱 LATAM Airlines: Q1'25 Earnings Won't Move The Needle (Seeking Alpha) $ 🗃️
🇨🇱 LATAM Could Be Your Top Airline Stock (Seeking Alpha) $ 🗃️
🌎 LATAM Airlines Group (NYSE: LTM) - Chile based. Largest airline company in Latin America. Subs. in Brazil, Colombia, Ecuador, Paraguay & Peru. 🇼
🇨🇱 Tianqi’s lithium gamble falters as Chile advances SQM nationalization (Caixin) $
A $4 billion gamble by one of China’s largest lithium producers on a prized Chilean asset is facing growing risks, after Chilean antitrust regulators approved a deal that effectively shifts control of the world’s richest lithium deposit into state hands — sidelining the Chinese investor despite its significant stake.
On April 24, Chile’s National Economic Prosecutor’s Office (FNE) announced that it had given the go-ahead to the proposed partnership, under which Codelco — the National Copper Corporation of Chile — and Sociedad Química y Minera de Chile (NYSE: SQM) will create a new company to mine and sell lithium products from the Atacama Salt Flat, the country’s largest and most valuable lithium resource.
🇨🇴 Bancolombia: Reorganization May Lead To Re-Rating (Seeking Alpha) $ 🗃️
🌎🅿️ Bancolombia (NYSE: CIB / BVC: PFBCOLOM) - First Colombian financial institution listed on the NYSE. It provides banking products & services in Colombia, Panama, Puerto Rico, El Salvador, Bermuda & Guatemala. 🇼 🏷️
🇲🇽 Grupo Aeroportuario del Sureste: Growth Engines Firing In Colombia And Puerto Rico - A Compelling Opportunity (Seeking Alpha) $ 🗃️
🇲🇽 🇵🇷 🇨🇴 Grupo Aeroportuario del Sureste (ASUR) (NYSE: ASR) - operates 9 airports in the southeast of Mexico + the main airport in San Juan, Puerto Rico & six airports in Colombia. 🇼 🏷️
🇲🇽 Fixed income ideas for mariachi and luchadores (TheOldEconomy Substack) $
Another Mexican report: HY opportunities
A side note: This is the third report covering corporate bonds issued by banks. Last time, I asked How to Lend Money to Swiss Bankers, while in February, I looked for HY picks in Brazil.
🇲🇽 Corporacion America Airports: Tariffs Won't Derail This Growth Story (Seeking Alpha) $ 🗃️
🌐 Corporación América Airports (NYSE: CAAP) - Leading private airport operator in the world. Operating 53 airports in 6 countries (Argentina, Brazil, Uruguay, Ecuador, Armenia & Italy). 🏷️
🇲🇽 Coca-Cola sales under pressure from Donald Trump’s ‘America First’ policies (FT) $ 🗃️
Danish and Mexican consumers are among those turning away from soft drink that is emblematic of the
🇲🇽 Coca-Cola FEMSA: A Refreshing Stock Trading At An Attractive Price (Seeking Alpha) $ 🗃️
🌎 Coca-Cola Femsa SAB de CV (NYSE: KOF) - Largest franchise bottler of Coca-Cola products in the world by volume. 🇼 🏷️
🇲🇽 Volaris: A Speculative Buy Following Steep Decline (Seeking Alpha) $ 🗃️
🌎 Controladora Vuela Compania de Aviacion SAB de CV (NYSE: VLRS) or Volaris - Ultra-low-cost carrier that operates in Mexico, USA, Central & South America. 🇼 🏷️
🇵🇦 Copa Holdings: This Is What A Margin Of Safety Looks Like (Seeking Alpha) $ 🗃️
🌎 Copa Holdings (NYSE: CPA) - Leading Latin American provider of airline passenger & cargo service through Copa Airlines & AeroRepública. 🇼 🏷️
🇵🇪 Credicorp: Peru's Leading Financial Group, Long Runway For Growth (Seeking Alpha) $ 🗃️
🌎 Credicorp (NYSE: BAP) - Universal banking, insurance & pension platform, microfinance, investment banking & wealth management. 🇼
🌐 Global
🌐 H100 Renting Prices Will Drop, Fast - Reiterating Sell On Nebius (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. 🇼 🏷️
🌐 10 litigation finance cases from around the world (Undervalued Shares)
If you want to do a bit of sleuthing, here are summaries of nine other cases. Where it exists, I also link to the research others have already published about them.
The article finishes off with an update of the case that got it all started, Panthera Resources PLC (LON: PAT). The company has a crucial date coming up this month.
This consists of companies that are taking sovereign nations to international arbitration courts using the legal tools provided by bilaterial investment treaties. Using this particular legal constellation and leaning on commercially minded arbitration courts that are operated by the likes of the World Bank, companies can not only get judgments against sovereign nations but also force payment. If necessary, this can include seizing government-owned assets abroad.
Arbitration courts under bilateral investment treaties are a remarkably sharp weapon indeed!
Most – but not all – of the following cases fall under this category.
📅 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):
Cayman IslandsReferendum2025-04-30 (d) ConfirmedCayman IslandsCayman Legislative Assembly2025-04-30 (d) Confirmed 2021-04-14SingaporeSingaporean Parliament2025-05-03 (d) Confirmed 2020-07-10Romania 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):
Smart Digital Group Limited SDM US Tiger Securities, 1.5M Shares, $4.00-4.00, $6.0 mil, 5/2/2025 Priced
Smart Digital Group is a holding company. (Incorporated in the Cayman Islands)
Through our operating subsidiaries, we provide Internet media services such as developing marketing strategies and designing marketing content; event planning and execution services; business planning and consulting services; and software customization and marketing services.
Note: Net income and revenue are in U.S. dollars for the fiscal year that ended Sept. 30, 2024.
(Note: Smart Digital Group Limited priced its small IPO at $4.00 – the low end of its $4.00-to-$6.00 price range – and sold 1.5 million shares – the number of shares in the prospectus – to raise $6.0 million on Thursday night, May 1, 2025. Background: Smart Digital Group Limited disclosed that its sole underwriter is US Tiger Securities, replacing Network 1 Financial Securities, according to an F-1/A filing dated Feb. 11, 2025. Original Filing: Smart Digital Group filed its F-1 on Nov. 12, 2024, disclosing the terms of its IPO: 1.5 million shares at a price range of $4.00 to $6.00 to raise $7.5 million.)
Enigmatig Limited EGG Prime Number Capital, 3.8M Shares, $4.00-5.00, $16.9 mil, 5/5/2025 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.)
OFA Group OFAL R.F. Lafferty & Co., 3.4M Shares, $4.50-4.50, $15.1 mil, 5/5/2025 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, 5/7/2025 Week of
(Incorporated in the Cayman Islands)
Through FMF, our operating subsidiary, we are a contract manufacturer of affordable luxury leather goods with our manufacturing operations in Cambodia. We primarily manufacture handbags, such as shoulder bag, crossbody bag, tote bag, backpack, top-handle handbag, satchel, and other smaller leather goods, such as wallets. Our customers are well-known global fashion brands that are headquartered in the United States.
With our craftsmanship and extensive knowledge of the leather goods manufacturing process, our product engineers convert our customers’ vision and design into leather goods products. Our products are primarily affordable luxury products that are made of leather and/or other materials.
Our Competitive Strengths
We believe the following competitive strengths differentiate our operating subsidiary from its competitors:
• Having long-term and strong business relationships with renowned global fashion brands but we cannot assure continued good relationships with them, and they are not obligated in any way to continue placing orders with us at the same or increasing levels, or at all;
• Having long-term collaborative relationships with our suppliers but their services are susceptible to fluctuations in pricing, timing, and quality, and we have limited control over their operations and compliance with regulations as we do not have long-term contracts with them;
• Having extensive understanding of leather goods manufacturing process, up-to-date machinery and efficient management resulting in competitive pricing while maintaining quality and high efficiency; and
• Having experienced management team with extensive knowledge of the leather goods manufacturing industry where we operate but we cannot assure the retention of key executives and personnel necessary to maintain or expand our business, and the loss of any member of our management team could negatively impact our business plan and expansion.
Our Strategies
We aim to accomplish our business objective, further strengthen our market position and continue to be a competitive manufacturer of leather goods by pursing the following key strategies:
• Broadening our customer base by expanding our geographical market reach to other key markets, including the European markets but failure to implement the growth strategy in a timely or commercially acceptable manner may adversely affect our business growth and operating results;
• Enhancing our production capacity but failure to implement the growth strategy in a timely or commercially acceptable manner may adversely affect our business growth and operating results; and
• Establishing a new design and development center for enhancing our product development capabilities but failure to implement the growth strategy in a timely or commercially acceptable manner may adversely affect our business growth and operating results.
Corporate History and Structure
KMV is a holding company registered and incorporated in the Cayman Islands, and is not a Cambodian operating company. As a holding company with no material operations, we conduct our core business operations in Cambodia through our operating subsidiary, FMF.
On April 5, 2017, FMF is the Group’s key operating subsidiary and was established under the laws of Cambodia to engage in the business of leather goods manufacturing. FMF’s skilled craftsmanship and high-quality manufacturing capabilities are the cornerstones of the Group’s operations and reputation, allowing us to attract business from leading global brands. Customers issue letters of authorization directly to FMF which grant FMF the right to produce and export leather goods using their trademarks, and they frequently visit the production site of FMF located in Cambodia to inspect orders and conduct quality checks. PFL was incorporated under the laws of Hong Kong on November 3, 2016 as a trading company for the Group’s material procurement and customer invoicing.
Note: Net income and revenue are in U.S. dollars (converted from Cambodia’s currency) for the 12 months that ended March 31, 2024.
(Note: Kandal M. Venture Ltd. trimmed its small-cap IPO’s size to 2.0 million shares – down from 2.8 million shares originally – and kept the price range at $4.00 to $5.00 – to raise $9.0 million, according to its F-1/A filing dated Feb. 18, 2025.)
(Note: Dominari Securities and Revere Securities are the new joint book-runners, replacing the original book-running team of Cathay Securities and WestPark Capital.)
OMS Energy Technologies, Inc. OMSE Roth Capital Partners, 5.6M Shares, $8.00-10.00, $50.0 mil, 5/7/2025 Wednesday
(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 – specifically, its pricing date – is “day to day,” effective April 29, 2025, until further notice.)
(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.)
Dalu International Group DLHZ Revere Securities, 1.5M Shares, $4.00-6.00, $7.5 mil, 5/9/2025 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.)
Fast Track Group (New IPO Filing) FTRK Alexander Capital/Network 1 Financial Securities, 3.8M Shares, $4.00-5.00, $16.9 mil, 5/9/2025 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, 5/9/2025 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 2nd, 2nd, 4th, 5th and 4th 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.)
Delixy Holdings Ltd. DLXY Bancroft Capital, 2.0M Shares, $4.00-5.00, $9.0 mil, 5/12/2025 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.)
🏁 Emerging Market ETF Launches
Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:
04/02/2025 - Goldman Sachs India Equity ETF - GIND
03/21/2025 - FT Vest Emerging Markets Buffer ETF - March - TMAR
02/25/2025 - Touchstone Sands Capital Emerging Markets ex-China Growth ETF - TEMX
02/19/2025 - abrdn Emerging Markets Dividend Active ETF - AGEM
02/14/2025 - GMO Beyond China ETF - BCHI
02/06/2025 - PLUS Korea Defense Industry Index ETF - KDEF
01/04/2025 - Simplify China A Shares PLUS Income ETF - CAS
12/24/2024 - FT Vest Emerging Markets Buffer ETF - December - TDEC - Options
11/19/2024 - Fidelity Fundamental Emerging Markets ETF - FFEM - Equity
11/19/2024 - Fidelity Enhanced Emerging Markets ETF - FEMR - Equity
11/13/2024 - Dimensional Emerging Markets ex China Core Equity ETF - DEXC - Equity
10/07/2024 - First Trust WCM Developing World Equity ETF - WCME - Active, equity
09/20/2024 - FT Vest Emerging Markets Buffer ETF - September - TSEP - Options
09/11/2024 - Polen Capital Emerging Markets ex-China Growth ETF - PCEM - Equity
09/04/2024 - Macquarie Focused Emerging Markets Equity ETF - EMEQ - Active, equity
09/04/2024 - iShares MSCI Emerging Markets Value Factor ETF - EVLU - Equity
09/04/2024 - iShares MSCI Emerging Markets Quality Factor ETF - EQLT - Active, equity
09/04/2024 - SPDR S&P Emerging Markets ex-China ETF - XCNY - Equity, ex-China
08/13/2024 - Simplify Gamma Emerging Market Bond ETF - GAEM - Active, Bond, Latin America
08/13/2024 - Janus Henderson Emerging Markets Debt Hard Currency ETF - JEMB - Currency
07/01/2024 - Innovator Emerging Markets 10 Buffer ETF - EBUF - Equity
05/16/2024 - JPMorgan Active Developing Markets Equity ETF - JADE - Equity
05/09/2024 - WisdomTree India Hedged Equity Fund - INDH - Equity, India
03/19/2024 - Avantis Emerging Markets ex-China Equity ETF - AVXC - Active, equity, ex-China
03/15/2024 - Polen Capital China Growth ETF - PCCE - Active, equity, China
03/04/2024 - Simplify Tara India Opportunities ETF - IOPP - Active, equity, India
02/07/2024 - Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares - XXCH - Equity, leveraged, China
01/11/2024 - Matthews Emerging Markets Discovery Active ETF - MEMS - Active, equity, small caps
01/10/2024 - Matthews China Discovery Active ETF - MCHS - Active, equity, small caps
🚽 Emerging Market ETF Closures/Liquidations
Frontier and emerging market highlights:
02/14/2025 - Global X MSCI Emerging Markets Covered Call ETF - EMCC
01/06/2025 - iShares Frontier and Select - FM
10/10/2024 - Pacer CSOP FTSE China A 50 ETF - AFTY
09/26/2024 - American Century Emerging Markets Bond ETF - AEMB
09/19/2024 - KraneShares S&P Pan Asia Dividend Aristocrats Index ETF - KDIV
09/19/2024 - KraneShares CICC China 5G & Semiconductor Index ETF - KFVG
09/05/2024 - Amplify Emerging Markets FinTech ETF - EMFQ
07/27/2024 - iPath GEMS Asia 8 ETN - AYTEF
05/23/2024 - Defiance Israel Fixed Income ETF - CHAI
05/17/2024 - Global X Next Emerging & Frontier ETF - EMFM
03/25/2024 - Global X MSCI Nigeria ETF - NGE
03/21/2024 - VanEck Egypt Index ETF - EGPT
03/14/2024 - KraneShares Bloomberg China Bond Inclusion Index ETF - KBND
03/14/2024 - KraneShares China Innovation ETF - KGRO
03/14/2024 - KraneShares CICC China Consumer Leaders Index ETF - KBUY
03/13/2024 - Xtrackers MSCI All China Equity ETF - CN
03/13/2024 - Xtrackers MSCI China A Inclusion Equity ETF - ASHX
02/16/2024 - Global X MSCI China Real Estate ETF - CHIH
02/16/2024 - Global X MSCI China Biotech Innovation ETF - CHB
02/16/2024 - Global X MSCI China Utilities ETF - CHIU
02/16/2024 - Global X MSCI Pakistan ETF - PAK
02/16/2024 - Global X MSCI China Materials ETF - CHIM
02/16/2024 - Global X MSCI China Health Care ETF - CHIH
02/16/2024 - Global X MSCI China Financials ETF - CHIX
02/16/2024 - Global X MSCI China Information Technology ETF - CHIK
02/16/2024 - Global X MSCI China Consumer Staples ETF - CHIS
02/16/2024 - Global X MSCI China Industrials ETF - CHII
02/16/2024 - Global X MSCI China Energy ETF - CHIE
02/14/2024 - BNY Mellon Sustainable Global Emerging Markets ETF - BKES
01/26/2024 - The WisdomTree Emerging Markets ESG Fund - RESE
Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).
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Emerging Market Links + The Week Ahead (May 5, 2025) was also published on our website under the Newsletter category.