In recent interviews, Martin Armstrong in the the alt-finance news space has talked about a new report by his firm about the potential for a sovereign debt crisis starting in the Middle East:

🔬 Sovereign Debt Crisis & the Middle East (Armstrong Economics) April 2026

Sovereign Debt Crisis Middle East 2026 INDEX

Armstrong’s premise is that Middle East countries borrowed heavily during COVID when energy prices cratered – leaving them exposed as follows (per the report):

Country-By-Country Breakdown

Saudi Arabia: The Crown Jewel At Risk

Iraq: Chinese Debt Colony

Kuwait: Wealthy But Exposed

Abu Dhabi / UAE: Significant But Manageable

Qatar: Gas-Backed (Similar Structure)

Oman: Weaker Position

Bahrain: Small But Highly Indebted

I have commented in the past that drones and missiles hitting malls/luxury hotels/airports is not a good look for so-called “safe havens” for wealth which has me wondering how exposed Middle East banks are to problems e.g. construction loans to real estate developers (as even if most purchases are cash, the banks would still be financing or on the hook for some construction related loans/financing, etc).

Likewise, the Gulf States will have to do some rebuilding and rerouting of infrastructure away from the Strait of Hormuz. This means less investment for the USA’s AI stock bubble and whatever else they may have promised to invest in the US to appease Trump. They may even need to liquidate some US investments (although they will have to be careful not to anger Trump for the next two years) to pay for the rebuilding plus rearming of militaries (e.g. depleted missile stocks, etc.).

Specific stocks covered in this post (with a focus on some countries or stocks that are hopefully more accessible to retail investors via Interactive Brokers or via a foreign listing – see our first posts – Mid-March 2025, Early April 2025, April 2025, May 2025, June 2025, July 2025, August 2025, September 2025, October 2025, November 2025, December 2025, January 2026, February 2026, 🌏 SE Asia (March 2026), 🌐 March 2026, 🌏 SE Asia (April-May 2026), 🌐 April-May 2026 & H1 June 2026) plus a further DeepSeek summary/analysis of this post:

[Note: On desktop browsers, an autogenerated table of contents will appear on the left side linked to each stock. I will add those links below after publishing/emailing this post…]

Readers can decide whether these DeepSeek insights or summary about these stocks are accurate:

🤖 DeepSeek Summary/Analysis

⚠️ Key Risks to Consider

💎 Summary & Actionable Takeaways

And as always, this post is provided for informational purposes only (and to make your life easier…). It does not constitute investment advice and/or a recommendation…

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Frontier & Emerging Market Stock Index

Asia

East Asia

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

Note: For more China & Hong Kong stock picks or ideas, see our monthly China & Hong Kong Stock Picks posts…

🇰🇷 Korea

Note: For more Korean stock picks or ideas, see our monthly Korean Stock Picks posts…

🇹🇼 Taiwan

Note: I have note seen any good Twitter/Substack/blog accounts or (free) equity research providers with good coverage of Taiwanese stocks (at least not in English). Please contact me if you know of any…

SE Asia

Note: Various DBS sites (Insights Direct, DBS Treasures, etc.) have good coverage of SE Asia and some Chinese/Hong Kong stocks, but some sites are restricted by geography (need VPN) or are harder to search for new research pieces…

Three implications as the Super El Niño heats up

🔬 DBS Stock Pulse: Three implications as the Super El Niño heats up (DBS Treasures) 29 Jun 2026 ⚠️

🇮🇩 Indonesia

Indonesia Equity Market Reform / Commodity Export Controls / Auto Sales

🔬 Indonesia Equity Market Reform: Navigating MSCI & FTSE Accessibility Challenges (KB Valbury Sekuritas) 23 June 2026 ⚠️

🔬 DSI: Transparency tool or margin-taking gatekeeper? (KB Valbury Sekuritas) 23 June 2026 ⚠️

🔬 May 2026 Automotive Sales: Normalized (Samuel Sekuritas Indonesia) Jun 18, 2026 ⚠️

Bank Negara Indonesia

🔬 BBNI – In-line 5M26, thanks to solid top line and PPoP growth 30 June 2026 ⚠️

🌐🏛️ Bank Negara Indonesia (IDX: BBNI / FRA: BKE1 / OTCMKTS: PBNNF / PTBRY) – Originally established as Indonesia’s central Bank. 🇼 🏷️
Price/Book (Current): 0.72
Forward P/E: 5.38 / Forward Annual Dividend Yield: 11.02% (Yahoo! Finance)

Nusantara Sejahtera Raya Tbk PT

🔬 CNMA – Primed for a Box Office Step-Up 30 June 2026 ⚠️

🇮🇩 Nusantara Sejahtera Raya Tbk PT (IDX: CNMA) – Cinema XXI, Cinema 21 or 21 Cineplex. Largest cinema chain in Indonesia. 🇼 🏷️
Price/Book (Current): 1.74
Trailing P/E: 9.47 (no forward P/E) / Forward Annual Dividend Yield: 13.68% (Yahoo! Finance)

Impack Pratama Industri Tbk PT

🔬 IMPC – Scaling Up on Strong Operational Footing 30 June 2026 ⚠️

🌏 Impack Pratama Industri Tbk PT (IDX: IMPC) – Plastic building materials (roofing, cladding & ceiling, flooring, pipe & utilities, sealant & adhesive). 🏷️
Price/Book (Current): 25.48
Trailing P/E: 113.28 (no forward P/E) / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

PT Bach Multi Global Tbk

🔬 BACH – Flash IPO: Solid Fundamentals Support Sustainable Long – Term Expansion (Kiwoom Sekuritas Indonesia) June 29, 2026 ⚠️

🇮🇩 PT Bach Multi Global Tbk (IDX: BACH) – Power system solutions & telecommunication infrastructure. 🏷️
Price/Book (Current): N/A
Forward P/E: N/A / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

VKTR Teknologi Mobilitas Tbk PT

🔬 VKTR: Non-Rated – Electrifying (Samuel Sekuritas Indonesia) Jun 26, 2026 ⚠️

🇮🇩 VKTR Teknologi Mobilitas Tbk PT (IDX: VKTR) – EV trading & manufacturing (assembly & carrosserie of electric buses) & EV spare parts OEM / trading. 🇼 🏷️
Price/Book (Current): 19.27
Trailing P/E: 4.63k (no forward P/E) / Forward Annual Dividend Yield: N/A (Yahoo! Finance)