EM Fund Stock Picks & Country Commentaries (December 21, 2025)

As of late December, more November fund updates (our continuously updated post containing all funds is here) along with new research has become available starting with some non-EM research pieces pushing the UK:

🔬🇬🇧 Five reasons to be jolly this Xmas (Janus Henderson Investors) – After months of gloomy headlines and speculation about the UK’s 2025 Budget, the final outcome turned out to be far less dramatic than many feared. In fact, it brought a welcome sense of calm to financial markets.
🔬🇬🇧 UK dividends, buybacks, and why investors’ fears may be misplaced (Janus Henderson Investors) – Buybacks are rising but are dividends at risk? Our latest Q&A explains why income investors have reasons to stay confident.

New Asia Fund Documents & Research

🗄️🌏 The November monthly factsheet (detailed economic and portfolio) for the Abrdn Asia Focus PLC (LON: AAS) high conviction portfolio of Asian small caps discussed or mentioned:
- 📈🇹🇼 Taiwan Union Technology Corporation (TPEX: 6274) – Value-added materials & advanced mass lamination service to the global electronics industry.
- 📈🇹🇼 MPI Corporation (TPEX: 6223) – Testing. 5 main business sectors: Probe Card, Photonics Automation, Advanced Semiconductor Test, Thermal Test & Celadon Systems.
- 📈🇰🇷 Classys (KRX: 214150) – Medical aesthetics technologies w/ market share positioning in 55+ countries (Europe, Australia, Brazil & Singapore). 🏷️
- 📉🇹🇼 Sino-American Silicon Products Inc (TPEX: 5483) – 3″~12″ wafers (semiconductor, solar & sapphire, application expands to solar, photovoltaic & daily energy). 🏷️
- 📉🇨🇳 Cloud Music (HKG: 9899) 🇰🇾 or NetEase Cloud Music – Leading online music platforms in China. Interactive content community for music enthusiasts. 🏷️
- 📉🇨🇳 Hesai Group (NASDAQ: HSAI) – Lidar products for autonomous mobility, robots, etc. Three-dimensional light detection & ranging (lidar) solutions. 🏷️
- 📉🇰🇷 HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (KRX: 009540) – Shipbuilding & offshore engineering businesses. 🏷️
- 🇮🇩 PT Indosat Ooredoo Hutchison Tbk (IDX: ISAT / FRA: IDO1 / OTCMKTS: PTITF) – Wireless services for mobile phones + broadband internet lines for homes. 🇼 🏷️
🗄️🌏 abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN: FAX)’s quarterly commentary (market review and outlook) is dated from the Quarter ended October 31, 2025. It gives or covers an economic & market overview, Asian bonds, Asian currencies, Asian credit, EM debt & currencies and an outlook.
🗄️🌏 The AFC Asia Frontier Fund – 2025 Review and Outlook for 2026 covered Pakistan, Sri Lanka, Mongolia, Georgia, Kazakhstan, Iraq, Uzbekistan, Papua New Guinea, Vietnam, Oman & Bangladesh plus discussed or mentioned the following stocks:
- 📈🇵🇰 Lucky Cement (PSK: LUKC / LON: LKCA) – Cement maker. Yunus Brothers Group (YBG). 🇼
- 📈🇵🇰 Pakistan Stock Exchange Limited (PSX: PAKS) – PSX constitutes of 40% shareholding by a consortium of Chinese investors (Shanghai Stock Exchange, Shenzhen Stock Exchange, & China Financial Futures Exchange), & 60% by general public. 🇼 🏷️
- 📈🇱🇰 Commercial Bank of Ceylon PLC (CSE: COMB / COMBt) or ComBank – Premier private sector commercial bank. SME lender. 🇼
- 📈🏧🇱🇰 Hemas Holdings PLC (CSE: HHL) – Home & personal care brands, hospitals/pharmaceuticals, aviation & maritime services, etc. 🇼
- 📈🇲🇳 Steppe Gold Ltd (TSE: STGO / FRA: 2J9 / OTCMKTS: STPGF) – Operating, developing, exploring & acquiring precious metal projects in Mongolia.
- 📈🇲🇳 Erdene Resource Development Corp (TSE: ERD / FRA: E8K / OTCMKTS: ERDCF) – Exploration & development of precious & base metal deposits (copper, molybdenum, gold, silver, lead & zinc deposits).
- 📈🇲🇳 Premium Nexus Jsc (MSE: CUMN) – Convenience store operator. Korea’s CU owned by BGF Retail (KRX: 282330). 🇼
- 📈🇬🇪 🇦🇲 Lion Finance Group PLC (LON: BGEO / FRA: GEB / OTCMKTS: BDGSF) formerly Bank Of Georgia Group Plc – Banking + financial in Georgian & Armenian markets through universal banks. 🇼
- 📈🇬🇪 🇺🇿 Tbc Bank Group Plc (LON: TBCG / OTCMKTS: TBCCF) – The largest banking group in Georgia. 🇼
- 📈🇰🇿 Halyk Bank (LSE: HSBK / FRA: H4L1) – Corporate Banking, SME Banking, Retail Banking & Investment Banking. 🇼
- 📈🇰🇿🏛️ National Atomic Company Kazatomprom JSC (KASE: KZAP / FRA: 0ZQ / OTCMKTS: NATKY) – World’s largest uranium producer. Import & export of uranium, rare metals, nuclear fuel for nuclear power plants. 🇼
- 📈🏧🇵🇬 K92 Mining Inc (TSE: KNT / FRA: 92K / OTCMKTS: KNTNF) – Exploration & development of mineral deposits in Papua New Guinea (gold, copper & silver).
- 📉🇻🇳 FPT Corp (HOSE: FPT / SET: FPTVN19) – Among the largest digital IT service companies in the country with over 100 of the Fortune 500 companies as clients. 🇼 🏷️
- 📉🇰🇿 KASPI (NASDAQ: KSPI / LON: 80TE / FRA: KKS) – Payments Platform, Marketplace Platform & Fintech Platform. 🇼
- 🏧🇴🇲 Bank Muscat SAOG (MSM: BKMB) – Commercial & investment banking services. Largest branch network in Oman. 🇼
- 🏧🇴🇲🏛️ Oman Telecommunications Company (Omantel) (MSM: OTEL) – Diversified telecom & digital services provider. 🇼
- 🏧🇴🇲🏛️ Oq Exploration and Production CJSC (MSM: OQEP) or OQEP – Pure-play oil & gas exploration & production company. 🇼 🏷️

New Asia Fund Documents & Research

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