Emerging Market Links + The Week Ahead (April 6, 2026)

The Asset has noted a report about how investors are rewiring portfolios amid energy shock (🗃️) with emerging markets playing a role:

Amid heightened geopolitical uncertainty, leading investors are not making big directional equity bets. Instead, they are pivoting towards thematic opportunities in energy security, supply-chain resilience, defensive fixed-income plays, gold, and selective emerging-market ( EM ) exposure.

The structural shift is clear in a new study by the Chartered Alternative Investment Analyst ( CAIA ) Association, The World Rewired, based on a global listening tour of 120-plus C-suite executives and a survey of its 14,000 members.

Geopolitics has moved to the centre of investment decision-making, according to the study, with nearly two-thirds ( 62% ) of respondents looking to EM economies as critical for portfolio growth and diversification in a slowing world. About 16% of respondents cite EM economies as new talent sources and 10% as dominant private-capital providers.

Finally, this post is a little extra long to clear out my email inbox plus create more short descriptions for Chinese stocks having earnings presentations posted on Seeking Alpha…

🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

🌏 Southeast Asia Stock Picks (March 2026) Partially $
- SE Asia
- 🤖 DeepSeek Analysis
🌐 EM Fund Stock Picks & Country Commentaries (April 5, 2026) Partially $
- China’s Exposure to the Gulf, Accton Technology, Sea Ltd, Dino Polska, SoftBank’s AI ‘stack,’ custodian selection in EM debt, inside the Vicuña copper district, more Middle East+Feb fund updates, etc.

📰🔬 Emerging Market Stock Picks / Stock Research

$ = Behind a paywall / 🗃️ = Link to an archived article (Note: Seeking Alpha earnings/conference etc. presentations are typically not paywalled) / ⛔ = Article archiving may not be working properly

🌏 Asia

🌏 Financial services M&A deals in Asia-Pacific up slightly but value surges (The Asset) 🗃️

Asean transactions see value fall by half as sentiment turns cautious over high funding costs and tighter regulatory scrutiny

Mergers and acquisitions ( M&A ) activity in financial services across Asia-Pacific recorded modest growth in 2025, with publicly disclosed deals rising 0.8% year on year to 360 transactions, while value surged from US$40.4 billion in 2024 to US$65.5 billion in 2025. The Asean market, however, paints a more nuanced picture, with more deals but smaller tickets, Ernst & Young says in its latest report.

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 Dim Sum Bond Issuance Jumps as Borrowers Tap Low Yuan Rates (Caixin) $

Issuance of offshore yuan-denominated “dim sum” bonds surged 180% in March from a year earlier as borrowers took advantage of China’s low interest rates to sidestep elevated global funding costs.

The jump underscores a shift in global debt markets. Stubborn inflation in the West and geopolitical conflicts have reduced expectations for U.S. Federal Reserve rate cuts, prompting more issuers to tap cheaper, more predictable yuan financing.

🇨🇳 Analysis: Did Quant Funds Amplify China’s Market Rout? (Caixin) $

China’s sharpest stock market drop of 2026 has revived a key question for investors: did the country’s fast-growing quant funds amplify the sell-off, or merely follow it?

Chinese mainland equities tumbled Monday as a fourth week of escalating Middle East tensions and a broader global market slide weighed on sentiment. The benchmark Shanghai Composite Index fell 3.6%. About 4.3 trillion yuan ($625 billion) was wiped from the mainland market.

🇨🇳 China’s Former ‘Iron Lady’ IPO Gatekeeper Faces Graft Charges (Caixin) $

A former Chinese securities regulator once dubbed the “Iron Lady” of IPO approvals is facing prosecution for alleged bribery and serious duty-related violations, as Beijing intensifies scrutiny of ties between regulators and the companies they oversee.

Guo Xudong, a former official at the China Securities Regulatory Commission (CSRC), has been transferred for prosecution, the country’s top anti-graft agency said Friday.

🇨🇳 China ETF: Over US$125bn of Redemptions in Q1; Minimal Outflows Recently (Smartkarma) $

Over US$125bn has been redeemed from mainland China ETFs in the last quarter. Headline ETFs take the largest hit while there have been selective inflows to sector ETFs.

The large-scale redemptions point to Central Huijin as the likely source, and this gives them the firepower to support the market in the event of a selloff.

The pace of outflows has slowed in the last few weeks as markets have dropped. A decent chunk of money has gone into some sector ETFs recently.

🇨🇳 China Steps Up Tax Law Reforms to Strengthen Local Finances (Caixin) $

China’s Ministry of Finance plans to accelerate legislation for a local surtax and advance the consumption tax law in 2026.

The moves, outlined in a ministry report released Monday, reflect efforts to give local authorities more stable and autonomous revenue sources amid ongoing fiscal pressure.

A key focus is the local surtax, a reform first proposed at a major Communist Party meeting in July 2024. The tax would merge several existing levies, including urban maintenance and education-related surcharges, and allow local governments to set rates within a prescribed range.

🇨🇳 Charts of the Day: Strait of Hormuz Blockade Threatens China’s Energy Supply (Caixin) $

Military strikes linked to the U.S.-Israel-Iran war have turned the Strait of Hormuz into a combat zone, threatening one of the world’s most important oil and gas chokepoints and raising fresh risks for China, which relies heavily on crude and liquefied natural gas shipments from the Gulf.

The narrow waterway is the only sea passage in and out of the Persian Gulf. Any prolonged disruption there would hit not only Iran, which is directly involved in the conflict, but also major oil producers along the Gulf coast including Saudi Arabia, Iraq, the United Arab Emirates and Kuwait.

China is a key destination for Middle Eastern energy exports. According to 2025 Chinese customs data, four of China’s top 11 crude suppliers — Saudi Arabia, Iraq, the U.A.E. and Kuwait — depend on shipping routes through the Strait of Hormuz.

🇨🇳 DeepSeek Goes Out for 10 Hours Amid China’s AI Demand Surge (Caixin) $

A more than 10-hour service outage for Chinese artificial intelligence (AI) startup DeepSeek’s chatbot services has fueled speculation about the pressures facing the country’s AI sector as it contends with a massive surge in user demand.

On Sunday evening, users began reporting on social media that DeepSeek’s web- and app-based chatbot services were unavailable. The disruption lasted for more than 10 hours before being restored on Monday morning, according to tests by Caixin.

🇨🇳 In Depth: How ByteDance Pulled Ahead in China’s AI Race (Caixin) $

Earlier this year, the open-source artificial intelligence (AI) agent OpenClaw surged in popularity, inviting comparisons to the breakout debut of OpenAI’s ChatGPT in late 2022.

Notably, there was only one Chinese messaging platform among those supported by OpenClaw: ByteDance Ltd.’s workplace collaboration app Feishu — known overseas as Lark.

That integration drove a surge in Feishu’s user base, intensifying pressure on rival platforms from Alibaba (NYSE: BABA) and Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY), which have struggled in recent years to keep pace with ByteDance’s rapid advances, according to an employee at a domestic messaging company.

🇨🇳 Humanoid Robots and AI Agents Drive Spring Hiring in China, Report Says (Caixin) $

China’s recruitment market heated up after the Lunar New Year holiday, with demand surging in humanoid robotics and AI agents, according to weekly data from job platform Zhaopin.

Zhaopin said in a spring hiring report released over four consecutive weeks that, one month after workers returned from the holiday, the number of companies hiring rose 7.4% from a year earlier while the number of job seekers increased 4.1%. Among the 20 fastest-growing industries by year-over-year hiring, sectors tied to what China calls “new quality productive forces” dominated the list.

🇨🇳 OneRobotics powers ahead on top line, but falls just short of profits (Bamboo Works)

The robotic company’s maiden post-listing financial report includes high revenue growth and an improving gross margin, but stable profits are still some distance away

OneRobotics (Shenzhen) Co Ltd (HKG: 6600) reported its revenue reached 900 million yuan last year, up 47.7% year-on-year, as its gross margin rose from 51.7% to 54%

The robotics company’s sales and distribution expenses surged 81.3% to 312 million yuan, contributing to a net loss of 27.26 million yuan for the year

🇨🇳 Analysis: Smartphone Sales Pressure, EV Uncertainty Cloud Xiaomi’s Record Earnings (Caixin) $

Several brokerages cut their price targets on Xiaomi (HKG: 1810 / SGX: HXXD / FRA: 3CP / OTCMKTS: XIACF)’s stock even after the electronics giant reported record revenue and profit for 2025, reflecting growing investor anxiety over whether the company can sustain growth across its core smartphone and emerging automotive businesses amid supply chain and policy headwinds.

CMB International lowered its price target on Xiaomi’s shares to HK$44.47 from HK$47.16, citing rising memory prices and Beijing’s decision to cut back its tax break for new-energy vehicle (NEV) purchases as headwinds for the Chinese tech giant. BofA Securities made a similar prediction, cutting its price target on Xiaomi to HK$40 from HK$45.

🇨🇳 PDD trades rock-bottom prices for sustainability as old growth engine stalls (Bamboo Works)

The low-cost e-commerce company is sacrificing some profit to repair its seller economics, deepen its supply chain and prepare its global Temu arm for a more compliance-heavy phase

PDD Holdings (NASDAQ: PDD) or Pinduoduo’s latest results suggest its old formula of cheap traffic and extreme pricing is giving way to a model built around supply-chain depth and better merchant relations

A big bet for investors is whether the low-cost e-commerce company’s international Temu arm can adapt to more complex business conditions outside China

🇨🇳 Alibaba Q4-25 (The Few Bets That Matter)

Everything. All at once.

The thesis is not broken, but it isn’t perfectly healthy neither. Alibaba (NYSE: BABA) remains a great company, in transition from an e-commerce platform to a vertically integrated AI services provider. It still has a lot of potential, even if the overall picture isn’t the best today…

As for investing, Alibaba is officially no longer a stock I can hold, as it has been trading below its W50 for several weeks and this quarter didn’t show what I wanted and was not received positively by the market.

🇨🇳 Kuaishou Technology: Downgrade To Hold As Near-Term Setup Is Poor (Seeking Alpha) $⛔🗃️

🇨🇳🏛️ Kuaishou Technology (HKG: 1024 / 81024 / LON: 0A74 / OTCMKTS: KUASF / KSHTY) 🇰🇾 – Partly state-owned content community and social platform & China’s first short video platform. 🇼 🏷️

🇨🇳 Weibo Corporation: Still Long Even Though Headwinds Have Gained Strength (Seeking Alpha) $ 🗃️

🇨🇳 Weibo: Consider Potential Growth Acceleration And Margin Pressures (Seeking Alpha) $ 🗃️

🇨🇳 Weibo Corp (NASDAQ: WB) – Social media for people to create, share & discover content online. 🇼 🏷️

🇨🇳 Tencent (TCEHY): The World’s Largest Video Game Company (The Rational Investor)

How WeChat’s insurmountable moat powers a cash-printing digital empire

This deep dive was requested by a paid subscriber, and after digging into the business, I have to admit I am incredibly impressed. Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) had been sitting in my “too hard” pile for quite a while, so I am thankful for the push to finally break it down.

Most Western investors either ignore it entirely or dismiss it with two words: “China risk.” I understand the hesitation. This has been in the too hard pile for me for many years. But reflexive avoidance of an asset simply because it is complex is exactly the kind of thinking that creates opportunity for investors.

This distinction matters enormously from an investment perspective. An app can be disrupted; infrastructure is much harder to replace. WeChat is not a product people choose to use. It is the digital layer through which modern Chinese life operates.

🇨🇳 Tencent Music Entertainment: Aggressive MAU Slippage Paired With Even More Aggressive Sell-Off (Seeking Alpha) $ 🗃️

🇨🇳 Tencent Music Entertainment Group (NYSE: TME) – Online music and audio entertainment platform operating China’s highly popular music apps. 🇼 🏷️

🇨🇳 Meituan: A Messy Quarter, But Underlying Trends Are Positive (Seeking Alpha) $ 🗃️

🇨🇳 Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) 🇰🇾 – Chinese shopping platform for locally found consumer products & retail services including entertainment, dining, delivery, travel etc. 🇼 🏷️

🇨🇳 Zhihu: Has Growth Potential Even Though The AI Fallout Continues (Seeking Alpha) $ 🗃️

🇨🇳 Zhihu Inc (NYSE: ZH) – Leading online content community. Largest Q&A-inspired online community in China. 🇼 🏷️

🇨🇳 ZG Group steels itself for business change-up as margins slip (Bamboo Works)

[ZG Group (HKG: 6676 / FRA: T810 / OTCMKTS: ZGGPF)]

The steel trading platform is expanding its services across the supply chain and is tapping overseas markets, but the revenue-boosting moves come at a cost

Turnover rose nearly 37% last year but gross margins shrank and losses surged

The company is ramping up its international presence and rolling out AI tools in a bid to fuel long-term growth

🇨🇳 J&T Global Express Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 J&T Global Express Ltd (HKG: 1519 / SWB: J92) 🇰🇾 – Global logistics service provider. 🏷️

🇨🇳 China Communications Services Corporation Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 China Communications Services Corp Ltd (HKG: 0552 / FRA: CMW / OTCMKTS: CUCSF) 🇨🇳 – Telecommunications infrastructure/support services. 🇼

🇨🇳 A new chapter begins: Chinese players take center stage in MLCC arena (Bamboo Works)

Booming AI demand is driving a structural shift in the multi-layer ceramic capacitor industry, with Chinese manufacturers moving upmarket to challenge the global supply chain

🇨🇳 Victory Giant H Share Listing: The Investment Case (Smartkarma) $

Victory Giant Technology Huizhou Co Ltd (SHE: 300476), the world’s leading PCB manufacturer for AI and high-performance computing, is pre-marketing an H-Share listing to raise around US$2 billion.

Victory Giant is an AI hardware play and a core supplier to NVIDIA Corp (NVDA US), as it is one of the few companies capable of mass-producing high-end HDIs.

The investment case is bullish due to Victory Giant’s leading market share, rapid growth, rising margins, low leverage and undemanding valuation.

🇨🇳 Sunny Optical Technology (Group) Company Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 Sunny Optical (HKG: 2382 / LON: 0Z4I / FRA: SXC / OTCMKTS: SOTGY / SNPTF) 🇰🇾 – Manufacturer of integrated optical components & products. 🇼 🏷️

🇨🇳 Thai EV Sales Drop Casts Shadow on Chinese Automaker Ambitions (Caixin) $

Electric vehicle (EV) registrations in Thailand nosedived 80% to 6,168 cars in February from the previous month, following a dramatic reduction in government purchase subsidies, industry data showed.

The weakened demand signals mounting headwinds for Chinese automakers, who dominate the Southeast Asian country’s EV market and rely on it as a key export hub.

🇨🇳 GAC Posts First Annual Loss Since 2010 (Caixin) $

Guangzhou Automobile Group (HKG: 2238 / SHA: 601238 / FRA: 02G / OTCMKTS: GNZUF / GNZUY) reported its first annual loss since going public in 2010, as the state-owned carmaker grappled with the brutal price war and sluggish sales.

The Hong Kong- and Shanghai-listed company booked a net loss of 8.8 billion yuan ($1.2 billion) in 2025, compared with a profit of 824 million yuan a year earlier, as revenue declined 10.4% year-on-year to 95.7 billion yuan, according to its earnings report released Friday. The financial deterioration rapidly accelerated in the final three months of the year, with a fourth-quarter net loss of 4.5 billion yuan that eclipsed the combined loss of the first three quarters.

The unprecedented earnings collapse underscores the severe financial toll that China’s rapid transition to electric vehicles and merciless price war are taking on legacy automakers long accustomed to a heavy reliance on internal combustion engine vehicles and joint ventures with foreign partners.

🇨🇳 Geely Auto: Downgrading After An Exceptional Rally Post-FY25 Results (Seeking Alpha) $ 🗃️

🌐 Geely Automobile Holdings (HKG: 0175 / FRA: GRU / OTCMKTS: GELYY / GELYF) 🇰🇾 – Automobile manufacturer. 🇼 🏷️

🇨🇳 WeRide Announces $100 Million Buyback as 2025 Revenue Surges 90% (Caixin) $

WeRide Inc (NASDAQ: WRD) said revenue jumped 89.6% in 2025 as soaring robotaxi sales and services lifted results, while the autonomous-driving company continued to narrow losses.

Total revenue reached 685 million yuan ($99.3 million) for 2025, an 89.6% increase from the previous year, according to financial results released late Monday. Fourth-quarter revenue jumped 123% year-on-year to 314 million yuan.

🇨🇳 DiDi Global: Short-Term Noise, Long-Term Upside Intact (Seeking Alpha) $ 🗃️

🌐 DiDi Global (OTCMKTS: DIDIY) – Ride-sharing platform. 🇼

🇨🇳 Huaqin H Share Listing: The Investment Case (Smartkarma) $

Huaqin Technology Co Ltd (SHA: 603296), the world’s largest consumer electronics original design manufacturer, is pre-marketing an H-Share listing to raise around US$1 billion.

Huaqin ranked as the largest consumer electronics ODM globally in 2024, with 22.5% market share.

The investment case is bearish as Huaqin’s rapid growth has come at the cost of margins and cash generation. Also, the valuation is unattractive compared to peer multiples.

🇨🇳 Xtep International Holdings Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Xtep (HKG: 1368 / FRA: 4QI / OTCMKTS: XTEPY / XTPEF) 🇰🇾 – Multi-brand sportswear company. 🇼 🏷️

🇨🇳 ANTA Sports Products Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 ANTA Sports Products (HKG: 2020 / FRA: AS7 / OTCMKTS: ANPDY / OTCMKTS: ANPDF) 🇰🇾 – Design, R&D, manufacturing, marketing & sales of professional sports products. Acquired Amer Sports (NYSE: AS) (global sportswear group). 🇼 🏷️

🇨🇳 MINISO Group Holding Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 MINISO Group Holding (NYSE: MNSO) – Lifestyle products retailer who copied Japanese retail chains or brands Uniqlo, Muji & Daiso. 🇼 🏷️

🇨🇳 China Mengniu Dairy Company Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌏 China Mengniu Dairy Company (HKG: 2319 / FRA: EZQ0 / EZQ / OTCMKTS: CIADY / CIADF) 🇰🇾 – Dairy products to Chinese & global consumers. 🇼 🏷️

🇨🇳 Air China Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Air China (SHA: 601111 / HKG: 0753 / FRA: AD2 / LON: AIRC / OTCMKTS: AIRYY) 🇨🇳 – Flag carrier of the People’s Republic of China. 🇼 🏷️

🇨🇳 China Tightens Grip on Consumer Lending Platforms to Force Down Interest Rates (Caixin) $

China’s financial regulators are intensifying a crackdown on the consumer lending and loan-facilitation business, summoning major platforms for talks and pressing the industry to sharply curb borrowing costs.

As Beijing tries to support growth while containing financial risks, the policy emphasis is shifting from expanding credit access to shielding consumers from excessive debt. Recent moves underscore a stepped-up push by the National Financial Regulatory Administration (NFRA) and the People’s Bank of China (PBOC) to rein in a sector long criticized for opaque pricing.

🇨🇳 Exclusive: China Tightens Oversight of Smaller Banks’ Exchange Bond Trading (Caixin) $

Local branches of China’s monetary authority have verbally instructed some banks to limit proprietary trading in exchange-traded bonds to the centralized exchange trading system, Caixin learned from sources familiar with the matter.

Local central bank officials in Jiangsu province have directed some small and midsize banks to refrain from using the exchanges’ over-the-counter fixed-income platform, the sources said Thursday.

🇨🇳 Wealth divide: Banks in China’s poorer regions bear brunt of margin squeeze (Bamboo Works)

The latest annual results from Bank of Gansu Co Ltd (HKG: 2139) and Jiangxi Bank Co Ltd (HKG: 1916) show their margins are getting compressed by high interest payments on their time deposits and falling loan yields

Bank of Gansu and Jiangxi Bank are seeing their net interest margins compress sharply as they get pressured to lower loan interest rates but remain stuck with costly time deposits

Their growing inability to generate profits means they may need capital support from their state-owned controlling shareholders, most likely diluting other shareholders

🇨🇳 The People’s Insurance Company (Group) of China Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳🏛️ The People’s Insurance Company (SHA: 601319 / HKG: 1339 / FRA: PIR / OTCMKTS: PINXF / PINXY) 🇨🇳 – Insurer. PICC Asset Management, PICC Life & PICC Property and Casualty Co Ltd (HKG: 2328). 🇼

🇨🇳 PICC Property and Casualty Company Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳🏛️ PICC Property and Casualty Co Ltd (HKG: 2328) 🇨🇳 – Largest non-life insurance company in mainland China. 🇼 🏷️

🇨🇳 China Life Insurance Company Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 New China Life Insurance Company Ltd. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳🏛️ China Life Insurance (SHA: 601628 / HKG: 2628 / OTCMKTS: CILJF) 🇨🇳 – Largest Chinese life insurer by market share. 🇼 🏷️

🇨🇳 Huatai Securities Co., Ltd. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Huatai Securities Co Ltd (SHA: 601688 / HKG: 6886 / FRA: 206H / OTCMKTS: HUATF) 🇨🇳 – Comprehensive securities broking & trading services. 🇼

🇨🇳 Citic Securities’ Profit Hits Record as Stock Rally Fuels Trading Gains (Caixin) $

Citic Securities Co Ltd (SHA: 600030 / HKG: 6030 / OTCMKTS: CIIHY / CIIHF) posted record high revenue and profit for 2025, as a strong rally in China’s stock markets boosted returns from its proprietary trading business, which made up more than half of earnings.

The brokerage reported annual revenue of 74.8 billion yuan ($10.4 billion) and net profit of 30.1 billion yuan, according to its annual report published Thursday. Both were the highest on record.

🇨🇳 Shui On Land Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 Shui On Land Ltd (HKG: 0272 / FRA: OL5 / OTCMKTS: SOLLF) 🇭🇰 – Property development & asset management (urban regeneration & communities). Subs. of HK–based Shui On Group. 🇼

🇨🇳 A healthy return: drug spin-off nets Keymed up to $320 million (Bamboo Works)

[Keymed Biosciences Inc (HKG: 2162 / FRA: 64Z / OTCMKTS: KEYBF)]

The Chinese biotech set up a separate “NewCo” company for its autoimmune drug, beating the likely proceeds from a conventional out-licensing deal

International drug rights were transferred to the new U.S.-based entity for an upfront fee and equity stake back in 2024

The independent firm is now being sold on to Gilead Sciences, delivering a windfall profit for Keymed on top of rising product revenues

🇨🇳 InnoCare hits profit milestone, enters new phase with global expansion, strong pipeline (Bamboo Works)

The innovative drugmaker’s newfound profitability marks its transition into a new stage characterized by stability and virtuous development cycles

InnoCare Pharma (SHA: 688428 / HKG: 9969 / FRA: 33C / OTCMKTS: INCPF) posted an annual profit of 644 million yuan, driven by licensing and product sales, achieving profitability two years ahead of plan

The company has made significant strides in global expansion, including out-licensing agreements with Zenas and Prolium Bioscience

🇨🇳 PetroChina Company Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳🏛️ PetroChina (SHA: 601857 / HKG: 0857 / SGX: HPCD / OTCMKTS: PCCYF) 🇨🇳 – Listed arm of state-owned China National Petroleum Corporation. 🇼 🏷️

🇨🇳 China Petroleum & Chemical Corporation 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐🏛️ China Petroleum and Chemical Corp (HKG: 0386 / FRA: CHU / OTCMKTS: SNPMF) or Sinopec Group 🇨🇳 – Integrated upstream, midstream & downstream ops (oil & petrochemical core + complete marketing network). 🇼

🇨🇳 Beijing Enterprises Holdings Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐🏛️ Beijing Enterprises Holdings Ltd (HKG: 0392 / FRA: BJEB / OTCMKTS: BJINF) 🇭🇰 – Natural gas, water, environment & beer investments. 🇼

🇭🇰 AI and tech companies drive Hong Kong listings to 5-year high (FT) $ 🗃️

Deal backlogs and stricter quality controls are pushing some tech firms back to mainland Chinese listings

The two best-performing stocks listed this year, Zhipu and MiniMax Group (HKG: 0100 / FRA: E5A), have soared more than 400 per cent this year, showing how the hunt for exposure to China’s fast-growing AI sector is driving the market.

Bar chart of Proceeds ($bn) showing Hong Kong's exchange has held on to the top listings spot in 2026

🇭🇰 OSL Group Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

OSL Group Ltd (HKG: 0863 / FRA: 9D2 / OTCMKTS: BCTCF)

🇭🇰 WH Group Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 WH Group Ltd (HKG: 0288 / FRA: 0WH / 0WHS / OTCMKTS: WHGLY / WHGRF) 🇰🇾 – Largest pork company in the world. Integrated pork business chain. 🇼 🏷️

🇭🇰 First Pacific Company Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌏 First Pacific Co Ltd (HKG: 0142 / FRA: FPC / OTCMKTS: FPAFY / FPAFF) 🇧🇲 – Investment holding company in consumer food products, telecommunications, infrastructure, & natural resources. Indofood CBP Sukses Makmur (IDX: INDF), Indofood Sukses Makmur Tbk PT (IDX: INDF / FRA: ISM / OTCMKTS: PIFMF), PLDT (NYSE: PHI) & Metro Pacific Investments Corporation (“MPIC”). 🇼 🏷️

🇭🇰 BOC Hong Kong (Holdings) Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌏🏛️ BOC Hong Kong Holdings Ltd (HKG: 2388 / FRA: BOF / BOFA / OTCMKTS: BHKLY / BNKHF) 🇭🇰 – Commercial banking group. Subs. of Bank of China (SHA: 601988 / HKG: 3988 / SGX: HBND / OTCMKTS: BACHY / BACHF). 🇼 🏷️

🇲🇴 CBRE expects Macau 2026 GGR growth above consensus at 8pct, aiding EBITDA expansion (GGRAsia)

CBRE Equity Research is forecasting Macau casino gross gaming revenue (GGR) to grow 8.3 percent year-on-year in 2026, which it says is 2.0 percentage points above current consensus. That would be up from 2025’s GGR of MOP247.40 billion (US$30.65 billion), according to Macau government data.

The institution’s analysts say above-consensus performance is likely due to factors including China targeting “4.5 percent to 5.0 percent growth in gross domestic product (GDP)”.

CBRE analysts John DeCree and Max Marsh wrote in a Monday note: “Macau GGR should top full-year 2026 consensus” of 6.0 percent growth.

🇲🇴 Macau April GGR growth may moderate vs March, as investors eye geopolitics, EBITDA flow-through: analysts (GGRAsia)

A number of investment analysts expects Macau’s April gross gaming revenue (GGR) growth to moderate relative to March’s 15 percent year-on-year expansion announced on Wednesday.

Macau’s March GGR reached MOP22.61 billion (US$2.80 billion), according to data from the city’s Gaming Inspection and Coordination Bureau.

Seaport Research Partners forecasts April to be 12 percent up on 2025, while JP Morgan Securities LLC and Deutsche Bank Securities Inc estimate April GGR will improve by 10 percent year-on-year, to circa MOP20.7 billion.

Vitaly Umansky, senior analyst at Seaport, stated in a Wednesday memo: “We forecast April GGR to increase 12 percent year-on-year, followed by May slowing to 8.2 percent year-on-year.

🇲🇴 1Q concert and show tally up 35pct y-o-y for Galaxy and Sands’ Cotai venues (GGRAsia)

The aggregate of shows being hosted by two Macau gaming concessionaires that specialise in large-scale concerts by touring artists has already risen year-on-year in the first quarter, reveal checks by GGRAsia.

Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) and Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) between them have held 66 shows in the January to end-March period, up 34.7 percent on the final figure of 49 staged in the same time frame last year.

🇲🇴 Macau Legend warns of US$200mln loss for 2025 after casino closure (GGRAsia)

Hong Kong-listed hotel and leisure services business Macau Legend Development Ltd (HKG: 1680 / OTCMKTS: MALDF) says it expects to record a loss of nearly HKD1.57 million (US$200.0 million) for full-year 2025. That compares with a HKD623-million loss in the prior year, according to a Tuesday filing.

Macau Legend owns a tourism complex known as Macau Fisherman’s Wharf (pictured), on a waterfront area close to the Outer Harbour Ferry Terminal on the Macau peninsula. The venue previously housed a casino known as Legend Palace, promoted by Macau Legend under a services agreement with Macau gaming operator SJM Holdings Ltd.

Casino Legend Palace ceased operations on November 12, 2025, as part of a broader policy drive to eliminate the traditional satellite casino management model from the Macau gaming market by the end of 2025.

🇲🇴 Success Universe has US$52mln loss for 2025 after US$44mln impairment tied to Ponte 16 satellite casino closure (GGRAsia)

Success Universe Group Ltd (HKG: 0487), an investor in the Macau hotel complex Ponte 16 (pictured in a file photo), reported a net loss of just under HKD410.4 million (US$52.4 million) for full-year 2025, compared with a profit of HKD93.4 million in the prior year.

In a Monday filing to the Hong Kong Stock Exchange, the company said the shift from profit to loss was linked to the recognition of “a significant impairment loss” of approximately HKD340.7 million following the closure of Casino Ponte 16 from November 29 last year. The shutdown was under a local-government policy to eliminate the traditional satellite casino management model from the Macau by the end of 2025.

Casino Ponte 16 operated under the licence of gaming operator SJM Resorts Ltd, a unit of SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY).

🇲🇴 Paradise Ent says 94pct of its 2025 profit from Kam Pek casino ops, declares final dividend (GGRAsia)

Hong Kong-listed casino equipment maker Paradise Entertainment Ltd (HKG: 1180 / FRA: LIL3 / OTCMKTS: PDSSF) reported a profit of HKD139.4 million (US$17.8 million) for full-year 2025, down 63.5 percent from the prior year.

The company said in a Thursday filing that nearly 93.7 percent, or HKD130.6 million, of its 2025 profit was generated by the operation of Casino Kam Pek Paradise in downtown Macau, a business segment now classified as a “discontinued operation”.

Casino Kam Pek Paradise was run until December 1 last year by Paradise Entertainment, under the licence of gaming operator SJM Resorts Ltd. The latter is a unit of SJM Holdings Ltd.

🇲🇴 Asia Pioneer sees 2025 profit up 63pct, as revenue tops US$8.4mln (GGRAsia)

Hong Kong-listed Asia Pioneer Entertainment Holdings Ltd (HKG: 8400) posted a net profit of HKD6.1 million (US$783,299) for full-year 2025, up 63.3 percent from the prior year.

The company reported revenue of just above HKD65.8 million for last year, 29.7-percent higher than in 2024, according to a Friday filing.

The group, via its Asia Pioneer Entertainment arm, is authorised to distribute electronic gaming equipment in Macau, and also provides such technology to land-based casinos in other parts of the Asia-Pacific region. The group also runs a smart vending machine business.

🇹🇼 Taiwan

🇹🇼 TSMC: The AI Foundry Supremacy Still Has Room To Run (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: Much More Than Just An AI Play, Recent Jitters Present A Great Opportunity (Seeking Alpha) $ 🗃️

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

🇹🇼 TSMC: Arm’s Foundry Exclusivity Reinforces Advanced Node Dominance & Margins Stronger for Longer (Smartkarma) $

Arm’s AGI CPU deepens Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM)’s advanced-node monopoly; every leading chip architecture now manufactures exclusively at TSMC.

We forecast TSMC gross margins 200-400bps above consensus through FY2029E, implying 10-12% EPS upside not priced in.

Accumulate on weakness: ~20x FY2026E earnings after a 14% pullback; we rate TSMC a Structural Long.

🇹🇼 ChipMOS Technologies: AI Memory Tailwinds Offset By Serious Macro Risks (Seeking Alpha) $ 🗃️

🌐 ChipMOS Technologies (TPE: 8150 / NASDAQ: IMOS) – High-integration & high-precision integrated circuits + related assembly & testing services.

🇹🇼 ASE Technology: The Next Era Of Advanced Packaging Is Here (Seeking Alpha) $ 🗃️

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

🇹🇼 TechChain Insights Q&A: Legacy DRAM Squeeze — How AI’s Capacity Grab Is Reshaping the Memory Market (Smartkarma) $

Legacy DRAM has shifted to a truly sellers’ market, with buyers unable to secure full order quantities as lead times extend to months.

HBM and DDR5 capacity reallocation by Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF), SK Hynix (KRX: 000660), and Micron is squeezing legacy supply, creating openings for Taiwanese specialty producers.

IoT demand is accelerating, while large buyers actively dual-source amid geopolitical uncertainty and Chinese capacity expansion.

🇹🇼 Zhen Ding’s 4Q25 Earnings: From Mobile Supplier to Interconnect Utility (Nikhs)

The AI story is real. The question now is whether it is becoming large enough, fast enough, to change what this company is.

Our January view was that Zhen Ding Technology Holding Ltd (TPE: 4958)’s edge was not “PCBs” but manufacturing scale: the ability to turn increasingly exotic interconnect technologies into reliable, high-volume production. The key triggers were ABF yield parity, Thailand readiness, and the quarter when AI server plus substrate revenue crossed a credibility threshold of roughly 25% of mix. I still think that frame was right. What I would update now is not the direction of the thesis, but the burden of proof.

The company has done enough to prove the AI story is real. It has not yet done enough to prove the AI story is large enough to dominate the financials.

🇰🇷 Korea

🇰🇷 South Korea’s National Assembly Ready to Finally Approve the Cornerstone System for IPOs (Douglas Research Insights) $

On 2 April, South Korea’s National Assembly Political Affairs Committee held a Bill Review Subcommittee meeting and passed the amendment to the Capital Markets Act centered on the introduction of the cornerstone System.

If the amendment finally passes the National Assembly plenary session, public offering shares can be allocated to Cornerstone investors before the submission of the IPO securities registration statement. Under current law in Korea, IPO companies and lead managers can only solicit investors after receiving a review of their securities registration statement from the Financial Services Commission.

A plenary session of the National Policy Committee of the National Assembly is scheduled on 3 April, and if the plenary session is passed on the same day, the possibility of passing the plenary session within the first half of the year is also expected.

🇰🇷 An Update on the KOSDAQ 150 Rebalance Candidates in June 2026 (Douglas Research Insights) $

This insight provides an update on the KOSDAQ 150 rebalance candidates in June 2026.

I provide 8 potential addition candidates to KOSDAQ 150 rebalance including Orum Therapeutics Inc (KOSDAQ: 475830), Hyundai Movex (KOSDAQ: 319400), and Rokit Healthcare Inc (KOSDAQ: 376900).

These 8 stocks are up on average 130.3% in the past six months, significantly outperforming KOSDAQ which is up 31.5% in the same period.

🇰🇷 Why Hynix ADR Proceeds Could Be Used for Cancellations: Square’s EB-ADR Push (Smartkarma) $

Street chatter says part of SK Square (KRX: 402340)’s SK Hynix (KRX: 000660) stake may convert via EB-ADR early, triggering local buybacks and front loading US passive inflows post-ADR listing.

EB-ADR setup likely decouples Hynix and Square short term. Hynix flow spikes, Square monetizes stake, holding company discount may reprice, but outperformance depends on capital deployment.

Watch local Hynix shares for delta-driven volatility from EB-ADR flows. Heavy shorting and post-listing pops could create sharp swings, making this a key trading opportunity.

🇰🇷 South Korean ops Paradise Co, GKL March casino sales show sequential and year-on-year decline (GGRAsia)

South Korean foreigner-only casino operators Paradise Co Ltd (KOSDAQ: 034230) and Grand Korea Leisure Co Ltd (KRX: 114090) have both seen sequential and year-on-year decline in their March casino sales, according to their respective filings lodged with the Korea Exchange on Thursday.

Paradise Co’s March casino sales reached approximately KRW49.50 billion (US$32.7 million), down 44.0 percent from February’s KRW88.47 billion. Judged year-on-year, the firm’s March casino sales declined 39.6 percent.

Market rival Grand Korea Leisure’s March casino sales amounted to KRW31.98 billion, down 16.0 percent from February’s KRW38.08 billion. Judged year-on-year, its March casino sales dipped 22.8 percent.

🇰🇷 GKL targets US$334mln in casino revenue by 2030, eyes new markets for customers (GGRAsia)

Grand Korea Leisure Co Ltd (KRX: 114090), an operator in South Korea of foreigner-only casinos, has announced a plan aimed at boosting its corporate value.

The company revealed on Thursday that it aims to achieve KRW503.8 billion (US$333.8 million) in annual casino revenue by 2030.

The firm also plans to maintain a total shareholder payout ratio exceeding 40 percent, a minimum threshold for government-funded entities.

Grand Korea Leisure runs three foreigner-only casinos in South Korea under the Seven Luck brand: two in the capital Seoul, and one in the southern port city of Busan.

🇰🇷 Jeju Shin Hwa World op slims annual loss but gaming revenue falls 45pct y-o-y to 12pct of revenue (GGRAsia)

The Hong Kong-listed operator of the Jeju Shin Hwa World resort (pictured) with foreigner-only casino on the South Korean island of Jeju, reported a narrowed loss for 2025. That was on revenue that fell 10.0 percent year-on-year, led by a 45.2 percent decline in gaming revenue.

Gaming accounted for only 11.9 percent of total annual revenue. In 2024, gaming was 19.6 percent of all revenue.

The full-year 2025 net loss attributable to owners of the parent at Shin Hwa World Ltd (HKG: 0582) was HKD342.5 million (US$43.7 million). That was a 30.7 percent improvement on 2024’s HKD494.1-million loss.

The firm stated in a Monday evening filing to the Hong Kong bourse that the narrowing of annual consolidated loss was mainly due to “a decrease in amortisation and depreciation; a decrease in operating expenses due to the absence of certain non-recurring expenses; and an increase in fair value of investment properties”.

🇰🇷 A Tender Offer of 52.5% Stake of TKG Aikang for Delisting (Douglas Research Insights) $

TKG Taekwang announced that it is launching a tender offer for the entire remaining 52.47% stake in its subsidiary TKG Aikang Co Ltd (KOSDAQ: 022220).

TKG Aikang manufactures pipes for water supply, hot water supply, and heating for apartments and general housing.

Tender offer price is 900 won per share which is 43.3% higher than current price. The key negative of the company is its worsening profitability amid heightened industry competition.

🇰🇷 Clobot: Rights Offering Capital Raise of 200 Billion Won (Douglas Research Insights) $

[Autonomous robot service provider] Clobot Co Ltd (KOSDAQ: 466100) is getting ready to complete a rights offering capital raise. The planned number of shares to be issued is 5.49 million common shares (22% of outstanding shares).

Expected rights offering price is 36,400 won (29.3% discount to the closing price of 51,500 won as of 3 April).

Valuations on the company is very stretched. In the near term, the company’s share price could decline close to the expected rights offering price (36,400 won).

🇰🇷 Hanwha Aerospace to Acquire Poongsan’s Munitions Business for 1.5 Trillion Won? (Douglas Research Insights) $

According to Maekyung Business Daily, Hanwha Aerospace (KRX: 012450) is pursuing the acquisition of the defense business of Poongsan Corp (KRX: 103140), which is the only comprehensive ammunition manufacturer in Korea.

In my view, the probability of FTC providing approval of this deal is rather high (80%+) mainly because the ammunition business is not a local but a global business.

Receiving the required consent from the Poongsan’s shareholders is likely to be a lot more challenging, especially if the deal structure involves separating the defense business and selling it afterwards.

🇰🇷 Samsung C&T: Updated NAV Analysis and Excessive Price Gap Vs Samsung Electronics (Douglas Research Insights) $

My updated NAV analysis of Samsung C&T Corp (KRX: 028260 / 02826K) suggests implied NAV of 482,364 won per share, representing 83% upside from current levels.

The biggest change in the company’s NAV is the increase in value of Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) whose share price increased by 223% in the past one year.

I reduced the holdco discount from 40% previously to 30%, mainly due to the the company’s improved corporate governance (including cancellation of 4.6% of common treasury shares in 1Q 2026).

🇰🇷 A Pair Trade Following Netmarble’s Decision To Increase Its Stake in Coway (Douglas Research Insights) $

In this insight, I discuss a pair trade idea (long Coway Co Ltd (KRX: 021240) and short Netmarble Corp (KRX: 251270)) following Netmarble’s announcement that it plans to acquire 2.083 million additional shares of Coway Co.

This acquisition would raise Netmarble’s stake in Coway from 25.74% previously to 29.1%.

At the core of what’s wrong behind Netmarble’s acquisition of Coway has been that a game business has virtually no synergies with a home appliance business that provides air/water purifiers.

🇰🇷 Rebellions: Challenging Nvidia in the AI-Powered Semiconductor Chips (Douglas Research Insights) $

Established in 2020, Rebellions is a leading AI based fabless startup in Korea. In February 2023, Rebellions launched a new artificial intelligence chip, challenging the global leader NVIDIA.

According to the company, its ATOM chip targets specific tasks, allowing the chip to consume only about 20% of the power of an Nvidia A100 chip on those tasks.

Since the company’s inception, Rebellions raised 122 billion won in funding including 30 billion won from KT [KT Corp (NYSE: KT / KRX: 030200 / FRA: KTC)]. The company was last valued at 350 billion won in June 2022.

I originally published this article back in March 2023. Given its recent pre-IPO funding (640 billion won at 3.4 trillion won valuation), I thought it may be worthwhile to make this article free to everyone.

🇰🇷 MakinaRocks IPO Preview (Douglas Research Insights) $

MakinaRocks is getting ready to complete its IPO on KOSDAQ in May 2026. IPO price range is 12,500 won to 15,000 won.

MakinaRocks is a physical AI company specializing in complex industrial environments. It holds the second-largest number of patents in Korea for AI-based design and optimization, following Samsung Electronics.

MakinaRocks was selected as one of the World’s Top 100 AI Companies by CB Insights in 2023.

🌏 SE Asia

🇰🇭 NagaCorp dividend likely to hold at 30pct through 2028: CLSA (GGRAsia)

Cambodian casino operator NagaCorp (HKG: 3918 / FRA: N9J / OTCMKTS: NGCRF)’s 30-percent dividend payout ratio would in likelihood “remain steady” in the period between 2026 and 2028, as the firm intends to fund the expansion scheme of its NagaWorld casino resort with internal cashflow, suggested CLSA Ltd in a Tuesday memo.

NagaCorp reported a net profit of US$309.9 million for full-year 2025, up from a US$109.6-million profit a year earlier. The firm’s 2025 earnings before interest, taxation, depreciation, and amortisation (EBITDA) stood at US$404.4 million, up from US$202.8 million in 2024.

The Hong Kong-listed company has a long-life casino monopoly in the Cambodian capital Phnom Penh, where it runs the NagaWorld casino resort (pictured).

🇲🇾 Genting seen holding ‘first-mover advantage’ for years in downstate NY: CBRE (GGRAsia)

Casino group Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF) is expected to benefit from a multi-year “first-mover advantage” in the emerging downstate New York casino market, in the United States, according to an analysis by CBRE Equity Research, as the gaming firm moves ahead with expansion plans for its Resorts World New York City (RWNYC).

A unit of Genting Malaysia, Genting New York LLC, was approved in December for a full commercial casino licence by the New York State Gaming Commission.

🇵🇭 GT Capital Holdings, Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇭 GT Capital Holdings (PSE: GTCAP) – Conglomerate. Banking, property development, infrastructure & utilities, auto assembly, importation, wholesaling, dealership & financing & life & non-life insurance. 🇼

🇸🇬 Singapore’s wealthy lead Asia in legacy planning, but gaps remain (The Asset) 🗃️

Many are still in the early stages of planning while others have yet to begin

Singapore’s high-net-worth individuals ( HNWIs ) are taking a regional lead in legacy planning, though a significant gap between intent and execution continues to persist, according to a new study.

As Asia prepares for one of the largest intergenerational wealth transfers in history, an HSBC Life survey, which covered more than 900 affluent individuals across Asia and the Middle East, finds that 45% of Singapore respondents have formal legacy plans in place, slightly ahead of the 41% regional average.

🇸🇬 Maxeon Solar: Get Out Before Getting Wiped Out – Strong Sell (Rating Downgrade) (Seeking Alpha) $ 🗃️

🌐 Maxeon Solar Technologies (NASDAQ: MAXN) – Designs, manufactures, markets & sells solar panels & related solar system components. 🇼

🇸🇬 Bitdeer Repositioning To Ride The AI Data Center Wave (Seeking Alpha) $ 🗃️

🌐 Bitdeer Technologies Group (NASDAQ: BTDR) – Technology company for blockchain & high-performance computing.

🇸🇬 Sheng Siong Group – Cash: Too Much of it Can Be Bad (Corporate Monitor)

Corporate Monitor Limited (CML) wrote a report on Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) back in April 2025, which acknowledged Sheng Siong as one of the most profitable retailers in the world by gross and net margins. It also has one of the highest returns on equity (ROE) among its global peers as well as among SGX-listed companies. Its performance since IPO in 2011 has been consistently strong, which also stands out among its SGX peers.

That said, we do see areas of improvement, mostly in the corporate finance decision regarding cash, debt and dividend, which in turn are linked to its ROE.

🇸🇬 Top Stock Market Highlights of the Week: OCBC, First REIT, ST Engineering and Microsoft (The Smart Investor)

We look at a landmark market capitalisation milestone for a local bank, a major REIT portfolio overhaul, a significant defence contract win, and a substantial technology investment commitment in Singapore.

Here are the key stock market movers from the past week.

OCBC Joins the S$100 Billion Club

Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) crossed a significant milestone this week, with its share price hitting a record high and driving its market capitalisation past the S$100 billion mark.

First REIT Exits Indonesia in S$471.5 Million Portfolio Sale

First Real Estate Investment Trust (SGX: AW9U / OTCMKTS: FESNF) announced a bold strategic pivot to divest its entire Indonesian portfolio for S$471.5 million.

ST Engineering Secures S$600 Million Kuwait Defence Contract

Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering continues to expand its footprint in the Middle East.

Microsoft Commits US$5.5 Billion to Singapore’s AI Future

In its largest single-country commitment to date, Microsoft (NASDAQ: MSFT) pledged to invest US$5.5 billion in Singapore through 2029.

🇸🇬 Singapore Stocks at 52-Week Lows: Bargain Hunting or Value Trap? (The Smart Investor)

Find out why ThaiBev, Genting Singapore, and CLAR hit 52-week lows and whether their FY2025 results signal an opportunity.

Understanding the specific headwinds facing these companies is essential to determining whether they represent a value trap or a contrarian opportunity.

Thai Beverage PCL (SGX: Y92 / OTCMKTS: TBVPF / TBVPY) or ThaiBev – Weathering a Consumer Slowdown with Spirit

Thailand’s largest beverage company has navigated a particularly challenging landscape throughout its fiscal year 2025 (FY2025), with its share price touching a 52-week low of S$0.42 on 31 March 2026.

This softer performance was largely a reflection of the broader macroeconomic climate, which dampened consumer sentiment across its key markets in Thailand and Vietnam.

Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY) – Short-Term Pain for Long-Term Leisure Gains

Genting Singapore similarly weathered a “transition year” in 2025 as it moved forward with a massive asset refresh at Resorts World Sentosa (RWS), seeing its stock price dip to a 52-week low of S$0.66 on 9 March 2026.

CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF), CLAR – Expanding the Foundation Through Strategic Dilution

CLAR tells a story of steady growth being masked by an expanding equity base, with units recently hitting S$2.42 on 25 March 2026, near its 52-week low of S$2.40.

Get Smart: Focusing on Fundamentals Amidst Price Volatility

🇸🇬 Top 3 Best Performing Blue Chips for March 2026 (The Smart Investor)

Three blue chips topped the STI in March, and they all share a common trait: surging free cash flow. Here’s why the market rewarded Sembcorp Industries, SGX, and Wilmar International.

Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF): from cash burn to cash flow

Sembcorp’s FY2025 headline numbers looked underwhelming at first glance.

Revenue fell 10% year on year (YoY) to S$5.8 billion, weighed down by lower electricity offtake, weaker pool prices, and the absence of its divested waste management business.

Singapore Exchange Limited(SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY): record trading volumes fuel dividend escalator

Singapore’s sole bourse operator continued to benefit from elevated market activity.

Wilmar International (SGX: F34 / FRA: RTHA / RTH / OTCMKTS: WLMIF / WLMIY): the turnaround the market nearly missed

On the surface, Wilmar’s results were a mixed bag.

However, those headline numbers were inflated by a US$1.1 billion remeasurement gain from the AWL stake change, offset by US$782.3 million in Indonesia-related provisions.

Get Smart: Follow the Cash

🇸🇬 Opportunity Knocks? Top 3 Worst Performing Blue Chips for March 2026 (The Smart Investor)

Three blue chips posted impressive headline numbers, yet their share prices fell furthest among the STI’s 30 stocks in March. Here’s why the market wasn’t buying the good news.

Yangzijiang Shipbuilding: Strong profits, but the cash flow tells a different story

Yangzijiang Shipbuilding Holdings (SGX: BS6 / FRA: B8O / OTCMKTS: YSHLF), or YZJ, one of China’s largest non-state-owned shipbuilders, delivered an impressive set of FY2025 results.

City Developments: Profit tripled, but strip out the one-offs and the picture shifts

City Developments Limited (SGX: C09 / FRA: CDE / OTCMKTS: CDEVY), or CDL, reported FY2025 revenue of S$3.6 billion, up 9.7% YoY, while profit attributable to owners tripled to S$629.7 million.

CapitaLand Investment: China’s shadow looms large

CapitaLand Investment Limited (SGX: 9CI), or CLI, reported operating PATMI up 6% YoY to S$539 million for FY2025, driven by higher fund management fees and lower finance costs.

Get Smart: Look past the headlines

🇸🇬 3 Small-Cap Dividend Stocks That Could Fund Your Retirement Income (The Smart Investor)

Three SGX-listed small caps boast zero or minimal debt, healthy free cash flow, and rising dividends. But can they keep paying?

Here are three SGX-listed small caps that could form the bedrock of a retirement income portfolio.

Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF)

Micro-Mechanics might not be a household name, but it is a critical player behind the scenes.

The Hour Glass (SGX: AGS)

The Hour Glass is a name many Singaporeans will recognise from its boutiques across our prime shopping belts.

Vicom Ltd (SGX: WJP)

Every car owner is familiar with VICOM.

As Singapore’s dominant vehicle inspection provider, it commands close to 73% market share, alongside a growing non-vehicle testing business through subsidiary Setsco.

Get Smart: Balance Sheets Built to Pay

🇸🇬 3 Cash-Rich Blue Chips to Weather Market Turbulence (The Smart Investor)

When markets turn volatile, cash becomes a powerful advantage. These three Singapore blue chips stand out for strong balance sheets and the ability to stay resilient when conditions get tough.

Why Cash Matters in a Downturn

What Makes a Blue Chip Truly “Cash-Rich”

Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY) — The Net Cash Compounder

Genting Singapore stands out from the pack as it’s not just maintaining a net cash position – it is consistently generating strong operating cash flow, even while funding a massive resort transformation.

Yangzijiang Shipbuilding Holdings (SGX: BS6 / FRA: B8O / OTCMKTS: YSHLF), or YZJ — The Dividend Stability Leader

YZJ stands out because it doesn’t just report strong earnings; it actually turns those profits into cold, hard cash – the fuel behind its steady dividend growth.

Singapore Exchange Limited(SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX — The Defensive Market Leader

As Singapore’s sole stock exchange operator, SGX enjoys a natural monopoly over the nation’s capital markets.

Why Cash-Rich Companies Often Outperform in Volatility

What Investors Should Still Watch

Get Smart: Strength Shows When Markets Get Tough

🇸🇬 The “Pocket Money” Fund: 3 Reliable REITs That Will Pay My Kids for the Rest of Their Lives (The Smart Investor)

Learn how to generate consistent dividends for the next generation using three powerhouse Singapore REITs built for long-term growth.

The Retail and Office Titan – CapitaLand Integrated Commercial Trust(SGX: C38U / OTCMKTS: CPAMF)

As Singapore’s largest REIT, CapitaLand Integrated Commercial Trust (CICT) has demonstrated remarkable resilience by delivering its fifth consecutive year of distribution growth.

The REIT owns a diversified portfolio of retail, office, and integrated development properties across Singapore, Germany, and Australia, with assets under management of S$27.4 billion.

The Defensive Healthcare Stalwart – Parkway Life Real Estate Investment Trust (SGX: C2PU)

Healthcare remains a top-tier defensive play, and ParkwayLife REIT continues its impressive streak of uninterrupted distribution growth since its listing in 2007.

With a portfolio of 74 properties across Singapore, Japan, and France valued at S$2.57 billion as at 31 December 2025, the REIT reported a solid set of results for the full year of 2025 (FY2025).

The Suburban Retail King – Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF)

Frasers Centrepoint Trust, or FCT, thrives on the daily necessity of spending by Singaporeans, owning nine prime malls located near MRT stations (like Causeway Point and Northpoint City) with S$8.3 billion in assets under management.

Get Smart: Planting Seeds for Their Future

🇸🇬 5 Singapore Stocks to Protect Your Wealth from Rising 2026 Inflation (The Smart Investor)

These five Singapore stocks could help protect wealth through pricing power, steady cash flow, and resilient dividends.

Credit Bureau Asia Ltd (SGX: TCU) – The Pricing Power Compounder

Credit Bureau Asia, or CBA, is a credit information provider that generates revenue by providing credit information for both individuals and businesses.

DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) – The Dividend Growth Blue Chip

While many investors search for that high-yield stock, the real key to beat inflation is to find growing income.

Parkway Life Real Estate Investment Trust (SGX: C2PU) – The REIT With Built-In Escalations

With a portfolio of medical facilities and nursing homes across three countries, Parkway Life REIT is another stock that could help protect your wealth from rising inflation.

Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) – The Defensive Essential Services Provider

When inflation begins to bite, households tend to cut back on discretionary spending but groceries remain an essential purchase.

That makes supermarket operators like Sheng Siong naturally more defensive during inflationary periods.

Keppel Infrastructure Trust (SGX: A7RU / OTCMKTS: KPLIF) – The Asset-Backed Play

Lastly, Keppel Infrastructure Trust (KIT) offers a portfolio of critical assets, making it a natural inflation hedge.

The trust owns vital infrastructure assets like power generation assets (cogen plant, waste-to-energy plants), a gas distribution network, and water desalination plants which are the “pipes and wires” of a functioning economy.

What Investors Should Avoid During Inflation

Get Smart: Inflation Rewards Businesses That Can Adapt

🇸🇬 Top 3 Blue Chips Beating Singapore’s STI in Q1 2026 (The Smart Investor)

The STI smashed through 5,000 for the first time in February 2026, but these three blue chips have left even the benchmark in the dust. Here’s why.

ST Engineering: The Defence and Aerospace High-flyer

Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering, or STE, delivered a stellar set of full-year 2025 results.

The group’s two growth engines – Commercial Aerospace and Defence & Public Security – did the heavy lifting.

SGX: The Toll Booth of Singapore’s Market Rally

Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), the country’s sole stock exchange operator, is a natural beneficiary when the STI surges – and surge it did.

Wilmar: The Contrarian Cash Flow Comeback

Wilmar International (SGX: F34 / FRA: RTHA / RTH / OTCMKTS: WLMIF / WLMIY), one of the world’s largest integrated agribusiness groups, may be the most surprising outperformer of the trio.

Get Smart: When the index makes headlines, look beyond the obvious winners

🇸🇬 These Singapore Stocks Didn’t Cut Dividends — Even When Times Were Tough (The Smart Investor)

Dividend cuts can hurt long-term income plans, but some Singapore stocks have proven resilient, maintaining payouts even during downturns.

In this article, we look at some of these companies that have proven to be reliable dividend payers, even during tough times.

Singapore Exchange Limited(SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) — The Essential Services Provider

As the only approved financial exchange in Singapore, Singapore Exchange, or SGX, sits at the heart of Singapore’s financial markets.

Parkway Life Real Estate Investment Trust (SGX: C2PU) — The Healthcare Anchor

Speaking of resilient demand, healthcare is a sector that also fits this profile, as the demand for healthcare services remains consistent regardless of market conditions.

Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF) — The REIT With A Strong Tenant Profile

You should have realised this by now, but in this article, we’re sticking to the concept of defensiveness.

Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF) — The Cash-Rich Blue Chip

Finally, having a fortress balance sheet with plenty of cash can help anchor dividend payments through economic storms.

What These Stocks Have in Common

Get Smart: Stability Is Earned, Not Assumed

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

We compare two popular Mapletree REITs to determine which makes the better investment choice.

Investors should be familiar with two popular industrial REITs, namely Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF), or MLT, and Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF), or MIT.

Both REITs have the same sponsor in Mapletree Investments Pte Ltd.

Let’s compare these two REITs to see which makes the better investment.

Portfolio Composition

Financials and DPU

Debt Metrics

Operating Metrics

Distribution Yield

Get Smart: Not An Easy Decision

🇸🇬 3 Singapore Blue-Chip Dividend Stocks to Help You Beat Inflation (The Smart Investor)

Discover which three Singapore blue-chip dividend stocks offer income, resilience, and the potential to help investors stay ahead of rising living costs.

DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF)

DBS is one of Asia’s leading banks with established footholds in consumer and corporate banking services.

Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel

Singapore Telecommunications Ltd, or Singtel, is one of Singapore’s largest telecommunications companies with a focus on network solutions and digital infrastructure.

Singapore Exchange Limited(SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY)

Singapore Exchange Ltd (SGX) is Singapore’s sole stock exchange with a robust international multi-asset presence.

Get Smart: Inflation doesn’t wait and neither should your portfolio

🇸🇬 3 Blue Chip Dividend Stocks to Watch for April 2026 (The Smart Investor)

Three blue chips are reshaping their portfolios through billion-dollar deals, asset sales, and strategic pivots.

CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF) recently announced its largest-ever acquisition.

Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) is waiting on a crucial regulatory verdict regarding its M1 divestment.

Meanwhile, Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF) is preparing a full-year scorecard shaped by property sales and data centre ambitions.

CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF) — Can DPU grow through dilution?

CapitaLand Ascendas REIT (CLAR) remains Singapore’s largest listed industrial REIT with a massive portfolio of 222 properties.

Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) — The M1 verdict and a 38% dividend jump

Keppel delivered a standout FY2025, proving that the “New Keppel” strategy is gaining real traction.

Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF) — Closing the income gap

Mapletree Industrial Trust (MIT) reported a 7.0% YoY drop in DPU to S$0.0317 for the quarter ended 31 December 2025 (3QFY2026).

Get Smart: Transformation has a cost — and a timeline

🇸🇬 Beyond STI: 3 Singapore Dividend Stocks Rewarding Investors in April 2026 (The Smart Investor)

These three Singapore stocks are proving that dividends can remain resilient despite softer earnings in April 2026.

LHN Ltd (SGX: 41O / HKG: 1730) – The Power of Non-Cash Swings

LHN’s net profit fell by a staggering 57.6% year on year (YoY) to S$20.1 million for its fiscal year ended 30 September 2025 (FY2025).

That sounds alarming at first glance, until you dig into what actually caused the slide.

Aztech Global (SGX: 8AZ) – A Fortress of Cash

Aztech’s FY2025 was a tough year by any measure.

Revenue fell 30.4% YoY to S$432.5 million and net profit declined 43.0% to S$40.2 million, as demand softened for IoT devices and data communication products.

Civmec Ltd (SGX: P9D / ASX: CVL / FRA: 1CV) – Relying on the Order Book

Civmec, the Australia-headquartered construction and engineering services provider, reported a weaker first half for its fiscal year ending 30 June 2026 (1HFY2026).

Get Smart: Look Beyond Headline Profits

🇸🇬 Which Blue-Chip Names Deserve a Permanent Place in Your Portfolio? (The Smart Investor)

Some stocks come and go in a portfolio. But a select group of blue-chip companies have the durability, earnings power, and discipline to justify holding them for decades.

What Makes a Blue Chip Worth Holding for Decades

Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), or OCBC – The Dividend Compounder

OCBC has a reputation for growing its dividends, and you can see that in the numbers – payouts just keep climbing, even through tough times.

Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF) – The Market Leader

Sembcorp Industries holds a dominant and leading position in Asia’s energy and urban solutions sectors, with a major focus on the green energy transition.

CapitaLand Integrated Commercial Trust(SGX: C38U / OTCMKTS: CPAMF), or CICT – The Growth Compounder

CICT stands out as a long-term earnings growth engine as it has steadily expanded, while also ensuring future growth through acquisitions, asset enhancements, and redevelopment projects.

Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) – The Defensive Anchor

To many investors, Keppel remains a sturdy, defensive pick largely because it has shed its past dependence on oil.

Why “Permanent” Doesn’t Mean Ignoring the Stock

Get Smart: Build Around Enduring Businesses

🇸🇬 3 Singapore Dividend Stocks Rewarding Investors in April 2026 (The Smart Investor)

These three SGX-listed names are paying dividends in April — but the real story is what’s happening beneath the headline numbers.

IHH Healthcare Bhd (KLSE: IHH / SGX: Q0F / OTCMKTS: IHHHF)

Most Singaporeans know IHH Healthcare through its household brands like Mount Elizabeth, Gleneagles, and Parkway. Beyond our shores, the group operates a massive network spanning Malaysia, India, and Türkiye, making it one of the world’s largest integrated healthcare providers.

CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF)

As Singapore’s largest listed industrial REIT, CapitaLand Ascendas REIT (CLAR) is a powerhouse in the local landscape, managing a massive S$18.2 billion portfolio of 222 properties across Singapore, the US, Australia, and Europe.

DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF)

DBS Group is Singapore’s largest bank and among Asia’s most decorated financial institutions.

Get Smart: The Dividend is in the Details

🇹🇭 🇻🇳 Thailand’s SCB scraps plan to buy Home Credit Vietnam (The Asset) 🗃️

Bank’s withdrawal leaves future ownership of Vietnam’s second-largest consumer lender open to international investors

Thailand’s Siam Commercial Bank ( SCB ) [SCB X PCL (BKK: SCB / SCB-F / FRA: OU80 / OU8)] has abruptly terminated its high-stakes acquisition of digital consumer finance company Home Credit Vietnam, a transaction originally valued at 21 trillion dong ( US$796.8 million ).

The move marks a sudden U-turn for what was intended to be a flagship expansion into the high-growth the Southeast Asian consumer finance market, where Japanese leading bank SMBC has been making significant inroads.

In a formal disclosure to the Stock Exchange of Thailand, SCB’s parent company SCB X confirmed that its board of directors has passed a resolution to scrap the deal.

SCB X attributes the collapse to “external factors”, noting that critical conditions precedent within the sale and purchase agreement could not be finalized within the agreed timeframe.

🇮🇳 India / South Asia / Central Asia

🇮🇳 Thematic Report on India Auto Sector: GST Cuts Drive Volume Growth Across Segments (Smartkarma) $

India’s auto sector ended FY26 strongly, with growth across segments: PVs up 17%, two-wheelers 15%, tractors 23%, and commercial vehicles 12% in March 2026.

Tractors outperformed PVs, driven by strong rural demand supported by GST cuts, healthy reservoir levels, and favorable seasonal factors like the Navratri period.

While 2W EVs grew 45% YoY, market share shifted toward established players. CV growth slowed meaningfully from February, indicating early signs of demand normalization.

🇮🇳 India’s Narendra Modi faces pressure over Iran war in tough regional polls (FT) $ 🗃️

PM accused of flat-footed response as conflict in Middle East puts economy under strain

🇮🇳 Indian conglomerate Vedanta to split in five next month (FT) $ 🗃️

Chair suggests new entities could be worth as much as $50bn after deleveraging drive

Indian conglomerate Vedanta Ltd (NSE: VEDL / BOM: 500295) will break up into five listed companies early next month, according to founder and chair Anil Agarwal, who said the split would give the new units a “free hand to grow”.

The Mumbai-listed group, which is one of India’s biggest resources companies with an enterprise value of $37bn, has been working on the restructuring programme for several years, partly in an effort to reduce the debt load it has long struggled with, but has faced opposition from the Indian government.

🇮🇳 MakeMyTrip: How India’s Largest Travel Platform Openly Defies Regulators, Scams Customers, And Pads Profits Through Accounting Tricks (Morpheus Research)

Summary

Makemytrip (NASDAQ: MMYT) is a $3.5 billion online travel agency (“OTA”) that is sometimes referred to as the “Booking.com of India” with 50% of the Indian OTA market, and 43% of its margin generated from selling hotel room nights.

Our investigation, involving interviews with 103 industry experts including former employees, reveals that MakeMyTrip is engaged in abusive and anti-competitive practices despite a significant penalty and stop order from the Indian government in 2022. We also found evidence of a new and undisclosed regulatory investigation from the Director General of the Competition Commission of India, whose findings and potential actions are coming in “early 2026,” according to a peer-reviewed paper.

Further, MakeMyTrip is obfuscating its deteriorating financial performance through earnings management tricks, downplaying significant competitive threats while quietly losing market share, and systematically misleading customers through manipulative dark patterns, chronic refund issues, and by allowing “bad actor” hotels to proliferate across its platform. All of this, while the company is the most richly valued OTA compared to major global peers.

🇮🇳 Adani Ports (NSE: ADANIPORTS): The Hormuz Edition (The Financial Pen)

From toll booth to relief valve: Mundra as a premier hedge against Middle East disruption

Investors are cutting Adani Ports & Special Economic Zone (NSE: ADANIPORTS / BOM: 532921) as if Gulf exposure has materially impaired the asset. Since 28 Feb 2026, the stock is down about 15%, sold alongside many tankers, liners, and other Middle East‑linked names.

On surface, that logic holds. We have a live war, rerouted ships, higher insurance and some volume pressure.

But that is price reacting to conflict, not to how the asset works. Ports near a war zone rarely become permanently defunct. They change how they get used and what they can charge. When routes shift, trade looks for the safest, deepest, most connected node and forces more volume through it.

🇮🇳 Event Driven – EPL: Merger With Indovida- Building a $1 Bn Global Packaging Platform (Smartkarma) $

EPL Ltd (NSE: EPL / BOM: 500135) or Essel Propack’s board approved an all-equity merger with Indovida India (Indorama Group) on March 29, 2026, creating a diversified packaging platform with ~$1 billion revenue and ~$2 billion valuation.

The merger shifts EPL from a tubes-focused business to a multi-format packaging company, improving earnings quality, return ratios, and expanding its overall addressable market.

A 70% premium for EPL shareholders, immediate EPS accretion and New Promoter makes this overall transaction interesting.

🇮🇳 Insider Activity: Who Is Buying Their Own Stock During the Market Correction? – March 2026 (Smartkarma) $

There was strong insider buying activity even during the last week of March 2026. Notable names include GMR Airports Infrastructure (NSE: GMRINFRA / BOM: 532754), Info Edge (India) Ltd (NSE: NAUKRI / BOM: 532777), Jindal Stainless Ltd (NSE: JSL / BOM: 532508), Bajaj Finance Limited (NSE: BAJFINANCE / BOM: 500034), Affle (India) Ltd (NSE: AFFLE / BOM: 542752), Irb Infrastructure Developers (NSE: IRB / BOM: IRB), and Paradeep Phosphates (NSE: PARADEEP / BOM: 543530).

March 2026 insider activity was very strong with 60+ companies reporting insider accumulation spanning large caps and mid/small caps.

We present the key sectors which saw insider buying during the month along with names which have moved significantly above the insider buying price.

Also mentioned in this insight are the names which are available significantly below the insider buying price.

🇮🇳 Happy Forgings Three Growth Engine: Margins, Exports and Heavy Forgings (Smartkarma) $

Happy Forgings Ltd (NSE: HAPPYFORGE / BOM: 544057) posted an all-time high quarter in Q3 FY26, with Revenue, EBITDA Margin 30.8% (+220bp YoY) and PAT Margin 22.3% setting new records

Funded by a Rs. 650 crore capex program, Forging capacity will increase to 1,50,000 tonnes & machining capacity to 82,000 tonnes by FY27.

Three Distinct growth engines(PV, Wind & Industrial) will help in expanding margin vs resilient margins in core CV business.

🇮🇳 Air Turbine Fuel(ATF): What New Fuel Rules Mean for Indian Airlines? (Smartkarma) $

On April 1, 2026, OMCs spiked ATF prices by 114%, but management cheered a government shield limiting domestic airline cost increases to just 25%.

This critical intervention saved Interglobe Aviation Ltd (NSE: INDIGO / BOM: 539448) from the full market rate of INR 207 per litre, limiting their quarterly fuel cost increase.

While the policy provides a vital near-term lifeline, the long-term outlook depends on stabilizing crude prices and managing the persistent rupee depreciation headwinds.

🇮🇳 AXISCADES: Aerospace, Defence & ESAI Story Guiding EPS Growth of 40–50% (Smartkarma) $

Axiscades Technologies Ltd (NSE: AXISCADES / BOM: 532395) is a Bengaluru-based aerospace, defence, and ESAI engineering company with INR 1,031 crore revenue, 3,000+ professionals, and a INR 3,807 crore order book.

Management guides 40–50% YoY EPS growth for FY26 and FY27, backed by Power930’s INR 9,000 crore top-line vision and surging defence indigenisation tailwinds.

Key risks include heavy customer concentration in top 2 clients drive 73% standalone revenues alongside ambitious capex execution and non-core segment profitability drag.

🇮🇳 Thermax’s Pivot to Data Centers and Green Hydrogen (Smartkarma) $

Thermax Limited (NSE: THERMAX / BOM: 500411) won two landmark data center cooling orders in Q3 FY26, one in the US and one in India.

In August 2025, it secured exclusive rights to deploy HydrogenPro’s Norwegian alkaline electrolyzer technology across India, its second electrolyzer licensing deal in 18 months.

Green Solutions revenue jumped 268% YoY in Q3 FY26, still only 6.6% of the total, but management is guiding 1.1 GW of installed renewable capacity by FY28.

🇮🇳 Wipro’s Strategic Deal and Mindsprint Acquisition: Can Olam’s 8-Yr Contract Change the Growth Story? (Smartkarma) $

Wipro Ltd (NYSE: WIT) signed a definitive agreement on April 5, 2026 to acquire Mindsprint for $375 million, embedded within a $1 billion Olam deal.

Olam exits its captive IT arm under its re-organisation plan; Wipro gains an anchor client, domain IP, and 8-year revenue lock-in.

Deal strengthens Wipro’s large-deal pipeline and farm-to-fork vertical credentials, but minor margin dilution and integration risks temper near-term financial optimism.

🇮🇳 The Jaiprakash Associates Story: From Ambition to Insolvency to Adani & Now a Supreme Court Freeze (Smartkarma) $

On April 6, 2026, the Supreme Court declined to stay the National Company Law Appellate Tribunal’s (NCLAT) order, allowing the insolvency resolution process for Jaiprakash Associates Limited (NSE: JPASSOCIAT / BOM: 532532) to proceed. The court refused to halt the ₹14,535 crore bid by Adani Group, dismissing a challenge from Vedanta Ltd (NSE: VEDL / BOM: 500295), and instructed that the final hearing continue before the NCLAT.

The Supreme Court on 6-Apr-26 stayed the NCLT’s March 17 order approving Adani Enterprises’ INR 15,343 crore resolution plan for insolvent Jaiprakash Associates Ltd.

The stay places INR 57,000 crore in admitted claims, 4,000 acres of NCR land, India’s only F1 circuit, and thousands of stalled homebuyer deliveries in a state of renewed uncertainty.

The April 10 NCLAT listing, the next Supreme Court hearing, will decide whether Adani or Vedanta will take over this group.

🇮🇳 SBI Funds Management IPO: Does Market Leadership Translate into Premium Growth? (Smartkarma) $

SBI Funds Management is coming to market via a 100% Offer for Sale of ~20.37 crore shares, with no fresh capital raise.

The IPO provides exposure to India’s structurally underpenetrated asset management industry, led by a strong banking distribution franchise.

A high-quality AMC franchise with scale advantages, but valuation discipline and market-cycle sensitivity will be critical for investors.

🌍 Middle East

🌍 In Depth: How the Iran War Set Off a Global Scramble for Strategic Metals (Caixin) $

The war in the Middle East is accelerating a long-simmering global struggle over critical minerals.

The price of tungsten, a metal used in armor-piercing gear and missile counterweights, has surged, with its European benchmark hitting a record $2,250 per ton, up 557% over the past year. Fueled by wartime demand, the metal’s gains have far outpaced those of gold and silver.

🌍 Investors rewiring portfolios amid energy shock (The Asset) 🗃️

Emerging markets critical for asset growth and diversification in a slowing world.

Amid heightened geopolitical uncertainty, leading investors are not making big directional equity bets. Instead, they are pivoting towards thematic opportunities in energy security, supply-chain resilience, defensive fixed-income plays, gold, and selective emerging-market ( EM ) exposure.

The structural shift is clear in a new study by the Chartered Alternative Investment Analyst ( CAIA ) Association, The World Rewired, based on a global listening tour of 120-plus C-suite executives and a survey of its 14,000 members.

Geopolitics has moved to the centre of investment decision-making, according to the study, with nearly two-thirds ( 62% ) of respondents looking to EM economies as critical for portfolio growth and diversification in a slowing world. About 16% of respondents cite EM economies as new talent sources and 10% as dominant private-capital providers.

🌍 How to Reduce Hormuz Exposure? Just Build Backup Capacity in Oman; List With Ideas for Energy Infrastructure Investors (TheOldEconomy Substack)

This is April’s energy intel, discussing backup capacity, chokepoint exposure, and infrastructure ideas.

Let’s start with a wild idea: build backup pipelines and loading terminals in Oman, so as to remove the Hormuz Strait and the Red Sea from the equation. Basically, zero maritime friction points on the export side.

🌍 Sun Tzu: Why Iran has won (Murray Hunter)

This classic Sun Tzu manoeuvre, winning without fighting any decisive battle, has spread economic pain worldwiew

🌍 Gulf officials seek to calm investors as war rattles confidence (FT) $ 🗃️

Gulf officials had a clear line for the US business community gathered in Miami this week at a Saudi Arabia-backed investment conference: stay calm and keep investing in the region.

🌍 Iran war chokes off helium supplies in threat to chipmakers and healthcare (FT) $ 🗃️

Byproduct of natural gas is critical to the production of superconductors and the functioning of MRI scanners

A US subsidiary of France’s Air Liquide last week wrote to helium customers to declare force majeure on helium supply contracts, warning in correspondence seen by the FT that it could be unable to fulfil orders as a result of the conflict in the Middle East.

Helium production is highly concentrated. Qatar accounts for 30-40 per cent of global output, second only to the US, according to the US Geological Survey.

🌍 Global impact deepening as Middle East conflict rages on (The Asset) 🗃️

Financial stability in spotlight amid higher energy and fertilizer prices, supply-chain disruptions and above-target inflation

According to the FAO, the most vulnerable countries in terms of agriculture are Bangladesh, Egypt, India, Kenya, Mozambique, Sri Lanka, Somalia, Sudan and Tanzania.

🇮🇱 Mobileye: Stuck In Neutral (Seeking Alpha) $ 🗃️

🌐 Mobileye Global (NASDAQ: MBLY) – Advanced driver assistance systems (ADAS) & autonomous driving technologies. 🇼

🌍 Africa

🇿🇦 Mr Price Group Limited (MRPLY) Discusses NKD Acquisition Completion and Integration Plans – Slideshow (Seeking Alpha)

🌍 Mr Price Group (JSE: MRP / FRA: M5M1 / OTCMKTS: MRPLY) – Cash-based omni-channel fashion-value retailer with 4 segments: Apparel, Homeware, Financial Services & Telecoms. 🇼 🏷️

🇿🇦 Gold Fields: 4% Yielder With Leverage To Gold Prices (Seeking Alpha) $ 🗃️

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

🇿🇦 Pepkor Holdings Limited (PPKRF) Analyst/Investor Day – Slideshow (Seeking Alpha)

🇿🇦 Pepkor Holdings Limited (PPKRF) Analyst/Investor Day – Slideshow (Seeking Alpha)

🌍🇧🇷 Pepkor (JSE: PPH / FRA: S1VA / OTCMKTS: PPKRF) – Largest retail store footprint in southern Africa. 10 African countries + Brazil. The majority of Pepkor’s retail brands operate in the discount & value market segment. 🇼 🏷️

🌍 Eastern Europe & Emerging Europe

🇵🇱 Dino Polska FY 2025 update + Valuation (Casteleyn Partnership Substack)

Short-term Headwinds

The Polish supermarket chain Dino Polska (WSE: DNP / FRA: 5Y2 / OTCMKTS: DNOPY) released its figures yesterday. Today, the stock is being punished with a -17% drop. This is mainly due the dissapoiment of lower margins. So, let’s see if this punishment is justified.

Dino’s Store Concept

Dino is a combination of a discount supermarket and a convenience store, where the ‘convenience’ comes from the fact that the stores are located close to the customer:

“DINO – CLOSEST TO YOU”

In terms of store area, at 400 m2, they are much smaller than discounters like Biedronka or Lidl (which are often around 1000+ m2). Dino have a complete assortment of 5,000 different products (SKU’S), where a Pole can do all their grocery shopping. In addition to this assortment, every Dino supermarket also has its own butcher inside the store, which is a priority for the Polish consumer. Here you see the revenue breakdown over the years:

🇵🇱 Asseco Poland S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Asseco Poland SA (WSE: ACP / LON: 0LQG / OTCMKTS: ASOZF) – Federation of companies engaged in IT & operates in 61 countries worldwide. 🇼 🏷️

🇺🇦 Ukraine – invest now rather than later (Undervalued Shares)

For public market investors, a growing number of opportunities are becoming available, including in unexpected areas. For example, Tokyo-listed Terra Drone Corp (TYO: 278A) (ISIN JP3546450002, TYO:278A) just announced its entry into the Ukrainian defence tech sector – the first Japanese company to do so. Its share price is up 150% since the beginning of the year.

My first extensive article on investing in Ukraine, “Ukrainian agriculture stocks – land for 15 dollars an acre?“, covered half a dozen Ukrainian agriculture companies listed in Warsaw (home to many Ukrainian listings, given Kyiv’s underdeveloped stock exchange), London (where several “Ukrainian” companies with overseas legal domiciles have their primary listing), and Frankfurt (which hosts many OTC-listed foreign stocks).

Since then, some investments in this sector have doubled and tripled in value. Astarta Holding PLC (WSE: AST / FRA: Z6J / OTCMKTS: ASTPF) (ISIN NL0000686509, WAR:AST) is now trading at pre-war levels, while MHP SA (LON: MHPCq) (ISIN US55302T2042, UK:MHP) is trading above them.

🌎 Latin America

🌎 What happens to Latin America if the Strait of Hormuz remains closed? (Latin America Risk Report)

For most countries, it’s either bad or worse.

🌎 MercadoLibre: Attractively Positioned For Significant Upside (Seeking Alpha) $ 🗃️

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

🌎 dLocal Q4 2025 Earnings Review (GabGrowth)

Exponential Growth, But Margins Are Collapsing… Here Is Why I Believe The Market Is Completely Missing The Point

Dlocal (NASDAQ: DLO) reported Q4 2025 earnings after the market close on 19th March 2026.

Again, dLocal saw YoY and QoQ growth across all 6 key metrics. Management also added a new metric that they will be disclosing (operating profit). On that basis, operating profit grew by 48% YoY.

🇧🇷 Cosan (Cayucos Capital)

The world’s largest sugar producer. Cosan SA (BVMF: CSAN3 / NYSE: CSAN)

This is not a company I would typically write up. It’s highly leveraged, highly complex and the core business is a low quality, price-taking commodity producer. However enough has changed to pique my interest that an inflection could be approaching. And when you have all of those ingredients I have chalked up in the negative column, a positive inflection can lead to a very powerful share price move.

🇧🇷 Vale: Very Cheap Shares! Is The Market Ignoring The 4.8x EBITDA Multiple? (Seeking Alpha) $ 🗃️

🌐 Vale (NYSE: VALE) – Iron Solutions & Energy Transition Materials segments. Produces & sells iron ore, iron ore pellets, nickel, copper etc + related logistic service. 🇼 🏷️

🇧🇷 Verde AgriTech Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Verde AgriTech Limited (TSE: NPK / FRA: T48 / OTCMKTS: VNPKF) – Special potassium fertilizers.

🇧🇷 Sigma Lithium: Turning Into A Cash Machine (Seeking Alpha) $ 🗃️

🇧🇷 Sigma Lithium Corporation 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Sigma Lithium Corporation (CVE: SGML) – Exploration & development of lithium deposits in Brazil. 🏷️

🇧🇷 Syn Prop & Tech S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 SYN prop e tech SA (BVMF: SYNE3 / OTCMKTS: SYYNY) – Real estate acquisition, lease, sales, development & operation. Shopping malls & high-end corporate buildings.

🇨🇱 LATAM Airlines: Can’t Escape Higher Jet Fuel Costs (Rating Downgrade)(Seeking Alpha) $ 🗃️

🌎 LATAM Airlines Group (NYSE: LTM) – Chile based. Largest airline company in Latin America. Subs. in Brazil, Colombia, Ecuador, Paraguay & Peru. 🇼

🇨🇱 Banco de Chile: Leading Profitability And Capital Strength In Chile’s Banking Sector (Seeking Alpha) $ 🗃️

🌎 Banco de Chile (NYSE: BCH) – Range of financial services. 🇼

🇨🇴 Ecopetrol: The Rerating Story Is Over (Seeking Alpha) $ 🗃️

🇨🇴🏛️ Ecopetrol SA (NYSE: EC) – Organized under the form of a public limited company, of the national order, linked to the Ministry of Mines & Energy. Mixed economy company of an integrated commercial nature in the oil & gas sector. 🇼 🏷️

🇲🇽 Wal-Mart De Mexico: Too Much Optimism Priced In (Seeking Alpha) $ 🗃️

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

🇲🇽 Vista Energy: Strong Operational Performance And Consolidating As Top Vaca Muerta Exporter (Seeking Alpha) $ 🗃️

🇲🇽 Vista Energy: Oil-Driven Growth Opportunity, But Execution Remains Important (Seeking Alpha) $ 🗃️

🇦🇷 🇲🇽 Vista Energy (NYSE: VIST / FRA: 1CIA / BMV: VISTAA)’s – Mexico HQ’d. Main asset in Argentina is the largest shale oil & shale gas play under development outside North America. 🏷️

🇵🇪 Credicorp: Strong Bank, But Limited Upside At Current Valuation (Seeking Alpha) $ 🗃️

🌎 Credicorp (NYSE: BAP) – Universal banking, insurance & pension platform, microfinance, investment banking & wealth management. 🇼

🌐 Global

🌐 Nebius’s Sell-Off Puts Its AI Cloud Growth At A Steal (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. 🇼 🏷️

📅 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):

Hungary Hungarian National Assembly 2026-04-12 (d) Confirmed 2022-04-03
Peru Peruvian Senate 2026-04-12 (d) Confirmed
Peru Peruvian Congress of the Republic 2026-04-12 (d) Confirmed 2021-04-11
Peru Peruvian Presidency 2026-04-12 (d) Confirmed 2021-04-11
Bulgaria Bulgarian National Assembly 2026-04-19 (d) Confirmed 2024-10-27
Cyprus Cypriot House of Representatives 2026-05-24 (d) Confirmed 2021-05-30
Colombia Colombian Presidency 2026-05-31 (d) Confirmed 2022-06-19
Morocco Moroccan Chamber of Representatives 2026-09-30 (t) Date not confirmed 2021-09-08
Russian Federation Russian Federal Duma 2026-09-30 (t) Date not confirmed 2021-09-19
Brazil Brazilian Federal Senate 2026-10-04 (d) Confirmed 2022-10-02
Brazil Brazilian Chamber of Deputies 2026-10-04 (d) Confirmed 2022-10-02
Brazil Brazilian Presidency 2026-10-04 (d) Confirmed 2022-10-30
Czech Republic Czech Senate 2026-10-09 (d) Confirmed 2024-09-27
Israel Israeli Knesset 2026-10-27 (d) Confirmed 2022-11-01
Bahrain Bahraini Council of Representatives 2026-11-30 (t) Date not confirmed 2022-11-12
Bulgaria Bulgarian Presidency 2026-11-30 (t) Date not confirmed 2021-11-21
Viet Nam Vietnamese National Assembly 2026-03-15 (d) Confirmed 2021-05-23

📅 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):

Hillhouse Frontier Holdings HIFI Cathay Securities, 3.8M Shares, $4.00-6.00, $18.8 mil, 4/6/2026 Week of

(Incorporated in Nevada)

We are a luxury vehicle exporter. Through our subsidiary, Hillhouse Capital Group, we run a vehicle export business that specializes in finding premium vehicles in the U.S. and facilitating their shipment to Hong Kong to our client, who distributes the vehicles to its clients in the People’s Republic of China (PRC).

In 2024, Hillhouse Capital Group did 67 vehicle transactions, including 34 with authorized dealerships and 33 with independent dealers. We worked with 15 purchasing agents.

We specialize in exporting U.S. luxury vehicles having MSRPs of at least $80,000, targeting affluent consumers and dealers seeking premium luxury brands, such as Mercedes-Benz, BMW, Audi and Cadillac. Unlike smaller industry participants—typically family-run businesses that rely on informal sourcing networks—we operate through a structured purchasing model with authorized dealerships (i.e., purchasing from them through their designated purchasing agents) and independent dealers, ensuring a stable and scalable supply chain.

Fenglong Ma has served as our CEO and our chairman of the board since October 2022. He is a seasoned entrepreneur in international trade and automotive sales. He founded our company in October 2022, leading its strategy, operations, and entry into automotive exports. Previously, he co-founded Qingdao High-End Vehicle Trading Co., and served as general sales manager from January 2020 to September 2022. He was responsible for sales, market expansion, and supply chain management of high-end imported vehicles, establishing strong global partnerships and optimizing procurement processes. He received an associate degree in business management from Mudanjiang Forestry Vocational and Technical College. Mr. Ma is a citizen of the PRC and currently resides in the PRC.

Zheng Wen Tong has served as our chief operating officer since November 2024, overseeing vehicle procurement, logistics, and financial transactions. She has extensive experience in automotive trade and supply chain management. Before this, she was an office manager at TW&EW Service from April 2024 to October 2024 and was employed by Wave Capital Management from January 2022 to March 2024, where she oversaw administrative and supply chain operations. From January 2020 to March 2020, she served as an office manager at Luxury Unlimited Group. She received a diploma in accounting from Shanghai Business Trade College in July 1994. Ms. Tong is a citizen of the United States and currently resides in the United States.

Chihyuan Lin has served as our CFO since February 2025, overseeing financial strategy and operations. He is an experienced financial executive with expertise in strategic financial management, accounting, and SEC reporting. Before joining us, he founded Linck Consulting Inc. in September 2024 and has been serving as its CEO, providing accounting and tax consulting services. From September 2023 to September 2024, he worked as a consultant at 8020 Consulting LLC, focusing on SEC reporting and financial advisory services. Prior to that, from October 2022 to September 2023, he was the senior manager of financial reporting and technical accounting at Tattooed Chef, where he managed SEC filings, financial reporting, and statement consolidation. From October 2021 to October 2022, he held the role of senior manager of financial reporting and analysis at HF Foods Group Inc., overseeing financial reporting and compliance matters. Earlier, from February 2018 to October 2021, he served as the assistant director of finance and assistant controller at Ta Chen International Inc., specializing in operational accounting and financial statement consolidation. Mr. Lin earned a Master of Science degree in accounting from the University of Texas at Dallas on August 12, 2011, and a Master of Science degree in Finance from the University of Illinois Urbana-Champaign on May 16, 2010. Mr. Lin is a citizen of the United States and currently resides in the United States.

For the nine months ended Sept. 30, 2025, we completed 55 vehicle transactions, all with independent dealers, and did not engage any purchasing agents. We intend to continue to maintain both sourcing models in the future– through independent dealers and authorized dealerships – and select the most cost effective option based on prevailing market conditions. During the first, second and third quarters of 2025, we sourced vehicles exclusively from independent dealers because their vehicle prices were more favorable to those of the authorized dealerships. We intend to maintain our sourcing relationships as we believe access to both channels is critical to our maintaining an uninterrupted supply of vehicles.

For the nine months ended Sept. 30, 2024, we completed 52 transactions.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended Sept. 30, 2025.

(Note: Hillhouse Frontier Holdings increased its IPO’s size to 3.75 million shares – triple its size in its initial filing – and kept the price range at $4.00 to $6.00 – to raise $18.75 million, according to an S-1/A filing dated Jan. 15, 2026. Background: Hillhouse Frontier Holdings filed its S-1 for its IPO on July 21, 2025, and disclosed the terms: 1.25 million shares at a price range of $4.00 to $6.00 to raise $6.25 million, if priced at the $5.00 mid-point of its range.)

Seahawk Recycling Holdings, Inc. SEAH Cathay Securities, 3.8M Shares, $4.00-6.00, $18.8 mil, 4/13/2026 Week of

(Incorporated in the British Virgin Islands)

Headquartered in Tokyo, Japan, we are an international recycling company dedicated to advancing sustainable material solutions across East Asia and Southeast Asia. As a committed advocate for environmental sustainability, we have devoted ourselves to promoting the development of a low-carbon and zero-waste global green circular economy by engaging in the trading of recyclable resources such as waste paper and scrap metal.

Our operations are structured around two core business segments: waste paper recycling and scrap metal recycling.

Under our waste paper recycling business, we operate across both the domestic Japanese and international markets by trading two main product categories: waste paper and paper pulp. We source waste papers from collection companies in Japan and supply them to recycled pulp mills or trading companies. In parallel, we purchase paper pulps from recycled pulp mills and supply them to paper manufacturers or trading companies. While our waste paper transactions are primarily domestic, our paper pulp exports serve a broad customer base across East Asia and Southeast Asia.

We also conduct cross-border transactions under our waste paper recycling business by procuring waste paper from suppliers in the U.S. and arranging for direct shipments to pulp mills or paper manufacturers in Malaysia.

Our scrap metal recycling business focuses on the trade of dismantled metal wires and old metal appliances such as motors, engines, air conditioners and refrigerators. For old metal appliances, we acquire these materials from collection companies and supply them to smelters or trading companies, while for dismantled metal wires, we purchase processed and dismantled metal wires such as copper wires, aluminum wires, brass wires and iron wires, from dismantling factories, and then sell them to smelters, or trading firms. While the operations under our scrap metal recycling business are primarily concentrated within Japan due to the heavier nature of these materials, we also export a portion of our dismantled metal wires to our customers in East Asia and Southeast Asia.

For export transactions, we manage the full logistics chain from supplier pickup and port delivery to international shipping, allowing us to ensure timely and cost-effective deliveries.

Note: Net income and revenue are for the fiscal year that ended March 31, 2025.

(Note: Seahawk Recycling Holdings, Inc. nearly doubled the size of its small IPO to raise almost $19 million – up from $10 million originally – according to its F-1/A filing on Jan. 7, 2026. Seahawk Recycling Holdings now plans to offer 3.75 million shares – up from 2.0 million shares originally – at the price range of $4.00 to $6.00 (same price range as in its initial filing) – to raise $18.75 million, according to its F-1/A filing dated Jan. 7, 2026. Background: Seahaawk Recycling Holdings, Inc. filed its F-1 for its small-cap IPO and disclosed the terms: 2 million shares at a price range of $4.00 to $6.00 to raise $10 million, according to its SEC filing on Sept. 25, 2025.)

Riku Dining Group RIKU Eddid Securities USA, 5.0M Shares, $4.00-6.00, $25.0mil, 4/20/2026 Week of

(Incorporated in the Cayman Islands)

We operate and franchise Japanese-style restaurants in Canada and Hong Kong:

In Canada – Ajisen Ramen is our franchise. We run four restaurants and we franchise nine more restaurants across Ontario.

In Hong Kong – We have seven restaurants under three franchised brands – Yakiniku Kakura, Yakiniku 802 and Ufufu Cafe.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended March 31, 2025.

(Note: Riku Dining Group more than doubled its IPO’s size – to $25 million – up from $11.25 million – in an F-1/A filing on March 16, 2026: The company now plans to offer 5.0 million shares – up from 2.25 million shares previously – at a price range of $4.00 to $6.00 – the same as before – to raise $25 million, according to its March 16, 2026, F-1/A filing. Earlier today, the company withdrew its previous IPO filing. Background: Riku Dining Group disclosed the terms for its IPO in an Oct. 8, 2025, filing with the SEC: The company is offering 2.25 million shares at a price range of $4.00 to $6.00 to raise $11.25 million. Background: Riku Dining Group filed its F-1 for its IPO in September 2025 without disclosing the terms. Estimated IPO proceeds are $16 million.)

🏁 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:

09/13/2025 – WisdomTree Asia Defense Fund – WDAF
08/12/2025 – Neuberger Berman Emerging Markets Debt Hard Currency ETF – NEMD
07/15/2025 – OTG Latin America ETF – OTGL
06/21/2025 – FT Vest Emerging Markets Buffer ETF June – TJUN
06/18/2025 – AB Emerging Markets Opportunities ETF – EMOP
06/05/2025 – Harbor Emerging Markets Equity ETF – EPEM
06/03/2025 – Russell Investments Emerging Markets Equity Active ETF – ZJUN
05/30/2025 – Emerging Markets Equity Active ETF – REMG
05/16/2025 – Harbor Emerging Markets Select ETF – EMES
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:

05/20/2025 – KraneShares Dynamic Emerging Markets Strategy ETF – KEM
05/20/2025 – KraneShares MSCI All China Index ETF – KALL
04/08/2025 – First Trust TCW Emerging Markets Debt ETF – EFIX
02/14/2025 – Global X MSCI Emerging Markets Covered Call ETF – EMCC
01/06/2025 – iShares Frontier and Select – FM
10/10/2024 – Pacer CSOP FTSE China A 50 ETF – AFTY
09/26/2024 – American Century Emerging Markets Bond ETF – AEMB
09/19/2024 – KraneShares S&P Pan Asia Dividend Aristocrats Index ETF – KDIV
09/19/2024 – KraneShares CICC China 5G & Semiconductor Index ETF – KFVG
09/05/2024 – Amplify Emerging Markets FinTech ETF – EMFQ
07/27/2024 – iPathGEMS Asia 8 ETN – AYTEF
05/23/2024 – Defiance Israel Fixed Income ETF – CHAI
05/17/2024 – Global X Next Emerging & Frontier ETF – EMFM
03/25/2024 – Global X MSCI Nigeria ETF – NGE
03/21/2024 – VanEck Egypt Index ETF – EGPT
03/14/2024 – KraneShares Bloomberg China Bond Inclusion Index ETF – KBND
03/14/2024 – KraneShares China Innovation ETF – KGRO
03/14/2024 – KraneShares CICC China Consumer Leaders Index ETF – KBUY
03/13/2024 – Xtrackers MSCI All China Equity ETF – CN
03/13/2024 – Xtrackers MSCI China A Inclusion Equity ETF – ASHX
02/16/2024 – Global X MSCI China Real Estate ETF – CHIH
02/16/2024 – Global X MSCI China Biotech Innovation ETF – CHB
02/16/2024 – Global X MSCI China Utilities ETF – CHIU
02/16/2024 – Global X MSCI Pakistan ETF – PAK
02/16/2024 – Global X MSCI China Materials ETF – CHIM
02/16/2024 – Global X MSCI China Health Care ETF – CHIH
02/16/2024 – Global X MSCI China Financials ETF – CHIX
02/16/2024 – Global X MSCI China Information Technology ETF – CHIK
02/16/2024 – Global X MSCI China Consumer Staples ETF – CHIS
02/16/2024 – Global X MSCI China Industrials ETF – CHII
02/16/2024 – Global X MSCI China Energy ETF – CHIE
02/14/2024 – BNY Mellon Sustainable Global Emerging Markets ETF – BKES
01/26/2024 – The WisdomTree Emerging Markets ESG Fund – RESE

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

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

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

Emerging Market Links + The Week Ahead (April 6, 2026) was also published on our Substack.

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