Emerging Market Links + The Week Ahead (August 3, 2026)

There’s plenty of negative news surrounding the Ukraine-Iran wars and uncertainty about AI bubble along with private credit, but a Singapore-based thinktank’s latest growth forecasts shows all is not doom and gloom (East Asia outlook vulnerable to high oil prices, AI downturn 🗃️):

• Growth forecast for Asean+3 economies raised to 4.1% amid upgrades for South Korea, Singapore and other top tech players
• For the time being, however, Amro’s latest outlook [Quarterly Update of the ASEAN+3 Regional Economic Outlook (AREO) – July 2026] is slightly rosier than it was last month thanks to commodity prices rising less sharply than previously feared and stronger-than-expected demand in the artificial intelligence ( AI ) sector.
• Released by the Singapore-based intergovernmental think tank on Monday ( July 27 ), Amro’s quarterly update projects 4.1% growth for Asean+3 economies this year, up from 4.0% in an interim forecast in June.
• The regional outlook includes upward revisions to growth forecasts for South Korea and Singapore in particular, but also for Malaysia, Thailand and Vietnam – all big players in the AI sector.

I am in California with the almond harvest starting and despite shipping disruptions in the Middle East and sticky US inflation (I am being hit with diesel surcharges…), shipments and prices are actually strong. In fact, the industry is in a bit of a sweet spot as while prices are strong enough to provide good returns to non-overleveraged existing farmers, they are not strong enough to lure private equity, etc. back into overplanting orchards using cheap money (they might also be too busy overbuilding data centers). And although a strong El Nino may be coming (which will potentially be bad for Asia/Latam), smaller harvests would mean stable to higher prices for farmers in the foreseeable future.

In other words, there are still plenty of silver linings along with opportunities for investors right now…

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🔬 Emerging Market Fund Stock Picks + Stock Pick Tear Sheets

$ = behind a paywall

• 🌐 EM Fund Stock Picks & Country Commentaries (August 2, 2026) Partially $
  • Georgia/Shenzhen trip reports, finding innovative Chinese stocks, case for EM small caps, value investor’s guide to African stocks, hidden cost of stock market concentration, June/Q2 fund updates, etc
    • 🌏 New Asia Fund Documents & Research
    • 🌍 Middle East Research & Updates
    • 🇿🇦🌍 New South Africa Fund Documents & Research
    • 🌐 New Emerging Market Fund Documents & Research
      • 🌐 EM Equity
      • 🌐 Other
    • 🌐 New Frontier Market Fund Documents & Research
    • 🌐 Other Research Highlights

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📰🔬 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

🌏 East Asia outlook vulnerable to high oil prices, AI downturn (The Asset) 🗃️

• Growth forecast for Asean+3 economies raised to 4.1% amid upgrades for South Korea, Singapore and other top tech players
• For the time being, however, Amro’s latest outlook [Quarterly Update of the ASEAN+3 Regional Economic Outlook (AREO) – July 2026] is slightly rosier than it was last month thanks to commodity prices rising less sharply than previously feared and stronger-than-expected demand in the artificial intelligence ( AI ) sector.
• Released by the Singapore-based intergovernmental think tank on Monday ( July 27 ), Amro’s quarterly update projects 4.1% growth for Asean+3 economies this year, up from 4.0% in an interim forecast in June.
• The regional outlook includes upward revisions to growth forecasts for South Korea and Singapore in particular, but also for Malaysia, Thailand and Vietnam – all big players in the AI sector.

🌏 ‘Abrupt’ casino-policy changes in Asia-Pacific could widen gaps in issuer credit quality: S&P Global (GGRAsia)

• S&P Global Ratings puts Cambodia and the Philippines in the bottom half of an eight-jurisdiction ranking for Asia-Pacific gaming industry “business resilience” and attractiveness to credit issuers.
• But the institution noted in a 12-page report issued on Tuesday: “In our view, regulatory risk is structural and intrinsic to the Asia-Pacific gaming sector.”
• It added: “In many Asian jurisdictions, political incentives to prioritise social safeguards frequently override economic stability, leading to abrupt policy shifts. Cultural stigma and political rifts drive this volatility.”
• The paper was titled ‘Asia-Pacific Gaming: Policy Risks Could Widen Credit Quality Gaps’.

🇯🇵 Duskin Co. Ltd. (4665.T): Owner of Mister Donut & Japan’s Weirdest Conglomerate (KonichiValue Japan) $

• Duskin Co Ltd (TYO: 4665 / OTCMKTS: DSKNF) is the weirdest company I’ve seen in a long time. The name is a mashup of the English “Dust” and the Japanese word for cleaning cloth, “zokin,” which tells you everything about where this company started, and yet nothing why its biggest business is Japan’s most beloved donut chain.
• A company that prides themselves of renting out chemical floor mops and while Pon de Ring donuts (my favorite donut in the whole world by the way) under one ticker genuinely broke my brain.
• So I did what I always do: I ran the numbers to see whether this weird concuction is a buying opportunity or a value trap.

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🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 Chinese stocks on track for worst month in decade (FT) $ 🗃️

• Investors pull out of ‘picks and shovels’ suppliers to AI boom

🇨🇳 Analysis: How Active ETFs Will Reshape Asset Management in China (Caixin) $

• China’s exchange-traded fund (ETF) market is at a critical inflection point. After peaking at over 6 trillion yuan ($840 billion) in late 2025, the industry is expanding beyond passive index tracking into active management.
• Flagged by China Securities Regulatory Commission Chairman Wu Qing in June, the impending pilot of active ETFs represents a structural evolution for the major Asian ETF market.
• However, the success of this innovation partly hinges on resolving a fundamental transparency paradox: balancing the secrecy required for market-beating returns with the transparency demanded by China’s market structure.

🇨🇳 In Depth: China Shuts Multibillion-Dollar Loophole to Offshore Markets (Caixin) $

• Chinese regulators have moved to curb one of the market’s more discreet channels for overseas investing, instructing brokerages to stop taking on new cross-border total return swap (TRS) business for private securities funds after the trade became a popular way to gain offshore exposure outside formal investment channels.
• The latest restrictions, delivered as window guidance to brokerages on the night of June 23, followed online discussion highlighting TRS as one of the few remaining routes for investors seeking overseas assets after regulators tightened scrutiny of online brokerages including Futu Holdings Ltd (NASDAQ: FUTU), UP Fintech Holding (NASDAQ: TIGR) and Long Bridge HK Ltd.

🇨🇳 Chinese VC firms rush to raise funds after three-year drought (FT) $ 🗃️

• Managers capitalise on investors’ desire to ‘hedge’ against US market bets

🇨🇳 China Industrial Profits Surge 18.7% as Tech Boom Masks Property Slump (Caixin) $

• Profits at China’s major industrial firms jumped 18.7% year-on-year in the first half, driven by a booming technology sector and lower costs, official data showed Monday.
• Yet the 3.95 trillion yuan ($584 billion) windfall masks a polarized economic recovery. While high-tech manufacturing and raw materials surged, property-linked sectors and consumer goods struggled amid weak domestic demand.
• The electronics sector powered much of the gains, with earnings rocketing 96.9%, fueled by robust demand for AI and computing power. Raw material manufacturing rallied 71.7% on a strong appetite for copper and aluminum.

🇨🇳 My Bullish Outlook For .JDcom Aligns With Its Quant Rating (Technical Analysis) (Seeking Alpha) $ 🗃️

• 🌐 JD.com (NASDAQ: JD / SGX: HJDD) – Supply chain-based technology & service provider. One of the 3 largest eCommerce platforms in China. 🇼 🏷️

🇨🇳 Alibaba: China AI Policies And Robust Competitiveness To Support Cloud Growth (Seeking Alpha) $ 🗃️

• 🌐 Alibaba (NYSE: BABA) 🇰🇾 – eCommerce, retail, Internet & technology. 🇼 🏷️

🇨🇳 Alibaba: The Only Non-US Stock in My Children’s Portfolio — And Why Mr. Market Is Wrong Again (Substack von Philipp)

• The irony is that in July 2026, Mr. Market is once again offering this crown jewel at a discount. The stock trades around $117–118, a market capitalization of roughly $268 billion, down about 20% year-to-date and almost 40% below its October 2025 high of $192. Why? Because Alibaba (NYSE: BABA) is doing exactly what I want a long-term compounder to do: it is investing aggressively into the biggest opportunity of the decade — AI and cloud — and Wall Street is punishing the short-term earnings dip. Meanwhile, the operating business is inflecting: cloud growth just accelerated to 40%, Apple has chosen Alibaba’s Qwen models to power Apple Intelligence in China, and the core marketplace is stabilizing. This is the classic setup I look for: a quality company with a temporary profit valley, priced as if the future doesn’t exist.
• Let me walk you through my full analysis.

🇨🇳 Tencent (700 HK) 2Q2026 Results Preview: The Gaming Scare Is a Head-Fake, the Shorts Are Mistaken (Smartkarma) $

[Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY)]

• The 22 July rout traded gross receipts as revenue. They are not: Spring Festival deferrals flow into 2Q’s P&L, so domestic games should print +13% against perceived decline.
• We forecast 2Q26E revenue RMB203.3bn (+10%), non-IFRS net profit RMB68.0bn (+8%), both above street; 2H catalysts stack up — Xiaowei launch, official HY3, Manus stake, ASIC-backed capex step-up.
• We are BULLISH with fair value of HK$670, set on SOTP — 20x games and marketing earnings, 4.0–4.5x fintech/cloud sales, investments at 30% discount; +41% upside.

🇨🇳 Tencent (700 HK): Trading Above Support Line, Popular Large Language Model to Boost Businesses (Smartkarma) $

• Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY)’s stock price has firmly established itself above the support level throughout July.
• Tencent holds the third-largest global share in LLM API calls, which will drive existing businesses.
• Based on the five-year P/E band, the stock offers a 35% upside by the end of 2027.

🇨🇳 Shein slumps to loss ahead of planned Hong Kong listing (FT) $ 🗃️

• US and EU trade tensions hit fast-fashion retailer’s profits

🇨🇳 Shein Moves Closer to Hong Kong IPO as Growth Slows (Caixin) $

• Shein has moved a step closer to a Hong Kong initial public offering that could value the fast-fashion giant at about $40 billion, even as its revenue growth and profitability slow.
• The company’s once-explosive growth has slowed sharply, according to company filings released by the Hong Kong stock exchange on Sunday. Revenue rose from $32.1 billion in 2023 to $41.8 billion in 2025, but annual growth slowed from 41.1% to 8% and fell further to 1.1% in the first quarter of 2026.

🇨🇳 Kingsoft Cloud: Upgrade To BUY Ahead Of Q2 2026 Print – AI Engine Shift Drives 100%+ Upside (Seeking Alpha) $ 🗃️

• 🌐 Kingsoft Cloud Holdings Ltd (NASDAQ: KC) 🇰🇾 – Cloud platform. 🇼

🇨🇳 Dida (2559 HK): Tongcheng (780 HK)’s Offer Now Open For Tendering

• Back on the 29th June 2026, ride-hailer Dida (HKG: 2559) announced a super clean voluntary conditional offer from Tongcheng Travel Holdings (HKG: 0780).
• Terms were HK$2.562, a 108.3% premium to undisturbed , comprising a cash component (HK$1.3875/share) plus a special dividend (HK$1.1745/share, 20th July record date). Irrevocables cleared the minimum acceptance of 50%.
• The Composite Doc is now out. The Offer is open to tendering. The IFA says fair & reasonable.
• Dida (2559 HK) is not super liquid. Look away if this is not your bag.

🇨🇳 CATL (300750 CH / 3750 HK): H1-26 Above Consensus; Record Buyback Reverses the Dilution Trade (Smartkarma) $

[Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750 / HKG: 3750 / SGX: HCCD / OTCMKTS: CYATY / CTATF)]

• H1-26 revenue Rmb276.9bn (+54.8%), net profit Rmb43.3bn (+42.0%). Derived 2Q net profit of Rmb22.5bn beat LSEG consensus by 5%. Storage +87.5%; utilisation 94.9%.
• Board approved a Rmb20-40bn buyback for cancellation — an A-share record — capped at Rmb573, plus a Rmb6.5bn interim dividend. Returns now exceed April’s placement.
• BULLISH, FV Rmb500 on 24x FY26E EPS of Rmb20.9. Prefer A over H: the buyback covers A-shares only.

🇨🇳 Battery Giant CATL Plans Record $5.9 Billion Share Buyback (Caixin) $

• Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750 / HKG: 3750 / SGX: HCCD / OTCMKTS: CYATY / CTATF) plans to repurchase up to 40 billion yuan ($5.9 billion) of its Shenzhen-listed shares for cancellation, marking the largest single buyback in the history of the Chinese mainland’s stock market.
• The battery giant plans to spend 20 billion to 40 billion yuan buying stock at up to 573 yuan a share, pending shareholder approval, according to a Friday exchange filing.

🇨🇳 Deepexi unearths deep revenue growth in agentic AI wave (Bamboo Works)

• The company posted triple-digit growth in the first half of 2026, with revenue for the six-month period already equal to 70% of its 2025 total
• Deepexi Technology Co Ltd (HKG: 1384) said it expects to report its revenue grew by 101% to 120% year-over-year in the first half of 2026
• The agentic AI company’s price-to-sales valuation is significantly lower than that for better-known peer Palantir

🇨🇳 CXMT Corporation (688825 CH): The Debut Broke Our Model. It Didn’t Break Our Numbers. (Smartkarma) $

• Changxin Memory Technologies (CXMT) (SHA: 688825) closed its debut at Rmb49.00 (+466% from IPO, intraday high +531%), making it China’s most valuable listed company on Rmb100bn+ turnover.
• A 6.73% free float and 462.85x oversubscription explain the pop better than fundamentals do; professional allocation holders sold immediately, and P/B–ROE now sits off the chart.
• We move to BEARISH, TP unchanged at Rmb11.65 — a valuation-gap call, not a business downgrade: spot is 4.2x our TP and 3.4x even our bull case.

🇨🇳 CXMT’s roaring IPO isn’t the bubble signal it might appear (FT) $ 🗃️

• The Chinese group and its peers could continue to benefit if cheaper computing power results in more demand for AI

🇨🇳 China’s State Banks Sit on Massive Paper Gains After Chipmaker CXMT’s Blockbuster IPO

• Five of China’s major state-owned banks are sitting on massive paper gains after their early bets on domestic memory chipmaker Changxin Memory Technologies (CXMT) (SHA: 688825) culminated in a blockbuster trading debut.
• The IPO propelled CXMT past Industrial and Commercial Bank of China (SHA: 601398 / HKG: 1398 / FRA: ICK / OTCMKTS: IDCBY / IDCBF) to become the most valuable stock on the Chinese mainland market Monday.
• The windfall highlights how Beijing’s push to fund strategically critical semiconductor projects is starting to show lucrative paper returns for state backers.

🇨🇳 MSCI Fast-Tracks Chinese Chipmaker CXMT Into Indexes After Mega IPO (Caixin) $

• Global index compiler MSCI Inc. will fast-track Changxin Memory Technologies (CXMT) (SHA: 688825) into its China benchmarks on Aug. 10, bypassing regular reviews following the chipmaker’s record-breaking STAR Market IPO.
• Using a mega-IPO exemption, MSCI will add the Shanghai-listed stock to the MSCI China All Shares Index and its large-cap segment despite an initial free float of just 6.7% — less than half the standard 15% requirement.

🇨🇳 INTERVIEW: Shanghai Able Digital turns structured knowledge into AI-ready infrastructure (Bamboo Works)

• The knowledge technology provider is building traceable, callable knowledge assets through its platforms, as knowledge graphs become its largest revenue contributor
• As AI moves from general-purpose models into professional applications, competition is shifting toward domain knowledge, workflows and delivery. Shanghai Able Digital Science & Technology Co Ltd (HKG: 2687) is positioning itself at that application layer after nearly two decades of serving academic and research institutions.

🇨🇳 AsiaInfo calls on AI, space communications to revive its flagging business (Bamboo Works)

• The telecoms software company said its revenue fell up to 19.2% in the first half of 2026, implying contraction of up to nearly 30% in the second quarter
• AsiaInfo Technologies Ltd (HKG: 1675 / FRA: 51N / OTCMKTS: ASNFF)’s revenue fell between 11.5% and 19.2% in the first half of 2026, as strong gains for its AI business failed to offset accelerating declines for its traditional telecoms business
• The company is betting on AI infrastructure partnerships and space communications to revive its fortunes, though those two areas account for just 15% of its sales

🇨🇳 NIO: Time To Buy (Rating Upgrade) (Seeking Alpha) $ 🗃️

• 🌐 NIO Inc (NYSE: NIO) – Premium smart electric vehicle market. 🇼 🏷️

🇨🇳 Pony.ai’s Founder and CEO James Peng on What It Takes to Scale Robotaxis (AI Proem)

• why autonomous driving took a decade to commercialize, China’s cost advantage, the bottlenecks and challenges of scaling globally
• When James Peng founded Pony AI Inc (NASDAQ: PONY) in 2016, many in Silicon Valley believed autonomous driving was only three to five years away. But he expected it would take at least a decade, because the challenge was never just teaching a car to drive. Commercialization also required regulatory approval, public trust, reliable fleet operations, and a cost structure that could support large-scale deployment. Ten years later, his vision is becoming reality.
• In this conversation, we start with his founding journey, the milestones and how Pony.ai became a leader in the autonomous driving space. We also discuss the gap between assisted driving, Level 4 autonomy, and the longer-term goal of Level 5, as well as how Pony.ai uses simulation, real-world driving data, and increasingly capable AI models to improve safety. James explains that the hardest problems are often not the obvious ones but interpreting unpredictable human behavior and handling rare edge cases consistently.

🇨🇳 New Oriental Education: Favorable Financial And Capital Return Prospects (Seeking Alpha) $ 🗃️

• 🇨🇳 New Oriental Education (NYSE: EDU) 🇰🇾 – Schools & learning centers + nationwide network of online and offline bookstores. 🇼 🏷️

🇨🇳 TAL Education finds gold – and risk – in U.S. acquisition (Bamboo Works)

• The educator’s $95 million purchase of digital reading platform Epic in a bankruptcy sale last year appears to be the source of a $405 million investment gain in its latest financial report
• TAL Education Group (NYSE: TAL) reported a massive profit increase in its fiscal quarter through May, mostly due to a one-time investment gain
• The gain looks tied to the company’s fire sale purchase last year of digital U.S. children’s reading platform Epic, which has raised concerns from some U.S. politicians

🇨🇳 Trip.com: Anti-Monopoly Fine, Long-Term Overhang Remains (Seeking Alpha) $ 🗃️

• 🌐 Trip.com (NASDAQ: TCOM) – One-stop travel platform. Operates Ctrip, Qunar, Trip.com & Skyscanner. 🇼 🏷️

🇨🇳 Trip.com gets slapped with fines but is spared a major overhaul (Bamboo Works)

• Regulators have ordered China’s top online travel platform to pay more than $780 million after an anti-monopoly probe, but the firm’s wider business is left intact
• Trip.com (NASDAQ: TCOM) is required to end exclusivity deals and other anti-competitive tactics in its hotel dealings, potentially weighing on future earnings
• But regulators stopped short of mandating a breakup of Trip.com businesses or requiring the sale of its stake in the Tongcheng Travel platform

🇨🇳 Atour Lifestyle Q2 2026 Preview: Trough Valuation Meets A Best-In-Class Flywheel (Seeking Alpha) $ 🗃️

• 🇨🇳 Atour Lifestyle Holdings (NASDAQ: ATAT) – Hospitality & lifestyle company in China. Portfolio of lifestyle hotel brands. 🏷️

🇨🇳 From boom to bust: Laopu Gold loses its luster (Bamboo Works)

• The traditional gold craftsman’s stock tumbled after an earnings forecast last week showed its revenue and profit plunged in the second quarter compared with the first
• Laopu Gold Co Ltd (HKG: 6181) said its revenue rose sharply in the first half of this year, but the figure dropped sharply from the first quarter to the second as gold prices retreated
• Investors believe gold prices are unlikely to rebound to record highs from the beginning of the year in the second half of 2026

🇨🇳 Luckin Coffee: Stop Calling It Chinese Starbucks, This Company Is Different (Seeking Alpha) $ 🗃️

• 🇨🇳 Luckin Coffee (OTCMKTS: LKNCY) 🇰🇾 – Brewed drinks & pre-made food & beverage items. 🇼 🏷️

🇨🇳 Is Shenzhen Pagoda still a top banana in China’s massive fruit market? (Bamboo Works)

• The leading fruit seller returned to profitability and revenue growth in the first half of this year, as its chairman declared 2026 a ’year of rebirth’
• Shenzhen Pagoda Industrial Group (HKG: 2411 / FRA: D0V) earned a profit of 20 million yuan or more in the first half of 2026, reversing a loss a year earlier, as its revenue grew 7%
• The return to profits and revenue growth comes after the leading fruit seller posted a 20% revenue decline last year and closed 1,625 stores between 2023 and 2025

🇨🇳 Yum China Holdings, Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇨🇳 YUM China (NYSE: YUMC) 🇺🇸 – China’s largest restaurant company. Exclusive right to operate & sub-license KFC, Pizza Hut & Taco Bell + owns Little Sheep & Huang Ji Huangt. Partnered with Lavazza. 🇼 🏷️

🇨🇳 Miniso: Downgrade To Hold; Solid Yield And IP Traction Offset By Capital Allocation Overhang (Seeking Alpha) $ 🗃️

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

🇨🇳 China Wealth Products Hit $5 Trillion in Hunt for Higher Yields (Caixin) $

• China’s outstanding wealth management products (WMPs) swelled nearly 10% year-on-year to 33.7 trillion yuan ($5 trillion) at the end of June, driven by a widening hunt for yield in a persistent low-interest-rate environment.
• Average annualized returns edged up to 2.05% in the first half, up from 1.98% for all of 2025, according to China Wealth (Asset) Management Registry and Custody Co. Ltd., a state-owned industry registry.
• Alongside the expansion, China’s massive wealth management sector is undergoing a structural shift. Facing compressed margins on traditional safe havens, managers are funneling more cash into mutual funds and mixed-asset portfolios.

🇨🇳 Lufax reshuffles board as delisting clock ticks down (Bamboo Works)

• Four directors at the Ping An-backed online loan facilitator, including its CFO, resigned as it races to resolve its prolonged Hong Kong trading suspension
• Four Lufax Holdings (NYSE: LU) board members associated with controlling shareholder Ping An resigned, as the company appointed one new independent director
• The move may be aimed at improving governance as a deadline to meet requirements for a trading resumption of its Hong Kong-listed shares passed this week

🇨🇳 BeOne Medicines: Owning The Full B-Cell Treatment Sequence (Seeking Alpha) $ 🗃️

• 🌐 BeOne Medicines (NASDAQ: ONC) formerly BeiGene 🇰🇾 – Global biotechnology. Development of drugs for cancer treatment. 🇼 🏷️

🇨🇳 HUTCHMED (China) Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 Hutchmed (NASDAQ: HCM) 🇰🇾 – Commercial-stage biopharmaceutical company. Global development of targeted therapies & immunotherapies for the treatment of cancer & immunological diseases. CK Hutchison Holdings (HKG: 0001 / FRA: 2CKA / OTCMKTS: CKHUY / CKHUF) controlled.🏷️

🇨🇳 RLX Q2 2026 Preview: International Rollup And European Integration Take Center Stage (Seeking Alpha) $ 🗃️

• 🌐 RLX Technology (NYSE: RLX) – Global branded e-vapor company.

🇨🇳 Biokin’s world-first bispecific ADC hits milestones, speeding commercialization (Bamboo Works)

• Iza-bren was approved for recurrent or metastatic esophageal squamous cell carcinoma, after receiving earlier approval to treat nasopharyngeal carcinoma
• New approvals for Sichuan Biokin Pharmaceutical Co Ltd (SHA: 688506)’s Iza-bren highlight the rise of China’s role in developing bispecific ADCs, and their effectiveness in treating a growing range of solid tumors
• The company aims to become a multinational corporation using major-indication “super blockbuster” products, as it prepares to launch Iza-bren overseas by 2029

🇨🇳 Initial Thoughts on the Yangtze Memory Technologies Co (YMTC) IPO (Douglas Research Insights)

• Yangtze Memory Technologies (YMTC) is getting ready to complete its IPO in China in 2H 2026/1H 2027. Many investors are lining up to subscribe to the YMTC IPO after the huge Changxin Memory Technologies (CXMT) (SHA: 688825) IPO.
• Reuters has mentioned that YMTC may be pushing internally for a 1 trillion won yuan ($148 billion) valuation target which is 28% of CXMT’s current market cap.
• Both CXMT and YMTC are quickly emerging as formidable competitors to SK Hynix (KRX: 000660) and Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF).

🇨🇳 Zhongji Innolight (中际旭创) IPO Trading (Smartkarma) $

• Zhongji Innolight Co Ltd (SHE: 300308) raised HKD 52,891m (USD 6,746m) from its global offering and will list on the HKEx on Thursday, July 30, 2026.
• In our previous notes, we looked at the company’s fundamentals and the deal terms.
• In this note, we provide an update for the IPO before its trading debut.

🇨🇳 Zhongji Innolight Rebounds After Buyback Plan, Easing Jitters Ahead of Hong Kong Debut (Caixin) $

• Shares of Shenzhen-listed Zhongji Innolight Co Ltd (SHE: 300308) rebounded after the company unveiled a large share-buyback plan and pushed back against market rumors of product price cuts, helping steady China’s optical communications sector after a broad selloff ahead of the company’s Hong Kong listing.
• The swings around what is set to be Hong Kong’s largest initial public offering this year highlight rising investor caution toward once-favored artificial-intelligence hardware stocks, as global market volatility and shifting macroeconomic expectations spur profit-taking.

🇨🇳 XREAL Pre-IPO: Early Thoughts (Smartkarma) $

• XREAL, an AR eyewear maker, has filed its prospectus with the HKEX. CICC and Citi are the joint sponsors.
• We look at the company’s core segments: AR eyewear and accessories.
• We put XREAL on Watch. Market leadership and named partners are positives, but cash burn, breakeven risk and product cycles matter.

🇨🇳 NASN Intelligent Tech IPO: Valuation Not Intelligent Enough To Carry It Through (Smartkarma) $

• NASN Intelligent Tech (Zhejiang) launched its Hongkong IPO aiming to raise up to HK$ 643.9M (~ US$ 82M). NASN develops intelligent driving motion control technologies, currently offering brake-by-wire solutions.
• NASN Intelligent intends to use the IPO proceeds to enhance R&D capabilities, upgrade production/manufacturing facilities, raise service capabilities, raise brand recognition and working capital.
• Valuation that the company is seeking does seem stretched just because the company relatively is in its early stages of growth and it will slowly and steadily scale up.

🇨🇳 Luxvisions Innovation (立景创新) Pre-IPO: Tearsheet (Smartkarma) $

• Luxvisions Innovation, a camera module and precision optical solutions supplier, has filed its prospectus with the HKEX. CITIC and CICC are the joint sponsors.
• We look at the company’s core segments: consumer electronics and smart office applications.
• We then look at the company’s financial profile, profit growth, pre-IPO valuation and investor backing.

🇨🇳 AgiBot Begins Hong Kong IPO Process as China’s Embodied-AI Startups Race to List (Caixin) $

• Shanghai-based humanoid robot developer AgiBot has begun the process for an initial public offering in Hong Kong, the company confirmed to Caixin on July 24.
• The move makes AgiBot the first among a wave of 30 to 50 Chinese embodied-AI startups to formally disclose listing plans, underscoring intensifying competition for capital and market share in the nascent sector. Formerly known as AgiBot Robotics, the company has also rebranded as AgiBot Innovation (Shanghai) Technology Co. Ltd.

🇭🇰 Why Hong Kong-listed companies are switching from IFRS to China accounting (Bamboo Works)

• At least 25 Hong Kong-listed companies could switch to China’s accounting standards this year, as a boom of dual listings in both markets raises concerns over financial comparability

🇭🇰 DFI Retail Group Holdings Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌏 DFI Retail Group (SGX: D01 / FRA: DFA1 / OTCMKTS: DFIHY) 🇧🇲 🇸🇬 – Well-known brands across food, convenience, health & beauty, home furnishings, restaurants & other retailing. Part of Jardine Matheson (SGX: J36 / FRA: H4W / OTCMKTS: JARLF). 🇼 🏷️

🇭🇰 Hang Lung Group Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇭🇰 Hang Lung Group Limited (HKG: 0010 / FRA: HLU / OTCMKTS: HNLGF / HNLGY) 🇭🇰 – Investment holding company. Property development for sales & leasing & management of car parks, properties & dry cleaning businesses. 🇼

🇭🇰 Shangri-La profit picks up on rebounding China market (Bamboo Works)

• The hotelier said its operating profit rose 35% in the first half of 2026, accelerating sharply from a 6% rise for all of 2025
• Shangri-La Asia (HKG: 0069 / FRA: SHN / OTCMKTS: SHALF)’s profit growth picked up sharply in the first half of this year, as the China market that accounts for about half of its business began to rebound
• Signals from other major Chinese hotel operators indicate the market began to recover in the last year’s fourth quarter, lifting most companies back to positive revpar growth

🇭🇰 PCCW Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 PCCW Limited (HKG: 0008 / FRA: TH3B / OTCMKTS: PCWLF) 🇭🇰 – Interests in telecommunications, media, IT solutions, property development & investment, & other businesses. Controls HKT Trust and HKT Ltd (HKG: 6823 / OTCMKTS: HKTTF) 🇰🇾. 🇼

🇭🇰 Techtronic Industries: Compelling Catalysts For Long-Term Growth (Seeking Alpha) $ 🗃️

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

🇭🇰 Superland (368 HK) Suspended: MBO (Takeunder) Expected (Hong Kong/China M&A/Events) $

• Superland Group Holdings Ltd (HKG: 0368) is suspended pursuant to Hong Kong Code on Takeovers and Mergers. I expect a Scheme Offer from founder/chairman/CEO Ng Chi Chiu, who currently holds 75%.
• Superland, a high-end indoor home and commercial decorator/renovator, was listed in July 2020 at HK$0.63/share.
• The stock is up >600% in the past year. Yet remarkably, is 50% adrift off its all-time high last month. Expect a takeunder. Currently trading with total disregard to fundamentals.

🇭🇰 WK Group (2535 HK): Second Contractor Suspended Pursuant To Takeovers Code (Hong Kong/China M&A/Events) $

• Contractor WK Group (Holdings) Ltd (HKG: 2535) is suspended pursuant to the Hong Kong Code on Takeovers and Mergers. Expect a Scheme Offer from the Chan family, who collectively hold ~39%.
• WK Group was listed in March 2024 at HK$0.25/share, and closed up 9.7% yesterday at HK$0.51/share.
• Interestingly, this is the second HK contractor suspended in as many days due to the Takeovers code, after Superland (368 HK) – see Superland (368 HK) Suspended: MBO (Takeunder) Expected.

🇲🇴 Macau bounceback pre-World Cup Final, design work started on MGM Macau villas: MGM Resorts (GGRAsia)

• The Macau gaming market “bounced back nicely in July”, with MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY) “maintaining mid-teen share throughout the temporary disruption caused by the World Cup,” said Bill Hornbuckle, president and chief executive of the United States-based parent, MGM Resorts International (NYSE: MGM).
• Mr Hornbuckle (pictured in a file photo) was speaking on Wednesday’s second-quarter earnings call for the group. He was referring to the FIFA World Cup 2026, the global football tournament held in North America from June 11 to July 19.

🇲🇴 Macau’s July casino GGR down 8.4pct y-o-y to US$2.51bln: govt (GGRAsia)

• Casino gross gaming revenue (GGR) in Macau fell 8.4 percent year-on-year in July, to MOP20.26 billion (US$2.51 billion), showed data released on Saturday by the city’s Gaming Inspection and Coordination Bureau.
• The latest monthly GGR result took the Macau aggregate so far this year to MOP147.16 billion, 4.4-percent higher than in the prior-year period.
• July’s GGR was 9.4 percent up on June’s MOP18.52 billion, according to the regulator’s data.

🇲🇴 Seaport sees Macau casino GGR rebound in Aug, Sep after World Cup drag (GGRAsia)

• Macau’s casino gross gaming revenue (GGR) is expected to return to year-on-year growth in August and accelerate further in September, as business normalises following disruption from the FIFA World Cup 2026 football tournament, according to brokerage Seaport Research Partners.
• Macau generated MOP20.26 billion (US$2.51 billion) in casino GGR in July, down 8.4 percent from a year earlier, but up 9.4 percent sequentially, showed data from the city’s Gaming Inspection and Coordination Bureau.
• The July result was affected by the football tournament, which analysts said reduced demand for gaming in Macau, particularly among premium-mass and VIP players.

🇲🇴 Wynn Palace expansion to lift group’s capex, leverage pressure: CreditSights (GGRAsia)

• The Macau government’s approval for Wynn Macau Ltd (HKG: 1128 / FRA: 8WY / OTCMKTS: WYNMY / WYNMF) to expand its Wynn Palace resort in Cotai marks an important milestone in the operator’s non-gaming investment plans, but the projects are likely to increase overall capital spending and could weigh on leverage over the next two years, according to CreditSights.
• On Wednesday, Wynn Macau Ltd said it had secured approval for public land-concession changes, allowing for the construction of a new hotel tower, a theatre, and an event and entertainment centre. The Macau government has given the company up to five years to complete the development.
• U.S.-based Wynn Resorts Ltd (NASDAQ: WYNN), the parent of Wynn Macau Ltd, announced in May that a US$950-million second hotel tower would be developed at Wynn Palace.

🇲🇴 MGM China 2Q profit hit by higher branding fees despite steady revenue (GGRAsia)

• Macau casino concessionaire MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY) reported broadly flat revenue for the second quarter of 2026, though profitability declined as higher intercompany branding licence fees and softer operating performance weighed on results.
• The company generated net revenue of US$1.10 billion for the three months to June 30, compared with US$1.11 billion in the prior-year period.
• The figures were disclosed overnight by parent MGM Resorts International (NYSE: MGM) as part of its second-quarter results.

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🇹🇼 Taiwan

🇹🇼 Taiwan Tech Weekly: NVIDIA Guarantees Its AI Landlords; Quanta Raises Asia’s Biggest GDR (Smartkarma) $

• NVIDIA lined up US$625bn of AI financing in one week, from OpenAI’s Ohio lease to Hut 8’s Texas campus; the cost of insuring its debt rose the most on record.
• Macronix International Co Ltd (TPE: 2337)’s gross margin reached 64.4% and Changxin Memory Technologies (CXMT) (SHA: 688825) raised US$8.6bn, evidence memory pricing power kept climbing even as Korea’s chip stocks swung double digits in both directions.
• Quanta Computer (TPE: 2382 / OTCMKTS: QUCCF) raised US$2.2bn in Asia’s largest tech GDR, ASE Technology Holding (NYSE: ASX) lifted 2026 capex to US$10.5bn, and MediaTek (TPE: 2454 / OTCMKTS: MDTTF) raised its 2027 AI ASIC share target to 15-20%.

🇹🇼 Perfect Corp.: Likely Undervalued But Also Viable As A Merger Bet (Seeking Alpha) $ 🗃️

• 🌐 Perfect Corp (NYSE: PERF) – SaaS makeup virtual try-on solutions (Beauty AI, Skin AI, Fashion AI & Generative AI SaaS solutions). 🇼

🇹🇼 United Microelectronics Q2 Review: Well Off Its Highs, But The Sentiment Is Tough (Seeking Alpha) $ 🗃️

🇹🇼 United Microelectronics Corporation 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 United Microelectronics Corp (TPE: 2303 / NYSE: UMC) – Global semiconductor foundry. 🇼 🏷️

🇹🇼 ASE Technology Holding Co., Ltd. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇹🇼 TSMC Deserves Much More Respect From The Market (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: AI Demand Visibility Is Intact, But Margin Dilution Will Weigh On Sentiment (Seeking Alpha) $ 🗃️

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

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🇰🇷 Korea

🇰🇷 Why South Korea’s won was world’s best performer in July (FT) $ 🗃️

• Currency strengthened nearly 8% against dollar last month despite tech stock sell-off

🇰🇷 S.Korea casino reform plans yet to be formally tabled: govt advisor on tourism (GGRAsia)

• Lee Jae-seok (pictured) a leading South Korean scholar in tourism management who attended the recent parliamentary forum on possible reform to regulation of the country’s casino industry, spoke to GGRAsia about the opportunities and challenges of such a path.
• Government ideas seemingly include raising the maximum contribution to the Tourism Promotion and Development Fund from 10 percent to 15 percent of casinos’ annual gaming revenue; introducing periodic licence renewals for commercial casinos on the Korean mainland; and requiring government clearance for shareholder control changes.

🇰🇷 S.Korea tourism industry urges withdrawal of casino reform proposals as ministry defends plans (GGRAsia)

• Major representatives of South Korea’s tourism industry have urged the national government to withdraw proposed changes to the regulatory framework for the country’s foreigner-only casinos. Their Monday joint statement warned the measures would deter investment, threaten jobs and weaken the country’s competitiveness against regional casino resort markets.
• The proposals were first outlined by the Ministry of Culture, Sports and Tourism in early July as part of planned amendments to the Tourism Promotion Act governing South Korea’s casino industry. The ministry itself pushed back against the tourism sector’s freshly-voiced concerns in its own statement.

🇰🇷 Lotte Tour to redeem US$24.5mln of convertible bonds after put option exercised (GGRAsia)

• Lotte Tour Development (KRX: 032350), operator of the foreigner-only casino at Jeju Dream Tower (pictured), in South Korea, is to redeem KRW35.0 billion (US$24.5 million) in privately-placed convertible bonds after a bondholder exercised an early redemption, or put option.
• The company said on Monday it would use its own funds for the repayment and plans to cancel the redeemed bonds. The bondholder was identified as NV8 Holdings Co Ltd.

🇰🇷 Casino sales hit 2026 monthly record in July for Jeju Dream Tower at US$36mln (GGRAsia)

• July casino sales for South Korea’s Lotte Tour Development (KRX: 032350) reached KRW51.59 billion (US$36.06 million), the best monthly performance so far this year.
• That is according to a Monday filing with the Korea Exchange, and supplementary business data.
• The July casino sales generated by Lotte Tour’s foreigner-only casino at the Jeju Dream Tower resort (pictured in file photo) on the South Korean holiday island of Jeju, grew 18.8 percent year-on-year. Judged sequentially, July casino sales rose 5.8 percent.

🇰🇷 Cornerstone IPO System to Start in Korea in November 2026 (Douglas Research Insights) $

• The long-awaited cornerstone IPO system is expected to start in Korea on 13 November 2026.
• Going forward, cornerstone investors who receive advance allocations of shares in an IPO will be required to hold those shares from six to ten months.
• Allocations vary by market. Up to 20% of the total offering in the KOSPI market and up to 30% in the KOSDAQ market can be allocated to cornerstone investors.

🇰🇷 Crushing Losses and New Laws to Lead to Lower Demand for 2x Single Stock Leveraged ETFs in Korea (Douglas Research Insights) $

• In this insight, I argue how crushing losses and changing regulations are likely to lead to lower demand (especially among retail investors) for 2x single, stock leveraged ETFs in Korea.
• These 2x single stock leveraged ETFs have received a major blame as to why Samsung Electronics and SK Hynix’s share prices have been so volatile in the past two months.
• Korean regulators are making new rules including a 20% cap on individual investments in single-stock leveraged ETFs to reduce excessive trading of these products, especially among retail investors.

🇰🇷 Shaming by Naming Korean Companies with Low PBRs (Douglas Research Insights) $

• On 28 July, the Financial Services Commission and the Korea Exchange announced the detailed criteria for this system of publicly identifying companies with low PBRs.
• This is a “shaming by naming” those companies with low PBRs to address situations where companies with low PBRs neglect efforts to boost shareholder value by publicly identifying them.
• I provide a list of 150 stocks in KOSPI that could be included in this list.

🇰🇷 Hidden Champions of South Korea (Asian Century Stocks) $

• 30 “hidden champions” identified
• In mid-2026, US and Chinese online trading platforms Interactive Brokers and Moomoo opened up access to South Korean equities. And since then, the interest in the market among international investors has skyrocketed.
• To help you make sense of the market, I’ve dug into the universe of publicly listed stocks and picked out 30 “hidden champions”. The concept is from German author Hermann Simon and refers to companies that dominate their niches and compound their capital at high returns on equity.

🇰🇷 4 Bargain Basement Korean Small Caps (ROE The Boat) $

• Deeply undervalued companies that should be worth 2 to 3 times their current market cap.
• For this issue I want to share with you another batch of deeply undervalued South Korean small caps that should be worth 2 to 3 times their current market cap.

🇰🇷 POSCO Holdings Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 POSCO Holdings (NYSE: PKX) – Integrated steel producer. 6 segments: Steel, Trading, Construction, Logistics & Others, Green Materials & Energy & Others. 🇼 🏷️

🇰🇷 Samsung Electronics Co., Ltd. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐🅿️ Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) – MNC major appliance & consumer electronics corporation. 🇼 🏷️

🇰🇷 Samsung Electronics – Time for A Special Dividend (Douglas Research Insights) $

• On 30 July, Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) announced that it plans to soon unveil its shareholder return strategy for the year, which will include a special dividend.
• My analysis suggests that the special DPS could be about 8,648 won per share. This represents dividend yields of 4.2% for common shares and 5.7% for preferred shares.
• I provide a detailed calculation of the special dividends for Samsung Electronics.

🇰🇷 Samsung Electronics (005930 KS): 2x Leveraged ETF Outflows Signal Weakening Demand (Smartkarma) $

• Last week, KRX-listed 2x long ETFs on Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF)) saw outflows, signalling weakening investor demand.
• Among other measures, Korea will triple minimum cash deposit requirements for single-stock leveraged ETFs from 31 July, potentially adding pressure on future flows and AUM.
• The inverse ETF has benefited from Samsung Electronics’ decline but is also seeing outflows.

🇰🇷 Samsung C&T: Updated NAV Valuation + Positive Impact from Samsung Electronics’ Special Dividend (Douglas Research Insights) $

• In this insight, I provide an updated NAV valuation analysis of Samsung C&T and also discuss the impact of the positive impact from Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF)’ special dividend this year.
• My updated NAV analysis of Samsung C&T (028260 KS) suggests implied NAV of 564,790 won per share, representing 61% upside from current levels.
• I estimate Samsung C&T’s total DPS to be 11,905 won in 2026 (including special dividend from Samsung Electronics), which is 159% higher than the consensus estimate.

🇰🇷 Magnachip Semiconductor Corporation 2026 Q2 – Results – Earnings Call Presentation

• 🌐 Magnachip Semiconductor Corp (NYSE: MX) – Designer & manufacturer of analog/mixed-signal semiconductor platform solutions. 🏷️

🇰🇷 Nvidia to Acquire a 4.5% Stake in Naver for About $1 Billion (Douglas Research Insights) $

• On 27 July, it was announced that NVIDIA plans to purchase a 4.5% stake (7.24 million shares) in Naver for 1.48 trillion won (approximately $1 billion).
• To mitigate the dilution of shareholder value resulting from the issuance of new shares, NAVER (KRX: 035420 / OTCMKTS: NHNCF) plans to cancel 4.9 million treasury shares (3.1% of outstanding shares) on 3 August.
• The capital infusion from Nvidia is likely to put a greater emphasis on additional sales and profit growth from Naver’s AI infrastructure related businesses.

🇰🇷 SK Chairman Chey Tae-Won To Pay 944 Billion Won to Roh So-Young in Divorce Payment (Douglas Research Insights) $

• On 24 July, it was reported that the Seoul High court finalized the divorce case between SK Group Chairman Chey Tae-Won and his estranged wife Roh So-Young.
• The final verdict was that Chairman Chey will need to pay Roh 944 billion won ($638 million) in cash which is the largest divorce case amount in Korea’s history.
• If an appeal is filed, the Supreme Court determines final asset division. However, both parties will likely accept this decision by the Seoul High court, in my view.

🇰🇷 SK Hynix to Announce a Major Shareholder Return Plan – But How Much Is This Already Factored In? (Douglas Research Insights) $

• In my view, SK Hynix (KRX: 000660) is likely to announce a major shareholder return program soon which could include a combination of share buybacks, cancellations, and special dividends.
• SK Hynix is able to provide specific details regarding its shareholder return plans starting on 5 August 2026.
• If we assume SK Hynix to return 40% of its free cash flow as shareholder returns, this would represent 65.2 trillion won in 2026 (representing 5.7% of its market cap).

🇰🇷 A Tender Offer of a 46.5% Stake in SK Signet by SK Inc (Douglas Research Insights) $

• On 24 July, SK Inc (KRX: 034730 / 03473K) launched a tender offer for common shares of SK Signet (260870 KS), a subsidiary listed on the KONEX market.
• The tender offer is for a 46.5% stake in SK Signet. Post a successful tender offer, SK Inc plans to delist SK Signet.
• Overall, I am negative on this tender offer and on SK Signet. I think the more realistic scenario is for investors to tender about 10-15% of outstanding shares.

🇰🇷 SK Inc Agrees To Sell Its 70.6% Stake in SK Siltron to Doosan Corp (Douglas Research Insights) $

• On 31 July, SK Inc (KRX: 034730 / 03473K)’s BOD approved the sale of its 70.6% stake in SK Siltron to Doosan Corp (KRX: 000150 / 000155 / 000157) for 2.3 trillion won (US$1.6 billion).
• If SK Siltron’s EBITDA exceeds a defined threshold, SK Inc. receives an earn-out payment equal to 40% of the excess amount, scaled to its 70.6% equity stake.
• The SK Siltron sale boosts SK Inc. through the initial 2.3 trillion won cash inflow plus further upside from the performance-linked earn-out clause.

🇰🇷 Major Highlights of SK Hynix 2Q 2026 Earnings (Douglas Research Insights) $

• SK Hynix (KRX: 000660) missed its 2Q 2026 earnings. Sales of 79.3 trillion won was 5.5% lower than consensus and operating profit of 60.5 trillion won was 6.8% lower than consensus.
• Most importantly, the company did not adequately address oversupply concerns, in my view.
• Ongoing concerns regarding ultra-aggressive capex spending by Changxin Memory Technologies (CXMT) (SHA: 688825) and Yangtze Memory Technologies (YMTC) combined with heightened concerns about the excessive capex spending on AI infrastructure by the hyperscalers could negatively impact SK Hynix.

🇰🇷 Asian Dividend Gems: Cuckoo Holdings (Douglas Research Insights) $

• Rice is so important in Asian cooking, including in Korea. Because rice is consumed nearly every day in most Korean households, the electric rice cookers are highly used.
• Cuckoo Holdings Co Ltd (KRX: 192400) is the market leader in the electric rice cookers market in Korea with market share of nearly 70% or more.
• Valuations are cheap with EV/EBITDA of 2.6x and P/E of 6x. Dividend yields are now more than 6%.

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🌏 SE Asia

🇮🇩 PT Bank Danamon Indonesia Tbk 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇮🇩 Bank Danamon Indonesia Tbk PT (IDX: BDMN / FRA: HX9) – Banking services for retail, SMEs & corporate customers. Retail & Wholesale segments. 🇼

🇮🇩 Telekomunikasi Indonesia: Turning Bullish On Positive Developments (Rating Upgrade) (Seeking Alpha) $ 🗃️

• 🇮🇩🏛️ Telkom Indonesia Persero Tbk PT (NYSE: TLK) – Fixed line telephony, internet & data communications. 🇼 🏷️

🇲🇾 Maybank slashes GEN Malaysia full-year earnings forecast by 28pct, fears 2Q core net loss (GGRAsia)

• Maybank Investment Bank Bhd has cut by 28 percent its full-year earnings forecast for global casino operator Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF), citing “lower” gross gaming revenue (GGR) performance at the group’s Malaysian casino monopoly, Resorts World Genting, and at Genting Casinos United Kingdom Ltd.
• Analyst Samuel Yin Shao Yang said in a Wednesday memo there was risk of a “core net loss” for the second quarter this year.
• Previewing Genting Malaysia’s numbers for the three months to June 30, Maybank stated: “The second quarter is a seasonally weak quarter, post-Chinese New Year. Yet we understand from channel checks that second-quarter 2026 will be an unusually weak one.”

🇵🇭 Manila Electric Company 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇵🇭 Manila Electric Company (PSE: MER) or Meralco – Largest private sector electric distribution utility company in the Philippines. Subs. of First Pacific Co Ltd (HKG: 0142 / FRA: FPC / OTCMKTS: FPAFY / FPAFF). 🇼

🇵🇭 Belle says 2Q share of gaming from CoD Manila at US$7.6mln, up 37.5pct y-o-y (GGRAsia)

• Belle Corp (PSE: BEL)’s share of gaming revenue from the casino business at City of Dreams (CoD) Manila, in the Philippine capital, rose 37.5 percent year-on-year, to PHP467.2 million (US$7.6 million), according to a Thursday filing to the Philippine Stock Exchange.
• Judged sequentially, Belle’s latest quarterly share of gaming revenue from City of Dreams Manila (pictured) was down 3.8 percent from the PHP485.7 million achieved in the three months to March 31.
• Belle is entitled to a share of revenues or earnings from gaming operations at City of Dreams Manila through an operating agreement between one of its subsidiaries, Premium Leisure Corp, and a unit of casino group Melco Resorts & Entertainment Ltd (NASDAQ: MLCO).

🇸🇬 Jumbo Group – Resilience and Consolidation Needed, Not Growth (Corporate Monitor)

• 🌏 Jumbo Group (SGX: 42R) – JUMBO Seafood restaurants + multiple dining concepts. 🇼 🏷️

🇸🇬 Jardine Cycle & Carriage Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌏 Jardine Cycle & Carriage (SGX: C07 / FRA: CYC) – SE Asia focused investment holding company under Jardine Matheson (SGX: J36 / FRA: H4W / OTCMKTS: JARLF). 50.1% interest in Astra International (IDX: ASII / FRA: ASJA / OTCMKTS: PTAIF) – largest independent auto group in SE Asia. Vietnam: 26.6% in Truong Hai Group Corporation (THACO), 34.8% in Refrigeration Electrical Engineering Corp (HOSE: REE) & 10.6% in Vietnam Dairy Products (HOSE: VNM) or Vinamilk. Thailand: 25.5% of Siam City Cement (SCCC) (BKK: SCCC / OTCMKTS: SICUF). Cycle & Carriage + 49.9%-owned Tunas Ridean in Indonesia. 🇼 🏷️

🇸🇬 Seatrium Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐🏛️ Seatrium Ltd (SGX: SE2 / FRA: S8N / OTCMKTS: SMBMF) – Offshore/marine/energy engineering solutions provider. 🇼 🏷️

🇸🇬 Sea Limited: Shopee Is The Key To Q2 (Seeking Alpha) $ 🗃️

• 🌏 Sea Limited (NYSE: SE) – 3 core businesses: Garena (global online games developer & publisher), Shopee (largest pan-regional e-commerce platform in SE Asia & Taiwan), SeaMoney (leading digital payments & financial services provider in SE Asia). 🇼 🏷️

🇸🇬 Keppel Ltd. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) – Property, infrastructure & asset management businesses. 🇼 🏷️

🇸🇬 CapitaLand Ascott Trust Stapled Security 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 CapitaLand Ascott Trust (SGX: HMN / OTCMKTS: ATTRF) – Largest lodging trust in Asia Pacific. Serviced residences, rental housing, student accommodation & other hospitality assets in any country. Ascott, Somerset, Quest & Citadines brands in key gateway cities. 🇼 🏷️

🇸🇬 ASMPT Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 ASMPT (HKG: 0522 / FRA: AY7A / OTCMKTS: ASMVF) – Chip packaging equipment maker. HK founded. Singapore HQ. 🇼 🏷️

🇸🇬 Keppel REIT 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌏 Keppel REIT (SGX: K71U / OTCMKTS: KREVF) – Prime commercial assets in Asia Pacific’s key business districts. Singapore, Australia, Japan & Korea. 🇼 🏷️

🇸🇬 Frasers Centrepoint Trust 2026 Q3 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇸🇬 Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF) – REIT. One of the largest suburban retail mall owners in Singapore. 🇼 🏷️

🇸🇬 Keppel Infrastructure Trust 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 Keppel Infrastructure Trust (SGX: A7RU / OTCMKTS: KPLIF) – 3 core segments: Energy transition, environmental services & distribution & storage. 🏷️

🇸🇬 Does Grab Have a Moat? (TheCatalyst)

• Most people think a ride share platform has no moat. I believe Grab Holdings Limited (NASDAQ: GRAB) has a real moat. Here is why.
• Operating in Southeast Asia is messy. Grab manages physical networks across hundreds of cities in eight countries, each with vastly different languages, infrastructures, and regulations. They have spent 14 years accumulating over 20 billion localized transactions to train their AI models. This allows them to optimize complex operational processes, like dynamic pricing, order batching, and routing, in a way that outsiders simply cannot copy overnight.

🇸🇬 Top Stock Market Highlights of the Week: Singapore Tech Stocks, SK Group and NVIDIA, Singapore’s Support Package and SGX (The Smart Investor)

• We look at the chip sell-off that swept through Singapore’s technology counters and the latest round of government support for households and businesses.
  • Chip sell-off drags Singapore technology counters lower
    • Singapore’s technology and semiconductor counters were caught in a global memory chip rout on Tuesday, 28 July 2026.
    • Frencken Group Ltd (SGX: E28), a supplier to Applied Materials (NASDAQ: AMAT), took the largest hit and fell 8.9% by the close, while UMS Integration Ltd (SGX: 558 / OTCMKTS: UMSSF) or UMS Holdings, also an Applied Materials supplier, declined 8.5%.
    • AEM Holdings (SGX: AWX) shares dropped 8.5% and CSE Global Ltd (SGX: 544 / FRA: XCC / OTCMKTS: CSYJY / CSYJF) shed 4.9%.
  • SK Group and NVIDIA unveil sweeping AI infrastructure pact
  • Singapore rolls out second cost-of-living support package
    • Singapore announced a further S$900 million of government support on 29 July 2026 to cushion households and businesses from elevated energy prices tied to Middle East uncertainty, including S$300 more in CDC vouchers for every household and additional rebates in October 2026 and January 2027 to offset higher utility bills.
  • SGX expands derivatives shelf with new MSCI deal
    • Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) has signed a new licensing agreement with MSCI (NYSE: MSCI) to introduce up to 100 new contracts, which the bourse describes as a material expansion of its derivatives product shelf.

🇸🇬 Beyond Banks: Top 3 Blue-Chip Stocks to Watch This Week (The Smart Investor)

• CapitaLand Ascendas REIT, SGX and Venture Corporation are in focus this week as investors await their latest earnings results.
• Firstly, CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF) reports its latest results on 5 August 2026.
• On the following day, Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX, and VVenture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF) will step up and deliver their latest results.
• But there are different factors to watch for each one.
  • Does SGX’s dividend commitment survive its first full-year test?
  • Did Venture’s recovery extend past the first quarter?
  • What does CLAR’s first distribution of 2026 look like after the equity raise?
    • CapitaLand Ascendas REIT, or CLAR, ranks as Singapore’s oldest industrial REIT.
  • Get Smart: Forecast Versus Reality

🇸🇬 3 Temasek-Backed Blue-Chip Stocks to Watch in August (The Smart Investor)

• DBS, Sembcorp Industries and ST Engineering report this August, with investors watching closely for earnings and dividend updates.
• DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) is expected to release its latest results within the first or second week of the month.
• Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF) and Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering both report on 13 August 2026.
• Each release carries a different focus for income investors.
  • Can DBS keep growing income as rates fall?
  • Will ST Engineering’s growth reach the bottom line?
  • Is Sembcorp’s dividend secure through the energy transition?
  • Get Smart: Watch the Dividend Signal, Not Just the Headline

🇸🇬 3 Blue-Chip Stocks Rewarding Shareholders in August 2026 (The Smart Investor)

• SATS, Singtel and Singapore Airlines are rewarding shareholders this August, but the sustainability of each dividend tells a different story.
  • SATS: Is the record dividend built to last?
    • SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) pays its dividend for the fiscal year ended 31 March 2026 (FY2026) on 6 August.
    • For context, its payout climbed 40% year on year (YoY).
  • Singtel: Is the higher dividend fully earned?
    • Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel, pays its final dividend and value realisation dividend for the fiscal year ended 31 March 2026 (FY2026) on 19 August.
    • The total ordinary dividend rose 9% YoY, comprising a core dividend and a separate value realisation dividend.
  • Singapore Airlines: Why did the payout fall?
    • Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF) pays its final dividend and special dividend for the fiscal year ended 31 March 2026 (FY2025/2026) on 28 August.
    • This one moved the other way.
  • Get Smart: Follow the Funding, Not the Calendar

🇸🇬 Temasek Doubles Down on AI: 3 Powerhouse Stocks You Could Consider in Your Portfolio (The Smart Investor)

• Temasek wants a piece of the full-blown AI supercycle, and so should you. The best part is you don’t even need to guess the next AI model winner, as these three AI powerhouses show you where the real value is being created.
  • NVIDIA (NASDAQ: NVDA) — The “Picks and Shovels” of AI
  • Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM), or TSMC — A Monopoly in Advanced Silicon
  • Microsoft (NASDAQ: MSFT) — The Hyperscale Ecosystem Platform
  • Get Smart: Follow the AI Enablers and Proven Adopters

🇸🇬 3 Temasek-Backed Singapore Stocks Reporting This Week (The Smart Investor)

• Seatrium, Keppel and Singapore Airlines report this week, with investors watching closely for earnings, dividends and business updates.
  • Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF)
    • Singapore Airlines, or SIA, reports on 28 July, the first of the three.
    • The airline operator’s most recent full-year result carried a headline decline that deserves unpacking.
  • Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF)
    • Next, Keppel reports on 30 July.
    • This half-year release carries the group’s first dividend-relevant read of the year, as Keppel declares dividends only at the half-year and full-year.
  • Seatrium Ltd (SGX: SE2 / FRA: S8N / OTCMKTS: SMBMF)
    • Seatrium reports on 31 July.
    • The engineering group enters the release with momentum behind it.
  • Get Smart: Three blue-chip stocks, one common thread

🇸🇬 Beyond the STI: 3 Small-Cap Stocks Paying Dividends This August (The Smart Investor)

• Three Singapore small-cap stocks are paying dividends this August, offering income investors fresh insights into payout sustainability and business strength.
  • Elite UK REIT (SGX: MXNU): Is the distribution still well supported?
    • Elite UK REIT pays on 11 August 2026.
    • The REIT’s portfolio of 147 commercial assets s leased mainly to the UK government on triple-net leases.
  • ISDN Holdings Ltd (SGX: I07 / HKG: 1656 / FRA: I8D): Does a lower headline profit threaten the payout?
    • ISDN pays on 25 August 2026.
  • Valuetronics Holdings (SGX: BN2 / FRA: GJ7): Can a smaller profit still fund a bigger dividend?
    • Valuetronics pays on 28 August 2026 from a position of strength.
  • Get Smart: Read the Payment, Not Just the Date

🇸🇬 5 Singapore REITs for Reliable Retirement Income (The Smart Investor)

• Retirement investing is about generating dependable cash flow that can last for decades. These five Singapore REITs stand out for their resilient portfolios, sustainable distributions, and potential to provide reliable passive income throughout retirement.
  • Why REITs Are Popular Retirement Investments
  • Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF), or FCT – The Defensive Retail REIT
    • FCT owns nine suburban malls and an office asset, valued at S$8.4 billion.
  • Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF), or MIT – The Industrial Income Generator
    • This REIT has 135 properties spanning Singapore, North America, and Japan, with more than 2,000 tenants – no single one contributes more than 6.7% of rental income.
  • Parkway Life Real Estate Investment Trust (SGX: C2PU), or Parkway Life – The Healthcare REIT
    • Parkway Life’s assets consist of hospitals and nursing homes spanning Singapore, Japan, and France.
  • CapitaLand Integrated Commercial Trust(SGX: C38U / OTCMKTS: CPAMF), or CICT – The Diversified Commercial REIT
    • Singapore’s largest REIT is well-diversified with a portfolio of retail, office and integrated assets concentrated mainly in Singapore.
  • NTT DC REIT (SGX: NTDU), or NTDU – The Growth-Oriented REIT
    • The last name is a newcomer, listed only in July 2025, with six data centres capitalising on AI and cloud demand.
  • Get Smart: Retirement Income Starts with Quality Assets

🇸🇬 Beyond STI: 3 REITs Declaring their Latest DPU This Week (The Smart Investor)

• Three Singapore REITs outside the STI are reporting this week, with fresh DPU updates set to shape income investors’ expectations.
  • Is Digital Core REIT’s demand story still intact?
    • Digital Core REIT (SGX: DCRU) reports first, on 29 July 2026.
    • The trust owns a portfolio of mission-critical data centres across the US, Canada, Germany, and Japan.
    • The pattern to watch is demand strength versus cost pressure.
  • What happens to First REIT’s income after Indonesia?
    • First REIT (SGX: AW9U) also reports on 29 July 2026, and its release carries the most at stake.
    • Singapore’s first healthcare REIT holds hospitals, nursing homes, and integrated developments across Indonesia, Japan, and Singapore.
    • The headline distribution fell in its recent quarter, largely on currency weakness as the Japanese Yen and Indonesian Rupiah softened against the Singapore Dollar.
  • Can CDL Hospitality Trusts sustain its NPI momentum?
    • CDL Hospitality Trusts (SGX: J85), or CDLHT, reports on 30 July 2026.
    • The stapled trust owns hotels and living assets across roughly a dozen cities in several countries.
    • The trust’s recent quarter delivered double-digit NPI growth YoY, which sets a demanding bar.
  • Get Smart: Three REITs, Three Different Questions

🇸🇬 REIT Watch: Top 6 Billionaire REITs Reporting This Week (The Smart Investor)

• CapitaLand Ascott Trust, Starhill Global REIT and AIMS APAC REIT report this week. Discover the key metrics and dividend risks investors should watch.
  • CapitaLand Ascott Trust reports on 28 July
    • CapitaLand Ascott Trust (SGX: HMN / OTCMKTS: ATTRF), or CLAS, is the largest lodging trust in Asia Pacific.
    • Its 106 properties span more than 19,000 units across 45 cities in 16 countries, covering serviced residences, hotels, rental housing and student accommodation.
  • Starhill Global REIT reports on 29 July
    • Starhill Global Real Estate Investment Trust (SGX: P40U / OTCMKTS: SGLMF), or SGREIT, owns nine mostly retail properties across six Asia-Pacific cities.
    • SGREIT is the most nuanced case of the three.
  • AIMS APAC REIT reports on 30 July
    • AIMS APAC REIT (SGX: O5RU / OTCMKTS: ACIRF), or AAREIT, runs an industrial portfolio of 28 properties as at 31 March 2026, of which 25 sit in Singapore and three in Australia.
    • The last set of numbers gave income investors plenty to like.
  • Get Smart: Watch What Funds the Distribution

🇸🇬 5 Core Singapore Dividend Stocks to Buy and Hold (The Smart Investor)

• The best dividend portfolios aren’t built on the highest yields. They’re built on quality businesses that can grow earnings, generate cash, and reward shareholders for decades.
  • DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF)
    • As Singapore’s largest bank by assets, DBS is a prime anchor for any long-term income portfolio, offering regional financial exposure spanning consumer banking, wealth management, institutional banking, and treasury markets.
  • Singapore Exchange Limited(SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX
    • SGX is Singapore’s sole stock market operator, and benefits from an asset-light business model and recurring revenue streams across equities, derivatives, fixed income, and data services.
  • Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF)
    • A familiar supermarket chain in Singapore, Sheng Siong provides defensive consumer exposure with an established network of 93 outlets as at 1Q2026, comprising 87 stores in Singapore and six in China.
  • CapitaLand Integrated Commercial Trust(SGX: C38U / OTCMKTS: CPAMF), or CICT
    • As Singapore’s largest listed real estate investment trust (REIT), CICT owns a diversified portfolio of retail, office, and integrated properties across Singapore, Germany, and Australia.
  • Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF), or MIT
    • MIT provides industrial and data centre asset exposure across Singapore, North America, and Japan, leveraging long-term digital structural trends with a tenant base exceeding 2,000.
  • Building a Balanced Income Strategy
  • Get Smart: Build Your Portfolio on Strong Foundations

🇸🇬 Singapore Airlines Shares Have Recovered. What Could Go Wrong Next? (The Smart Investor)

• Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF) has recovered strongly since the pandemic – but a record-revenue quarter just produced a loss. Here’s what to watch.
• Then, on 28 July 2026 (1QFY2026/2027), came a reality check.
• Despite a record top line, SIA’s bottom lines left much to be desired: operating profit slipped 73.8% year on year (YoY) and the group swung to a net loss, weighed down by fuel costs and a wider share of losses from Air India.
  • Why Singapore Airlines Has Recovered So Strongly
  • Risk #1: Rising Fuel Prices
  • Risk #2: Slowing Travel Demand
  • Risk #3: Increased Competition
    • Add in increased competition from regional rivals like Cathay Pacific Airways Ltd (HKG: 0293 / FRA: CTY / CTYA / OTCMKTS: CPCAY / CPCAF) and low-cost carriers like AirAsia Group Berhad (KLSE: 5238), and the pressure lands on SIA’s fares, market share and, eventually, profit margins.
  • Risk #4: Dividend Expectations
  • Risk #5: Valuation Risk
  • What Could Go Right Instead?
  • What Long-Term Investors Should Watch
  • Get Smart: Great Recoveries Don’t Eliminate Future Risks

🇸🇬 Is Sembcorp or Keppel a Better Long-Term Investment for Infrastructure? (The Smart Investor)

• Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF) and Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) have both transformed into infrastructure-focused businesses, but they are taking different paths. Which offers the better opportunity for long-term investors?
  • How Both Companies Have Reinvented Themselves
  • The Energy Transition
    • Sembcorp offers the more direct clean-energy play.
  • Infrastructure Growth
    • Sembcorp’s infrastructure growth is anchored by contracted utility earnings.
  • Which Company Has the Better Growth Drivers?
  • Dividend Comparison
  • Valuation: Which Looks More Attractive?
  • Which Stock Fits Different Investors?
  • Get Smart: Infrastructure Is a Marathon, Not a Sprint

🇸🇬 Venture Shares Offer a Tempting 5% Yield. Is the Dividend Safe? (The Smart Investor)

• A generous dividend yield can be attractive, but is it sustainable? We examine Venture Corporation’s cash flow, payout ratio, and business outlook to determine whether income investors can count on its dividend.
  • Why Venture’s Dividend Is Catching Investors’ Attention
    • At around 5%, Venture’s dividend yield is attractive compared to alternatives.
  • Understanding Venture’s Business
  • Can Venture Afford Its Dividend?
  • The Bull Case: Why the Dividend Looks Sustainable
  • The Bear Case: What Could Threaten the Dividend?
  • How Venture Compares With Other Dividend Stocks
  • What Investors Should Watch Going Forward
  • Get Smart: A High Yield Is Only as Good as the Business Behind It

🇸🇬 Frasers Property’s Capital Recycling: What It Means for FCT and FLCT (The Smart Investor)

• Frasers Property Ltd (SGX: TQ5 / FRA: 1IQ)‘s latest hospitality portfolio optimisation isn’t just another asset sale. It offers investors valuable insight into how the sponsor allocates capital and what that could mean for its two Singapore REITs.
• While the transaction does not directly involve Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF) or Frasers Logistics & Commercial Trust (SGX: BUOU / OTCMKTS: FRLOF), it provides clues about how FPL manages capital across its wider real estate platform.
  • Understanding the Hospitality Portfolio Optimisation
    • Rather than adopting a one-size-fits-all strategy, FPL reviewed every hospitality asset individually.
  • What This Says About FPL
  • The Shift Toward a Platform-Led Model
  • Get Smart: The Story Isn’t About Selling Hotels

🇸🇬 Keppel Corporation: Why Analysts Are Overlooking Its Deep Value (The Smart Investor)

• Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) has transformed from an offshore and marine company into a global infrastructure and asset management business. Yet despite this shift, some investors believe the market has yet to fully recognise its long-term value.
  • Under Construction
    • In 2023, Keppel underwent a major restructuring.
    • It exited the O&M sector by effectively selling its O&M business to Sembcorp Marine, which later renamed itself Seatrium Ltd (SGX: SE2 / FRA: S8N / OTCMKTS: SMBMF).
    • Today, Keppel has three main segments: infrastructure, real estate and connectivity.
  • Why the Market May Be Undervaluing Keppel
  • What Could Unlock Further Value?
  • The Risks Investors Should Consider
  • Get Smart: Looking Beyond Today’s Earnings

🇹🇭 Delta Electronics: Divergent Near-Term And Long-Run Prospects (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇹🇭 Delta Electronics (Thailand) Public Company Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇹🇭 Delta Electronics Thailand PCL (BKK: DELTA / SGX: TDED) – Power & thermal management solutions & electronic component manufacturing. Subs. of Delta Electronics Taiwan (TPE: 2308). 🇼 🏷️

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🇮🇳 India / South Asia / Central Asia

🇮🇳 Interview: Andrei Stetsenko (Asian Century Stocks)

• India-focused investor at Gymkhana Partners [an India-dedicated long-only investment fund covered in our Sunday posts]

🇮🇳 India’s ₹1.43 Lakh Crore MTF Boom: A Crisis in the Making? (Smartkarma) $

• India’s average MTF book reached INR 1.43 lakh crore in July 2026, 2x in 14 months.
• F&O curbs and higher transaction taxes appear to have redirected aggressive retail activity into financed cash positions rather than removing leverage.
• MTF is a durable earnings pool for well-funded brokers but also a new sensitivity to funding cost, stock concentration, margin calls and cash-market liquidity.

🇮🇳 Larsen & Toubro Limited 2027 Q1 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇮🇳 Larsen & Toubro (L&T) (NSE: LT / BOM: 500510) – Engineering, procurement & construction projects (EPC). 🇼

🇮🇳 Infosys: I Still Can’t Find A Reason To Buy (Seeking Alpha) $ 🗃️

🇮🇳 Infosys: Margin Expansion Is Overshadowed By Revenue Miss (Rating Downgrade) (Seeking Alpha) $ 🗃️

• 🌐 Infosys (NYSE: INFY) – IT outsourcing services. 🇼 🏷️

🇮🇳 HEG: The Greentech Business Is Ready to Explode in FY27 (Smartkarma) $

[HEG Ltd (NSE: HEG / BOM: 509631)]

• Revenue grew 11.1% YoY to INR 680.8 crore, while reported operating margin improved to 22.1%.
• Graphite segment profit more than doubled YoY, showing that profit growth came from more than financial investments.
• Q1 supports a better earnings outlook, but one quarter is not enough to remove pricing, demand and mark-to-market volatility.

🇮🇳 Ram Ratna Wires: From Winding Wires to a Broader Copper Growth Platform (Smartkarma) $

• Ram Ratna Wires Ltd (NSE: RAMRAT / BOM: 522281), a winding-wire and copper-products manufacturer, reported FY26 revenue of INR 5,176.6 crore, EBITDA of INR 263.6 crore and PAT of INR 108.6 crore, with tubes contributing 22%.
• The shift toward copper tubes, specialised conductors and electrical-component adjacencies can diversify revenue, improve utilisation and reduce dependence on the low-margin winding-wire business.
• Future growth could be driven by copper-tube ramp-up, power infrastructure, HVAC localisation, EVs, BLDC motors and renewable-energy demand, subject to disciplined working-capital execution.

🇮🇳 JSW Infrastructure: ₹16,500 Crore Capex to Drive the Next Earnings Cycle (Smartkarma) $

• JSW Infrastructure (NSE: JSWINFRA / BOM: 543994), India’s second-largest private port operator, reported 18% YoY revenue growth in Q1 FY27, while PAT declined 8% amid Fujairah disruptions and higher finance costs.
• The INR 7,503 crore QIP, investment-grade Moody’s rating and INR 16,500 crore FY27-FY28 capex plan strengthen funding visibility for the company’s 400 MTPA capacity target.
• Port expansions, logistics scale-up, rake additions and Fujairah normalisation will be the key future growth drivers shaping revenue, margins and the FY30 capacity roadmap.

🇮🇳 Oracle Financial Services Software Q1 FY27: A Record Quarter Built on One Deal—Do Not Annualise It! (Smartkarma) $

[Oracle Financial Services Software Ltd (NSE: OFSS / BOM: 532466)]

• Q1 FY27 revenue reached INR 3,125 crore and PAT INR 1,416 crore. Licence and cloud fees alone rose to INR 1,366 crore.
• About 97% of the INR 1,060 crore sequential revenue increase came from licence and cloud fees. Other revenue lines barely moved.
• Treat Q1 as an exceptional, milestone-heavy quarter. On a normalised earnings base, valuation is closer to 36x than the optical 28x.

🇮🇳 Vishal Mega Mart: Adding Zepto Model to Existing Setup (Smartkarma) $

• Vishal Mega Mart Ltd (NSE: VMM / BOM: 544307), a value-focused retailer, reported 18.7% Q1FY27 revenue growth as quick commerce expanded to 767 stores across its 819-store network.
• The dark-store-lite model uses existing stores as fulfilment hubs, reducing duplicate inventory needs while adding a digital growth lever beyond SSSG and store expansion.
• Future growth depends on scaling quick-commerce users, private-brand mix and store productivity, while proving channel profitability and managing last-mile costs.

🇮🇳 SML Mahindra: Mahindra Sold Its Truck Divison at Just INR 525Crs (Smartkarma) $

• SML Mahindra Ltd (NSE: SMLMAH / BOM: 505192), Mahindra Group’s listed commercial-vehicle platform, will acquire M&M’s Truck and Bus Division for INR 525 crore via slump sale, subject to approvals.
• MTBD adds INR 2,989 crore FY26 revenue and 14,832 vehicles, more than doubling SML’s revenue base and creating a broader truck-and-bus platform.
• Strategic fit is clear, but value creation depends on funding, leverage, related-party terms and margin recovery not just the low 0.18x sales multiple.

🇮🇳 Wendt India: A Precision Grinding Solution Provider Making Turnaround (Smartkarma) $

• Wendt (India) Limited (NSE: WENDT / BOM: 505412), a precision grinding solutions company, reported Q1 FY27 sales of INR 70.93 crore, up 37%, with PAT rising 63% and revenue improving for four consecutive quarters.
• Domestic machines returned to profit and fixed-cost absorption improved, but consolidated input costs rose sharply, while overseas subsidiaries lost INR 1.39 crore and remained the key earnings drag.
• Wendt’s recovery is strengthening, but a premium valuation demands sustained machine profitability, lower overseas losses, better input economics, and commercial returns from rising R&D and global expansion spending.

🇮🇳 Sona Comstar: The Only Indian Company in Humanoid & Advance Robotics (Smartkarma) $

• Sona BLW Precision Forgings (NSE: SONACOMS / BOM: 543300), an automotive technology supplier, launched its Robotics & Physical AI vertical with an INR 800 crore order book, INR 62.6 crore capex and SOPs beginning Q2 FY27.
• The company can reuse motors, precision gears, controllers, radar and software across robot joints, AMRs and perception systems, supported by NEURA Robotics and IIT Hyderabad partnerships.
• The opportunity is commercially credible but still early: robotics remains optionality until order-book conversion, programme margins, customer quality and scalable production become visible.

🇮🇳 MV Electrosystems IPO: Scaling Up for India’s Railway Power-Electronics Opportunity (Smartkarma) $

• MV Electrosystems, a railway-focused power electronics company, is raising INR 290 crore fresh-issue IPO on July 30, 2026, at INR 400-425 per share, with listing expected August 6, 2026.
• The company reported a INR 12.70 crore FY26 loss even as its propulsion order book crossed INR 920 crore, making the IPO dependent on timely execution and margin recovery.
• Prototype approval provides the entry point, but FY27-FY28 deliveries, capacity utilisation, working-capital control and profitable order conversion will determine whether the growth story supports the valuation.

🇰🇿 Kaspi.kz: Kazakhstan Is The Moat, Türkiye Is The Test (Seeking Alpha) $ 🗃️

• 🇰🇿 KASPI (NASDAQ: KSPI / LON: 80TE / FRA: KKS) – Payments Platform, Marketplace Platform & Fintech Platform. 🇼

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🌍 Middle East

🇮🇱 Teva Pharmaceutical Industries Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇮🇱 Teva Just Got Hit By Trump—So Why Does Wall Street See 38% Upside? (Smartkarma) $

• President Donald Trump’s proposed 100% tariff on imported generic drugs delivered an immediate shock to Teva Pharmaceutical Industries Ltd (NYSE: TEVA), sending its shares down nearly 4% as investors considered the consequences for one of the world’s largest generic-medicine manufacturers.
• The concern is understandable: generic drugs operate on thin margins, and sharply higher import costs could be difficult to absorb without increasing prices or relocating production.
• Yet Wall Street’s response has been notably less pessimistic.

🇮🇱 Mobileye Goes All-In On Robotaxis — Can A 2027 U.S. Launch Deliver? (Smartkarma) $

• Mobileye Global (NASDAQ: MBLY) reported second quarter 2026 results characterized by stable revenues and improved profitability, supported by a combination of solid core business performance and a new Israeli R&D tax credit.
• Revenue for the quarter remained essentially flat at $508 million compared to the same period last year, despite a 3% increase in EyeQ chip volume, outpacing the production volumes of its key top 10 customers by approximately 5 percentage points.
• The company attributed the modestly lower-than-expected average selling price (ASP) primarily to higher volumes from Chinese original equipment manufacturer (OEM) exports.

🇸🇦 Saudi economy shrinks as Middle East conflict takes heavy toll (FT) $ 🗃️

• GDP contracted by 4.8% in second quarter compared with same period in 2025
• The contraction was driven by a 24.7 per cent decline in the oil sector, which has suffered since the conflict in effect closed the Strait of Hormuz to shipping.

🇹🇷 Akbank T.A.S. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇹🇷 Akbank (IST: AKBNK / FRA: AKB2 / OTCMKTS: AKBTY) – One of Turkey’s largest banks. 🇼

🇹🇷 Turkiye Garanti Bankasi A.S. ADR 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌍 Turkiye Garanti Bankasi AS (IST: GARAN / / OTCMKTS: TKGBY / TKGBF / TKGZY) or Garanti BBVA – Turkey’s second-largest private bank. Subs. of Banco Bilbao Vizcaya Argentaria S.A. (NYSE: BBVA). 🇼

🇦🇪 Abu Dhabi overhauls bid to build global oil benchmark (FT) $ 🗃️

• Adnoc returns to pricing its crude against the Dubai benchmark after Iran war exposes problems with Murban futures

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🌍 Africa

🇿🇦 Valterra Platinum: Possible ‘27 Volume Step Change, But Current PGM Price Concerns (Seeking Alpha) $ 🗃️

• 🌐 Valterra Platinum Ltd (JSE: VAL / LON: VALT / FRA: RPHA / OTCMKTS: AGPPF / ANGPY) formerly Anglo American Platinum (JSE: AMS / FRA: RPHA / RPH1 / OTCMKTS: AGPPF / ANGPY) – World’s largest primary producer of platinum. Demerged from Anglo American (LON: AAL / JSE: AGL / OTCMKTS: NGLOY). 🇼 🏷️

🇿🇦 DRDGOLD Limited (DRD) Discusses Progress and Strategic Updates on Vision 2028 Capital Projects – Slideshow (Seeking Alpha)

• 🇿🇦 DRD Gold (JSE: DRD / NYSE: DRD) – Gold mining company involved in the surface gold tailings retreatment business in South Africa. Exploration, extraction, processing & smelting activities. Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) controlled. 🇼 🏷️

🇿🇦 Kumba Iron Ore Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇿🇦 Kumba Iron Ore (JSE: KIO / OTCMKTS: KIROY / KUMBF) – Leading supplier of high-quality iron ore to the global steel industry. Operates primarily in South Africa. 🇼 🏷️

🇿🇦 Anglo American: Copper Upside Still Outweighs Execution Risks (Seeking Alpha) $ 🗃️

🇿🇦 Anglo American plc 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 Anglo American Plc (LON: AAL / JSE: AGL / OTCMKTS: NGLOY) – World’s largest primary producer of platinum metals (platinum, palladium, rhodium, iridium, ruthenium & osmium; base metals as in copper, nickel, cobalt sulphate, sodium sulphate & chrome; & precious metals as in gold). 🇼 🏷️

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🌍 Eastern Europe & Emerging Europe

🇬🇷 Hellenic Telecommunications Organization S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌍 Hellenic Telecommunications Organization (ASE: OTEr / FRA: OTES / OTCMKTS: HLTOY) – Fixed-line & mobile telephony, broadband services, pay TV & integrated ICT services. 🇼

🇬🇷 Piraeus Financial Holdings S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌍 Piraeus Financial Holdings (ASE: BOPr / FRA: BKP / BKP0 / OTCMKTS: BPIRY / BPIRF) – Universal bank (Piraeus Bank) providing various banking services. 🇼

🇵🇱 Erste Bank Polska S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇪🇺 Erste Group Bank AG (VIE: EBS / FRA: EBO / EBOR / ETR: EBO / OTCMKTS: EBKDY) – First Austrian savings bank. 7 countries. Erste Group is one of the largest financial services providers in Central & Eastern Europe. 🇼 🏷️

🇵🇱 mBank S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇵🇱 mBank SA (WSE: MBK / FRA: BRU / OTCMKTS: MBAKF) – First Internet bank in Poland. Retail, corporate & investment banking + other financial services. 🇼 🏷️

🇵🇱 Orange Polska S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇵🇱 Orange Polska SA (WSE: OPL / OTCMKTS: PTTWF) – Leading telecommunication providers in Poland, operating in all segments of the Polish telecoms market. 🇼 🏷️

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🌎 Latin America

🌎 El Niño Will Challenge the New Andean Right (Americas Quarterly)

• Presidents-elect Keiko Fujimori and Abelardo De La Espriella face risks of disaster and instability in their first months in office.
• In Colombia, a country where hydropower supplies more than two-thirds of electricity generation, forecasters predict droughts that will deplete reservoirs and threaten the electrical system. This raises the specter of rationing and blackouts, like the rolling outages that rocked Ecuador in 2024.

🌎 MercadoLibre (The Compounder Score) (The Cash Flow Compounder)

• Why 28 consecutive quarters of +30% growth justifies MercadoLibre’s economic moat…
• I applied The Compounder Score, a weighted framework for assessing companies’ fundamentals, as a screening tool to determine if MercadoLibre (NASDAQ: MELI) warrants a full deep-dive analysis.
• The maximum score is 22 and the ranking system is as follows:

🇦🇷 Argentina’s growth paradox: Shale riches grow as jobs disappear elsewhere (Reuters)

• Ypf Sa (NYSE: YPF) projects Vaca Muerta will generate $50 billion in exports by 2031
• Think tank says 28,000 businesses have closed under Milei, 5.5% of national total
• Oil and gas sector needs 30,000 to 43,000 more workers, institute says

🇧🇲 The Bank of N.T. Butterfield & Son Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 Bank of NT Butterfield & Son Ltd (NYSE: NTB) – Specialized offshore financial services & wealth management. 🇼

🇧🇷 Havaianas Is Becoming a Fashion Brand. Alpargatas Expectations Have Not Caught Up (ALPA3.SA) (TickerTrends Research)

• A celebrity-driven flip-flop revival and an Isabel Marant collaboration have pushed Havaianas demand signals to multi-year highs.
• Havaianas, owned by Alpargatas Sa (BVMF: ALPA3 / ALPA4), is gaining traction beyond its traditional beachwear positioning as celebrity adoption and the Isabel Marant collaboration push the brand further into everyday fashion. The partnership has positioned its signature rubber sandal as a fashion accessory, reinforcing management’s view that growth is increasingly being driven by changing consumer behavior rather than seasonal beach demand.

🇧🇷 Vale Q2: Buy Rating Maintained Despite Emerging Risks (Seeking Alpha) $ 🗃️

🇧🇷 Vale S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇧🇷 Multiplan Empreendimentos Imobiliários S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇧🇷 Multiplan Empreendimentos Imobiliaris SA (BVMF: MULT3 / OTCMKTS: MLTTY) – Full-service company that plans, develops, owns & manages one of the country’s largest & highest-quality commercial property portfolios. 🏷️

🇧🇷 Usinas Siderúrgicas de Minas Gerais S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇧🇷🅿️ Usinas Siderurgicas de Minas Gerais (BVMF: USIM3 / USIM5 / USIM6 / FRA: U1S0 / OTCMKTS: USNZY) – One of the largest producers of steel in the Americas, with major steel mills in Brazil. 🇼 🏷️

🇧🇷 Ambev S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇧🇷 Banco Santander (Brasil) S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇧🇷 TIM Q2 Results: How Long Will Revenues Continue In A Downward Trend? (Seeking Alpha) $ 🗃️

🇧🇷 TIM S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇧🇷 Tim SA (NYSE: TIMB) – Mobile & fixed telephony services. Subs. of Telecom Italia Finance SA. 🇼

🇧🇷 Petrobras: Brent Nearly Came Full Circle, But The Mega-Dividends Did Not (Seeking Alpha) $ 🗃️

🇧🇷 Petrobras: Why A Strong Q2 Is Not The Most Interesting Thing Here (Seeking Alpha) $ 🗃️

• 🌐🏛️ Petrobras (NYSE: PBR / PBR-A / BCBA: PBR / PETR4) or Petróleo Brasileiro SA – Explores, produces & sells oil & gas. 🇼

🇧🇷 Vivo Q2: A High-Quality Compounder Trapped By Brazil’s Interest Rates (Seeking Alpha) $ 🗃️

• 🇧🇷 Telefônica Brasil S.A. (NYSE: VIV) – Fixed line, mobile, data, pay TV, IT, etc. services. Subs. of Telefonica SA (NYSE: TEF). 🇼

🇧🇷 Telefônica Brasil S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇧🇷 Telefônica Brasil S.A. (NYSE: VIV) – Fixed line, mobile, data, pay TV, IT, etc. services. Subs. of Telefonica SA (NYSE: TEF). 🇼

🇧🇷 AXIA Energia Q2 Earnings Preview: When The Crisis Reveals The Best Players (Seeking Alpha) $ 🗃️

• 🇧🇷🅿️ AXIA Energia SA (NYSE: AXIA) – Formerly Centrais Elétricas Brasileiras SA (NYSE: EBR / EBR.B / BVMF: ELET3 / ELET5 / ELET6) or Eletrobras. Electric power holding company. Largest generation & transmission company in Brazil. 🇼

🇧🇷 WEG S.A.: The Market Is Underestimating Its Content Per Electrification Project (Seeking Alpha) $ 🗃️

• 🇧🇷 WEG SA (BVMF: WEGE3) – Operates worldwide in the electric engineering, power & automation technology areas. Electric motors, generators, transformers, drives & coatings. 🇼 🏷️

🇧🇷 Patria Investments Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌎🇰🇾 Patria Investments Limited (NASDAQ: PAX) – Asset management services to investors focusing on private equity, infrastructure development, co-investments, constructivist equity & real estate & credit funds. 🏷️

🇨🇱 El Niño hits Chile and South America (The Chile Brief)

• ⛈️ Chile’s key sectors have little room to absorb another shock

🇨🇱 Enel Chile S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇨🇱 Enel Chile (NYSE: ENIC) – Develops, operates, generates, distributes, transforms and/or sells energy. 🇼

🇨🇱 LATAM Airlines: Q2 Will Be Ugly, But The Stock Is Cheap (Seeking Alpha) $ 🗃️

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

🇲🇽 How Mexico became a surprise cornerstone of America’s AI boom (FT) $ 🗃️

• Factories churning out servers for data centres are pushing exports to record levels
• Taiwanese manufacturers are rapidly expanding factories in Mexico to assemble servers, which are now the country’s top US export, overtaking autos that dominated its trade for decades.

🇲🇽 Regional S.A.B. de C.V. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇲🇽 Regional SAB (BMV: RA / OTCMKTS: RGNLF) aka Banco Regional de Monterrey S.A. or BanRegio – Focused on serving the financial needs of SMEs. 🇼 🏷️

🇲🇽 Wal-Mart De Mexico: Building A One-Stop Shopping Ecosystem (Seeking Alpha)

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

🇲🇽 Gruma, S.A.B. de C.V. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌎 Gruma SAB de CV (BMV: GRUMAB / FRA: 3G3B / OTCMKTS: GMKKY / GPAGF) – One of the world’s leading tortilla & corn flour producers. 🇼 🏷️

🇲🇽 GCC, S.A.B. de C.V. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇲🇽 GCC SAB de CV (BMV: GCC / FRA: AK4 / OTCMKTS: GCWOF) – Gray Portland cement, ready-mix concrete, aggregates, coal & construction-related services. 🏷️

🇲🇽 Coca-Cola FEMSA: I’m Staying Bullish Following Upbeat Q2 Earnings (Seeking Alpha) $ 🗃️

🇲🇽 Coca-Cola FEMSA Q2: High-Single-Digit Growth At Just 15x Earnings (Seeking Alpha) $ 🗃️

• 🌎 Coca-Cola Femsa SAB de CV (NYSE: KOF) – Largest franchise bottler of Coca-Cola products in the world by volume. 🇼 🏷️

🇲🇽 Orbia Advance Corporation, S.A.B. de C.V. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇲🇽 Orbia Advance Corporation SAB de CV (BMV: ORBIA / FRA: 4FZ / OTCMKTS: MXCHF) – Polymer Solutions (Vestolit & Alphagary), Building & Infrastructure (Wavin), Precision Agriculture (Netafim), Connectivity Solutions (Dura-Line) & Fluorinated Solutions (Koura) sectors. 🇼 🏷️

🇵🇦 Bladex Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌎 Banco Latinoamericano (NYSE: BLX) or the Foreign Trade Bank of Latin America or Bladex – Founding shareholders were the Central Banks & government entities of 23 countries in the region. Specialized in addressing trade finance needs. 🇼 🏷️

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🌐 Global

🌐 A bit about holdcos (From $100K to $1M)

• How they work, where value is created, and what to watch out for…
• This article is a bit is a lot different from what I usually post but given my realization that I am really fascinated by holding companies I thought I would do a little dive in…
• The inspiration came after listening to the book – The Holdco Guide by Peter Kang – I liked that book so much that I have both physical and audio versions.

🌐 Nebius: PaaS Power Over Agentic Bleed (Seeking Alpha) $ 🗃️

🌐 Nebius: A Software Company The Market Insists On Renting Out (Seeking Alpha) $ 🗃️

🌐 Nebius’ Real Catalyst Isn’t Nvidia (Seeking Alpha) $ 🗃️

🌐 Nebius Could Get Cut In Half (Seeking Alpha) $ 🗃️

🌐 Nebius: The Market Still Doesn’t Get It, Here’s The Setup (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. 🇼 🏷️

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📅 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):

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📅 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).

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🗳️ Election Calendar

Frontier and emerging market highlights (from IFES’s Election Guide calendar):

• Kazakhstan Kazakh National Congress 2026-08-23 (d) 2026-08-23 (d) Confirmed
• Russian Federation Russian Federal Duma 2026-09-18 (d) 2026-07-20 (d) Confirmed
• Morocco Moroccan Chamber of Representatives 2026-09-30 (t) Confirmed 2021-09-08
• 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

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📅 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):

Web3Labs Global Inc. MDAT Eddid Securities USA, 6.3M Shares, $4.00-5.00, $28.1 mil, 8/7/2026 Week of

(Incorporated in the Cayman Islands)

We are a Hong Kong-based company that provides Web3-related business services to support blockchain companies and decentralized tech enterprises, including start-ups.

We aim to create a Web3 entrepreneurial platform through diverse services, investment acceleration, and technical collaboration.

We are an innovative Hong Kong-based Web3 service provider dedicated to empowering enterprises including start-ups in the blockchain space through comprehensive, tailored support. Web3 ecosystem refers to industries focused on the decentralized evolution of the internet, powered by blockchain technology, enabling user-owned data, peer-to-peer transactions, and trustless systems without intermediaries. We seek to promote the adoption of and commercialization of decentralized solutions by facilitating a robust ecosystem of resources, expertise, and opportunities. Since our inception, we have supported many enterprises in Web3 including many start-ups with incubation, consultation and operational services, and are working to establish an active presence through regional hubs in Asia. By fostering innovation, collaboration, and compliance, we seek to serve as a catalyst for the growth of the blockchain industry in Asia, helping enterprises transform forward-thinking ideas into scalable realities.

Our comprehensive service offerings in the Web3 ecosystem primarily include (i) strategic consulting services (such as producing feasibility reports and consultation regarding business models in the Web3 industry), (ii) acceleration program management services, where we bridge early-stage companies to blockchain infrastructures, bolstering the companies’ development in their applications including decentralized solutions and their commercialization through token generation events and market integration, and (iii) general business services including marketing, market research and other business consulting services provided to third-party startup entities (such as market trend analysis and marketing strategy support, coordination of collaboration opportunities, which serve to facilitate such early-stage companies in accessing infrastructure, industry resources, and applicable policies). We provide companies with services from the formation of a start-up through later stages of corporate development, and we are dedicated to helping companies establish their presence in Hong Kong.

As of the date of this prospectus, we have established relationships with eight public blockchains (a decentralized and open network that allows anyone to participate, read, and write data without requiring permission from a central authority) and an affiliate of another public blockchain in the Web3 ecosystem, including Neo, Zetrix, Ton, Mango, and Plume.

In addition, we aim to create a dynamic ecosystem that connects enterprises, investors, and regulators through venues including policy forums (such as the co-hosted real-world assets (“RWA”) policy forum) and advisory reports, aiming to promote the integration of decentralized technologies with traditional industries. This vision drives our efforts to foster sustainable growth and global connectivity for Web3 enterprises.

In the face of global technological competition in the cryptocurrency ecosystem, we strive to stay at the forefront of the market and have a deep understanding of the needs and challenges of entrepreneurs in the Web3 ecosystem. We are dedicated to facilitating a legitimate, comprehensive, professional, and in-depth entrepreneurial environment in the Web3 economy.

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

(Note: Web3Labs Global Inc. filed its F-1 on May 13, 2026, for its IPO and disclosed the terms: 6.25 million shares at a price range of $4.00 to $5.00 to raise $28.13 million, if priced at the $4.50 mid-point of its range.)

MetaOptics (Uplisting) MOT Roth Capital Partners/The Benchmark Company, 3.0M Shares, $5.00-7.00, $18.0 mil, 8/10/2026 Week of

Note: This is NOT an IPO. This is a NASDAQ Uplisting – a public offering – from the Singapore Stock Exchange, where MetaOptics’ ordinary shares have been listed on the Catalist of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) since Sept. 9, 2025, under the ticker symbol “9MT” – according to the prospectus.

(Incorporated in the Cayman Islands)

We are a Singapore-based company that designs and manufactures metalenses – ultra-thin flat optical lenses that are smaller, lighter and more power efficient than traditional curved lenses.

Making Miniaturization Possible is our mission.

Note: MetaOptics says its metalens technology accommodates the demand for smaller and lighter lenses in smartphones, automotive technology and other uses.

From the prospectus:

We are a vertically integrated metalens technology company, combining core competencies across metalens equipment, foundry, products, and metaoptics artificial intelligence (“AI”). We conduct our operations through our wholly-owned subsidiaries in Singapore and the United States.

Metalenses are ultra-thin flat-surface lenses which are smaller, lighter, consume less power, and offer a wider field of view, compared to conventional optical lenses. The unique flatness of metalenses enables the correction of optical defects, delivering reasonable quality color images. Leveraging our AI-based algorithm and processing software, which incorporates several advanced algorithms to enhance the optical design and image processing, our metalens technology can further sharpen the images to achieve higher resolution and enhanced image quality, and allow users to manipulate the individual red, green and blue (“RGB”) channels to edit the color images through computational reconstruction. We believe that our innovations have transformative potential in shaping next-generation optical systems.

Our operations are centered on the design and manufacture of metalenses and metalens prototypes, and to demonstrate the viability, efficacy, applications and use cases of our metalenses, we have expanded our operations to include the development of metalens camera modules and metalens Internet of Things (“IoT”) products, such as infrared metalens cameras, pico projectors, and IoT metalens color cameras. Our metalenses have also been integrated into a wide range of applications by our customers, including fifth generation (“5G”) smartphones, contactless three-dimensional (“3D”) biometric modules, projectors, and for industrial applications such as IoT devices, light detection and ranging (“LiDAR”) devices and heads-up displays (“HUDs”) for planes and self-driving cars, and augmented reality/virtual reality (“AR/VR”) devices. To date, although we have achieved mass production capabilities for our metalens prototypes (“mass production” in our perspective refers to the shipment of one million metalens units per year), we have not yet received a critical mass of purchase orders from our customers necessitating mass production of our metalenses.

To facilitate small-scale production of our metalenses to fulfil purchase orders, reduce concentration risk and diversify our supply chain, and to demonstrate the manufacturing capabilities for our metalenses, we also design and produce equipment for the manufacture of metalenses, in particular 4-inch direct laser writers (“DLWs”). Our 4-inch DLWs enable our customers to revise specifications and design of metalenses directly, reducing the lead time and providing for a shorter turnaround time from prototyping to testing and deployment into end products. In addition, our metalens equipment offerings have grown to include the design and production of metalens automatic testers, for use by our customers to ensure quality control of metalenses prior to shipment. These capabilities enable us to serve as a one-stop provider of metalens and metalens IoT products, offer customers comprehensive end-to-end services, and preserve and grow our competitive advantage in the industry.

We offer our products to manufacturers of automotives, AR/VR devices, consumer electronic appliances, end-customers, and traders for the distribution of such products. While we offer our products worldwide, our existing customers for metalens equipment, metalenses and IoT products are mainly located in Singapore, Japan, South Korea, China, Taiwan, the United States, and several countries in Europe.

We intend to use the net proceeds from this offering primarily to support our expansion plans in the United States. See “Use of Proceeds.”

Note: Net loss and revenue are in U.S. dollars (converted from Singapore dollars) for the year that ended Dec. 31, 2025.

(Note: MetaOptics cut its NASDAQ Uplisting deal’s size to 3 million American Depositary Shares (ADS) – down from 4 million ADS – and disclosed a price range of $5.00 to $7.00 – a change from the assumed price of $8.15 per share – to raise $18 million, according to an F-1/A filing dated June 10, 2026. Each ADS equals 12 ordinary shares.)

(Background: MetaOptics disclosed the terms for its NASDAQ Uplisting – a small public offering – on May 18, 2026, in an F-1/A filing: 4 million ADS at an assumed price of $8.15 to raise $32.6 million. The price – $8.15 – is the as-converted last price of MetaOptics’ shares on May 15, 2026, on the Singapore Exchange. Initial Filing: MetaOptics filed its F-1 for its uplisting to the NASDAQ – an offering that MetaOptics calls its IPO – on May, 4, 2026, without disclosing the terms. MetaOptics’ stock is listed on the Singapore Stock Exchange under the ticker “9MT” – according to the prospectus. Estimated proceeds for the NASDAQ uplisting – public offering – were up to $23 million.)

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🏁 Emerging Market ETF Launches

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

• 04/10/2026 – Baron Emerging Markets Select ETF – BCEM
• 04/08/2026 – FT Vest Laddered Emerging Markets Buffer ETF – BUFE
• 03/12/2026 – T. Rowe Price Emerging Markets Equity Research ETF – TEMR
• 03/06/2026 – MFS Blended Research Emerging Markets Equity ETF – BREE
• 02/19/2026 – VanEck India Select ETF – INDZ
• 02/05/2026 – Virtus Emerging Markets Dividend ETF – VEM
• 01/21/2026 – Templeton Emerging Markets Debt ETF – TEMD
• 12/17/2025 – Man Active Emerging Markets Alternative ETF – MEMA
• 12/04/2025 – Kraneshares Dragon Capital Vietnam Growth Index ETF – KPHO
• 11/20/2025 – KraneShares 2x Long BIDU Daily ETF – KBDU
• 10/25/2025 – Lazard Emerging Markets Opportunities ETF – EMKT
• 10/16/2025 – iShares Emerging Markets Bond Active ETF – BREM
• 10/07/2025 – VanEck Emerging Markets Bond ETF – EMBX
• 09/17/2025 – Vanguard Emerging Markets Ex-China ETF – VEXC
• 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

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🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

• 03/13/2026 – Polen Capital Emerging Markets ex China Growth ETF – PCEM
• 11/28/2025 – Rayliant Quantamental China Equity ETF – RAYC
• 10/30/2025 – Direxion Daily MSCI Emerging Markets ex China Bull 2X – XXCH
• 08/28/2025 – Range India Financials ETF – INDF
• 07/17/2025 – First Trust Brazil AlphaDEX Fund – FBZ
• 07/07/2025 – Franklin FTSE Hong Kong ETF – FLHK
• 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
• 04/03/2025 – JAKOTA K-Pop and Korean Entertainment ETF – KPOP
• 02/14/2025 – Global X MSCI Emerging Markets Covered Call ETF – EMCC
• 01/06/2025 – iShares Frontier and Select – FM

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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 (August 3, 2026) was also published on our Substack.

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