Emerging Market Links + The Week Ahead (March 10, 2025)

Caixin has noted a growing number of Chinese manufacturers have set up factories in Southeast Asia to bypass US import controls. Whether this approach will work remains to be seen as Washington may also tighten scrutiny on Chinese companies registered overseas – especially after Singapore has opened a probe into Nvidia AI chip shipments by middlemen to Malaysia in the wake of the DeepSeek reveal…

Finally and in the name of “democracy,” Romania has barred “far-right” frontrunner Calin Georgescu from running in May’s presidential election – another tone deaf move that will likely backfire even more on the elite establishment. However, the Romania section of our Emerging & Eastern Europe Stock Index only has seven major Romanian stocks – none appear to have a listing elsewhere while Interactive Brokers does not cover the market.

What’s more interesting has been all the chatter (especially from alt-finance sources) about why gold appears to be moving out of Europe and to the USA. The most logical non-conspiracy theory explanation (assuming there really are unusually large moves occurring) would be private investors trying to get some of their gold (and no doubt other liquid assets) out of Europe in case of capital controls should events in the Ukraine spiral out of control. Remember, stock markets got shut during the early days of both WW1 & 2 and capital controls implemented to slow the flow of wealth westward to safe havens in the new world…

Subscribe Now Via Substack

---

🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

• 🌐 EM Fund Stock Picks & Country Commentaries (March 9, 2025) Partially $
  • DeepSeek/AI/tariff research pieces, resurgence of the South African consumer, frontier market boom, Mexico trip report, Sonatel Senegal, Myanmar note, 2024 fund annual or semi-annual reports, etc.

---

📰🔬 Emerging Market Stock Picks / Stock Research

$ = behind a paywall / 🗃️ = Link to an archived article

🇨🇳 Alibaba (9988 HK): Trends in CALL Strikes and Open Interest Visualized in Animation and Charts (Smartkarma) $

• While Alibaba (NYSE: BABA) rallied, lower in-the-money calls were closed, realizing gains, while higher out-of-the-money strikes gained popularity.
• The median strike price lagged the sharp increase in stock price. The median strike currently stands at 107.50.
• With 81% of March calls currently in-the-money and higher strikes trading at premium implied volatility, active trading is expected in the 150-170 strike range.

🇨🇳 JD.com (9618 HK) FY Earnings on 6 March: Divergence Between Option-Implied And Historic Move (Smartkarma) $

• JD.com (NASDAQ: JD) Earnings Call tonight 8:00 pm HKT. After yesterday’s 3.06% move up, the ATM strike is now 165. ATM Straddles offer an opportunity to a) get an indication of the expected non-directional move, and b) to get exposure to the move. As of yesterday’s (5 Mar) close, 7 Mar straddles priced 11.9 (bid) x 13.5 (ask), relating to 7.2% (bid) x 8.2% (ask). Implied Vol at ~ 111%.
• EXECUTIVE SUMMARY
  • JD.com (9618 HK) upcoming Q4 and Full Year 2024 results announcement on 6 March historically triggers significant stock volatility, with full-year announcements causing 12-14% price movements.
  • Options market pricing implies a 9.4% post-announcement move (up or down), which is less than previous full-year announcement reactions but nearly double the average quarterly announcement impact.
  • Long Straddle positions break even at 9.2% price movements, appearing expensive compared to quarterly announcement history but potentially profitable based on full-year announcement patterns.

🇨🇳 JD.com (9618 HK) FY Earnings Recap: Intra-Day Swing of 7.3%. (Smartkarma) $

• JD.com (NASDAQ: JD) Q4 2024 earnings significantly exceeded analyst expectations with revenue reaching RMB 347 billion (13.4% YoY increase).
• The stock experienced a volatile two-day reaction, rising 8.4% on March 6 followed by a 5.0% decline on March 7, resulting in a net gain of 3.03%.
• Options strategies including straddles, strangles, and call calendar spreads were actively traded ahead of earnings with potential intraday profitability. Longer dated implied volatility decreased following the announcement.

🇨🇳 BYD (1211 HK) Placement: Continuing to Power Up (Smartkarma) $

• Overnight, BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) has announced a placement of 118m shares at a price range of HK$333-345/share that could raise up to HK$40.7bn (US$5.2bn).
• The Pink Sheets listing for BYD (BYDDY.PK) closed at US$87.1/share and traded US$155m for the day. That close implies an open of HK$338.7/share for BYD, middle of the placement range.
• There will be passive buying from global index trackers later this week while buying from Hang Seng Index and Hang Seng China Enterprises Index trackers will come in April.

🇨🇳 🇭🇰 BYD’s share sale spotlights Hong Kong’s revival (FT) $ 🗃️

• The city is still the place to go for Chinese companies seeking capital and access to international investors

🇨🇳 In Depth: How BYD Lowered the Bar for Buying a Smart Car in China (Caixin) $

• In early 2023, BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) Chairman and CEO Wang Chuanfu called autonomous driving “hokum,” making it something of a surprise when the Chinese automaker on Feb. 10 launched 21 budget models fitted with its God’s Eye intelligent driving system.
• The sticker price of these models ranges from 70,000 yuan ($9,650) and 200,000 yuan — at the bottom end of what it costs to buy a vehicle with autonomous driving capabilities in China.

🇨🇳 Xiaomi Aims to Take Its EV Sales Overseas by 2027 (Caixin) $

• Xiaomi (HKG: 1810 / FRA: 3CP / OTCMKTS: XIACF) aims to expand its electric vehicle sales outside China by 2027, while accelerating the international rollout of its other consumer electronics, company president William Lu said at the Mobile World Congress (MWC) in Barcelona on Monday.
• During the event, Xiaomi unveiled its high-end Xiaomi 15 Ultra smartphone series to the global market, priced at 1,499 euros. The company also showcased its premium electric sedan, the SU7 Ultra, and the Xiaomi SU7, though these vehicles have yet to be launched outside China.

🇨🇳 Chery Automobile IPO Preview (Douglas Research Insights) $

• Chery Automobile is getting ready to complete an IPO in Hong Kong in the coming months. The company could raise up to US$1 billion in this IPO.
• Chery Auto is the second largest automaker in China and the 11th largest auto company globally. The valuation of Chery Auto could be more than 100 billion yuan (US$14 billion).
• Chery Auto has one of the best records among all the major auto companies globally in the past three years in terms of sales and net profit growth…

🇨🇳 Cango gets crypto jolt back to revenue growth, profitability (Bamboo Works)

• The company, whose main business was previously auto trading, said its revenue skyrocketed in the fourth quarter after its move into bitcoin mining
• Cango (NYSE: CANG)’s revenue rose more than fivefold to 668 million yuan in last year’s fourth quarter, following its launch of a bitcoin mining operation last November
• The company will add 18 EH of new capacity by the end of this quarter, bringing its total to 50 EH, making it the world’s second-largest bitcoin miner

🇨🇳 After profit plunge in 2024, Maoyan spotlights strong start to 2025 (Bamboo Works)

• The movie ticketing platform was dragged down by a 23% decline in China’s box office last year, but held out hope for a stronger 2025
• Maoyan Entertainment (HKG: 1896 / FRA: 9ME / OTCMKTS: MAOFF) said its profit fell by more than 80% in 2024 on a weak performance at China’s box office
• The movie ticket seller has gotten off to a strong start this year as it benefits from the record box office for animated blockbuster ‘Ne Zha 2’

🇨🇳 Dingdong rings up strong end to 2024, but warns of turbulence ahead (Bamboo Works)

• The company reported a fourth consecutive profit in last year’s fourth quarter, while noting that competition in 2025 will be ‘more intense’
• [Online grocer] Dingdong (NYSE: DDL)’s revenue rose 18.3% in the fourth quarter, as it returned to annual growth in 2024 after a year of contraction
• The company reported a fourth consecutive profit during the quarter as it shifts its focus to the affluent Yangtze Delta area centered on its home base in Shanghai

🇨🇳 Its knuckles rapped, recovering Gaotu springs back to the black (Bamboo Works)

• Among the hardest hit in China’s regulatory crackdown in 2021, the educator is staging a comeback that will see it return to profitability in the current quarter
• Gaotu Techedu Inc (NYSE: GOTU)’s revenue rose 53.8% last year, including accelerating gains throughout the year that culminated with 82.5% growth in the fourth quarter
• The educator’s operating loss narrowed 20.6% for the year despite a steep increase in operating expenses, as it forecast a return to net profitability in the current quarter

🇨🇳 Yangzijiang Shipbuilding Plunged 28% in a Week: Can the Chinese Shipbuilder See a Rebound? (Smart Investor)

• Yangzijiang Shipbuilding Holdings (SGX: BS6 / FRA: B8O / OTCMKTS: YSHLF), or YZJ, was the top-performing blue-chip stock in Singapore last year.
• The Chinese shipbuilder saw its share price tumble as its business was hit with fees on Chinese-built vessels, but is the selling overdone?
• Let’s find out.
  • A hefty fee on Chinese-built vessels
  • YZJ delivered a strong set of earnings
  • Not as bad as expected
  • Get Smart: Caution reigns

🇨🇳 ZTE comeback stumbles on China telecoms spending slowdown (Bamboo Works)

• The telecoms equipment seller’s revenue began declining in the second half of last year, and fell 10% in the fourth quarter
• ZTE (SHE: 000063 / HKG: 0763)’s revenue dropped for first time last year since 2018 as its core business slumped with reduced 5G spending by Chinese wireless carriers
• The telecoms equipment maker’s AI and enterprise businesses show promise, but lower margins and the potential for new U.S. sanctions could pose challenges

🇨🇳 Earnings blow for CSPC Pharma as the state drives a hard bargain (Bamboo Works)

• The generic drugs giant has warned of a 26% slide in annual profits after China’s national healthcare system imposed big price cuts on qualifying medicines
• CSPC Pharmaceutical Group (HKG: 1093 / FRA: CVG / OTCMKTS: CHJTF) was already on track for a tough earnings season after its nine-month profits fell 15.9%
• Another blow was the sudden departure of the firm’s head of innovative drug research, Liu Yongjun, a well-known industry figure

🇭🇰 Undervalued and net net investments in the Chinese stock market: Part 3 (Dragon Invest)

• More high quality companies trading at Graham esque net net valuations unlike any other market in the world
• With all that out of the way now, let’s explore some absurdly—frankly outrageously and egregiously cheap net net and undervalued investments that are still so cheap that they would make Ben Graham beg the Lord for resurrection.
• Sino Land Co Ltd (HKG: 0083 / FRA: SNO / OTCMKTS: SNLAF)
  • All Hong Kong property developers are being priced at valuations that would imply impending bankruptcy but that is simply not the case with the bigger blue chip developers who have solid balance sheets and land banks. The most solid developer out of this entire group, when it comes to pure balance sheet numbers is Sino Land.
• Hutchison Telecommunications Hong Kong Holdings Limited (HKG: 0215) is the largest telco operator within Hong Kong.
• CK Asset Holdings (HKG: 1113 / FRA: 1CK / OTCMKTS: CHKGF) like Li’s other company CKH (they recently completed a division sale equal to their entire market cap) is a large conglomerate that is completely beyond most of the market’s comprehension and thus criminally underpriced.
• Hong Kong Ferry Holdings Co Ltd (HKG: 0050)
  • Alright this is a very confusing play; on one hand, the valuation is quite cheap optically speaking it trades about 20% below net cash value, with available for sale properties equal to 1.2 times the market cap, and completed retail properties and other assets equal to another 2 times the market cap

🇭🇰 Asian Dividend Gems: Crystal International (Asian Dividend Stocks) $

• Crystal International Group (HKG: 2232 / OTCMKTS: CRYIF)‘s business operations started to turn around in 2024 as most brand customers ended the destocking cycle and adjusted their inventory strategy.
• Crystal International is trading at attractive valuations of EV/EBITDA of 3.5x and P/E of 8.1x, based on 2025 consensus earnings estimates. Estimated dividend yield is at 6.5% in 2025.
• The company is one of the largest OEM apparel manufacturers in the world. It has a proven record of executing its business strategy successfully for more than five decades.

🇲🇴 Macau operator SJM Holdings crosses back into the black for full-year 2024 (GGRAsia)

• Macau casino operator SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY) was back in the black – just – for full-year 2024, after a HKD2.01-billion loss (US$258.5-million at current rates) for 2023.
• In a Tuesday filing to the Hong Kong Stock Exchange, the group said its 2024 profit attributable to its owners was HKD3.2 million.
• The board did not recommend any payment of final dividend for the year to December 31.

🇲🇴 Grand Lisboa Palace to continue to ramp up, any satellite casino closure could help biz: analysts (GGRAsia)

• The ramp up of business at the Grand Lisboa Palace resort in Cotai, run by Macau concessionaire SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY), has been slower than expected by investment analysts, but should continue as the company makes “targeted investments” to improve operations at the complex, say two separate brokerages.
• CBRE Capital Advisors Inc suggested in a Wednesday memo that any closure of a satellite casino in Macau operated under SJM Holdings could eventually contribute to lift business volumes at Grand Lisboa Palace (pictured).
• Satellite casinos operate under the gaming licence of a Macau concessionaire, but are usually promoted by third parties.

🇲🇴 MGM China biggest 4Q gainer in mass GGR share with 15.9pct: Deutsche Bank (GGRAsia)

• MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY) was the biggest sequential gainer in market share of mass table and slot gross gaming revenue (GGR) in Macau in the fourth quarter among the city’s six casino operators.
• That is according to a Tuesday memo from Deutsche Bank Securities Inc’s analyst Carlo Santarelli, which cited its research based on operator-declared data.

🇹🇼 Perfect Corp.: Rising With AI And AR/VR For Beauty And Fashion (Seeking Alpha) $ 🗃️

🇹🇼 Perfect Corp.: Solid Execution Amid Industry Headwinds (Seeking Alpha) $ 🗃️(?)

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

🇹🇼 TSMC Stock: If You Were Waiting For A Discount, Here It Is (Seeking Alpha) $ 🗃️

🇹🇼 TSMC’s $100B U.S. Investment Leaves Intel On The Sidelines (Seeking Alpha) $ 🗃️

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

🇹🇼 What To Do After ChipMOS Stock Slid Below $20 (Rating Downgrade) (Seeking Alpha) $ 🗃️

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

🇹🇼 Foxconn’s Record Revenue Doesn’t Guarantee Profitability (Seeking Alpha) $ 🗃️ (?)

• 🌐 Foxconn Technology Co Ltd (TPE: 2354 / OTCMKTS: FXCOF) – Professional ODM manufacturer (system assembly of 3C products, mechanical design, processing & sales). 🇼 🏷️

🇰🇷 KT Corporation Deserves A Higher Valuation With ROE Expansion Potential (Seeking Alpha) $ 🗃️(?)

• 🌐 KT Corp (NYSE: KT / KRX: 030200 / FRA: KTC) formerly Korea Telecom – Provides integrated telecommunications & platform services in Korea & internationally. 🇼 🏷️

🇰🇷 Woori Financial: Spotlight Is On Deal Approval And Capital Adequacy (Rating Downgrade) (Seeking Alpha) $ 🗃️(?)

• 🇰🇷 Woori Financial Group (NYSE: WF) – Commercial bank. Range of financial services to individual, business & institutional customers. 🇼 🏷️

🇰🇷 Kum Yang Gets Designated as an Administration Stock and To Be Deleted from KOSPI 200 Index (Douglas Research Insights) $

• On 4 March, Korea Exchange announced that it will designate Kumyang Co Ltd (KRX: 001570) as an administration stock, resulting in a deletion from KOSPI 200 index.
• These increased penalty points and fine are mainly from the company inflating the expected performance of a Mongolian mine which the company had plans to acquire shares.
• We continue to remain negative on Kum Yang. As a result of designation as an administration stock and deletion from KOSPI 200, investors will likely push down this stock further.

🇰🇷 LS Corp: Chairman’s Words Have Big Impact on Share Price (Douglas Research Insights) $

• On 6 March, LS Group Chairman Koo Ja-Eun publicly stated “If you think duplicate listings are a problem, then just don’t buy the stocks after the listing.”
• Chairman Koo’s comment was not in the best interest of the major LS Group companies including LS Electric Co Ltd (KRX: 010120) and LS Corp (KRX: 006260) that are publicly traded.
• LS Group is preparing to list at least five unlisted affiliates including LS E-Link, Essex Solutions, LS Cable, LS MnM, and KOC Electric in the next 1-3 years.

🇰🇷 Hanwha Systems: Expand 3rd Party Allocation Capital Increase Limit from 20% to 30% of Issued Shares (Douglas Research Insights) $

• In the past week, Hanwha Systems Co Ltd (KRX: 272210) announced that it plans to expand third party allocation capital increase limit from 20% to 30% of issued shares in its articles of incorporation.
• This plan to significantly increase the amount of capital raise limit sets the stage for a major capital increase by Hanwha Systems in 2025, in our view.
• Unlike in 2021 when we were bullish on Hanwha Systems post a large-scale capital raise, we are more cautious on the company’s potential new large scale capital raise this year.

🇰🇷 Nongshim Raises Instant Noodles Prices (Douglas Research Insights) $

• NongShim Co (KRX: 004370) announced that it plans to increase the prices of its instant noodles and snack products starting next week.
• Nongshim plans to raise the retail prices of 14 instant noodle products by 7.2% on average and three snack products by 7.4% starting Monday (10 March).
• We estimate the consensus to raise their earnings estimates by 5-10%+ in 2025 and 2026, driven by the higher product prices of major instant noodles and snacks.

🇰🇷 M&A For Korea Zinc: Seoul Central District Court Makes Important Rulings (Douglas Research Insights) $

• On 7 March, the Seoul Central District Court ruled that it is reasonable for Korea Zinc (KRX: 010130) to maintain the concentrated voting system, which should favor Chairman Choi and his allies.
• On the other hand, the court also ruled that Korea Zinc was wrong to restrict Young Poong Precision Corporation (KOSDAQ: 036560)‘s voting rights which should be favorable to MBK/Young Poong alliance.
• The fact that the court has allowed concentrated voting system would mean the M&A of Korea Zinc will continue.

🇰🇷 Young Poong: Announces Cancellation of Entire Treasury Shares and 10:1 Stock Split (Douglas Research Insights) $

• On 10 March, Young Poong Precision Corporation (KOSDAQ: 036560) announced that it plans to cancel all of its treasury shares and conduct a 10-to-1 stock split.
• Driven by the treasury shares cancellation and stock split, Young Poong’s share price rose 8.9% to 489,000 won today (10 March 2025).
• Our updated NAV of Young Poong suggests NAV per share of 834,064 per share, representing a 71% upside from current levels.

🇰🇷 Dozn IPO Valuation Analysis (Douglas Research Insights) $

• Our base case valuation of [B2B fintech firm] Dozn is implied market cap of 429 billion won or target price of 17,910 won per share (43% higher than high-end of IPO price range).
• Our base case target price is based on P/E of 25.3x (20% premium to comps’ average valuation multiple) using our estimated net profit of 17 billion won in 2025.
• This valuation premium is appropriate due to Dozn’s higher sales growth rate, higher net margins, and higher ROE versus the comps.

🇰🇷 TXR Robotics: IPO Book Building Results Analysis (Douglas Research Insights) $

• The IPO price of TXR Robotics has been finalized at 13,500 won per share, which is at the high end of the IPO price range.
• The demand ratio among institutional investors was 862.6 to 1.
• According to our valuation analysis, it suggests an implied price of 19,673 won per share, which is 46% higher than the IPO price (13,500 won).

🇮🇩 Astra International (ASII IJ) – Resilience in Motion (Smartkarma) $

• Astra International (IDX: ASII / FRA: ASJA / OTCMKTS: PTAIF) recently released finely balanced set of FY2024 results, with weaker auto sales offset by stronger 2W and financial segment performance, with other segments also performing above expectations.
• Financial services growth was driven by stronger multifinance growth, whilst the heavy equipment division saw stronger growth from mining contracting and gold offsetting slower growth from coal mining.
• Astra continues investing in sustainable energy, nickel, and healthcare and looks for new opportunities. Valuations remain attractive on less than 6x forward PER and yield > 8%.

🇮🇩 Vale Indonesia: Q4/24 Earnings Drop on Volume, Nickel Price Decline (Smartkarma) $

• Vale Indonesia Tbk PT (IDX: INCO / FRA: XT3B / OTCMKTS: PTNDF)‘s Q4/24 results came in -28% below expectations driven mainly by a revenue decline, as core costs fell, and other expenses and net financing income rose
• The revenue drop was from by a -7.1% decline in volume and -11.5% drop in the nickel matte price, while fuel efficiency improved and fuel costs dropped overall
• The P/B continued to slide in Q4/24 to 0.82, along with an ROE down to 1.0%, but even given the inexpensive multiple, weak nickel could weigh on the stock

🇲🇾 Malaysia: A Growing Economy and Safe Haven from US Tariffs (The Smart Investor)

• Thinking of investing in a solid Southeast Asian country with a strong economy and a large consumer population? Malaysia turns out to be a key choice.
• Amid the chaos, there is one country that stands unscathed and may even benefit – Malaysia.
  • A springboard for Asian expansion
  • Healthy economic fundamentals
  • A slew of dividends declared
    • Many of Malaysia’s largest businesses, along with a few smaller ones, dish out dependable dividends.
    • For instance, Tenaga Nasional Bhd (KLSE: TENAGA / FRA: 6TN0 / OTCMKTS: TNABF / TNABY), Malaysia’s largest electricity generator, reported a 69% year-on-year surge in its 2024 net profit.
    • If you are a beer drinker, you may recognise the Heineken brand.Heineken Malaysia Bhd (KLSE: HEIM) offers a chance for you to own a slice of this beer business and the brewery reported a 21% year-on-year jump in 2024’s net profit on the back of a 6% year-on-year increase in revenue.
    • The Dutch brewer has proposed a final dividend of RM 1.15.And if you feel confident about Malaysia’s economy, you can choose to own its largest bank Malayan Banking Bhd (KLSE: MAYBANK / OTCMKTS: MLYBY / MLYNF) aka Maybank.
    • Padini Holdings Berhad (KLSE: 7052), a manufacturer and retailer of mass-market apparel, posted a 21.1% year-on-year rise in net profit for the latest quarter ending 31 December 2024.
  • Get Smart: A growing economy with dividend-paying stocks

🇵🇭 Buyout of Melco in CoD Manila ‘not part’ of Belle’s plans ‘for immediate future’ (GGRAsia)

• The idea of a buyout of Melco Resorts & Entertainment Ltd (NASDAQ: MLCO)’s interest in the City of Dreams (CoD) Manila casino resort in the Philippine capital is “not part of Belle’s plans for the immediate future,” said Philippines-listed Belle Corp (PSE: BEL), in a Monday filing to the local bourse.
• The filing was described as a clarification to a Monday report by the Philippine Inquirer news outlet, which cited an “industry source” suggesting Belle would be willing to buy out the Melco Resorts interest in City of Dreams Manila “if the price is right”.
• On Thursday, just before the publication of Melco Resorts’ fourth-quarter results, the gaming group said it was considering “strategic alternatives” regarding its role in City of Dreams Manila.
• Then on the following earnings call that day, Lawrence Ho Yau Lung, chairman and chief executive of Melco Resorts, said such an option was aligned with the group’s aim of moving to an “asset light” investment strategy.

🇵🇭 Bloomberry 2024 net income dips 72.5pct on revenue up 9.7pct, cites Solaire North opening costs as a factor (GGRAsia)

• Annual net income at Philippine casino operator Bloomberry Resorts Corp (PSE: BLOOM / OTCMKTS: BLBRF) fell 72.5 percent year-on-year. Such income attributable to the shareholders was PHP2.62 billion (US$45.8 million), versus nearly PHP9.53 billion in 2023, according to a Thursday filing. No dividend was declared for 2024.
• Enrique Razon, company chairman and chief executive, was cited as saying in the filing to the Philippine Stock Exchange: “Our EBITDA and profit for the year were lower as we recognised pre-operating, depreciation, and interest expenses for Solaire North while Solaire in Entertainment City grappled with VIP and premium mass market weakness.”

🇸🇬 Sea: Despite E-Commerce Strength, Gaming Risks Abound, Take Caution Here (Downgrade) (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). 🇼 🏷️

🇸🇬 China Yuchai: Impressive Results, But Lower Margin Of Safety (Rating Downgrade) (Seeking Alpha) $ 🗃️(?)

• 🌏 China Yuchai International Limited (NYSE: CYD) 🇧🇲 – Diesel & natural gas engines for trucks, buses & passenger vehicles, marine, industrial, construction, agriculture & generator set applications. Subs. of Singapore-based Hong Leong Asia Ltd (SGX: H22 / FRA: HOM). 🇼

🇸🇬 Canaan Presents A Golden Opportunity (Seeking Alpha) $ 🗃️

• 🌐 Canaan Inc (NASDAQ: CAN) – China founded. Specializes in Blockchain servers & ASIC microprocessors for use in bitcoin mining. 🇼

🇸🇬 CapitaLand Integrated Commercial Trust: Less Reliant On External Factors (Seeking Alpha) $ 🗃️

• 🌍🌏 CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF) – First REIT listed in Singapore & largest proxy for Singapore commercial real estate. Germany + Australia properties. 🇼 🏷️

🇸🇬 DBS, OCBC and UOB All Reported Record Profits: Which Bank Should You Buy? (The Smart Investor)

• With all three banks reporting splendid results, it can be tough to choose between them.
• DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) led the pack with a 43.9% surge while United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF), or UOB, and Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) came in close to each other with share price gains of 27.7% and 28.4%, respectively.
• All three banks reported record profits for 2024 and also upped their dividends along the way.
• Investors may find it tough to filter out which bank to buy as the trio reported solid results.
• Let’s break down each component of the banks’ earnings and financial metrics to see which bank qualifies as the best buy.

🇸🇬 4 Singapore Stocks Reporting Higher Profits and Larger Dividends: Are They a Buy? (The Smart Investor)

• These four companies announced both higher profits and dividends. Do they deserve a place in your portfolio?
• We shine the spotlight on four Singapore stocks that not only announced better profits but also upped their dividends at the same time.
  • Q&M Dental (SGX: QC7) is a private dental healthcare group that owns 106 dental outlets in Singapore.
  • First Resources Ltd (SGX: EB5 / FRA: 5F1 / OTCMKTS: FTROF) is a leading palm oil producer managing over 200,000 hectares of oil palm plantations across the Riau, East Kalimantan, and West Kalimantan provinces of Indonesia.
  • China Sunsine Chemical Holdings (SGX: QES), or CSC, is a specialty chemical producer selling rubber accelerators, insoluble sulphur, anti-oxidants and other vulcanising agents.
  • Nordic Group Ltd (SGX: MR7) is a global engineering solutions provider that provides services such as vessel maintenance, precision engineering, scaffolding and insulation, and others.

🇸🇬 Genting Singapore’s Share Price Plunged 23% in a Year: Can the IR Operator Regain Its Mojo? (The Smart Investor)

• Can the IR operator reverse its decline with a slew of new attractions and a vision to expand outside Singapore?
• Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY), in particular, has suffered a steady share price decline.
• Shares of the integrated resort (IR) operator have plunged 23% in one year, hitting their 52-week low of S$0.70 just recently.
• Can the IR operator see better days ahead? Let’s find out.
  • A downbeat set of earnings
  • Visitor arrivals have yet to surpass 2019
  • Potential threat: the legalisation of casinos in Thailand
  • Ambitious plans for 2025 and beyond

🇸🇬 SGX Adds 3 More Hong Kong Singapore Depository Receipts: Here’s All You Need to Know (The Smart Investor)

• Back in July 2023, the bourse operator introduced its first set of three Thai stocks under a new product called Singapore Depository Receipts (SDRs).
• Then, almost a year later in April 2024, SGX added five more Thai blue-chip stocks to this list, expanding investor access to a total of eight Thai stocks.
• SGX quickly followed up with the introduction of five Hong Kong (HK) SDRs just seven months later.
• The time for the introduction of new stocks has been further shortened as SGX just launched another three HK SDRs just four months after it introduced its first five HK SDRs.
• Let’s find out more about these three new additions and the benefits you can enjoy from purchasing SDRs.
• SGX has launched HK SDRs for three more stocks – Xiaomi (HKG: 1810 / SGX: HXXD / FRA: 3CP / OTCMKTS: XIACF), Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) and Ping An Insurance (SHA: 601318 / HKG: 2318 / SGX: HPAD / OTCMKTS: PNGAY).

🇮🇳 Monthly Sales Overview of Indian Listed Tractor Firms – February 2025; Strong Show Continues (Smartkarma) $

• Tractor volume continued to be strong in Feb’25. Favorable reservoir level, strong sowing for the Rabi season and government support are expected to drive good demand for tractors in the medium term.
• We summarize the sales volume published by listed players Mahindra & Mahindra (NSE: M&M / BOM: 500520 / OTCMKTS: MAHMF) and Escorts Kubota Ltd (NSE: ESCORTS / BOM: 500495) in February 2025.
• Positive management commentary augurs well for uptick in tractor OEM stocks and related auto ancillary companies like GNA Axles Ltd (NSE: GNA / BOM: 540124) in medium term.

🇮🇳 Axis Punch: Navin Fluorine International Ltd – 05th March, 2025 (Smartkarma) $

• Navin Fluorine International (NSE: NAVINFLUOR / BOM: 532504), established in 1967, is one of India’s largest manufacturers of specialty fluorochemicals.
• Part of the Padmanabh Mafatlal Group, the company operates one of India’s largest integrated fluorochemical complexes, positioning itself as a preferred partner for a diverse range of fluorochemicals globally.
• NFIL’s portfolio includes synthetic cryolite, fluorocarbon gases, hydrofluoric acid, and other fluorine-based chemicals.

🇮🇳 The Beat Ideas: Kitex Garments- A Global Inflant Wear Play (Smartkarma) $

• Kitex Garments Ltd (NSE: KITEX / BOM: 521248) is the world’s second-largest manufacturer of ready-to-wear clothing for infants and children.
• KGL is expanding its manufacturing capabilities by establishing two new integrated units in Warangal and Sitarampur, Telangana which will increase capacity to 10.68L pieces per day.
• Kitex Garments is also planning to merge with Kitex Childrenswear Limited, which sell processed fabrics, rental agreements for factory premises, and special job work contracts for KGL.

🇮🇳 The Beat Ideas: Laurus Labs (Smartkarma) $

Laurus Labs (NSE: LAURUSLABS / BOM: 540222)

• The company is expected to see multiple capacity expansions coming online in FY26, with ramp-up occurring throughout FY26 and FY27 onwards.
• Currently, execution challenges and unavoidable delays have impacted the company’s revenue and margin trajectory, resulting in depressed margins on a short-term basis.
• As new projects come online and product ramp-ups occur, it expects revenue and margin expansion, ultimately reflecting in the bottom line due to the increased gross block & new products.

🇮🇳 Hindalco (HNDL IN): Several Positive Triggers (Smartkarma) $

• Play on rising aluminium demand. Aluminium demand has outpaced supply with strong Chinese demand.
• Management has guided better margins at Novelis which faced a temporary drop in margins due to scrap shortages.
• Hindalco Industries (NSE: HINDALCO / BOM: 500440)‘s Indian operations are fully integrated with captive bauxite, alumina and to certain extent for energy. Trades at a 20%+ discount to its historic PE multiples.

🇮🇳 National Aluminium (NACL IN) New Capacities and Cheap Valuations to Drive Returns (Smartkarma) $

• National Aluminium Co Ltd (NSE: NATIONALUM / BOM: 532234) posted its best ever quarterly performance in 3QFY25, driven by a sharp spike in alumina prices. Alumina prices have since cooled off but remain elevated at above US$450/t
• NACL is set to expand its alumina capacity by 33% over the next 12 months. This will help double its external alumina sales from 1mt to 2mt.
• Trades at 25% discount to historic PE of 13x despite record earnings, healthy balance sheet and strong near-term volume growth driven by brownfield expansion.

🇮🇳 Jai Corp Ltd Under CBI Investigation: Allegations of Fund Diversion and Money Laundering (Smartkarma) $

• Jai Corp Ltd (NSE: JAICORPLTD / BOM: 512237) allegedly misappropriated INR2,434 crore from investors, diverted funds offshore, and engaged in fraudulent trading, triggering CBI probe into financial misconduct, money laundering, illegal stock manipulation.
• The Bombay High Court directed a CBI investigation after allegations surfaced of fake exports, foreign currency loan diversion, and fund rotation through shell companies in Mauritius and Jersey.
• Jai Corp claims no official notice of the FIR yet but pledges full cooperation; investors await regulatory actions from SEBI, RBI, and ED, which could impact the company’s financial standing.

🇮🇳 Jindal Steel & Power (JSP IN) – Cyclical Downturn Provides Attractive Entry Point (Smartkarma) $

Jindal Steel & Power (NSE: JINDALSTEL / BOM: 532286)

• Strong focus on capacity enhancement. Increasing steelmaking capacity by 65% over the next 3 years to 15.9mt.
• Recent margin dip provides attractive entry point. Promoters/insiders have bought into recent decline in stock price
• Attractive long-term play on rising domestic steel demand. Low debt levels at <1.4x EBITDA allows for steady capacity addition.

🇮🇳 Businesses bemoan Indian ‘tax terrorism’ and red tape (FT) $ 🗃️

• Officials vow to cut bureaucracy and fiscal burden amid fears they could hurt investment
• On the face of it, expanding operations in one of the world’s fastest-growing countries should be a no-brainer, but for bearings maker Timken India Ltd (NSE: TIMKEN / BOM: 522113), there may be easier places to do business.
• Sanjay Koul, managing director, told investors last year that the Ohio-based parent company could instead look at other countries “where there is less of tax terrorism” and “where they can have ease of doing business”.
• Since then, the company has been hit with an unexpected Rs250mn ($2.9mn) tax demand, which it is contesting.

🇦🇪 Adnoc Gas share sale raises US$2.84 billion (The Asset) 🗃️

• First UAE marketed offering marks largest placement on Abu Dhabi ADX
• Adnoc Gas Plc (ADX: ADNOCGAS) has raised US$2.84 billion from a marketed offering of 4% of its shares. The shares were sold by parent company Abu Dhabi National Oil Company ( Adnoc ).

🇿🇼 Caledonia Mining: Optimism In Zimbabwe While Gold Is Bullish – Possible Dip Ahead (Seeking Alpha) $ 🗃️

• 🇿🇼 Caledonia Mining Corporation Plc (NYSEAMERICAN: CMCL) – Gold production, exploration & development company.

🇵🇱 [free] TEXT.WA – The company is undervalued. Everyone got it wrong? (Polish Stocks)

• Even in a brutal pessimistic scenario, its core strengths: high margins, recurring revenue, and financial health – keep it afloat.
• Text SA (WSE: TXT / LON: 0QTE / FRA: 886 / OTCMKTS: LCHTF) doesn’ need to execute perfectly to provide attractive returns.
• It needs to avoid disaster.
• The bear case arguments are focused on issues the company is already addressing.
• Today, you are not paying for success – you are getting an undervalued company even assuming partial failure.

🇵🇱 From Witcher To Cyberpunk: CD Projekt’s Comeback Story And What Lies Ahead (Seeking Alpha) $ 🗃️(?)

• 🇵🇱 CD Projekt SA (WSE: CDR / FRA: 7CD / 7CD0 / OTCMKTS: OTGLY / OTGLF) – Development of videogames & global digital distribution. 🇼 🏷️

🇷🇺 Russian ADRs – light at the end of the tunnel? (Undervalued Shares)

• Because of their high dividends, Russian stocks had been widely held by private investors who relied on income from their investments. In Germany alone, an estimated 70,000 private investors are affected, including many elderly investors in particular.
• The damage done is much broader than the losses in individual portfolios. ADRs and GDRs had been established for decades as a tool for easily investing internationally. The market’s trust in this system was broken, and it may take a decade or two to recover.
• E.g., Russian’s Google equivalent, Yandex, was legally domiciled in the Netherlands and listed on Nasdaq. The company eventually sold its Russian assets for USD 5bn and decided to use the cash to embark on a new future in AI. Now re-named Nebius Group NV (NASDAQ: NBIS) (ISIN NL0009805522, Nasdaq:NBIS), the stock reopened for trading in October 2024. Analysts at Crossroads Capital published a seminal research piece on the newly constituted company, and the share price doubled within eight weeks.

🌎 Alsea: Starbucks Continues To See Headwinds In Europe (Seeking Alpha) $ 🗃️

• 🌎 🇪🇸 Alsea SAB de CV (BMV: ALSEA / FRA: 4FU / OTCMKTS: ALSSF) – Leading restaurant operator in Latin America & Spain of global brands. 🇼 🏷️

🌎 DLocal: Take Rate Disappointment Isn’t A Disaster (Seeking Alpha) $ 🗃️

• 🌐 Dlocal (NASDAQ: DLO) – Cross-border payment platform for global merchants to get paid & make payments in emerging markets. 🇼

🌎 Adecoagro: Good Operations Squeezed By Uncontrollable Commodity And Weather Issues (Seeking Alpha) $ 🗃️(?)

• 🇦🇷 🇧🇷 🇺🇾 Adecoagro Sa (NYSE: AGRO) – Luxembourg HQ’s agro industrial company that produces & manufactures food & renewable energy. 3 segments: Farming; Sugar, Ethanol & Energy; & Land Transformation. 🏷️

🇦🇷 🇲🇽 Vista Energy: A Promising Play On The Vaca Muerta Formation (Seeking Alpha) $ 🗃️

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

🇦🇷 Banco Galicia: Last Train To Buy An Argentinian Bank Is Leaving The Station (Seeking Alpha) $ 🗃️

• 🇦🇷 Grupo Financiero Galicia Sa (NASDAQ: GGAL) – A group of financial services companies in Argentina. 🇼 🏷️

🇦🇷 Lithium Argentina Looks Safe To Me (Seeking Alpha) $ 🗃️

• 🇦🇷 👼🏻 Lithium Argentina AG (NYSE: LAR) – Lithium brine evaporation ponds & processing facility. Pipeline of development & exploration projects.

🇧🇷 PagSeguro Q4: Overlooked By The Market, The Company’s Profits Continue To Grow (Seeking Alpha) $ 🗃️(?)

• 🇧🇷 PagSeguro Digital (NYSE: PAGS) 🇰🇾 – Financial services & digital payments. 🇼 🏷️

🇧🇷 Ambev Q4: Faces Challenges, But Still A Buy (Seeking Alpha) $ 🗃️

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

🇧🇷 XP Inc. Q4: Results Are Surprising, But That’s Why It’s Not Time To Buy (Rating Upgrade) (Seeking Alpha) $ 🗃️(?)

• 🌎 XP Inc (NASDAQ: XP) – Wealth management & other financial services (fixed income, equities, investment funds & private pension products). 🇼

🇧🇷 Suzano: Cerrado Production Online, Paper And Packaging Scaling (Seeking Alpha) $ 🗃️

• 🌐 Suzano SA (BVMF: SUZB3 / NYSE: SUZ) – Largest paper & pulp company in Latin America. 🇼

🇧🇷 Vinci Partners Has To Deliver On Operations, But The Balance Sheet Tilts To A Buy (Seeking Alpha) $ 🗃️

• 🇧🇷 Vinci Partners Investments Ltd (NASDAQ: VINP) – Alternative investments platform. Specialized asset management, wealth management & financial advisory services to retail + institutional clients in Brazil. 🏷️

🇧🇷 Brazil as yield seekers paradise (TheOldEconomy Substack) $

• Brazilian bonds for real yields
• Some of the most significant EM corporate bond issuances were from Brazilian enterprises. The table below shows 3Q24 corporate bonds issued by EM companies.

🇨🇱 Compania Cervecerias Unidas’ Good Accounting Results For Q4 2024 Hide An Ailing Business In Argentina (Seeking Alpha) $ 🗃️

• 🌎 Compañía Cervecerías Unidas Sa (NYSE: CCU) – Multi-category beverage company with operations in Chile, Argentina, Bolivia, Colombia, Paraguay & Uruguay. 🇼 🏷️

🇨🇱 Sociedad Química y Minera de Chile: This Is Why Lithium Will Fuel Growth (Seeking Alpha) $ 🗃️

• 🌐 Sociedad Química y Minera de Chile (NYSE: SQM) – Lithium, potassium nitrate, iodine & thermo-solar salts. 🇼

🇨🇱 Compania Cervecerias Unidas’ Good Accounting Results For Q4 2024 Hide An Ailing Business In Argentina (Seeking Alpha) $ 🗃️

• 🌎 Compañía Cervecerías Unidas Sa (NYSE: CCU) – Multi-category beverage company with operations in Chile, Argentina, Bolivia, Colombia, Paraguay & Uruguay. 🇼 🏷️

🇨🇴 Grupo Aval’s Q4: Valuation Expanded Significantly (Rating Downgrade) (Seeking Alpha) $ 🗃️

• 🇨🇴🅿️ Grupo Aval Acciones y Valores SA (BVC: PFAVAL) – One of Colombia’s largest banking groups + leader in investment banking through Corporación Financiera Colombiana or Corficolombiana (BVC: CORFICOLCF). 🇼 🏷️

🇨🇴 One of the cheapest equity markets in the world (TheOldEconomy Substack)

[Note: This piece was emailed but I don’t see a link to it on Substack]

• Which is the next Argentina + 20% off birthday offer
• I firmly believe that Latin America has enormous growth potential. Its GDP represents 6% of the global GDP, while its stock market capitalization is only 1%. Cliché postulates that investing in South America is too dangerous. However, there are more pieces to the puzzle.
• Let’s consider one of the crucial risks for EM investors: geopolitical risk. South America has the lowest geopolitical risk.
• Given the circumstances, the only option offering attractive risk rewards and probabilities is to make a basket of the most liquid Colombian stocks. These are:
  • Bancolombia (NYSE: CIB / BVC: PFBCOLOM)
  • Grupo Aval Acciones y Valores SA (BVC: PFAVAL)
  • Ecopetrol SA (NYSE: EC)

🇲🇽 Wal-Mart De Mexico Underperforming As Weaker Traffic And Margins Weigh On Sentiment (Seeking Alpha) $ 🗃️

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

🇺🇾 Satellogic: Sell The Rally As Earnings Remain Weak (Seeking Alpha) $ 🗃️

• 🌐 Satellogic (NASDAQ: SATL) – Uruguay HQ. Integrated geospatial company. Building a satellite constellation as a scalable Earth observation platform. 🇼

🌐 Nebius: Implications From CoreWeave’s $35 Billion IPO (Seeking Alpha) $ 🗃️

🌐 Nebius Group: Our Top AI Stock Pick In Hyper-Growth (Seeking Alpha) $ 🗃️

🌐 Nebius: Don’t Gamble With Your Money Now (Seeking Alpha) $ 🗃️

🌐 Nebius Stock: The Hidden Gem Set For Massive Growth (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. 🇼 🏷️

Share

Subscribed

---

📰🔬 Further Suggested Reading

$ = behind a paywall / 🗃️ = Link to an archived article

🇨🇳 How DeepSeek Levels the Field: New Investment Opportunities (The Great Wall Street – Investing in China) $

• But lately, something unexpected has happened: smaller platforms aren’t just surviving — they’re thriving. Let’s unpack how.
• Before we do that, let’s review the argument against smaller platforms in the first place.
• In the rest of this article, I will discuss how these smaller companies faced this existential threat, how they managed to survive, and even more importantly, why DeepSeek is now having a significant impact on these platforms — further leveling the playing field and eroding some of the advantages that giants like ByteDance and Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) once had. This creates some great investment opportunities.

🇨🇳 In Depth: Higher Profits, Returns Mask Solvency Problems in China’s Insurance Sector (Caixin) $

• China’s insurance companies had a bumper year in 2024. Profits jumped as investment returns benefited from the fourth-quarter stock market revival and from a change in accounting rules, which meant last year’s surge in bond prices could be treated as gains in their earnings reports.
• Last year, the average total return for non-listed life insurance companies jumped to 8.82% from 3.85% in 2023, non-listed general insurers, also known as property and casualty insurers, saw their returns rise to 3.87% from 2.43%, and non-listed reinsurance companies’ returns edged up to 3.03% from 2.65%, according to data from the National Financial Regulatory Administration (NFRA).

🇨🇳 China M&A deals to see double-digit volume growth in 2025 (The Asset) 🗃️

• New energy vehicles, industrial upgrades and generative AI to continue driving market activity
• China’s M&A market in 2024 declined by 16% in transaction value from the previous year, but the volume rose by 24%, due to a significant rebound in venture capital ( VC ) activity, a new report finds.
• Since peaking in 2016, outbound M&A deals in mainland China have decreased, with transaction values declining annually. However, there has been a recent increase in consultations regarding Chinese outbound deal opportunities, accounting major PwC says in its M&A 2024 Review and Outlook [China M&A 2024 review and outlook]. In terms of transaction volume, high technology, industrial, and healthcare sectors proved the most favoured areas for overseas investments in 2024.

🇨🇳 Looking to dodge U.S. tariffs, Chinese manufacturers set up shop in Southeast Asia (Caixin) $

• A growing number of Chinese manufacturers have set up factories in Southeast Asia, hoping to use the region to bypass U.S. import controls as the Trump administration plans to slap additional tariffs on Chinese goods.
• Whether this approach will work, however, remains to be seen as Washington may tighten its scrutiny over Chinese companies registered overseas.

🇨🇳 Analysis: Nine Key Messages from Chinese Premier’s Work Report (Caixin) $

• As China’s top legislature convened for its annual session, Premier Li Qiang presented the Government Work Report, outlining economic goals and policy priorities for the year ahead.
• The report noted that the external environment has grown more complex and challenging, while the domestic economic recovery remains fragile, creating a landscape of strategic opportunities coexisting alongside risks and uncertainties.

🇲🇴 Jefferies cuts Macau full-year 2025 GGR tally estimate by 2pct (GGRAsia)

• Banking group Jefferies now expects Macau’s casino gross gaming revenue (GGR) to reach MOP240.00 billion (US$30.00 billion), down 2.0 percent from its previous estimate of MOP245.0 billion, and in line with the local government’s estimates.
• “Post fourth-quarter 2024 results, and based on January/February trend, we revisited our GGR model and each operators’ market share,” said the institution in a Friday memo.
• “January-February industry GGR were flat, and the CNY [Chinese New Year] holiday has shown a longer and stronger tail effect versus previous years,” it added.

🇲🇴 Macau 2024 GDP up nearly 9pct as economic output at 86pct of 2019 levels (GGRAsia)

• Full-year 2024 exports of services rose by 9.2 percent year-on-year, “driven by an increase of 23.8 percent in the number of visitor arrivals,” stated the bureau.
• The number of visitor arrivals to Macau reached 34.93 million in full-year 2024, according to official figures. Macau’s tourism boss said in mid-January that Macau might be able to draw “38 million to 39 million” visitors this year, a level “very close” to the pre-pandemic trading year of 2019.

🇲🇴 Fitch forecasts Macau’s GDP growth at 6.9pct in 2025 on ‘slower gaming tourism recovery’ (GGRAsia)

• Fitch Ratings Inc forecasts Macau’s gross domestic product (GDP) growth to slow to 6.9 percent this year from 8.8 percent in 2024, as the city’s gross gaming revenue (GGR) “is likely to rise more gradually to roughly 81 percent of its 2019 level, after a rebound in 2024”.
• The commentary was part of a Tuesday report in which the institution affirmed Macau’s long-term issuer default rating at “AA”, with a “stable” outlook.
• In its latest report on Macau, a special administrative region of China, Fitch analysts George Xu, Jeremy Zook and Jan Friederich wrote: “We expect GDP growth to be supported by continued, but slower, gaming tourism recovery, along with favourable visa policies for mainland visitors, non-gaming investments and enhanced tourism infrastructure.”

🇸🇬 Singapore probes suspected fraud in sales of US-controlled Nvidia chips (FT) $ 🗃️

• Arrests made in city-state after raids on 22 locations
• The two Singaporeans and one Chinese national were charged last Thursday with fraud, after the government received a tip-off that servers containing the chips were being exported to Malaysia.

🇸🇬 Singapore Probes Nvidia AI Chip Shipments By Middlemen To Malaysia Amid DeepSeek Scrutiny (ZeroHedge)

• One month after US officials launched an investigation into whether Chinese AI startup DeepSeek acquired Nvidia AI chips through shell companies in Singapore to bypass US trade restrictions, a new report suggests that Singapore has opened a probe into intermediaries allegedly funneling AI semiconductors into Malaysia.
• Bloomberg reports that Singaporean officials are investigating middlemen who shipped Dell and Super Micro servers with AI chips from Singapore to Malaysia and potentially misrepresented the end users of the hardware, raising fresh concerns that these chips may have ultimately reached China.
• Law Minister K Shanmugam told reporters earlier that several people have been arrested for procuring and shipping Nvidia chips to Malaysia, violating US chip restrictions.

🇹🇭 Thailand drops US$1.5mln bank deposit condition for locals to gamble in local casinos (GGRAsia)

• The Thailand authorities have dropped a proposal that the country’s citizens should have a minimum of THB50 million (US$1.5 million) in bank deposits before being able to gamble in any casinos that might be built there.
• That is according to Monday reports citing Julapun Amornvivat, deputy finance minister, saying that such a threshold would be too restrictive, as records indicated only 10,000 individual bank accounts in the kingdom holding such sums or higher.

🇹🇭 Thai minister says US$1.5mln bank deposit rule for locals gambling to stay in draft bill, up to parliament to decide on it (GGRAsia)

• A senior Thai government official says the THB50 million (US$1.5 million) bank deposit qualification for locals wishing to gamble in any casino complexes that might be set up in the country, will stay in a draft bill to be submitted by the country’s cabinet to the National Assembly (pictured).
• Deputy finance minister Julapun Amornvivat said – as cited by the Bangkok Post newspaper on Thursday – it would be up to the assembly to decide whether the financial qualification should be removed.
• On Monday the same news outlet had reported the minister as saying the condition would be struck from the draft law for casino legalisation. That was on the basis that too many among Thailand’s 70 million population would be excluded from entering such gaming venues.

🇸🇦 What Went Wrong at Saudi Arabia’s Futuristic Metropolis in the Desert (WSJ) $ 🗃️

• Neom executives shielded the crown prince from the challenges of his fantastical plans, including by engaging in ​‘deliberate manipulation​’ of financials, an internal report​ ​found

🇸🇦 PwC and Saudi Arabia’s sovereign wealth fund clash over hiring of executive (FT) $ 🗃️

• ‘Friction and angst’ over Neom auditor preceded Public Investment Fund’s ban on Big Four firm

🇷🇴 Democracy Dies In Romania… After ‘Winning’ In December, Georgescu Now Banned From May Presidential Election (ZeroHedge)

• Is Romania the canary in the ‘death of democracy’ coalmine?
• After today’s news, that canary – along with ‘democracy’ – is well and truly dead.
• In a stunning turn of events – that we have a feeling could backfire disastrously on the elite establishment – Romania has barred far-right frontrunner Calin Georgescu from running in May’s presidential election, in a move that could worsen the country’s political turmoil.
• The Bucharest-based electoral bureau invalidated Georgescu’s candidacy, a spokesman from the bureau said on Sunday.
• It received more than 1,000 challenges to Georgescu’s candidacy mostly related to his so-called anti-democratic and extremist stances.
• The decision can still be appealed at the Constitutional Court.
• The decision to eliminate Georgescu from the May 4 presidential race will likely deepen Romania’s anti-establishment mood and benefit the far-right.
• Polls showed that had Georgescu run, he would’ve garnered between 40% and 45% of the vote in the first round, giving him a real chance of becoming Romania’s president.

Share

Subscribed

---

📅 Earnings Calendar

Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):

---

📅 Economic Calendar

Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).

---

🗳️ Election Calendar

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

• Greenland Greenland Diet 2025-03-11 (d) Confirmed 2021-04-06
• Cayman Islands Referendum 2025-04-30 (d) Confirmed
• Cayman Islands Cayman Legislative Assembly 2025-04-30 (d) Confirmed 2021-04-14
• Romania Romanian Presidency 2025-05-04 (d) Confirmed 2024-12-08
• Philippines Philippine Senate 2025-05-12 (d) Confirmed 2022-05-09
• Philippines Philippine House of Representatives 2025-05-12 (d) Confirmed 2022-05-09
• Poland Polish Presidency 2025-05-18 (d) Confirmed 2020-07-12
• Venezuela Venezuelan National Assembly 2025-05-25 (d) Date not confirmed 2020-12-06
• Macau Chinese Legislative Council (Macau) 2025-09-21 (t) Date not confirmed 2021-09-12
• Côte d’Ivoire Ivorian Presidency 2025-10-25 (d) Confirmed 2020-10-31
• Argentina Argentinian Chamber of Deputies 2025-10-26 (t) Date not confirmed 2023-10-22
• Argentina Argentinian Senate 2025-10-26 (t) Date not confirmed 2023-10-22
• Czech Republic Czech Chamber of Deputies 2025-10-31 (t )Date not confirmed 2021-10-08
• Chile Chilean Chamber of Deputies 2025-11-16 (d) Confirmed 2021-11-21
• Chile Chilean Presidency 2025-11-16 (d) Confirmed 2021-12-19
• Chile Chilean Senate 2025-11-16 (d) Confirmed 2021-11-21
• Singapore Singaporean Parliament 2025-11-30 (t) Date not confirmed 2020-07-10
• Hong Kong Hong Kong Legislative Council 2025-12-31 (t) Date not confirmed 2021-09-05

---

📅 Emerging Market IPO Calendar/Pipeline

Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):

Micropolis Holding Co. MCRP Network 1 Financial, 3.9M Shares, $4.00-4.00, $15.5 mil, 3/7/2025 Priced

We are a holding company. Micropolis Digital Development FZ-LLC (“Micropolis Dubai”), our wholly owned subsidiary, is a robotics manufacturer founded in 2014 and based in the United Arab Emirates (“UAE”) with its headquarters located in Dubai Production City, Dubai, UAE. (Incorporated in the Cayman Islands)

We specialize in developing autonomous mobile robots (“AMRs”) that utilize wheeled electric vehicle (“EV”) platforms and are equipped with autonomous driving capabilities.

We have historically conducted our business through Micropolis Dubai.

We operate in the GCC region, with a focus on the UAE and Saudi Arabia. The robotics industry in the UAE and Saudi Arabia is rapidly growing, with governments committing significant resources to technological advancement. Furthermore, Dubai, a hub for technological innovation in the region, presents a unique opportunity for the Company. With a robust portfolio of AMRs and a strong track record of successful partnerships with local governments, the Company is poised to take advantage of the growing demand for innovative robotics solutions in the Middle East.

Our flagship products are customized AMRs that can operate without the need for human intervention. These robots can be used in a wide range of industries, including security, hospitality, real estate, retailing, city cleaning, and logistics. The robots can be equipped with advanced sensors, machine learning algorithms, and computer vision technology that enable them to navigate complex environments, avoid obstacles, and interact with humans.

We specialize in the development and integration of AMRs, operating software, electronic control units and power storage units. Our extensive product offerings are organized into three main categories:

A. AMRs: Our AMRs (autonomous mobile robots) are engineered with precision and tailored to meet diverse requirements. They are composed of two main parts, namely the mobility specific platform and application-specific pods.

B. Operating Software: Our software suite is further segmented into three distinct categories: (1) autonomous driving software, allowing users to manage fleets of AMRs from an operational room with real-time streaming service; (2) fleet mission planner, aiding operators in mission planning, path management, and performance monitoring; and (3) user bespoke software development service, offering customized software solutions for customers, integrating additional robot functionalities with existing systems to ensure cost-effectiveness and seamless deployment

C. Electronic Control Units and Power Storage Units: Our in-house-developed control units and power storage solutions serve as the driving force behind our AMRs, providing energy-efficient and reliable performance. The Micropolis Robotics Controller Unit (“MRCU”) is an innovative and advanced electronics board designed to serve as a centralized control unit for a wide range of robots, including AMRs and EVs; while The Smart Power Distribution Unit (“SPDU”) is designed to address the challenges present in battery-based systems, i.e. efficient energy utilization.

Our business is collaboration-based. In collaboration with our customers and partners, we are actively engaged in the development of cutting-edge technologies that aim to bring enhancements in security, logistics, and surveillance operation management. We have established a strong track record of successful partnerships with local governments and real estate developers. Our work with the Dubai Police is a prime example of this ongoing effort; they are playing an essential role in the creation of “Microspot,” which is an AI-powered security software we are currently developing as of the date of this prospectus. In particular, the Dubai Police have assembled a team to assist us in shaping the Microspot software, providing crucial insights into police operations and supplying dummy data for data science and machine learning. This partnership has not only facilitated us in navigating regulatory complexities but also provided invaluable support in testing and validating our products. Further, we have partnered with Dubai Police to develop self-driving security patrolling vehicles that enhance security surveillance operations, to help reduce crime through security deterrence.

We are also working closely with the Road and Transportation Authority in Dubai, UAE (“RTA”) through Dubai Police Innovation Lab. RTA is aiding us by designating the Jumeirah 1 area in Dubai as a safe testing environment for our autonomous driving system, which is still in development as of the date of this prospectus. RTA is also supplying high-definition maps of the area and data that will be essential in shaping the autonomous driving system.

Furthermore, our ongoing partnership with The Sustainable City in Dubai is proving invaluable, as they provide us with both high-definition city mapping and a living lab within their residential community for testing and validation. This collaboration allows us to work within a real-life environment to iteratively refine our autonomous driving features. Further, we have also worked with The Sustainable City in Dubai to develop autonomous community delivery robots that are able to autonomously deliver goods within their assigned territory, making urban and sub-urban logistics more cost effective and energy preserving.

Note: MIcropolis Holding Co. reported a net loss on minimal revenue for the 12 months that ended June 30, 2024. (These net loss and revenue figures are in U.S. dollars converted from the UAE’s currency.)

(Note: Micropolis Holding Co. priced its IPO at $4.00 – the low end of its $4.00-to-$5.00 price range – and downsized the IPO to 3.875 million shares at pricing – down from 5.0 million shares in the amended prospectus – to raise $15.5 million on Thursday night, March 6, 2025: Background: Micropolis Holding Co. cut its IPO’s size to 5.0 million shares – down from 8.2 million shares originally – and kept the price range at $4.00 to $5.00 – to raise $22.5 million, according to its F-1/A filing on Sept. 24, 2024. Background: Micropolis Holding Co. initially planned to offer 8.2 million shares at $4.00 to $5.00, according to its F-1 filing on Dec. 22, 2023.)

Sagtec Global Ltd. SAGT The Benchmark Company, 1.8M Shares, $4.00-4.00, $7.0 mil, 3/7/2025 Priced

Our business was originally incorporated in Malaysia in 2018, and is principally involved in the provision of customizable software solutions encompassing several types of software such as a smart ordering system, Speed +, which is a smart solutions application software for the food and beverage industry.

The Speed+ software is installed onto our existing Point of Sale (POS) machines, which are sourced from third-party suppliers. These POS machines, equipped with Speed+, are then leased to clients, providing a seamless and integrated solution for efficient order management and transaction processing. We also offer customizable software and application development for table ordering, QR ordering and self-service kiosk ordering.

Our products and services such as our smart ordering system, Speed +, as well as any software and application development for table ordering, QR ordering and self-service kiosk ordering, are marketed to the bulk of our customers in Malaysia, who belong to the food and beverage (“F&B”) industry. However, the customizable nature of our software and application development services which further extends to customer relationship management and invoicing software is offered to businesses across different industries, with a focus on F&B but also extending to other industries such as Geotechnology, beauty products and property consulting.

Apart from our product, Speed+, we also sell food ordering kiosk machines designed to improve the dining experience for both customers and businesses. These kiosk solutions combine innovative technology with user-friendly interfaces, allowing patrons to effortlessly browse menus, customize orders, and make secure payments. They are designed to improve efficiency, reduce labor costs, and gather valuable data on customer preferences and ordering patterns.

Beyond the F&B industry, we serve a broader clientele as a trusted partner. Our software development services showcase our commitment to understanding and addressing the unique needs of our clients. Our experienced software development team creates tailored solutions, often starting with a comprehensive software development blueprint in the form of a white paper. Whether it involves developing applications or addressing complex software development projects, our in-house programmers bring over a combined 14 years of experience and expertise. For specialized or complex projects, we collaborate with trusted outsourcing partners to ensure our clients have access to the right skills and resources.

In a digital age where social media plays a crucial role in brand presence, we offer social media management services. Responsible for overseeing the social media accounts of Key Opinion Leaders (KOLs) and influencers, we attempt to ensure that these digital influencers maintain a current and engaging online presence. By leveraging data analysis, including demographic data, comments, post likes, and other metrics, we fine-tune content strategies in order to obtain the maximum impact. We further provide additional products and services through the sale of power-bank charging stations through our majority owned subsidiary, CL Technologies. Recognizing the trend in demand for portable power-bank charging for mobile devices, we have developed additional expertise in providing power-bank charging stations across 300 locations in Malaysia, working with shopping malls, parks and other public areas.

Our expertise extends beyond software development. We also offer a comprehensive data management service. By efficiently handling clients’ incoming raw data, including tasks like sorting, filtering, and reorganizing data within servers, we help clients easily access the information they need, streamlining their operations and decision-making. ne 30, 2023 and June 30, 2024, our data management services contributed 28.47% and 12.74% of our revenue, respectively.

For the year ended December 31, 2023, business in Malaysia contributed to 100% of our Group’s revenue. We also believe that our financial results reflect our strong market position.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended June 30, 2024 (converted to U.S. dollars from the Malaysian currency)

(Note: Sagtech Global Ltd. priced its IPO at $4.00 – the low end of its $4.00-to-$4.50 range – and sold all 1.75 million shares – the number of shares in the prospectus – to raise $7.0 million on Thursday night, March 6, 2025.)

Baiya International Group BIYA Cathay Securities/ Revere Securities, 2.5M Shares, $4.00-6.00, $12.5 mil, 3/13/2025 Week of

(Incorporated in the Cayman Islands)

We, Baiya International Group Inc. (“Baiya”), are an offshore holding company. As a holding company, we have no material operations and conduct all of our operations in China through the VIE, Shenzhen Gongwuyuan Network Technology Co., Ltd. (“Gongwuyuan”), and its subsidiaries, collectively, “PRC operating entities”. We entered into a series of Contractual Arrangements with the VIE and certain shareholders of Gongwuyuan, and this structure involves unique risks to investors. See “Risk Factors — Risks Relating to Doing Business in China” for more information. Neither we nor our direct and indirect subsidiaries own any equity interests in the PRC operating entities.

Gongwuyuan started to provide job matching services in 2017. In November 2019, Gongwuyuan began developing its cloud-based internet platform to provide one-stop crowdsourcing recruitment and SaaS-enabled HR solutions on the Gongwuyuan Platform to supplement its offline job matching services and started to position itself as a SaaS-enabled HR technology company by introducing its Gongwuyuan Platform in the flexible employment marketplace. We have been and will continue to strategically develop and improve the Gongwuyuan Platform with product features that work together with our traditional offline service model to improve the job matching and HR related services in the flexible employment marketplace.

Currently our business focuses on four (4) primary services: (i) job matching services; (ii) entrusted recruitment services; (iii) project outsourcing services; and (iv) labor dispatching services in the flexible employment market within China, primarily in the core manufacturing regions including the Pearl River Delta and Yangtze River Delta region. With respect to labor dispatching services, however, we are strategically reducing this service, considering the negative gross profit historically. Gongwuyuan plans to pursue its business growth by continuing to supplement its existing offline service model by introducing and integrating its Gongwuyuan Platform to provide better services in the flexible employment market throughout China. In addition, we plan to improve our services by continuing to develop and integrate digital technologies including crowdsourcing, big data and artificial intelligence to enhance the Gongwuyuan Platform. We believe these efforts will allow us to provide sufficient job matching and one-stop SaaS-enabled HR solutions to Customers, Employing Companies and workers in the flexible employment marketplace throughout China.

Note: Net loss and revenue are for the 12 months that ended June 30, 2024.

(Note: Baiya International Group cut its IPO’s size to 2.5 million shares – down from 3.0 million shares initially – and kept the price range at $4.00 to $6.00 to raise $12.5 million, according to an F-1/A filing dated Sept. 10, 2024. In that same SEC filing, Cathay Securities was added as the “lead left” joint book-runner to work with Revere Securities.)

OMS Energy Technologies, Inc. OMSE Roth Capital Partners, 5.6M Shares, $8.00-10.00, $50.0 mil, 3/14/2025 Friday

(Incorporated in the Cayman Islands)

We are a growth-oriented manufacturer of surface wellhead systems, or SWS, and oil country tubular goods, or OCTG products used in the oil and gas industry. These products are primarily used for both onshore and offshore oil exploration and production, or E&P activities in the Asia Pacific and the Middle Eastern and North Africa (MENA) Regions.

Our customers often operate in geographic locations where the operating environment requires wellheads, casing and tubing materials capable of meeting exact standards for temperature, pressure, corrosion, torque resistance and abrasion. Our products have been designed, manufactured and certified with the American Petroleum Standards (API) and International Organization of Standardization (ISO). Through our comprehensive and technologically advanced portfolio of SWS and OCTG, we are able to serve as a single-source supplier for our customers and respond to their demand for products. Our operations benefit from our broad, strategically positioned geographic footprint, which supports our ability to supply our (i) Specialty Connectors and Pipes and (ii) Surface wellhead and Christmas tree allowing us to serve our customers operating in the Asia Pacific and MENA Regions.

We have finishing facilities in close proximity to some of our top end-users’ E&P operations, for example, we have facilities in Saudi Arabia where our largest client, Saudi ARAMCO Oil is located, which allows us to provide our customers with customized technical solutions and to synchronize our production and logistics with evolving demands.

We primarily conduct our business through our subsidiaries (i) OMS (Singapore), (ii) OMS (Saudi Arabia), (iii) OMS (Indonesia), (iv) OMS (Thailand), (v) OMS (Malaysia Holding), (vi) OMS (Malaysia OpCo) and (vii) OMS (Brunei), operating in Singapore, Saudi Arabia, Indonesia, Thailand, Malaysia and Brunei, respectively. Furthermore, through our localization efforts in collaboration with the various governments, we operate manufacturing facilities and warehouses across these six jurisdictions that we operate in. For further information, please refer to the section entitled “Business — Real Property” in the prospectus.

Note: Net income and revenue are for the year that ended March 31, 2024.

(Note: OMS Energy Technologies, Inc. is offering 5.56 million ordinary shares (5,555,556 ordinary shares) at a price range of $8.00 to $10.00 to raise $50.0 million, according to its S-1/A filings.)

Epsium Enterprise Ltd. EPSM Benjamin Securities/ D. Boral Capital (ex-EF Hutton), 1.3M Shares, $4.00-5.00, $5.6 mil, 3/17/2025 Week of

(Incorporated in the British Virgin Islands)

We are a holding company incorporated under the laws of British Virgin Islands. As a holding company with no material operation of its own, we conduct substantially all our operations through an indirect Macau subsidiary, Companhia de Comercio Luz Limitada in Macau, or Luz. Luz is an 80%-owned subsidiary of Epsium Enterprise Limited in Hong Kong, or Epsium HK. Mr. Son I Tam, our CEO, CFO, Chairman, principal shareholder, and the founder of Epsium and Luz directly holds (i) 89.996% ownership interest in Epsium, (ii) 19% interest in Epsium HK, and (iii) 20% ownership interest in Luz.

Luz is an import trading and wholesaler of primarily alcoholic beverages in Macau. Through Luz, we import and sell a broad range of premium beverages, primarily alcoholic beverages and, in 2022, a small quantity of tea and fruit juice. The alcoholic beverages we sell include Chinese liquor, French cognac, Scottish whiskey, fine wine, Champagne, and other miscellaneous beverage alcohol. Sales of Chinese liquor is by far our most significant operations, and we are a top wholesaler of high-end Chinese liquor in Macau. We operate only in Macau.

Note: Net income and revenue are for the 12 months that ended June 30, 2024.

(Note: Epsium Enterprise Ltd. increased its IPO’s size to 1.25 million shares – up from 1.0 million shares – and cut the price range to $4.00 to $5.00 – down from $5.00 to $7.00 – to raise $5.63 million, according to an F-1/A filing dated Feb. 3, 2025.)

(Note: Epsium Enterprise Ltd. made a change in its joint book-running team, according to an F-1/A filing dated Jan. 8, 2025: D. Boral Capital (formerly known as EF Hutton) was named as a joint book-runner, replacing Prime Number Capital, to work with Benjamin Securities. Background: This is a micro-cap IPO – just 1.0 million shares at a price range of $5.00 to $7.00 to raise $6.0 million.)

Top Win International Ltd. TOPW Dominari Securities/ Revere Securities, 2.7M Shares, $4.00-6.00, $13.3 mil, 3/17/2025 Week of

Through our Operating Subsidiary in Hong Kong, Top Win International Trading Limited, we are a wholesaler engaged in trading, distribution, and retail of luxury watches of international brands.

As the purveyor of fine watches, we source luxury products directly or indirectly from authorized dealers, distributors, and brand owners, located in Europe, Japan, Singapore, and other locations, and sell them to our customers, comprising independent watch dealers, watch distributors, and retail buyers within the watch industry. Our strategic location in Hong Kong positions us advantageously within the Asia-Pacific luxury market. This region has seen significant growth in demand for luxury goods, driven by rising disposable incomes and a growing appreciation for high-quality, branded products. We currently offer a selection of over 30 internationally renowned watch brands, including Blancpain, Breguet, Cartier, Chopard, Hermes, IWC, Jaeger, Rolex, Omega, and Longines. We primarily trade watches within the price range of $1,900 to $7,500 with our target customers being middle to high-income earners.

(Note: Top Win International Ltd. is offering 2.66 million shares at a price range of $4.00 to $6.00 to raise $13.3 million, according to its SEC filings.)

Waton Financial Ltd. WTF Cathay Securities, 5.0M Shares, $4.00-6.00, $25.0 mil, 3/17/2025 Week of

We are a holding company. (Incorporated in the British Virgin Islands)

We are a provider of securities brokerage and financial technology services primarily through our Hong Kong subsidiaries, Waton Securities International Limited, or WSI, and Waton Technology International Limited, or WTI.

WSI is principally engaged in the provision of (i) securities brokerage services for securities listed on the Hong Kong Stock Exchange, including shares under the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, the New York Stock Exchange (NYSE) and the Nasdaq Stock Market, margin financing services and other ancillary services through WSI’s electronic trading platform to its corporate and individual brokerage customers and bond distribution services; and (ii) software licensing and related support services including the licensing of trading platform APP, upgrades and enhancements, maintenance and other related services to financial institutions. Since September 2023, WTI has provided software licensing and related support services in order to focus on the expertise of operations and service areas. WSI has developed and provided Broker Cloud solutions to securities brokers with the combination of software licensing and related support services, securities brokerage services, margin financing services and other related services, where securities broker customers are provided with a perpetual on-premise licensed trading platform APP and optional related support services, with the front-, middle- and back-office operation functions and securities trading function where securities trading orders can be cleared and settled through WSI.

Founded in 1989, WSI is an established integrated securities broker in the Hong Kong financial services industry. WSI is licensed to conduct Type 1 (dealing in securities), Type 4 (advising on securities), Type 5 (advising on futures contracts) and Type 9 (asset management) regulated activities under HKSFO in Hong Kong. WSI is a Hong Kong Stock Exchange participant and holds one Hong Kong Stock Exchange trading right. WSI provides securities brokerage services through WSI’s integrated electronic trading platform, which is easy to access, use, and deposit to WSI’s customers. The trading platform can be accessed through WSI’s APP, which provides WSI’s customers with a seamless and secured trading experience. WSI offers its customers comprehensive brokerage and value-added services, including trade order placement and execution, account management, and customer support. WSI further provides its customers with market data, news and research, so as to help them make well-informed investment decisions. WSI has accumulated a corporate and individual customer base across the globe, including a securities brokerage company in New Zealand known as Wealth Guardian Investment Limited (“WGI”), which is a related party of the Company. We derived a substantial portion of revenues from WGI, which accounted for approximately 39.5% and 81.5% of our total revenues in the fiscal years ended March 31, 2024 and 2023, respectively, and approximately 68.0% and 98.2% of our total revenues for the six months ended September 30, 2024 and 2023, respectively. See “Related Party Transactions” and “Risk Factors — Risks Related to Our Subsidiaries’ Business and Industry — We derived a substantial portion of revenue from WGI, a single related party customer”. By capitalizing on its customer base, WSI commenced to provide bond distribution services by acting as a manager, a placement agent or a non-syndicate capital market intermediary, to procure subscribers to subscribe and pay for bonds in principal amounts during the fiscal year ended March 31, 2024 and for the six months ended September 30, 2024. As of September 30, 2024, WSI had more than 5,800 securities brokerage customers who opened trading accounts with WSI, 59 of which are corporate customers who opened corporate accounts and three of which are introducing broker customers who opened omnibus accounts. The remaining portion of the securities brokerage customers are individual customers whoopened individual accounts and typically trade through WSI’s trading platform APP. As of the same date, WSI had over 600 active customers, who were registered customers with assets in their trading accounts. We generate brokerage and commission income from WSI’s securities brokerage, bond distribution and other ancillary services and interest income from WSI’s margin financing services, and our brokerage and commission income and interest income which amounted to approximately US$9.4 million and US$2.3 million, and accounted for approximately 93.4% and 39.9% of our total revenues, for the fiscal years ended March 31, 2024 and 2023, respectively, and amounted to approximately US$1.8 million and US$1.9 million, and accounted for approximately 61.3% and 83.7% of our total revenues, for the six months ended September 30, 2024 and 2023, respectively.

Leveraging on WSI’s accumulated industry knowledge on the needs of small and medium-sized securities brokers and operational experience in online brokerage over the years, WSI started to develop the provision of fintech solutions in trading platform APP software licensing and related support services targeting the securities brokers and securities-related financial institutions in April 2021. We are a pioneer of business-to-business fintech services in the Asia-Pacific region to offer one-stop brokerage software solutions to small and medium-sized brokers, according to Frost & Sullivan Limited, or Frost & Sullivan. WSI provides one-stop, integrated and customized software solutions to develop trading platform APP that covers the front-, middle- and back-office operations of securities brokerage business such as electronic trade order placing, customer relationship management and operational data management, in addition to the business-to-business securities order clearing and settlement services provided by WSI in the Broker Cloud solutions, which enables the securities broker customers to digitalize and streamline their business operations, and interact with the financial market more efficiently. As of September 30, 2024, March 31, 2024 and 2023, WSI and WTI provided software licensing and related support services to a total of five, three and five securities brokers and securities-related financial institutions, respectively, including WGI, which is a related party of the Company. See “Related Party Transactions” and “Risk Factors — Risks Related to Our Subsidiaries’ Business and Industry — We derived a substantial portion of revenue from WGI, a single related party customer”. We generate software licensing and related support service income from WSI’s and WTI’s software licensing and related support services, which amounted to approximately US$1.4 million and US$3.5 million, and accounted for approximately 13.7% and 60.1% of our total revenues for the fiscal years ended March 31, 2024 and 2023, respectively, and amounted to approximately US$1.1 million and US$0.7 million, and accounted for approximately 38.7% and 29.0% of our total revenues, for the six months ended September 30, 2024 and 2023, respectively. WSI and WTI have outsourced the software licensing and related support services to Shenzhen Jinhui Technology Co., Ltd., a related party of the Company. See “Related Party Transactions” and “Risk Factors — Risks Related to Our Subsidiaries’ Business and Industry — WSI and WTI are dependent on a single related party supplier, Shenzhen Jinhui Technology Co., Ltd., an information technology company and a related party controlled by Mr. Zhou Kai, our Chairman of the Board, Director, Chief Technology Officer and shareholder, for providing software development and related support services”.

Note: Net income and revenue are for the 12 months that ended Sept. 30, 2024.

(Note: Waton Financial Ltd. is offering 5.0 million shares at a price range of $4.00 to $6.00 to raise $25.0 million.)

WF Holding Ltd. WFF Pacific Century Securities, 2.0M Shares, $4.00-6.00, $10.0 mil, 3/17/2025 Week of

We are a holding company whose business is conducted by Win-Fung, our wholly owned subsidiary in Malaysia. (Incorporated in the Cayman Islands)

We are a manufacturer of fiberglass reinforced plastic, or FRP, products based in Malaysia. For over 30 years, we have been providing high-quality and durable FRP products to various industries, including, among others, chemical processing, water and wastewater treatment, and power generation.

We sell a broad range of FRP products, including filament wound and molded tanks, thermoplastic tanks, lining products, pipes, ducting and fitting products, air pollution control equipment, gratings and other custom-made products. We also offer delivery, installation and repair and maintenance services, as well as on-site consultation services.

We use advanced production technology and equipment and have obtained various certifications, including an ISO 9001:2015 certification from NQA. Our manufacturing capabilities allow us to design and fabricate products that meet the specific needs of our clients, ensuring high-quality and reliable performance.

FRP is a composite material made up of a polymer that is reinforced with fibers. In general, the polymers used include epoxy, vinyl ester and polyester, while the fibers used include glass, carbon, aramid and basalt. The combination of fibers and polymers provide FRP with unique properties such as high strength, stiffness and durability. This has enabled FRP to be utilized in a wide and diverse range of industries and applications, including the construction, aerospace, marine, electrical, as well as chemical industries.

Within the construction industry, FRP is used in the manufacture of panels, roofing, cladding and reinforcement bars. In the automotive industry, FRP can be used in applications such as making body panels, bumpers, and spoilers. FRP is used in making aircraft parts such as wings, fuselage, and tail sections in the aerospace industry, while in the marine industry, FRP is utilized in making the body parts of boats, yachts and ships. In the electrical industry, FRP can be used for making insulators, transformers, and switchgear. FRP is also used in applications in the chemical industry including making storage tanks, pipes and ducts.

FRP is used in a growing number of applications across various industries. Designs that require lighter materials, precision engineering with higher tolerances or even simple components have increasingly been manufactured using FRP. These FRP products are cheaper, faster and easier to manufacture than cast aluminum or steel, and often have better tolerance and material strength. At the same time, FRP is also ideal for designs that require higher strength than that of non-reinforced plastics.

We sell a broad range of FRP products, including filament wound and molded tanks, thermoplastic tanks, lining products, ducting and fitting products, air pollution control equipment and custom made products. We also offer delivery, installation and repair and maintenance services, as well as on-site consultation services.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended June 30, 2024.

(Note: WF Holding Ltd. filed its F-1 for its IPO on Sept. 23, 2024, without disclosing the terms. Estimated proceeds are $10.0 million. Background: WF Holding Ltd. submitted confidential IPO documents to the SEC on Jan. 24, 2024.)

J-Star Holding Co., Ltd. YMAT Maxim Group, 1.3M Shares, $4.00-5.00, $5.6 mil, 3/24/2025 Week of

As a holding company with no material operations of our own, our operations are conducted through our subsidiaries in the People’s Republic of China (the “PRC”), Taiwan, Hong Kong and Samoa, with our headquarters in Taiwan, and such structure involves unique risks to investors, as the Chinese government may exercise significant oversight and discretion over the conduct of our business and may intervene in or influence our operations at any time. (Incorporated in the Cayman Islands)

Our Predecessor Group was established in 1970 and we have accumulated over 50 years know-how in material composite industry. We develop and commercialize the technology on carbon reinforcement and resin systems. With decades of experience and knowledge in composites and materials, we are able to apply our expertise and technology on designing and manufacturing a great variety of lightweight, high-performance carbon composite products, ranging from key structural parts of electric bicycles and sports bicycles, rackets, automobile parts to healthcare products. According to the industry report commissioned by us and prepared by Frost & Sullivan, we are one of the major global leading players in the carbon fiber bicycle parts industry and carbon fiber racket parts industry.

We primarily generate revenue through three divisions and revenue streams, namely (i) sales of bicycles parts of sports bicycle and electric bicycle; (ii) sales of rackets for use in tennis, badminton, squash and beach tennis; and (iii) sales of other products, which mainly include structural parts of automobile, other sporting goods and healthcare products. Our bicycle parts and rackets are mainly supplied directly or indirectly to branded customers located in Switzerland, France, Italy, the Netherlands, Germany and Japan and they market and distribute their products worldwide. Other customers who rely on our new products, such as automobile parts and healthcare products, are mainly located in Australia, Canada and Japan.

*Note: Net income and revenue are for the 12 months that ended June 30, 2024.

(Note: J-Star Holding Co. Ltd. cut its IPO’s size to 1.25 million shares – down from 2.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $5.63 million in an F-1/A filing dated Aug. 2, 2024; in that same filing, the company said that Maxim Group is the new sole book-runner, replacing EF Hutton. Background: J-Star Holding Co. Ltd. reduced the size of its IPO again – to 2.0 million shares – down from 2.5 million shares – and kept the price range at $4.00 to $5.00 – to raise $9.0 million in an F-1/A filing dated June 13, 2024. In that June 13, 2024, filing, J-Star Holding Co. Ltd. disclosed that EF Hutton is the new sole book-runner, replacing the previous joint book-running team of Maxim Group LLC and Freedom Capital Markets.)

(Background: J-Star Holding Co. Ltd. cut its IPO to 2.5 million shares – down from 4.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $11.25 million, according to an F-1/A filing dated Sept.19, 2023.)

(Note: J-Star Holding Co. Ltd. cut its IPO to 4.0 million shares – down from 5.375 million shares – and set the price range at $4.00 to $5.00 – an upward adjustment from its previous assumed IPO price of $4.00 – to raise $18.0 million, in an F-1/A filing dated Feb. 8, 2023. The downsizing represented a 16.3 percent cut in J-Star’s estimated IPO proceeds, which were $21.5 million under the previous terms. J-Star also disclosed a change in the bankers running its IPO, in the Feb. 8, 2023, F-1/A filing: Maxim Group LLC and Freedom Capital Markets are the joint book-runners, replacing ViewTrade Securities, which previously was the sole book-runner. Background: J-Star upsized its IPO in an F-1/A filing dated Sept. 2, 2022: 5.375 million shares at $4.00 – up from 5.25 million shares at $4.00 in a previous filing on Aug. 19, 2022. Under the new terms, the IPO’s proceeds are estimated at $21.5 million – or $500,000 more than the previous terms. J-Star Holding Co. Ltd. disclosed terms for its IPO in an F-1/A filing dated July 13, 2022: 3.75 million ordinary shares at $4.00 each to raise $15.0 million. J-Star Holding filed an F-1/A dated May 26, 2022, with financial information for the fiscal year ended Dec. 31, 2021. The company filed its F-1 on March 21, 2022, after submitting confidential IPO paperwork on Sept. 30, 2021.)

Ruanyun Edai Technology Inc. RYET AC Sunshine Securities, 3.8M Shares, $4.00-5.00, $16.9 mil, 3/25/2025 Week of

We are not a Chinese operating company but a Cayman Islands holding company with no operations. (Incorporated in the Cayman Islands)

**Note: The ordinary shares offered in this (initial public) offering are shares of our offshore holding company, Ruanyun Edai Technology Inc., instead of shares of the VIE or its subsidiaries in China. (From the prospectus – See link to the prospectus in the chart below.)

We are a data driven artificial intelligence, or A.I., technology company focused on kindergarten through year twelve, or K-12 education in China. We bring technology to schools, and we are committed to reforming the traditional Chinese education and learning model by facilitating schools, teachers and students with new teaching, learning, and assessment methods in the A.I. era.

We believe the road to college should come with directions. Our mission is to help each K-12 student understand their specialty and find their way to higher education and future success. We believe we have one of the most comprehensive online learning ecosystems covering all K-12 subject fields and grade levels, one of the largest academic exercise question banks that is designed and built for interactive learning, and one of the most advanced A.I. algorithms that power such questions, all of which are accessible online and on demand.

As of Nov. 30, 2022, our online academic exercise question bank has accumulated more than 10 billion test data generated by approximately 14.26 million students from more than 27,000 schools and we have issued over 298 million evaluation reports. With the continuous collection and analyzing of students’ online learning data, our A.I. algorithms are constantly expanding and upgrading, reaching an evaluation accuracy rate of 97% (based on our own calculations), allowing us to provide students with tailored and effective learning strategies. We believe that, in time, our online learning platform will be proven revolutionary in affecting the advancement of China’s K-12 education system.

As of Nov. 30, 2022, approximately 14.26 million students use Jiangxi Ruanyun to collect their daily homework exercise data, prepare for a test or attend the Academic Proficiency Assessment, which is an official assessment across all subjects taught in schools, conducted by the Education Testing Authority in China. This allows us to understand each student better and enables us to help them reach the next level of educational success with an effective strategy, every step of the way.

We value our proprietary technologies and strong research and development capabilities, which we believe differentiate us from other companies in our industry. As of the date of this prospectus, we have an intellectual property portfolio consisting of 11 patents (9 of which have been registered and 2 are pending) and 23 trademarks filed with the PRC State Intellectual Property Administration, 50 copyrights registered with the PRC State Copyright Bureau, and 8 domain names.

Over the last decade, our A.I. learning platform has expanded from learning to assessment in school to A.I application, services and hardware. We believe we are a trend-setter in reforming the traditional education model in China using the technological progress brought about by the advent of A.I. technology. We believe we are the only educational A.I. company in China that serves both everyday learning and Academic Proficiency Test in school. We provide computerized testing for China’s Academic Proficiency Test, or ATP, which is equivalent to the SAT in China. Our everyday learning to official assessment model allows us to expand into a range of personalized “online” services and “offline” products for students in high demand.

We currently sell our products and services through two primary product lines, namely our SmartExam® solution and SmartHomework® solution. Our SmartHomework® solution delivers personalized learning solutions for students to study more effectively. Teachers can adjust instructions for students based on their specific needs. In addition, our SmartExam® solution helps deliver China’s Academic Proficiency Test, which is required in China for obtaining a high-school diploma, in computer-based format. We also provide self-learning solutions and smart-devices, such as smart printer / smart headset for everyday study and test preparation.

*Note – Re corporate structure: We conduct substantially all of our operations in the People’s Republic of China, or the PRC or China, through Jiangxi Ruanyun, the variable interest entity (VIE) and its subsidiaries. We do not have any equity ownership of the VIE. Instead, we have the power to direct the activities and receive the economic benefits and absorb losses of the VIE’s business operations through certain Contractual Arrangements (as defined in the prospectus) and the VIE is consolidated for accounting purposes. This structure involves unique risks to investors. This VIE structure is used to provide contractual exposure through the Contractual Arrangement to foreign investment in Chinese-based companies where Chinese law prohibits direct foreign investment in the operating companies.

*Note: Under the Contractual Arrangements, cash is transferred among the Company, Rollingthunder Technology (Jiangxi) Co., Ltd, or our WFOE, Soft Cloud and the VIE. (See the prospectus – link in the chart below – for details on cash transfers, financial statements and other disclosures pertinent to the IPO).

**Note: Net loss and revenue figures are in U.S. dollars for the fiscal year that ended March 31, 2024.

(Note: Ruanyun Edai Technology Inc. filed a new F-1 on Aug. 30, 2024, and disclosed terms for its IPO: The company is offering 3.75 million shares at a price range of $4.00 to $5.00 to raise $16.88 million. The new filing declared that AC Sunshine Securities is the new sole book-runner; under the previous plans, Univest Securities and AC Sunshine Securities were slated to be joint book-runners.)

(Note: The SEC declared that Ruanyun Edai Technology’s IPO filing was abandoned in February 2024 because the company had not updated the filing in a long time. Background: Ruanyun Edai Technology Inc. filed its F-1 on Dec. 29, 2022. The Cayman Islands-incorporated holding company submitted confidential IPO paperwork to the SEC on Aug. 31, 2021.)

---

🏁 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:

• 12/24/2024 – FT Vest Emerging Markets Buffer ETF – December – TDEC – Options
• 11/19/2024 – Fidelity Fundamental Emerging Markets ETF – FFEM – Equity
• 11/19/2024 – Fidelity Enhanced Emerging Markets ETF – FEMR – Equity
• 11/13/2024 – Dimensional Emerging Markets ex China Core Equity ETF – DEXC – Equity
• 10/07/2024 – First Trust WCM Developing World Equity ETF – WCME – Active, equity
• 09/20/2024 – FT Vest Emerging Markets Buffer ETF – September – TSEP – Options
• 09/11/2024 – Polen Capital Emerging Markets ex-China Growth ETF – PCEM – Equity
• 09/04/2024 – Macquarie Focused Emerging Markets Equity ETF – EMEQ – Active, equity
• 09/04/2024 – iShares MSCI Emerging Markets Value Factor ETF – EVLU – Equity
• 09/04/2024 – iShares MSCI Emerging Markets Quality Factor ETF – EQLT – Active, equity
• 09/04/2024 – SPDR S&P Emerging Markets ex-China ETF – XCNY – Equity, ex-China
• 08/13/2024 – Simplify Gamma Emerging Market Bond ETF – GAEM – Active, Bond, Latin America
• 08/13/2024 – Janus Henderson Emerging Markets Debt Hard Currency ETF – JEMB – Currency
• 07/01/2024 – Innovator Emerging Markets 10 Buffer ETF – EBUF – Equity
• 05/16/2024 – JPMorgan Active Developing Markets Equity ETF – JADE – Equity
• 05/09/2024 – WisdomTree India Hedged Equity Fund – INDH – Equity, India
• 03/19/2024 – Avantis Emerging Markets ex-China Equity ETF – AVXC – Active, equity, ex-China
• 03/15/2024 – Polen Capital China Growth ETF – PCCE – Active, equity, China
• 03/04/2024 – Simplify Tara India Opportunities ETF – IOPP – Active, equity, India
• 02/07/2024 – Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares – XXCH – Equity, leveraged, China
• 01/11/2024 – Matthews Emerging Markets Discovery Active ETF – MEMS – Active, equity, small caps
• 01/10/2024 – Matthews China Discovery Active ETF – MCHS – Active, equity, small caps

---

🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

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

---

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

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 (March 10, 2025) was also published on our Substack.

---

Subscribed

---

Share

Share Emerging Market Skeptic

Leave a comment

---

Frontier & Emerging Market Stock Index

Emerging Market Skeptic (Website)

EM Stock Pick Tear Sheets

EM Fund Stock Picks

Stocktwits @EmergingMarketSkptc

Twitter @EmergingMrktSkp

Similar Posts:

• Housebound Consumers Lift Lenovo to Record Revenues & Profits (HKEXnews)
• Microsoft’s Emerging Market Problems: Piracy & Naked PCs (Reuters)
• ACM Research (NASDAQ: ACMR): Successfully Straddling the US-China Chip Conflict (So Far…)
• China Internet Update (KraneShares)
• Emerging Market Links + The Week Ahead (March 13, 2023)
• Yale University Added $100M to the Vanguard FTSE Emerging Markets ETF (VWO) in 1Q2014 (P&I)
• ZJLD Group (HKG: 6979): IPO of the First Baijiu Maker to List Outside of China Flops
• FPA Crescent (FPACX) Fund Makes Some Interesting Emerging Market Stock Bets (Kiplinger)
• Didi Ekes Out 1% Gain After New York IPO Pop Fizzles (Nikkei Asia)
• DouYu Ends First Day at Its Offer Price in $775 Million IPO (Bloomberg)
• TOP Financial Group (NASDAQ: TOP): Hong Kong’s Latest Crazy Meme Stock
• How Big of a Threat is China’s Xiaomi to Apple? (Bloomberg)
• Global Smartphone Shipments to Reach 1.2Bn This Year on Emerging Market Strength (Juniper Research)
• Emerging Market Links + The Week Ahead (March 20, 2023)
• Publicly Listed Stock Exchange Stocks (Mid-2024)