Emerging Market Links + The Week Ahead (March 2, 2026)

The Israeli/USA attack on Iran and the Iranian response is already starting to hit the so-called “safe haven” image of the Gulf States. Missiles/drones hitting luxury high rise condos, hotels, airports and ports is never a good look for property developers, airlines or airport/port operators.

Should this war drag on/worsen and should regime change fail in Iran, I suspect future flows of capital seeking long term safety (e.g. for property purchases etc) will instead be flowing east to safer havens in SE Asia (Singapore, etc.), Sri Lanka (Colombo seems to be developing more and more) and Mauritius along with the Southern Cone of South America.

It also means that airlines like Emirates and Qatar that many travellers use to fly between Europe and Asia/Australia that transit the Gulf States (Malaysia based discount airline Air Asia is launching a KL-Bahrain-London route this summer) will also take a hit. This could benefit Türk Hava Yolları (IST: THYAO) or Turkish Airlines or any other airline [e.g. Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF) or Chinese etc airlines that can still fly over Russia] that can avoid having a stopover in a war zone.

I am fairly certain Middle East stock markets [Dubai Financial Market PJSC (DFM: DFM) / Boursa Kuwait Securities Company KPSC (KSE: BOURSA) / Tel Aviv Stock Exchange (TLV: TASE / OTCMKTS: TVAVF) / Saudi Tadawul Group Holding (TADAWUL: 1111)] are going to be closed at least for the next few days; but our Africa & Middle East Stock Index has a growing list of Middle East stocks (albeit it might still be difficult for the average retail investor to access these markets with Interactive Brokers, etc) that will benefit when peace returns.

I will also try to get a February post [e.g. 🌐 Emerging Market Stock Picks (January 2026)] that might add to that growing list out by the end of this week…

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🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

🇨🇳 🇭🇰 China & Hong Kong Stock Picks (January-February 2026) Partially $
🌐 EM Fund Stock Picks & Country Commentaries (February 28, 2026) Partially $
- Hong Kong [property] is back, China in the year of the Fire Horse, Japan/Korea corporate governance reforms, South Africa budget 2026, Emerging Europe / Argentina updates, January fund updates, etc.

📰🔬 Emerging Market Stock Picks / Stock Research

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

🌏 Asia

🌏 Asian Equities: Model Portfolio – We Reshuffle India, Add Malaysia; Korea Remains Biggest Overweight (Smartkarma) $

Since the last rebalancing on 30th January, our portfolio appreciated 3.4% against MSCI Asia-ex-Japan’s 1%. Since inception on May 15, 2025, our portfolio has appreciated 35.8%, vs MXASJ’s 32.8%.

Since last reshuffle, the portfolio was driven by Korea (2.57% return contribution), Taiwan (1.3%) and India (0.75%). Four Chinese internet stocks, Alibaba (NYSE: BABA), Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY), Tencent Music Entertainment Group (NYSE: TME) and NetEase (NASDAQ: NTES), contributed -1.97% return.

We now exclude Dr. Lal PathLabs Ltd (NSE: LALPATHLAB / BOM: 539524) in India and include Tata Steel Ltd (NSE: TATASTEEL / BOM: 500470). We also include Malayan Banking Bhd (KLSE: MAYBANK / OTCMKTS: MLYBY / MLYNF) aka Maybank in Malaysia. All our inclusions have seen sharp EPS estimate upgrades lately.

🌏 EM debt sees rising appeal in Asia amid global shifts (The Asset) 🗃️

Asset class snaps three years of outflows as investors diversify from US assets and seek better yield

In a landscape marked by volatile currencies and mounting US fiscal concerns, emerging-market ( EM ) debt is rapidly gaining traction as a favoured asset class among Asian investors.

“This is the first time in my professional career that I remember when every part of the globe is interested in EM debt,” says Boston-based Katrina Uzun, institutional portfolio manager at MFS Investment Management, in an online interview with The Asset as part of her Asian tour.

“We’ve had three consistent years of outflows – 2022, 2023 and 2024 – and then last year ( 2025 ) was the first year of inflows into the asset class back into hard-currency and local-currency debt, and those inflows continue year to date in the beginning of this year.”

According to Uzun, this surge represents a pivotal shift, with clients across the region reallocating funds away from traditional safe havens like US treasuries and towards EM debt. But while noting that this is part of a broader global trend, she stresses that Asia’s focus on both hard- and local-currency debt signals a strategic pivot towards diversification and yield.

🇯🇵 Japan is waking up — the most under-owned developed market in the world (Public Markets)

In March 2023, the Tokyo Stock Exchange did something unusual for a stock exchange: it sent a formal warning letter to every company listed on its Prime and Standard markets. The message was blunt. Either publish a concrete plan to improve your return on capital and your stock price, or be publicly listed as a company refusing to reform.

In Japan, “name and shame” is a powerful weapon in a corporate culture where reputation matters as much as results. The response was massive. By end-2024, more than 90% of Prime segment companies had published their plans. This wasn’t greenwashing — concrete measures followed.

Here’s what changed:

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 Analysis: Can Monetizing State Assets Ease China’s Local Debt Strain? (Caixin) $

Chinese local governments are turning to monetizing state-owned assets and resources as part of debt-resolution efforts — a sign that liquidity pressure remains even as official moves have reduced risks tied to hidden debt.

The approach, publicly highlighted by Hubei province in October, seeks to unlock value from dormant state holdings. These range from land and infrastructure to public-sector assets and data. The proceeds can help ease funding pressure, including among local government financing vehicles that continue to face debt risks.

🇨🇳 China’s central bank moves to slow renminbi’s advance (FT) $ 🗃️

PBoC makes it cheaper for traders to bet on weakening currency amid concerns about rapid appreciation

In Depth: China’s Mutual Fund Industry Faces Overhaul After a Banner 2025 (Caixin) $

After several difficult years for many Chinese investors, 2025 delivered a surge in mutual fund returns. The industry’s scale swelled to above 37 trillion yuan ($5.4 trillion) and, in a technology-led bull market, nearly 95% of funds operating for the full year reported returns.

But to define 2025 by returns alone would be to underestimate its significance. It was also a landmark year for regulation, headlined by the China Securities Regulatory Commission’s May 7 release of an action plan for the development of mutual funds. The plan and its subsequent measures aim to force a fundamental change in the industry, “pushing the mutual fund industry to transform from a focus on scale to a focus on returns,” according to a financial analyst.

🇨🇳 China Insurers May Channel $145 Billion Into Stocks in 2026 (Caixin) $

Chinese insurers could invest around 1 trillion yuan ($145 billion) in public equities this year, analysts said, extending a surge in stock allocations encouraged by regulators seeking to bolster capital markets.

Official data show insurance investment assets rose to 38.5 trillion yuan at the end of last year. Holdings of stocks and securities investment funds jumped 38.9% to 5.7 trillion yuan, lifting their allocation to 15.4% of the total — the highest level since mid-2022.

🇨🇳 Analysis: Why China Is Moving to Shore Up Insurance Giants (Caixin) $

China is reportedly preparing to inject up to 200 billion yuan ($29 billion) into its largest state-controlled insurers through special sovereign bonds — a move that, if confirmed, would mark the first time Beijing has used the fiscal tool to recapitalize insurance companies.

The plan has not been announced, and the final amount remains unclear. But Li Yunze, head of the National Financial Regulatory Administration, signaled in May 2025 that capital replenishment for major insurers had been “placed on the agenda.”

🇨🇳 In Depth: China’s Sweeping Banking Law Rewrite Targets Hidden Risks (Caixin) $

China is proposing the most significant overhaul of banking law in over two decades with a sweeping reform designed to better control risks simmering inside its 480 trillion yuan ($69 trillion) banking system.

The proposed changes would give regulators a powerful new arsenal to police not just banks, but the entire banking ecosystem, including secretive shareholders, wayward employees and complicit auditors.

🇨🇳 U.K. Proposes Easing Audit Rules to Attract Chinese Listings (Caixin) $

The U.K.’s accounting watchdog has proposed easing audit requirements for Chinese companies seeking listings in London, in a bid to lower regulatory barriers and bolster the British capital’s competitiveness as a global financial center.

The Financial Reporting Council (FRC) on Monday released a consultation paper outlining revisions that would allow Chinese firms listing on the London Stock Exchange through the Shanghai-London Stock Connect to use Chinese auditing standards. Under existing rules, those companies must comply with International Standards on Auditing (ISAs).

🇨🇳 FXI Rebalance Preview: Two Changes Likely in March (Smartkarma) $

There could be 2 constituent changes for the iShares China Large-Cap ETF (FXI) (NYSEARCA: FXI) in March.

We estimate passive trackers will need to buy 0.6-0.8x ADV in the adds and need to sell between 0.4-1.2x ADV in the deletes.

Short interest is highest in ZTE (SHE: 000063 / HKG: 0763) (as a percentage of float) and in China Minsheng Banking (SHA: 600016 / HKG: 1988 / FRA: GHFH / OTCMKTS: CMAKY / CGMBF) (in terms of days of ADV to cover).

🇨🇳 China Regulators Summon Trip.com, Alibaba Units Over Lending Practices (Caixin) $

China’s top financial and market regulators have summoned six major online travel platforms, including global booking giant rip.com (NASDAQ: TCOM) and Alibaba (NYSE: BABA)s mapping unit AMap, ordering them to rectify irregularities in their consumer-lending businesses.

The National Financial Regulatory Administration, the State Administration for Market Regulation and the People’s Bank of China called in the companies Friday, just ahead of the Lunar New Year holiday travel rush. Also summoned were Tongcheng Travel Holdings (HKG: 0780), Fliggy, Umetrip and Qunar.

The move marks the latest effort by Beijing to tighten oversight of so-called “assistant lending,” a model in which internet platforms leverage their vast user traffic to channel borrowers to banks and consumer-finance firms. Loans are often embedded into routine transactions such as booking flights or hotels.

🇨🇳 Trip.com Q4 Earnings: Robust Travel Momentum Silences Regulatory Fears (Seeking Alpha) $ 🗃️

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

🇨🇳 Trip.com Q425 Results | Strong Top-Line Growth, But Margin Compression Continues | AVOID (Smartkarma) $

The pace of Trip.com (NASDAQ: TCOM)’s Net Revenue growth picked up in Q425, to just under 21% Y/Y

But OpInc and Adjusted EBITDA margins continued to decline in the period

Poor cost control, weight of ongoing investigation prompt us to AVOID the shares

🇨🇳 Kingsoft Cloud: Partnerships Are Key To Outperformance (Seeking Alpha) $ 🗃️

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

🇨🇳 Agora: How The Company Is Solving The AI Voice Latency Problem (Seeking Alpha) $ 🗃️

🌐 Agora Inc (NASDAQ: API) – Real-time engagement platform-as-a-service (PaaS).

🇨🇳 EHang: Consider Both Domestic And Overseas Prospects (Downgrade) (Seeking Alpha) $ 🗃️

🌐 EHang Holdings (NASDAQ: EH) – Autonomous aerial vehicle technology platform. 🇼 🏷️

🇨🇳 Youdao Sends Mixed Signals As To Where The Company Is Going (Seeking Alpha) $ 🗃️

Youdao (NYSE: DAO), technology-focused intelligent learning company

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

🌐 Intchains Group Ltd (NASDAQ: ICG) – Altcoin mining products, acquisition & holding of Ethereum-based cryptocurrencies & development of Web3 applications.

🇨🇳 Robosense steers into the black on robotic LiDAR rage (Bamboo Works)

The positioning technology specialist rang up its first quarterly profit after years in the red, turbocharged by torrid growth across products like sensors for robots

RoboSense Technology (HKG: 2498) logged a profit of 60 million yuan or more in the fourth quarter of last year, marking its first-ever quarter in the black

Sales for the company’s 3D light detection and ranging (LiDAR) units for robotic applications rose by a factor of 12 last year

🇨🇳 Kingboard rides AI boom with strong demand for conductive copper (Bamboo Works)

The supplier of materials for electronic circuit boards is enjoying a rush of orders for use in AI servers and advanced computing, boosting its earnings

Kingboard Laminates Holdings Limited (HKG: 1888 / FRA: KLN / OTCMKTS: KGBLF) is projecting an 80% surge in its 2025 net profit to around $310 million

The company is investing heavily in expanding its capacity to produce copper and fiberglass components for high-end printed circuit boards

🇨🇳 Guofu eyes nuclear fusion as its hydrogen vehicle business stalls (Bamboo Works)

The hydrogen fuel technology maker said it won a small contract to supply a national-level project working on experimental nuclear fusion

Jiangsu Guofu Hydrogen Energy Equipment Co Ltd (HKG: 2582 / FRA: C7Z) will supply 3.2 million yuan worth of cryogenic technology to a national-level project working on the development of nuclear fusion

The hydrogen fuel technology company is making the move as its revenue began to contract in 2024, and continued to drop 19% in the first half of last year

🇨🇳 NIO: Risks Behind Q4 2025’s Breakeven Guidance (Seeking Alpha) $ 🗃️

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

🇨🇳 Skyworth charges up stagnant TV business with Panasonic deal (Bamboo Works)

One of China’s earliest tech giants has agreed to take over the North America and European sales operations for the Japanese brand

Skyworth Group Ltd (HKG: 0751 / FRA: KYW0 / KYW / OTCMKTS: SWDHY / SWDHF) will take over Panasonic’s North American and European sales operations, and could eventually also take over manufacturing for the brand’s European business

The company is trying to privatize its Hong Kong shares, and would re-list its fast-growing new energy unit that helps homes and businesses set up solar arrays on their premises

🇨🇳 Profit-challenged Lanvin slims down with Caruso sale. Who’s next? (Bamboo Works)

With a new team at the top and a worldwide slowdown in luxury retail, the Fosun-owned [Fosun International (HKG: 0656 / FRA: FNI / OTCMKTS: FOSUF / FOSUY)] company’s Sergio Rossi footwear brand may be next to go

Lanvin Group Holdings Ltd (NYSE: LANV)’s sale of its Caruso menswear unit will shrink its revenue by more than 10% but should strengthen its gross profit margin

The naming of Han Jiyang as the company’s new CFO follows two earlier changes at the top and may signal a larger restructuring for Fosun’s struggling luxury fashion unit

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

🇨🇳 Vipshop Holdings (NYSE: VIPS) – Online discount retailer for brands. 🇼

🇨🇳 Luckin Coffee Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇨🇳 RLX Technology: Strategic International Expansion With Margin Upside

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

🇨🇳 Daqo waits for signs of new warmth from Beijing (Bamboo Works)

The solar materials company reported a second consecutive quarter of revenue growth in the final three months of 2025, ending two years of steep declines

Daqo New Energy (NYSE: DQ)’s revenue rose 14% in the fourth quarter, as it raised its utilization rate to 55% by year end from 33% at the start of 2025

Beijing has taken steps to ease irrational competition in the polysilicon sector, but Daqo and its peers are hoping to see more formal measures at the upcoming ‘Two Sessions’

🇨🇳 China’s Tongwei Seeks to Cement Solar Dominance With Acquisition (Caixin) $

Tongwei Co Ltd (SHA: 600438), the world’s largest polysilicon producer, is planning to acquire a smaller rival in a move to consolidate its market share amid China’s long-running solar slump.

In a filing dated Wednesday, the Shanghai-listed giant said it had signed an intention agreement with Qinghai Lihao Clean Energy Co. Ltd.’s chairman and other shareholders to acquire 100% of the company via share issuance and cash payment, although certain details of the deal remain uncertain.

🇨🇳 Its accounting scandal wrapping up, Lufax faces bigger challenge from China’s economy (Bamboo Works)

The loan facilitator revealed previously undisclosed transactions and changed its CEO as it tries to resume trading of its Hong Kong shares after a year-long suspension

Lufax Holdings (NYSE: LU) disclosed previously hidden transactions, admitted to breaching listing rules and issued restated profits for two years as it tries to move beyond an accounting scandal

The company reported an annual net loss in its long-delayed 2024 annual report as its core business of channeling loans to small business owners shrank

🇨🇳 Zai Lab Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 Zai Lab Limited (NASDAQ: ZLAB) – Commercial-stage biopharmaceutical company (oncology, immunology, neuroscience & infectious diseases).

🇨🇳 BeOne Medicines: Guidance Weighs But Multiple Catalysts In 2026 (Seeking Alpha) $ 🗃️

🇨🇳 BeOne Medicines AG 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇭🇰 Plover Bay Technologies Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Plover Bay Technologies (HKG: 1523 / OTCMKTS: PBTDF) – Network equipment & technologies.

🇭🇰 Plover Bay Technologies (1523.HK) – Another strong year coupled with preparation to split in two (Pyramids and Pagodas)

2025 results deliver margin expansion and another year of excess cash returns, but the real headline is its decision for a US spinoff

We first invested in Plover Bay Technologies (HKG: 1523 / OTCMKTS: PBTDF), “Plover Bay”) in 2017, when its market cap was around USD 142 million, well before we launched our Substack in 2022. Plover Bay has had a formidable run (market cap of USD 1.22 billion today) – manufacturing routers and sells subscriptions for always-on 5G connectivity at a time when IoT and Starlink have taken off.

In that time, Plover Bay has done what it said it would do: grow revenues, expand margins, and hand back the excess. FY25 was no different on the financial front. But the simultaneous announcement of a proposed spinoff of the North American business onto Nasdaq was not something anyone had penciled in.

🇭🇰 Sun Hung Kai Properties: Bullish About Interim Beat And Valuation Upside (Seeking Alpha) $ 🗃️

🇭🇰 🇨🇳 Sun Hung Kai Properties Ltd (HKG: 0016 / 80016 / FRA: SHG.F / OTCMKTS: SUHJY / SUHJF) 🇭🇰 – Premium quality residential estates, offices & shopping malls + property sales/rental, telecommunications (SmarTone, SUNeVision), hotel operations, transport & logistics, etc. 🇼 🏷️

🇭🇰 CLP Holdings Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌏 CLP Holdings Limited (HKG: 0002 / FRA: CLP / OTCMKTS: CLPHY) 🇭🇰 – Investor-owned power businesses. Retail, transmission & distribution + diversified portfolio of generation assets. 🇼 🏷️

🇭🇰 Champion Real Estate Investment Trust 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇰 Champion Real Estate Investment Trust (HKG: 2778 / OTCMKTS: CMPNF) 🇭🇰 – Grade A commercial properties (office & retail). 🇼 🏷️

🇭🇰 Prenetics Global Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Prenetics Global Ltd (NASDAQ: PRE) – Multi-cancer early detection technologies + IM8 (health & wellness brand) & Europa (sports distribution in the USA). 🇼

🇲🇴 Macau had nearly 1.56mln visitors in the 9 days of mainland’s Chinese New Year break (GGRAsia)

Macau received just under 1.56 million visitors in the full nine days of the Chinese New Year holiday season designated by authorities on the Chinese mainland, the main source market for the city’s tourists.

🇲🇴 Macau average daily arrivals during Chinese New Year break hit record: MGTO (GGRAsia)

Both the average daily and single-day visitor arrivals during the nine-day period of the Chinese New Year holiday season this year, reached a new high since official record-keeping started for this holiday break. That is according to a Tuesday press release issued by the Macao Government Tourism Office (MGTO).

Preliminary figures show that Macau received just over 1.55 million visitors during the holiday period. The daily average of visitors topped 173,000 during the festive season, up 5.5 percent from the comparable period a year earlier, and “exceeded the level” seen in 2019, at 171,702, said the tourism office.

🇲🇴 Feb Macau GGR may rise 1pct y-o-y, while CNY wagers up 17pct in survey: Citi (GGRAsia)

Banking institution Citigroup says Macau’s February gross gaming revenue (GGR) may rise 1 percent year-on-year, even as its latest table betting survey covering Chinese New Year (CNY) showed a 17-percent year-on-year increase in total wager observed, versus the festive period in 2025.

Analysts George Choi and Timothy Chau wrote in an update, referring to the Chinese zodiac symbol for the latest lunar year: “Macau is set to gallop into the Year of the Horse with strong premium mass.”

They also noted: “The data points we collected make us comfortable with our February GGR forecast of MOP20.0 billion [US$2.48 billion].”

That would represent 1 percent year-on-year growth, “implying solid 12 percent year-on-year growth for January and February combined,” said the institution.

🇲🇴 February casino GGR up 4.5pct y-o-y amid CNY break: Macau govt (GGRAsia)

Casino gross gaming revenue (GGR) in Macau rose 4.5 percent year-on-year in February to MOP20.63 billion (US$2.56 billion), according to data released on Sunday by the city’s Gaming Inspection and Coordination Bureau.

February encompassed the latest Chinese New Year (CNY) holiday season. Chinese New Year fell on February 17 this time, and the Chinese mainland – Macau’s main tourism feeder market – had a nine-day holiday from February 15 to February 23 inclusive.

February’s result was down 8.9 percent sequentially compared to January’s MOP22.63 billion.

JP Morgan Securities (Asia Pacific) Ltd suggested in a note in late February that the holiday period “kicked off sluggishly, with the first four to five days running at circa MOP450 million per day”

Citigroup said in a memo after a holiday survey of Macau floors, that it had observed a wagering volume that was circa 17 percent higher than the previous Chinese New Year holiday period.

🇲🇴 Galaxy Ent 4Q EBITDA at nearly US$550mln, flags final 2025 dividend (GGRAsia)

Macau casino operator Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) reported fourth-quarter 2025 adjusted earnings before interest, taxation, depreciation, and amortisation (EBITDA) of just under HKD4.30 billion (US$549.2 million). The result was up 32.7 percent from the prior-year period.

Galaxy Entertainment also announced a final dividend of HKD0.80 per share, to be paid on June 12. During 2025, the company paid two dividends of HKD0.50 and HKD0.70, totalling HKD1.20 per share.

Fourth-quarter net revenue rose by 22.5 percent from a year earlier, to HKD13.83 billion.

🇲🇴 Galaxy Ent eager to tap overseas-casino opportunities, with Japan a ‘very attractive proposition’: Francis Lui (GGRAsia)

Macau casino operator Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) would consider revisiting the idea of a casino-resort investment overseas, should a “suitable project” emerge, says its chairman Francis Lui Yiu Tung (pictured, centre left). He was speaking during a Thursday press briefing, following the company’s release of its fourth-quarter and full-year 2025 financial results.

In responding to media questions, Mr Lui was non-committal about where such an overseas opportunity might come. Though he did say that Japan – due to launch a fresh application round for local governments in 2027 – would be a “really good market” to be in.

Mr Lui stated: “In Macau we believe…that we are doing quite well, the question being whether we can step onto the global stage.”

🇹🇼 Taiwan

🇹🇼 Taiwan Dual-Listings Monitor: Key Spreads After Long CNY Closure in Taiwan (Smartkarma) $

Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM): +21.9% Premium; Spread Rebounded from Previous Lows; Maintain Key Long/Short Levels

United Microelectronics Corp (TPE: 2303 / NYSE: UMC): +4.4% Premium; Good Level to Short the Spread Despite Recent Premium Resilience

ASE Technology Holding (NYSE: ASX): +4.5% Premium; Rebounded from Near-Parity, Near Level to Short the Spread

🇹🇼 TechChain Insights: Gus Technology – Management Q&A (Smartkarma) $

[GUS Technology Co Ltd (TPEX: 6940)]

Taiwan’s first battery gigafactory at 10% utilization — built ahead of demand to win contracts. Breakeven requires 35-45%; management prioritizes capital-efficient, customer-backed expansion.

Defense is the nearest catalyst — drone cells in qualification with 4-5 mass production discussions active. Meaningful military revenue from 2027, not 2026.

Non-China supply chain positioning is the structural bet — 100% Taiwan manufacturing, multi-geography sourcing. Converting geopolitical tailwinds into contracts before cash runs thin is the key risk.

🇹🇼 Macronix (2337 TT): NOR Flash Shortage Intensifies as AI Racks Drive New Type of Demand (Smartkarma) $

Building on our Jan 28 analysis of the NOR flash cycle trough, Macronix January revenue of NT$3.2bn, +35%YoY (+40% for NOR) and recent industry developments, signal strength amid tightening supply.

AI’s memory narrative often spotlights HBM and advanced NAND, but NOR memory is the quiet enabler in the datacenter’s backbone—storing boot code, servers firmware, BMCs, and configuration data for networking.

Macronix International Co Ltd (TPE: 2337) and Winbond Electronics Corp (TPE: 2344) together control the majority of global NOR supply. We’ve increased our model forecasts for Macrionix, see further upside for the stock.

🇰🇷 Korea

🇰🇷 Korean National Assembly FINALLY Passes the Bill for Mandatory Cancellation of Treasury Shares (Bamboo Works)

On 25 February, the Korean National Assembly FINALLY passed the third amendment to the Commercial Act requiring mandatory cancellation of treasury shares.

According to this new amendment, it requires that companies need to cancel newly acquired treasury shares within ONE YEAR. A SIX MONTH GRACE PERIOD applies to existing treasury shares.

Clearly South Korea equity market’s strong outperformance in the past one year suggests a case for INTERNATIONAL DIVERSIFICATION.

🇰🇷 Google Maps wins access to South Korea — one of last countries where app does not work (FT) $ 🗃️

South Korea lifts data restriction that has prevented US tech group from providing navigation services

The rule, which also affects Apple Maps, has helped local rivals such as NAVER (KRX: 035420 / OTCMKTS: NHNCF) and Kakao Corp (KRX: 035720) dominate the market.

But Seoul has been under growing pressure to ease business obstacles after officials in Washington, including trade representative Jamieson Greer, accused South Korea of discriminating against US tech companies and threatened to raise tariffs.

Most recently, relations have been strained by Seoul’s investigation of Coupang, Inc. (NYSE: CPNG), an ecommerce retailer that is dominant in South Korea but has its headquarters in Seattle. The company is being probed on a data breach in December that leaked the personal information of nearly two-thirds of South Korea’s population.

🇰🇷 Samsung Brings AI And Hardware Refinements To S26 (Seeking Alpha) $ 🗃️

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

🇰🇷 Shinhan Financial: Eyes On Shareholder Returns And ROE Target (Seeking Alpha) $ 🗃️

🌐 Shinhan Financial Group (NYSE: SHG / KRX: 055550) – 6 segments: Banking, Credit Card, Securities, Life Insurance, Credit & Others. Merchant bank with 200 global channels & 15 subs.. 🇼 🏷️

🇰🇷 SK Telecom: Bullish On Potential Dividend Resumption, Monetization (Upgrade) (Seeking Alpha) $ 🗃️

🇰🇷 SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA) – Wireless telecommunication services in Korea. 3 segments: Cellular Services, Fixed-Line Telecommunications Services & Other Businesses. 🇼 🏷️

🇰🇷 Positive Impact from Korean Government’s Approval of the First Petrochemical Restructuring Deal (Douglas Research Insights) $

In response to this severe downturn in the petrochemical sector, the South Korean government approved the first petrochemical restructuring deal on 25 February.

This petrochemical industry restructuring project will offer a support package worth more than 2 trillion won ($1.4 billion) to help companies to weather a prolonged sector downturn.

This is likely to positively impact Lotte Chemical (KRX: 011170), HD Hyundai Co Ltd (KRX: 267250), and LG Chem (KRX: 051910 / 051915).

🇰🇷 Tender Offer of 57.7% of Outstanding Shares of Douzon Bizon for US$1.5 Billion (Douglas Research Insights) $

This insight provides details of the tender offer for Douzone Bizon (KRX: 012510) by EQT Partners for US$1.5 billion. Target shares for the tender offer are about 57.7% of outstanding shares.

Tender offer price is 120,000 won which is same as the as the acquisition price by EQT for a 34.9% stake in Douzone Bizon in November 2025.

We estimate that post this tender offer, EQT’s stake in Douzone Bizon could rise to about 55%-75%, but not enough for a full delisting this time around.

🇰🇷 Additional Block Deal Sale of a 9.1% Stake in HPSP by Crescendo Equity Partners (Bamboo Works)

After the market close on 23 February, it was announced that Crescendo Equity Partners plans to conduct another block deal sale of a 9.05% stake in [High pressure annealing semiconductor equipment] HPSP (KOSDAQ: 403870).

We would take the deal mainly due to the solid business fundamentals of HPSP, attractive block deal discount, ongoing bullish cycle of the global semiconductor sector, and reasonable valuations.

Despite concerns about further sale overhang by Crescendo, HPSP’s share price is up 31% YTD, bolstered by the continued strong demand for the AI driven semiconductor chips.

🇰🇷 LG Energy Solution: Block Deal Sale of Its Stake in Liontown Resources for About 430 Billion Won (Douglas Research Insights) $

After the market close on 25 February, it was reported that LG Energy Solution (KRX: 373220) plans to conduct a block deal sale of all of its stake in Liontown Ltd (ASX: LTR / FRA: LIS / OTCMKTS: LINRF).

The expected sales price range is from AUD 1.75 and AUD 1.79, and the sale is valued at approximately AUD 419 million (approximately 430 billion won).

We believe this block deal sale will have a slight positive impact on LG Energy Solution and a slight negative impact on Liontown.

🇰🇷 SK Inc: Selling 1.25 Trillion Won Worth of SK Biopharm Through a PRS Contract (Douglas Research Insights) $

SK Inc (KRX: 034730 / 03473K) announced that it plans to sell about 1.25 trillion won worth of its stake (13.94%) in SK Biopharmaceuticals (KRX: 326030) through a PRS contract.

SK Inc plans to sell 10.917 million shares of SK Biopharm on 30 March 2026. Selling price for SK Biopharm is 114,500 won.

We believe that this PRS transaction is likely to positively impact SK Inc and SKC. However, it should have a slight negative impact on SK Biopharm.

🇰🇷 SKC: Rights Offering of 1 Trillion Won (Douglas Research Insights) $

SKC (KRX: 011790) announced a rights offering capital raise of 1 trillion won (US$700 million) to invest in new businesses (such as glass substrates) and improve its balance sheet.

SK Inc (KRX: 034730 / 03473K), the controlling shareholder of SKC with a 40.6% stake, agreed to participate in this rights offering with an oversubscription (120% of allocated shares).

Number of shares for the rights offering is 11.73 million shares. Expected dilution ratio is 23.6%. Expected rights offering price is 85,300 won which is 24% lower than current price.

🇰🇷 Seoul Guarantee Insurance: End of Lockup of 84% of Outstanding Shares on 14 March (Douglas Research Insights) $

There is a major end of a lock-up period coming up for Seoul Guarantee Insurance Co (SGIC) (KRX: 031210) regarding 58.55 million shares (84% of outstanding shares) on 14 March 2026.

Korea Deposit Insurance Corp (KDIC) is the largest shareholder of Seoul Guarantee Insurance with an 83.85% stake in the company.

It has been reported that KDIC may be looking to sell an additional 33.85% stake in Seoul Guarantee Insurance in the next several months.

🇰🇷 DB Inc and DB Hitek – A Potential Shareholder Battle Between the Father and Son? (Douglas Research Insights) $

There is a potential shareholder battle between the father (Kim Jun-Ki, Founder Chairman of DB Group) and his son Kim Nam-Ho for control of the DB Group through DB Inc (KRX: 012030).

We provide four main scenarios. First, Kim Nam-Ho (son) could wage a shareholder battle against his father. This could have a major positive impact on DB Inc.

DB Inc may also try to raise large amount of money (such as through a rights offering) to become a holding company. However, this could result in major shareholder dilution.

🇰🇷 Cosmo Robotics IPO Valuation Analysis (Douglas Research Insights) $

Our base case valuation of Cosmo Robotics is target price of 12,107 won per share (102% higher than the high end of the IPO price range).

Our base case valuation of Cosmo Robotics is based on a P/S multiple of 45x our estimate sales of 8.8 billion won for the company in 2025.

The P/S multiple of 45x is based on the average P/S multiple of the comps in 2025.

🌏 SE Asia

🇮🇩 PT Bank Rakyat Indonesia (Persero) Tbk 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇮🇩🏛️ Bank Rakyat Indonesia Tbk PT (IDX: BBRI / FRA: BYRA / OTCMKTS: BKRKF / BKRKY) – One of the largest state-owned banks in Indonesia. 🇼 🏷️

🇮🇩 PT Avia Avian Tbk 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇮🇩 Avia Avian Tbk PT (IDX: AVIA / FRA: P2C) – Manufactures & distributes paints and building materials. 2 segments: Architectural Solutions & Trading Goods. 🏷️

🇲🇾 S&P downgrades Empire Resorts’ rating, expects Genting to provide further support (GGRAsia)

Loss-making United States-based casino business Empire Resorts Inc, affiliated with global gaming group Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF), has had its long-term issuer credit rating downgraded to ‘B’, from ‘B+’, by S&P Global Ratings, on “rising refinancing risk”.

“The negative rating outlook reflects the rising refinancing risk related to Empire’s bond maturing in November 2026,” the ratings agency stated in a Wednesday report.

That US$300-million bond is due in November 2026, the institution said.

“We believe the U.S.-based gaming operator’s cash flows and liquidity will be significantly strained, absent a timely and successful refinancing,” it added.

S&P also said ongoing support from Genting Malaysia “will bolster Empire’s liquidity”.

🇲🇾 Genting Malaysia back to profit in 4Q, though Genting Highlands revenue down (GGRAsia)

Casino group Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF) registered a net profit attributable to its shareholders of MYR145.9 million (US$37.5 million) in the fourth quarter of 2025, from a net loss of MYR457.9 million in the prior year, it said in a Thursday filing to Bursa Malaysia.

That was amid quarterly revenue in the leisure and hospitality segment in the key market of Malaysia – including gaming at its Resorts World Genting casino complex (pictured) – recording a 2.5 percent year-on-year decline, to MYR1.73 billion.

“The softer performance” in Malaysia “was mainly due to lower overall business volumes in the gaming segment at Resorts World Genting and certain one-off expenses relating to payroll and contractual obligations,” said the firm in a press release with the results.

Maybank Investment Bank Bhd said in a Friday note that Genting Malaysia’s results and dividends “were below” its expectations.

🇲🇾 RGB 4Q revenue down nearly 70pct from a year earlier, firm declares dividend (GGRAsia)

Malaysian casino equipment supplier and distributor RGB International Bhd (KLSE: RGB) reported a fourth-quarter profit attributable to its shareholders of nearly MYR5.6 million (US$1.4 million), down from MYR31.5 million from the prior-year period.

The company reported revenue of just under MYR108.9 million for three months to December 31, down 69.5 percent from a year ago, according to a Thursday filing to Bursa Malaysia.

RGB said in Thursday’s filing that it “remains cautiously optimistic” over its outlook for the financial year ending 2026.

“Performance across the regional gaming industry is expected to be influenced by regulatory developments, macroeconomic conditions, consumer spending patterns and tourism trends within the group’s principal markets of the Philippines, Cambodia and Vietnam,” said the company.

🇲🇾 CIMB Group Holdings Berhad 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌏 CIMB Group Holdings Bhd (KLSE: CIMB / OTCMKTS: CIMDF) – Various banking products & services. 🇼 🏷️

🇲🇾 Tenaga Nasional Berhad 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Tenaga Nasional Bhd (KLSE: TENAGA / FRA: 6TN0 / OTCMKTS: TNABF / TNABY – Electricity generation/distribution. UK, Kuwait, Turkey, Saudi Arabia & India presence (including renewables). 🇼 🏷️

🇲🇾 Axiata Group Berhad 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌏 Axiata Group Bhd (KLSE: AXIATA / OTCMKTS: AXXTF) – Telecommunications & digital conglomerate (digital telcos, infrastructure, & digital businesses). 🇼

🇲🇾 Telekom Malaysia Berhad 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇾🏛️ Telekom Malaysia Bhd (KLSE: TM / OTCMKTS: MYTEF) – Broadband services, data, fixed line, pay television & network services. 🇼 🏷️

🇲🇾 Petronas Gas Berhad 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇾 Petronas Gas Bhd (KLSE: PETGAS / OTCMKTS: PNAGF) – Gas processing, gas transportation, regasification & utilities. 🇼

🇲🇾 PETRONAS Chemicals Group Berhad 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌏🏛️ PETRONAS Chemicals Group Bhd (KLSE: PCHEM / OTCMKTS: PECGF) – Integrated chemicals producer. 🇼

🇵🇭 Int Ent shareholders nod deal that will give a majority stake for DigiPlus (GGRAsia)

Shareholders in Hong Kong-listed International Entertainment Corporation (HKG: 1009) on Thursday approved a deal for Philippine-listed online gaming provider DigiPlus Interactive (PSE: PLUS) to subscribe to up to HKD1.6 billion (US$204.5 million) in convertible notes with a five-year maturity and 3 percent yearly interest.

Once fully converted, the notes would give DigiPlus a 53.89 percent stake in International Entertainment based on the enlarged share capital, affirmed Thursday’s filing.

The deal will provide DigiPlus a foothold in the Philippines’ land-based casino sector as International Entertainment controls the New Coast Hotel Manila. The complex has a provisional casino gaming licence from the Philippine Amusement and Gaming Corp (Pagcor).

Soon after the deal was announced in November last year, Eusebio Tanco, DigiPlus’ chairman, said controlling a land-based casino operation in Manila would contribute to the group’s long-term success.

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

🇵🇭 Robinsons Retail Holdings (PSE: RRHI / OTCMKTS: RRETY) – Multi-format retailer. Subs. of JG Summit Holdings (PSE: JGS / OTCMKTS: JGSHF / JGSMY). 🇼

🇵🇭 Manila Electric Company 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇵🇭 PLDT Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇭 PLDT (NYSE: PHI) or Philippine Long Distance Telephone Company – Telecommunications & digital services. Controlled by First Pacific Co Ltd (HKG: 0142 / FRA: FPC / OTCMKTS: FPAFY / FPAFF). 🇼

🇸🇬 Singapore Jan visitor tally down 8pct to 1.5mln, led by decline in arrivals from mainland China, Indonesia (GGRAsia)

Singapore saw an 8.1-percent year-on-year dip in its international visitor arrivals in January, led by a fall in volume from the city-state’s top feeder markets China and Indonesia, show the latest data from Singapore Tourism Board (STB).

January arrivals tallied 1.50 million. Of those, 1.11 million were recorded as overnight visitors, representing a 7.0-percent year-on-year decline.

Average length of stay across all international markets was 3.43 days in January, a 2.6-percent decline in durtation year-on-year.

Nonetheless the January figures from mainland China were down 27.8 percent year-on-year. Those from Indonesia were down 13.2 percent.

🇸🇬 Straits Times Index at a Record Level: What Matters More Than the Number (The Smart Investor)

With the Straits Times Index hitting record levels, investors should focus less on the headline number and more on earnings, valuations, and long-term fundamentals.

Let’s break down what truly matters when the markets hit new highs, and what is just noise.

Why Record Levels Feel So Important

What the STI Number Doesn’t Tell You

What Actually Matters More Than the Headline Number

Four components matter more than the headline number:

Historical Perspective: Markets Often Make New Highs

What Long-Term Investors Should Do Instead

When Record Levels Should Raise Caution

Get Smart: Focus On Fundamentals, Not STI Numbers

🇸🇬 Genting Singapore 2025 net profit down 32.6pct, but Lim Kok Thay hails transition year (GGRAsia)

Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY), controller of Resorts World Sentosa (RWS), posted annual net profit amounting to just over SGD390.3 million (US$308.2 million) for 2025, down 32.6 percent from 2024.

That was on revenue that fell 3.1 percent year-on-year, to SGD2.45 billion, according to unaudited results filed to the Singapore Exchange and published on Tuesday by the firm.

The firm noted that gaming revenue had been “impacted by a lower win rate,” while “non-gaming revenue strengthened in the second half of the year as newly refreshed attractions and hospitality offerings enhanced guest engagement and lifted overall resort activity”.

🇸🇬 Genting Singapore year-end ‘not good’ and 2025 results ‘underwhelmed’: analysts (GGRAsia)

The fourth quarter for Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY), which runs the Resorts World Sentosa casino complex in Singapore, was “really, not good,” said a Tuesday note from banking group JP Morgan, adding that the firm’s gaming market share “sank to an all-time low”. It followed the posting of Genting Singapore’s full-year and second-half results to the Singapore Exchange.

Genting Singapore had announced annual net profit of just over SGD390.3 million (US$308.2 million), down 32.6 percent from 2024, though Genting boss Lim Kok Thay had said in a press release that 2025 was a “defining transition year”.

Maybank Research Pte Ltd nonetheless said there had been a “weak end” to 2025 for the casino firm, and that full-year 2025 results had “underwhelmed”.

🇸🇬 Olam Group Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Olam Group Ltd (SGX: VC2 / FRA: K25 / OTCMKTS: OLGPF) – Agribusiness supplying food & industrial raw materials. Portfolio of cocoa, coffee, dairy, nuts & spices. 🇼

🇸🇬 City Developments Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 City Developments Limited (SGX: C09 / FRA: CDE / OTCMKTS: CDEVY) – Global real estate company. 143 locations in 28 countries & regions. Residences, offices, hotels, serviced apartments, student accommodation, retail malls & integrated developments. 🇼 🏷️

🇸🇬 BitFuFu: Undervalued After A Full Operational Reset (Seeking Alpha) $ 🗃️

🌐 BitFuFu Inc (NASDAQ: FUFU / FUFUW) – Digital asset mining service and world-leading cloud-mining service provider.

🇸🇬 United Overseas Bank Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF) – Global network of 500 branches & offices across 19 countries in Asia Pacific, Europe & North America. 🇼 🏷️

🇸🇬 Seatrium Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇸🇬 Oversea-Chinese Banking Corporation Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌏 Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) – One of the largest banks in SE Asia. 2nd largest banking group in Singapore. Owns Great Eastern Holdings (SGX: G07 / OTCMKTS: GEHDY). 🇼 🏷️

🇸🇬 March 2026 Singapore REITs Payouts: 3 REITs Raising DPU – But Can the Dividends Last? (The Smart Investor)

AI demand and rental hikes are boosting DPUs for these 3 S-REITs. Here is what investors should know.

We take a closer look at each REIT’s latest results to see what is driving these payouts — and whether the momentum can last.

Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF) – DPU payment date: 19 March 2026

Keppel DC REIT delivered a standout FY2025, with gross revenue surging 42.2% year on year (YoY) to S$441.4 million.

Mapletree Pan Asia Commercial Trust (SGX: N2IU / OTCMKTS: MPCMF) – DPU payment date: 18 March 2026

MPACT’s results for the third quarter ended 31 December 2025 (3QFY2026) presented a curious case for income investors.

AIMS APAC REIT (SGX: O5RU / OTCMKTS: ACIRF) – DPU payment date: 26 March 2026

AIMS APAC REIT, or AAREIT, may lack the headline-grabbing numbers of its larger peers, but its results for the first nine months of fiscal 2026 (9M FY2026) tell the story of a quiet compounder doing the right things.

Get Smart: Follow the Cash, Not Just the Yield

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

These five types of Singapore stocks offer pricing power, steady cash flows, and income growth that can help protect wealth in 2026.

Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF), or Sheng Siong — Consumer Staple with Pricing Power

Providing everyday groceries allows Sheng Siong to mitigate inflation by gradually rising prices on its products, passing on higher costs to consumers.

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

Parkway Life, with its ownership of nursing homes and hospitals, also benefits from essential demand that does not fade during periods of inflation.

Credit Bureau Asia Ltd (SGX: TCU) — Infrastructure or Utility-Like Business

The group’s business is simple: provide credit information on individuals or businesses, and as well as non-financial data to customers, to help lenders and corporations manage risk.

Keppel Infrastructure Trust (SGX: A7RU / OTCMKTS: KPLIF), or KIT – Inflation-Linked Essential Services

KIT acts as a natural inflation hedge by owning critical assets like power plants and water treatment facilities.

Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF) — Dividend grower with Strong Cash Flow

Introducing Venture, a global provider of technology products, services, and solutions.

What Investors Should Watch During Inflationary Periods

Get Smart: Own Businesses That Adjust, Not Just Endure

🇸🇬 ST Engineering and Venture Earnings: A Tale of Two Industrial Giants (The Smart Investor)

A deep dive into the FY2025 performance of two Singapore blue chips, ST Engineering and Venture Corporation.

We saw Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering and Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF) navigate very different paths – one riding a massive wave of aerospace demand, while the other leaned on its “fortress” balance sheet to weather a cooling electronics market.

Let’s dive into how these local favorites handled the heat.

ST Engineering: Aerospace Tailwinds and Record Backlogs

Singapore Technologies Engineering Ltd, or STE, demonstrated the sheer power of its diversified engineering engine in its results for the full year of 2025 (FY2025).

Venture Corporation: Resilient Margins Amidst a Tech Transition

Venture Corporation faced a more turbulent environment in FY2025, yet managed to maintain its reputation for operational excellence.

Get Smart: Resilience in a Rebounding Market

🇸🇬 3 Singapore REITs Paying Unitholders Higher DPU in March 2026 (The Smart Investor)

Don’t just chase the yield; discover why these three REITs are seeing very different distribution trends this March.

On paper, one is rising, one is holding steady, and one is dipping.

However, if you look under the hood, the sustainability of these payouts might actually surprise you.

Elite UK REIT (SGX: MXNU)

Elite UK REIT is a bit of a specialist, owning 148 mostly freehold commercial properties across the United Kingdom.

Digital Core REIT(SGX: DCRU / OTCMKTS: DGTCF)

If you only looked at the dividend cheque, you might think Digital Core REIT had a quiet year.

First Real Estate Investment Trust (SGX: AW9U / OTCMKTS: FESNF)

First REIT, which focuses on healthcare assets across Indonesia, Japan, and Singapore, had a tougher time on the headline front.

Get Smart: Follow the Drivers, Not Just the DPU

🇸🇬 Earnings Spotlight: Seatrium Profits Double as Sembcorp Bolsters its Renewable Strategy (The Smart Investor)

Sembcorp and Seatrium reward shareholders with higher dividends as both Singaporean giants report resilient FY2025 earnings and positive cash flow.

While one focuses on refining its renewable portfolio, the other is riding a wave of massive offshore project executions.

Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF): Balancing Growth and Transitions

Sembcorp Industries delivered a resilient performance in 2025, navigating a complex environment of shifting energy prices.

Seatrium Ltd (SGX: SE2 / FRA: S8N / OTCMKTS: SMBMF): Riding the Offshore Momentum

Seatrium demonstrated significant operational momentum in 2025, benefiting from a robust cycle in the global offshore and marine industries.

Get Smart: A Tale of Two Turnarounds

🇸🇬 UMS vs AEM: Which Semiconductor Stock Offers Greater Growth Potential? (The Smart Investor)

UMS and AEM both ride the semiconductor cycle, but their business models, customer exposure, and growth prospects differ — which offers stronger long-term upside?

Business Model Comparison

UMS Integration Ltd (SGX: 558 / OTCMKTS: UMSSF) or UMS Holdings focuses on front-end semiconductor equipment contract manufacturing.

A key customer of UMS is the semiconductor capital equipment supplier Applied Materials (NASDAQ: AMAT), whose business is dependent on the output/capital expenditure of semiconductor manufacturers.

On the other hand, AEM Holdings (SGX: AWX) focuses on testing and handling solutions for semiconductors.

The company has a strong relationship with major chip designer and manufacturer Intel Corp (NASDAQ: INTC).

Industry Context: Where Are We in the Semiconductor Cycle?

Financial Snapshot

Growth Drivers

Key Risks

Valuation: Who Looks More Attractive Today?

Which Stock Fits Which Investor?

Get Smart: Know What You’re Looking For

🇸🇬 Got Your Ang Pow? Here are 3 Stocks to Buy Right Now for 2026 (The Smart Investor)

Grow your 2026 ang pow with three resilient Singapore blue-chip stocks for future growth.

DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) – The Reliable Anchor

The local banking giant has proven that its engine is built for all economic weathers.

CapitaLand Integrated Commercial Trust(SGX: C38U / OTCMKTS: CPAMF), or CICT – A Stake in Singapore’s Physical Growth

If you’ve recently struggled to find a table at a food court in Bugis Junction or navigated the weekend crowds at ION Orchard, you’ve seen Singapore’s largest REIT in action.

Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) – The Transformation Play Taking Flight

Keppel has spent the last few years shedding its old skin as an offshore and marine firm to emerge as a global asset management powerhouse.

Get Smart: The Power of Patience

🇸🇬 Navigating Change: What SIA, RMG, and SBS Transit’s Latest Earnings Mean for Your Dividends (The Smart Investor)

Three Singapore market leaders demonstrate resilience through record revenues, digital healthcare pivots, and robust dividend payouts.

While some are grappling with one-off accounting adjustments and contract losses, others are finding new life through specialized services and improved operational efficiencies.

Here is a deep dive into the latest numbers from three homegrown favorites.

Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF): Record Revenue Meets Merger Headwinds

Singapore Airlines (SIA), continues to soar on the back of insatiable travel demand, reporting a record revenue of S$5.5 billion for the third quarter of fiscal year 2025/2026 (3QFY2025/2026), a 5.5% increase year on year (YoY).

Raffles Medical Group (SGX: BSL / FRA: 02M1 / OTCMKTS: RAFLF): Healthy Growth and Digital Ambitions

Raffles Medical Group, or RMG, delivered a sturdy performance for FY2025, proving that the demand for private healthcare remains inelastic.

SBS Transit (SGX: S61) or SBST: Rail Strength Offsets Bus Contract Losses

SBS Transit faced a year of transition in FY2025, as the loss of the Jurong West bus package weighed on its top line.

Get Smart: The Investor’s Takeaway

🇸🇬 Singapore Bank Earnings: Rising Above the Rate Cycle (The Smart Investor)

We look at FY2025 earnings for UOB and OCBC as they navigate margin compression with record wealth management fees and resilient dividends.

However, the latest fiscal year results from United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF) and Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) suggest that these institutions are successfully pivoting toward fee-based income and wealth management to sustain their growth trajectories.

UOB: Fortifying the Foundation

United Overseas Bank (UOB) navigated a complex FY2025 by prioritizing balance sheet strength.

OCBC: Record Breaking Diversification

OCBC delivered a record-breaking performance in FY2025, proving the efficacy of its diversified financial services model.

Get Smart: The Bottom Line

🇸🇬 Beyond STI: 3 Stocks Rewarding Investors with Higher Dividends (The Smart Investor)

While vehicle inspections, grocery runs, and government services won’t make for exciting dinner conversation, they generate the kind of steady, recurring cash flows that income-starved investors crave.

By turning daily necessities into rising payouts, these three stocks are proving that boring can indeed be beautiful for your portfolio.

United Hampshire US REIT (SGX: ODBU / OTCMKTS: UNHRF)

United Hampshire US REIT, or UHREIT, manages a portfolio of 20 grocery-anchored properties and two self-storage facilities across the United States.

Elite UK REIT (SGX: MXNU)

It owns 148 predominantly freehold commercial properties across the United Kingdom, with the vast majority of its rent – over 92% – coming from the UK’s Department for Work and Pensions (DWP).

Essentially, these are the offices where citizens access essential welfare and employment services.

Vicom Ltd (SGX: WJP)

VICOM is a name familiar to almost every motorist in Singapore.

As a subsidiary of ComfortDelGro, it commands nearly 73% of the vehicle inspection market.

Because every car on the road is legally required to undergo regular testing, VICOM enjoys a revenue stream that is remarkably resilient.

Get Smart: The power of the everyday economy

🇸🇬 Singapore’s New Space Agency: 3 Stocks That Could Benefit (The Smart Investor)

Singapore’s new national space agency could spur demand across multiple sectors, including aerospace, satellite technology, and advanced materials.

We check out some names that could potentially benefit from this new chapter.

Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering, or STE: Government Partnership in Space Sector Growth

Aside from designing and producing satellites, STE’s Defence & Public Security (DPS) co-owns Earth-observation satellites with the Singapore government, providing satellite imagery and analytics services

Meanwhile, Urban Solutions & Satcom (USS) focuses on Satcom’s ground segment infrastructure to maintain communication with those satellites from Earth.

Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel: Geospatial Analytics Powered by High-Performance AI

While STE designs and co-owns satellites with the Singapore government, Singtel’s “Digital InfraCo” segment provides project-based satellite deployment services to build a larger ecosystem of AI-related infrastructure, such as sovereign AI services.

Addvalue Technologies (SGX: A31 / FRA: DDU): Adding Value to The Space Economy

With its strong commercial momentum as a “one-stop shop” developer of satellite-based communication products, Addvalue’s business is directionally aligned with NSAS’s establishment.

Get Smart: Seize the Growth Momentum in Space

🇸🇬 3 Blue-Chip REITs Rewarding Unitholders in March 2026 (The Smart Investor)

Explore the full-year results of these three Singapore REITs to see which dividend heavyweights offer the best income visibility and long-term DPU growth potential.

Let’s dig into each REIT’s latest full-year results to find out.

Parkway Life Real Estate Investment Trust (SGX: C2PU): A Built-In Growth Engine

ParkwayLife REIT, or PLife REIT, gets the party started with its distribution on 10 March 2026.

This healthcare specialist manages a portfolio of 74 properties across Singapore, Japan, and France, with a total valuation of S$2.57 billion.

CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF): Look Beyond the Headline

Next up is CapitaLand Ascendas REIT (CLAR), the undisputed heavyweight of Singapore’s industrial space, which pays out on 13 March 2026.

Its massive portfolio includes 222 properties valued at S$18.2 billion, spanning across Singapore, the US, Australia, and Europe.

CapitaLand Integrated Commercial Trust(SGX: C38U / OTCMKTS: CPAMF): Five in a Row

Closing out the March payout calendar on the 24th is CapitaLand Integrated Commercial Trust (CICT), the largest REIT on the local exchange by market cap.

CICT manages a massive S$27.4 billion portfolio of retail, office, and integrated assets that most Singaporeans interact with daily.

Get Smart: Follow the Cash, Not Just the Yield

🇸🇬 3 Dividend Stocks Rarely Cut Their Payouts (The Smart Investor)

Dividend cuts can hurt both income and confidence, but these three stocks stand out for hardly ever cutting their payouts.

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

Since 2008, SGX has reduced its annual dividend only once – a reset following the extraordinary special dividends paid during the Great Financial Crisis.

Parkway Life Real Estate Investment Trust (SGX: C2PU), or PLife REIT — Strong Cash Flow Generator

Being the owner of healthcare assets like hospitals and nursing homes leased to professional operators, PLife REIT has demonstrated a reliable track record of growing its distribution income over the years.

Boustead Singapore (SGX: F9D / OTCMKTS: BSTGF), or Boustead — Disciplined Capital Allocator

Boustead Singapore is a global infrastructure-related engineering and technology group with operations spanning 95 countries, offering services across energy engineering, real estate solutions, geospatial technology, and healthcare.

What These Companies Have in Common

Are Their Dividends Always Safe?

🇹🇭 Minor International Public Company Limited WT EXP 073123 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Minor International PCL (BKK: MINT / MINT-F / OTCMKTS: MINOF / MIPCF) – Hospitality, restaurants & lifestyle brands distribution. 🇼 🏷️

🇹🇭 The Siam Cement Public Company Limited (SCVPY) Presents at Opportunity Day Quarter 4/ FY 2025 – Slideshow (Seeking Alpha)

🇹🇭 Siam Cement PCL (BKK: SCC / SGX: TSCD) – Cement-Building Materials Business, Chemicals Business, Packaging Business & Investment Business. 🇼 🏷️

🇹🇭 CP Axtra Public Co Ltd. (SMKUF) Presents at Opportunity Day Quarter 4/ FY 2025 – Slideshow (Seeking Alpha)

🇹🇭 CP Axtra PCL (BKK: CPAXT / CPAXT.R / OTCMKTS: SMKUY / CPXTF) – Regional multi-format omnichannel retail platform. Online sales & delivery-pickup services. 🇼 🏷️

🇹🇭 Bumrungrad Hospital Public Company Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇭🅿️ Bumrungrad Hospital PCL (BKK: BH / BH-R / OTCMKTS: BUHPF) – Internationally accredited, multi-specialty hospital. One of the largest private hospitals in SE Asia. 🇼 🏷️

🇹🇭 CP Axtra Public Company Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇭 CP Axtra PCL (BKK: CPAXT / CPAXT.R / OTCMKTS: SMKUY / CPXTF) – Regional multi-format omnichannel retail platform. Online sales & delivery-pickup services. 🇼 🏷️

🇻🇳 Vietnam revs up reform to grow high-tech economy (The Asset) 🗃️

Doi Moi 2.0 policy aims to dismantle bureaucracy, cement nation’s status as high-tech powerhouse

Vietnam has launched a sweeping administrative and economic overhaul designed to remove bureaucratic barriers and accelerate its transition into a high-value technology economy.

The government – following the 14th National Party Congress this January and the re-election of general secretary To Lam – has moved decisively to implement what is being called Doi Moi 2.0.

🇮🇳 India / South Asia / Central Asia

🇮🇳 Clean Max: Leading The “Energy-As-A-Service” Revolution (Smartkarma) $

CleanMax Enviro Energy Solutions Ltd (NSE: CLEANMAX / BSE: CLEANMAX) is India’s premier “Energy-as-a-Service” provider, commanding an 8% C&I market share and operating as a comprehensive decarbonization partner for global blue-chip corporations.

The company achieved stabilized profitability in FY25, with revenue growing 12.98% to Rs.16,103.4 million and EBITDA surging 36.88% due to high operational efficiency.

Leveraging a 2.53 GW pipeline, the firm is utilizing 94% of IPO proceeds (Rs.1,122.67 crore) to deleverage and strengthen its financial foundation for public market transition.

🇮🇳 RBA Arbitrage: Sensitivity Analysis & Yield Projections (Smartkarma) $

Inspira Global’s acquisition of Restaurant Brands Asia Ltd (NSE: RBA / BOM: 543248) at INR 70 per share triggers a mandatory open offer, marking a strategic pivot for the QSR leader.

Scenario analysis shows that even with a low 30% acceptance ratio, buying at INR 63 provides an over 3%% return amidst market fluctuations if the price remains stagnent around 63.

With only 1.5 months remaining, these tactical arbitrage returns translate into a high-yield annualised alpha ranging between 24% and a significant 80%.

🇮🇳 PhonePe IPO – First Cut (Smartkarma) $

This insight discusses about the broad structure of upcoming IPO of [India’s largest digital payments platform] Phonepe Pvt Ltd (1732974D IN)

It discusses about the company profile, business segments & Financial Snapshot.

Finally, we highlight the various points to look forward to in this IPO.

🇬🇪 Georgia Capital PLC 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇬🇪 Georgia Capital Plc (LON: CGEO / FRA: 2IX / OTCMKTS: GRGCF) – Investing in & developing businesses in Georgia.

🇬🇪 Lion Finance Group PLC (BDGSF) Q4 2025 Earnings Call Transcript (Seeking Alpha)

🇬🇪 🇦🇲 Lion Finance Group PLC (LON: BGEO / FRA: GEB / OTCMKTS: BDGSF) formerly Bank Of Georgia Group Plc – Banking + financial in Georgian & Armenian markets through universal banks. 🇼

🌍 Middle East

🇮🇱 Mobileye: Mentee Brings More Than Meets The Eye (Seeking Alpha) $ 🗃️

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

🇯🇴 International General Insurance Holdings Ltd. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 International General Insurance Holdings Ltd (NASDAQ: IGIC) 🇧🇲 – Specialty insurance & reinsurance solutions.

🌍 Africa

🇿🇦 AECI Ltd 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 AECI Ltd (JSE: AFE) – 5 segments: AECI Mining, AECI Water, AECI Agri Health, AECI Chemicals & AECI Property Services & Corporate.

🇿🇦 Harmony Gold Mining: Gold-Funded Copper Expansion (Seeking Alpha) $ 🗃️

🇿🇦 🇦🇺 🇵🇬 Harmony Gold Mining Company Limited (JSE: HAR / NYSE: HMY) – Global gold mining & exploration + significant copper footprint. 🇼

🇿🇦 Northam Platinum Holdings Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇿🇦 Northam Platinum Holdings (JSE: NPH / FRA: 7JR / OTCMKTS: NPTLF) – Independent integrated PGM producer. 3 main products mined are platinum, palladium & rhodium. 🇼 🏷️

🇿🇦 Bid Corporation Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Bid Corporation Ltd (JSE: BID) – International broad-line foodservice group present in developed & developing economies in 5 continents. Operating as Bidfood in most geographies. 🇼 🏷️

🇿🇦 Valterra Platinum Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇿🇦 Gold Fields Limited (GFI) Presents at 35th BMO Global Metals, Mining & Critical Minerals Conference – Slideshow (Seeking Alpha)

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

🇿🇦 Sasol: This Attractively Valued Company Might Be Worth Taking A Chance On (Seeking Alpha) $ 🗃️

🇿🇦 Sasol Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Sasol (NYSE: SSL) – Global chemicals & energy company. 3 distinct market-focused businesses, namely: Chemicals, Energy & Sasol ecoFT. 🇼 🏷️

🌍 Eastern Europe & Emerging Europe

🇬🇷 Hellenic Telecommunications Organization S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇬🇷 Piraeus Bank S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇵🇱 KRUK Spólka Akcyjna 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇱 KRUK SA (WSE: KRU / FRA: 83I / OTCMKTS: KRKKF) – Leader of the debt management market. 🏷️

🇵🇱 Powszechny Zaklad Ubezpieczen SA 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇪🇺🏛️ PZU SA (WSE: PZU / FRA: 7PZ / FRA: 7PZ0) or Powszechny Zaklad Ubezpieczen SA – Largest financial conglomerate in Poland & Central & Eastern Europe. Life, non-life & health insurance plus banking, investment, pension & health care products. 🇼 🏷️

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

🇵🇱 Alior Bank (WSE: ALR / FRA: A6O) – Universal bank. A subs. of insurance company PZU (WSE: PZU / FRA: 7PZ / FRA: 7PZ0). 🇼 🏷️

🌎 Latin America

🌎 Globant S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Globant (NYSE: GLOB) – Luxembourg HQ’d. Argentina-founded IT & software development with a presence in 25+ countries. 🇼 🏷️

🌎 Millicom International Cellular S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌎 Millicom (NASDAQ: TIGO) – Fixed & mobile, telecommunications services, cable & satellite TV, mobile financial services & local content such as music & sports in Latin America. 🇼 🏷️

🌎 MercadoLibre: World-Class Execution And Undervalued (Seeking Alpha) $ 🗃️

🌎 MercadoLibre: Remains A Buy Despite Recent Dip And Ongoing Technical Weakness (Seeking Alpha) $ 🗃️

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

🇦🇷 Milei’s economy: From surf the wave to kick the can (Latin America Risk Report)

I don’t know when the Milei hype bubble will pop. Probably not tomorrow. Definitely before 2030.

You can divide the views on Argentina and Milei into three camps:

Everything is terrible. This is the take of the Peronists, who see Milei undermining the economic safety net for the one-third of Argentines who live in poverty and the many others who struggle economically, even as the macroeconomic indicators come back positively and the wealthy and business elite are doing better than ever. I don’t deal with this view much in today’s newsletter, but be aware that it exists and represents a political threat to Milei.

This time is different (in a good way). This is the take of Milei and his backers, who think the president’s reform agenda is the path to ending Argentina’s historic boom and bust cycles.

The Milei hype is a bubble. It’s great on the way up, but an eventual crash is practically inevitable. This remains my view.

🇦🇷 Corporación América Airports: Robust January Traffic Data Supports Further Upside (Seeking Alpha)

🌐 Corporación América Airports (NYSE: CAAP) – Leading private airport operator in the world. Operating 53 airports in 6 countries (Argentina, Brazil, Uruguay, Ecuador, Armenia & Italy). 🏷️

🇦🇷 YPF Sociedad Anónima 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇦🇷 🏛️ Ypf Sa (NYSE: YPF) – Vertically integrated, majority state-owned Argentine energy company. Oil & gas exploration & production + transportation, refining & marketing of gas & petroleum products. 🇼 🏷️

🇧🇲 Bank Of N.T. Butterfield & Son: An Offshore Moat Yielding Massive Capital Returns After A Stellar 2025 (Seeking Alpha) $ 🗃️

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

🇧🇷 Vale S.A. (VALE) Presents at 35th BMO Global Metals, Mining & Critical Minerals Conference – Slideshow (Seeking Alpha)

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

🇧🇷 Ambev: Let’s Cheers To More Upside (Seeking Alpha) $ 🗃️

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

🇧🇷 B3 S.A. – Brasil, Bolsa, Balcão 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 B3 SA – Brasil, Bolsa, Balcão (BVMF: B3SA3 / FRA: YBV0 / OTCMKTS: BOLSY) – São Paulo Stock Exchange (Bovespa), Brazilian Mercantile & Futures Exchange (BM&F) & CETIP. 🇼

🇧🇷 WEG S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇧🇷 Nu Holdings: Global Expansion And Local Politics Fuel Bullish Outlook For 2026 (Seeking Alpha) $⛔🗃️

🇧🇷 Nu Holdings: Great Business At An Expensive Price (Seeking Alpha) $⛔🗃️

🇧🇷 Nu Holdings Ltd. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌎 Nu Holdings (NYSE: NU) – Digital banking platform / fintech. 🇼

🇧🇷 BB Seguridade Expects A Challenging 2026 On The Credit Cycle, But Remains Attractive (Seeking Alpha) $ 🗃️

🇧🇷🏛️ BB Seguridade (BVMF: BBSE3 / OTCMKTS: BBSEY) – Insurance, pension plans & bonds. Subs. of Banco do Brasil (BVMF: BBAS3 / FRA: BZLA / OTCMKTS: BDORY).

🇧🇷 MBRF Global Foods: I’m More Interested In 2026E (Rating Upgrade) (Seeking Alpha)

🌐 MBRF Global Foods Company (BVMF: MBRF3 / FRA: MGP1 / OTCMKTS: MBRFY) – Global leader in the production of hamburgers + bovine protein. One of the most internationalized & diversified Brazilian food companies. Marfrig Global Foods Sa (BVMF: MRFG3 / OTCMKTS: MRRTY) + BRF Brasil Foods SA (NYSE: BRFS / BVMF: BRFS3). 🇼 🏷️

🇧🇷 CTEEP – Companhia de Transmissão de Energia Elétrica Paulista S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷🅿️ ISA Energia Brasil SA (BVMF: ISAE3 / ISAE4) or Companhia de Transmissão de Energia Elétrica Paulista – Electricity transmission in 18 states. 🇼

🇧🇷 Companhia Brasileira De Distribuicao 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Companhia Brasileira de Distribuicao SA (BVMF: PCAR3 / OTCMKTS: CBDBY) or GPA – Multiformat & multichannel business model + eCommerce. Casino Group company (reduced stake) present all over Brazil. Formerly NYSE (CBD) listed. 🇼 🏷️

🇧🇷 Gerdau S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌎🅿️ Metalurgica Gerdau SA (BVMF: GOAU3 / GOAU4) – Leading global steel producer & the largest producer of long steel in the Americas. 🇼 🏷️

🇧🇷 Telefônica Brasil Q4: The Cash Machine Is Working Again (Seeking Alpha) $ 🗃️

🇧🇷 Telefônica Brasil S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇨🇱 Compania Cervecerias Unidas: Positive Argentina Cycle Reverted And Chile Takes Lead (Seeking Alpha) $ 🗃️

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

🇨🇴 Grupo Aval Acciones y Valores S.A. 2025 Q4 – Results – Earnings Call Presentation (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). 🇼 🏷️

🇨🇴 Grupo Cibest S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌎🅿️ Grupo Cibest SA (NYSE: CIB / BVC: PFBCOLOM) fmr. Bancolombia – First Colombian financial institution listed on the NYSE. It provides banking products & services in Colombia, Panama, Puerto Rico, El Salvador, Bermuda & Guatemala. 🇼 🏷️

🇲🇽 Controladora Vuela Compañía de Aviación, S.A.B. de C.V. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌎 Controladora Vuela Compania de Aviacion SAB de CV (NYSE: VLRS) or Volaris – Ultra-low-cost carrier that operates in Mexico, USA, Central & South America. 🇼 🏷️

🇲🇽 Grupo Bimbo, S.A.B. de C.V. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Grupo Bimbo SAB de CV (BMV: BIMBOA / FRA: 4GM / OTCMKTS: GRBMF / BMBOY) – Largest baking company in the world & a relevant participant in snacks. 🇼 🏷️

🇲🇽 Vista Energy, S.A.B. de C.V. 2025 Q4 – Results – Earnings Call Presentation (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. 🏷️

🇲🇽 Wal-Mart De Mexico S.A.B. de C.V. ADR 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇲🇽 Megacable Holdings, S. A. B. de C. V. CPOs 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇽 Megacable Holdings (BMV: MEGACPO / OTCMKTS: MHSDF) – Broadband internet, cable TV, telephony, mobile services, etc. 🇼

🇵🇪 Compañía de Minas Buenaventura S.A.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇪 Compania de Minas Buenaventura SAA (NYSE: BVN) – Precious metals mining & exploration (gold, silver, copper, zinc, etc.). Energy generation & transmission services & industrial activities. 🇼

🌐 Global

🌐 Global dividends hit record US$2.09 trillion in 2025 (The Asset) 🗃️

Projection for 2026 is 5.4% topline payout growth, with new record of US$2.20 trillion

Global dividends reached a new annual record of US$2.09 trillion in 2025, up 7.0% year-on-year on a topline basis, according to a recent report.

Core dividend growth was 6.0% after adjusting for exchange rates, one-off payments and calendar factors. At the company level, median dividend growth was 5.8%, finds the latest Dividend Watch report, part of the Capital Group’s Global Equity Study.

🌐 Burford Capital – back from the dead? (Undervalued Shares)

I have a semi-successful track record covering Burford Capital Limited (NYSE: BUR) (ISIN GG00BMGYLN96, UK:BUR and NYSE:BUR).

After publishing an extensive research report in 2022, the stock went on to double. Unfortunately, a subsequent setback erased those gains, and the share price returned to its starting point.

For those unfamiliar with this unique animal of a company, Burford Capital is the world’s largest provider of litigation finance. It funds lawsuits in exchange for a share of the proceeds.

Much of the share price volatility has been driven by a single case: “YPF” – long considered the crown jewel of the portfolio.

🌐 Time to reconsider tariff policy – and join it up with industrial and banking policy (Werner Economics)

Tariffs are not stupid, as Trump-opponents claim. But they have to be deployed as part of a high growth and development strategy to work

🌐 Petrodollar 2.0: Why Russia’s Dollar Pivot Could Crash Gold And Silver (Seeking Alpha) $ 🗃️

Silver and gold face a potential short-term sell-off if Russia returns to settling oil in U.S. Dollars, unwinding the de-dollarization trade premium.

A successful Putin-Trump peace deal would strengthen the dollar and catalyze U.S. energy majors Exxon Mobil and Chevron via renewed Russian access.

I plan to take profits on a war-driven metals spike, then aggressively buy miners like WPM and MTA during a peace-induced metals reset.

Despite near-term volatility, I remain long-term bullish on silver, gold, and uranium due to structural deficits, global debt risks, and persistent Eastern demand.

🌐 Nebius: Turning Massive Contracts And Power Capacity Into High Growth (Seeking Alpha) $ 🗃️

🌐 Nebius: Sell Before The AI Bubble Bursts (Seeking Alpha) $ 🗃️

🌐 Nebius: Don’t Let The CapEx Scare You (Seeking Alpha) $⛔🗃️

🌐 Nebius: More Than GPUs – A Hidden AI Platform The Market Is Missing (Seeking Alpha) $⛔🗃️

🌐 Nebius Stock Defies Logic (Seeking Alpha) $ 🗃️

🌐 Nebius: Customer Financing Changes The Entire Risk Profile (Seeking Alpha) $ 🗃️

🌐 Nebius: Hypergrowth Meets Capital Intensity Reality Check (Seeking Alpha) $⛔🗃️

🌐 Nebius: Profitable On EBITDA Basis As AI Cloud Demand Explodes (Seeking Alpha) $ 🗃️

🌐 Nebius Group NV (NASDAQ: NBIS) – AI-centric cloud platform built for intensive AI workloads. Sold Yandex to a consortium of Russian investors. Retains several businesses outside of Russia. 🇼 🏷️

📅 Earnings Calendar

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

📅 Economic Calendar

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

🗳️ Election Calendar

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

Colombia Colombian Senate 2026-03-08 (d) Confirmed 2022-03-13
Colombia Colombian House of Representatives 2026-03-08 (d) Confirmed 2022-03-13
Kazakhstan Referendum 2026-03-15 (d) Confirmed 2024-10-06
Slovenia Slovenian National Assembly 2026-03-22 (t) Confirmed 2022-04-24
Peru Peruvian Congress of the Republic 2026-04-12 (d) Confirmed 2021-04-11
Peru Peruvian Presidency 2026-04-12 (d) Confirmed 2021-04-11
Bulgaria Bulgarian National Assembly 2026-04-19 (d) Confirmed 2024-10-27
Hungary Hungarian National Assembly 2026-04-12 (d) Confirmed 2022-04-03
Cyprus Cypriot House of Representatives 2026-05-24 (d) Confirmed 2021-05-30
Colombia Colombian Presidency 2026-05-31 (d) Confirmed 2022-06-19
Morocco Moroccan Chamber of Representatives 2026-09-30 (t) Date not confirmed 2021-09-08
Czech Republic Czech Senate 2026-09-30 (t) Date not confirmed 2024-09-27
Russian Federation Russian Federal Duma 2026-09-30 (t) Date not confirmed 2021-09-19
Brazil Brazilian Federal Senate 2026-10-04 (d) Confirmed 2022-10-02
Brazil Brazilian Chamber of Deputies 2026-10-04 (d) Confirmed 2022-10-02
Brazil Brazilian Presidency 2026-10-04 (d) Confirmed 2022-10-30
Israel Israeli Knesset 2026-10-27 (d) Confirmed 2022-11-01
Bulgaria Bulgarian Presidency 2026-11-30 (t) Date not confirmed 2021-11-21
Bahrain Bahraini Council of Representatives 2026-11-30 (t) Date not confirmed 2022-11-12
Viet Nam Vietnamese National Assembly 2026-03-15 (d) Confirmed 2021-05-23

📅 Emerging Market IPO Calendar/Pipeline

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

Hartford Creative Group, Inc. (Uplisting) HFUS WestPark Capital, 1.5M Shares, $4.00-4.00, $6.0 mil, 3/9/2026 Week of

Note: This is NOT an IPO. This is a NASDAQ uplisting from the OTC Markets Group – a public offering of 1.5 million shares at an assumed public offering price of $4.00 – to raise $6 million. The last reported sale price of Hartford Creative Group’s stock on the OTC Market was $4.50 on Dec. 12, 2025, according to the prospectus.

(Incorporated in Nevada)

Disclosure: “We currently have three subsidiaries located in the People’s Republic of China (the “PRC” or “China”), and some of our executive officers and directors are located in or have significant ties to China. These ties to China present legal and operational risks to us and our investors, including significant risks related to actions that may be taken by China in the areas of regulatory, liquidity and enforcement, which exist and could affect our current operations and the offering of our securities. For example, if these ties were to cause China to view us as subject to their regulatory authority, China could take actions that could materially hinder or prevent our offering of securities to investors and cause the value of such securities to significantly decline or be worthless.”

Hartford Creative Group, Inc. (“HFUS,” “we,” “us,” or “Company”) specializes in delivering marketing solutions tailored to businesses of small and medium-sized enterprises (SMEs). Our suite of precision marketing services offers cross-media strategies that enable advertisers to effectively target and engage audiences across premier media platforms. We leverage our interconnecting network and keen insights into market demands to develop and implement bespoke marketing initiatives. These initiatives encompass the design, placement, monitoring, and optimization of advertising campaigns.

Navigating the intricate landscape of the modern marketing and sales value chain presents numerous challenges, particularly for enterprises lacking the necessary expertise. Many struggle with creating ample marketing content, devising effective strategies, converting leads, and managing customer relations—tasks made more daunting by the sheer volume of use cases across diverse marketing channels. According to the publication Digital Transformation Market Size, Share, Growth & Trends Analysis Report By Solution, By Deployment, By Service, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2024 – 2030, the global digital transformation market size was estimated at USD 880.3 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 27.6% from 2024 to 2030. With 1.02 billion internet users and the world’s largest social media population, China’s growing economy, booming technology sector, and thriving e-commerce scene make it one of the most intriguing markets in the world today. Social media has long been one of the most important communication channels in China, with the country having the world’s largest number of social media users at over 983.3 million as of November 2024.

The pent-up demand from social media influencers’ marketing needs on social media apps led the Company to seize the opportunity in providing precise marketing services. As an advertising collaborator of China’s major social media markets, we aim to provide customers with vertical integration services, from early-stage such as advertising video creation, photography and editing, to advertising operation and management on social media apps. Furthermore, we plan to initiate TikTok advertising campaigns overseas and equip our Chinese clientele with the tools to penetrate international markets, including the United States.

We have been committed to building an efficient sales network and mechanism to achieve effective customer coverage and sustainable growth. We seek to maintain mutually beneficial relationships with customers and have gained the trust of many customers across a spectrum of industries, presenting us with further cross-selling and up-selling opportunities. We have built a diversified customer base with a strong willingness to pay. During fiscal year 2025, we have secured advertising service agreements with about 43 customers and received approximately RMB 279.9 million (USD 38.8 million) from these customers. We also entered about 53 supplier contracts for advertising placement and paid RMB 262.6 million (USD 36.4 million) during fiscal year 2025.

During the year ended July 31, 2025, we reported net revenues of $2.0 million, compared to $1.4 million for the same period of 2024, reflecting the launch of our advertising business in January 2024. Net income was $1.1 million, or $0.04 per share, for both the years ended July 31, 2025 and 2024. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further discussion.

Based on market research and discussions between the board and third-party suppliers and experts, the Company has further developed a plan of mini-drama business. The Company is strategically positioned to capture considerable market interest and enhance revenue streams from our innovative mini-drama business. While initial steps toward this ambitious goal have been initiated, it is important to note that the commencement and future success of the mini-drama venture are not yet guaranteed.

Our mission is to excel as the premier partner for enterprises worldwide, driving digital and intelligent transformation with unparalleled expertise and commitment.

Note: Net income and revenue are in U.S. dollars for the fiscal year that ended July 31, 2025.

(Note: Hartford Creative Group, Inc. has applied to uplist its stock to the NASDAQ from the OTC Markets Group – and in conjunction with that goal – the company is offering 1.5 million shares at an assumed public offering price of $4.00 per share – to raise $6.0 million, according to an SEC filing – a post-effective amendment – dated Dec. 16, 2025. Background: Hartford Creative Group started its NASDAQ uplisting/public offering process with a plan to offer up to $10 million of stock at an assumed public offering price of $4.00 per share – in an S-1 filing dated Feb. 24, 2025.)

Riku Dining Group RIKU Eddid Securities USA, 2.3M Shares, $4.00-6.00, $11.3 mil, 3/9/2026 Week of

(Incorporated in the Cayman Islands)

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

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

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

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

(Note: Riku Dining Group disclosed the terms for its IPO in an Oct. 8, 2025, filing with the SEC: The company is offering 2.25 million shares at a price range of $4.00 to $6.00 to raise $11.25 million. Background: Riku Dining Group filed its F-1 for its IPO in September 2025 without disclosing the terms. Estimated IPO proceeds are $16 million.)

Hillhouse Frontier Holdings HIFI Cathay Securities, 3.8M Shares, $4.00-6.00, $18.8 mil, 3/16/2026 Week of

(Incorporated in Nevada)

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

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

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

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

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

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

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

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

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

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

HW Electro Co., Ltd. (NASDAQ-New Filing) HWEP American Trust Investment Services/WestPark Capital, 4.2M Shares, $4.00-4.00, $16.6 mil, 3/16/2026 Week of

We are the first company in Japan to obtain a license plate number for imported electric light commercial vehicles. We are the second company and also one of the three companies that sell electric light commercial vehicles in Japan as of the date of this prospectus. (Incorporated in Japan)

The electric light commercial vehicles we sell belong to the category of “light commercial vehicles,” which are commercial carrier vehicles with a gross vehicle weight of no more than 3,500 kilograms.

We commenced selling and delivering two models of electric light commercial vehicles, ELEMO and ELEMO-K, in Japan in April 2022 and July 2022, respectively, and have been working with Cenntro, our cooperating manufacturer, to produce them under our brand, “ELEMO,” in its factory in Hangzhou, China. ELEMO is the first electric vehicle we sell and (it) is the second electric light commercial vehicle that has ever been sold in Japan since the commencement of sales of MINICAB-MiEV in December 2011, which was the first electric light commercial vehicle produced by Mitsubishi Motors Corporation. Since June 2023, we have commenced the sales of a new model called “ELEMO-L,” a van-type electric vehicle that could be used for commercial and recreational camping purposes, which we expect may enable us to increase consumer market penetration.

Under our Exclusive Basic Transaction Agreement dated March 31, 2021 with Cenntro (the “Exclusive Basic Transaction Agreement”), Cenntro manufactures ELEMO, ELEMO-K, ELEMO-L, and other electric vehicles under the specifications designated by us in their manufacturing factories in China and delivers the electric vehicles to the ports in China designated in the individual agreement for a particular order. We arrange for the shipment from these ports to the Port of Yokohama or other designated ports in Japan. Upon arrival, we transport the vehicles to our research laboratory located in Chiba, Japan, for inspection, and then send them to our business partners’ facilities, Anest Iwata’s factory in Fukushima, Japan, and TONOX’s factories in Kanagawa, Japan. The specialists of Anest Iwata, a Tokyo Stock Exchange-listed company that specializes in industrial machinery, supplies, and components, and TONOX, a Japanese commercial vehicle manufacturer, modify the vehicles to comply with the regulations and standards for the Japanese market, install the accessories, and undertake the inspection in accordance with our instructions. After the inspection and modifications, we deliver the electric vehicles to the governmental vehicle inspection office, the National Agency for Automotive and Land Transportation Technology, for individual imported vehicle inspection, and the local land transportation office for registration. Upon completion of the individual imported vehicle inspection and registration, we conduct the final inspection in our research laboratory located in Chiba, Japan, and deliver the electric light commercial vehicles to the customers.

Since the inception of our operation, we have been leveraging the customizability and adjustability of our electric light commercial vehicles to attract corporations in different industries and local governments that have varying needs from their departments in Japan. During the fiscal years ended September 30, 2023 and 2022, we sold and delivered 52 and 16 electric light commercial vehicles to 14 and 11 customers, respectively.

Note: Net loss and revenue figures are in U.S. dollars (converted from Japanese yen) for the fiscal year that ended Sept. 30, 2024.

(Note – New IPO Plans: HW Electro Co., Ltd. filed an F-1 dated May 8, 2025 – the same date that it withdrew its previous IPO plans in a letter to the SEC. In the new IPO document – the F-1 dated May 8, 2025 – HW Electro Co., Ltd. disclosed that it is offering 4.15 million American Depositary Shares (ADS) at an assumed IPO price of $4.00 to raise $16.6 million. American Trust Investment Services and WestPark Capital are the joint book-runners.)

(Background on Previous IPO plans: Registration Withdrawn on May 8, 2025 – A.C. Sunshine and Univest Securities were the joint book-runners. Note: HW Electro Co., Ltd. filed an F-1MEF to increase its IPO’s size at pricing by 200,000 shares, according to a filing dated Jan. 24, 2025. Note: HW Electro Co., Ltd. filed an F-1/A to increase its IPO’s size to 4.0 million ADS – up from 3.75 million ADS – and increase the assumed IPO price to $4.00 – up from $3.00 – to raise $16.0 million – up from $11.25 million initially – according to an F-1/A filing dated Dec. 23, 2024. In that same filing, AC Sunshine Securities was added as the lead left joint book-runner to work with Univest Securities as the other joint book-runner, and the IPO’s proposed venue was changed to the NASDAQ from the NYSE – American Exchange, with the proposed symbol changed to “HWEP” from “HWEC”. Note: HW Electro Co., Ltd. filed its new F-1 (prospectus) on April 26, 2024, disclosing plans for its IPO and its listing of American Depositary Shares (ADS) on the NYSE – American Exchange: 3.75 million ADS at an assumed IPO price of $3.00 per ADS. Each ADS represents one ordinary share. Background: HW Electro Co., Ltd. withdrew its previous IPO plans that called for a listing on the NASDAQ with a different proposed symbol.)

Seahawk Recycling Holdings, Inc .SEAH Cathay Securities, 3.8M Shares, $4.00-6.00, $18.8 mil, 3/16/2026 Week of

(Incorporated in the British Virgin Islands)

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

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

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

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

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

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

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

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

PressLogic PLAI American Trust Investment Services, 1.8M Shares, $4.00-6.00, $9.0 mil, 3/23/2026 Week of

(Incorporated in the Cayman Islands)

We provide digital marketing services to companies in Hong Kong and Taiwan. Our content marketing solutions include a digital marketing solution segment, which offers editorial content, influencer marketing and display advertising, along with advertisements. We run nine proprietary media brands with over 12 million subscribers and followers, including nine websites, five apps, 11 Facebook fanpages, 11 Instagram profiles and eight YouTube channels, as of the date of this prospectus.

Note: Net income and revenue are in U.S. dollars (converted from Hong Kong dollars) for the 12 months that ended June 30, 2025.

(Note: PressLogic filed its F-1/A on Oct. 14, 2025, and disclosed the terms of its small IPO: The company is offering 1.8 million shares at a price range of $4.00 to $6.00 to raise $9.0 million, if priced at the mid-point of its range. Background: PressLogic filed its F-1 to go public in September.)

🏁 Emerging Market ETF Launches

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

09/13/2025 – WisdomTree Asia Defense Fund – WDAF
08/12/2025 – Neuberger Berman Emerging Markets Debt Hard Currency ETF – NEMD
07/15/2025 – OTG Latin America ETF – OTGL
06/21/2025 – FT Vest Emerging Markets Buffer ETF June – TJUN
06/18/2025 – AB Emerging Markets Opportunities ETF – EMOP
06/05/2025 – Harbor Emerging Markets Equity ETF – EPEM
06/03/2025 – Russell Investments Emerging Markets Equity Active ETF – ZJUN
05/30/2025 – Emerging Markets Equity Active ETF – REMG
05/16/2025 – Harbor Emerging Markets Select ETF – EMES
04/02/2025 – Goldman Sachs India Equity ETF – GIND
03/21/2025 – FT Vest Emerging Markets Buffer ETF – March – TMAR
02/25/2025 – Touchstone Sands Capital Emerging Markets ex-China Growth ETF – TEMX
02/19/2025 – abrdn Emerging Markets Dividend Active ETF – AGEM
02/14/2025 – GMO Beyond China ETF – BCHI
02/06/2025 – PLUS Korea Defense Industry Index ETF – KDEF
01/04/2025 – Simplify China A Shares PLUS Income ETF – CAS
12/24/2024 – FT Vest Emerging Markets Buffer ETF – December – TDEC – Options
11/19/2024 – Fidelity Fundamental Emerging Markets ETF – FFEM – Equity
11/19/2024 – Fidelity Enhanced Emerging Markets ETF – FEMR – Equity
11/13/2024 – Dimensional Emerging Markets ex China Core Equity ETF – DEXC – Equity
10/07/2024 – First Trust WCM Developing World Equity ETF – WCME – Active, equity
09/20/2024 – FT Vest Emerging Markets Buffer ETF – September – TSEP – Options
09/11/2024 – Polen Capital Emerging Markets ex-China Growth ETF – PCEM – Equity
09/04/2024 – Macquarie Focused Emerging Markets Equity ETF – EMEQ – Active, equity
09/04/2024 – iShares MSCI Emerging Markets Value Factor ETF – EVLU – Equity
09/04/2024 – iShares MSCI Emerging Markets Quality Factor ETF – EQLT – Active, equity
09/04/2024 – SPDR S&P Emerging Markets ex-China ETF – XCNY – Equity, ex-China
08/13/2024 – Simplify Gamma Emerging Market Bond ETF – GAEM – Active, Bond, Latin America
08/13/2024 – Janus Henderson Emerging Markets Debt Hard Currency ETF – JEMB – Currency
07/01/2024 – Innovator Emerging Markets 10 Buffer ETF – EBUF – Equity
05/16/2024 – JPMorgan Active Developing Markets Equity ETF – JADE – Equity
05/09/2024 – WisdomTree India Hedged Equity Fund – INDH – Equity, India
03/19/2024 – Avantis Emerging Markets ex-China Equity ETF – AVXC – Active, equity, ex-China
03/15/2024 – Polen Capital China Growth ETF – PCCE – Active, equity, China
03/04/2024 – Simplify Tara India Opportunities ETF – IOPP – Active, equity, India
02/07/2024 – Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares – XXCH – Equity, leveraged, China
01/11/2024 – Matthews Emerging Markets Discovery Active ETF – MEMS – Active, equity, small caps
01/10/2024 – Matthews China Discovery Active ETF – MCHS – Active, equity, small caps

🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

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

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

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

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

Emerging Market Links + The Week Ahead (March 2, 2026) was also published on our Substack.

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(Incorporated in Nevada)

Our mission is to excel as the premier partner for enterprises worldwide, driving digital and intelligent transformation with unparalleled expertise and commitment.

Note: Net income and revenue are in U.S. dollars for the fiscal year that ended July 31, 2025.

(Incorporated in the Cayman Islands)

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

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

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

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

(Incorporated in Nevada)

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

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

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

We are the first company in Japan to obtain a license plate number for imported electric light commercial vehicles. We are the second company and also one of the three companies that sell electric light commercial vehicles in Japan as of the date of this prospectus. (Incorporated in Japan)

The electric light commercial vehicles we sell belong to the category of “light commercial vehicles,” which are commercial carrier vehicles with a gross vehicle weight of no more than 3,500 kilograms.

Note: Net loss and revenue figures are in U.S. dollars (converted from Japanese yen) for the fiscal year that ended Sept. 30, 2024.

(Incorporated in the British Virgin Islands)

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

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

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

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

(Incorporated in the Cayman Islands)

Note: Net income and revenue are in U.S. dollars (converted from Hong Kong dollars) for the 12 months that ended June 30, 2025.

🏁 Emerging Market ETF Launches

🚽 Emerging Market ETF Closures/Liquidations

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