RANDOM NOTE: On Saturday, I was on my way to a supermarket in the KLCC area and took a detour to the Kinokuniya bookstore below the Petronas Towers only to stumble upon Herald van der Linde, the host of HSBC’s Under the Banyan Tree Podcast and their Chief Asia Equity Strategist, giving a talk about his new book: Majapahit: Intrigue, Betrayal and War in Indonesia’s Greatest Empire.
Herald has also written Asia’s Stock Markets from the Ground Up (a good beginners’ primer on Asian stock markets) plus I remember him mentioning in his podcast about having written a book about the history of Jakarta – this was the first time I had seen a copy of that book: Jakarta: History of a Misunderstood City (Unfortunately, I had no cards on me, just enough cash for groceries…)
Also at the talk was Rose Gan who is writing her fourth book about the history of Penang and its founder Captain Francis Light (Dragon (Penang Chronicles), Pearl (Penang Chronicles) & Emporium (Penang Chronicles)). I suggested to both that someone should write a book about the history of Kuala Lumpur as I am not aware of any book just about the history of the city itself (usually only Hong Kong, Shanghai, and Singapore have city history books written about them).
I also asked Herald if he knew of a good book in English covering the Dutch-Indonesian war of impendence (aka 1945-50ish) and he suggested Revolusi: Indonesia and the Birth of the Modern World that was recently published by a Belgian author who also wrote a bestseller about the Congo (Congo: The Epic History of a People)…
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🔬 Emerging Market Stock Pick Tear Sheets
$ = behind a paywall
- 🌍 Central and Eastern Europe Fund Holdings (Q3 2024) Partially $
- Eastern European stock picks that are the holdings of the closed-end Central and Eastern Europe Fund Inc (NYSE: CEE) (including Russian stocks) plus some key Hungary economic stats & stocks.
- 🇵🇱 iShares MSCI Poland ETF Holdings (November 2024) Partially $
- Poland stock picks that are the holdings of the iShares MSCI Poland ETF (NYSEARCA: EPOL) + the Polish economy & two competitors (Jeronimo Martins SGPS SA (ELI: JMT / FRA: JEM / OTCMKTS: JRONY / JRONF) & Zabka Group SA (WSE: ZAB / FRA: 9M1)) of hyped retailer Dino Polska (WSE: DNP / FRA: 5Y2 / OTCMKTS: DNOPY).
- 🌐 EM Fund Stock Picks & Country Commentaries (November 24 2024) Partially $
- Trump’s win + tariffs, Korea + Vietnam trip reports, what’s growing in India, IMF fall meetings, Saudi Arabia, local asset managers (& the long hand of globalisation), case for European stocks, etc.
📰🔬 Emerging Market Stock Picks / Stock Research
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 China sends its 150,000,000,000th parcel this year (Momentum Works)
- We all know that ecommerce parcel delivery in China is a big industry, powering the country’s gigantic online shopping sector, as well as the fierce competition amongst the top ecommerce platforms: Alibaba (NYSE: BABA), PDD Holdings (NASDAQ: PDD) or Pinduoduo, JD.com (NASDAQ: JD), Douyin, and Kuaishou Technology (HKG: 1024 / 81024 / LON: 0A74 / OTCMKTS: KUASF / KSHTY).
- This morning (18 Nov), State Post Bureau of China, the regulator of parcel delivery services, announced that yesterday (17 Nov 2024), the cumulative volume of parcels sent out in China had surpassed 150 billion (or 150,000,000,000) for the 1st time.
- You can make sense of this number in the following ways:
🇨🇳 Our thoughts on Alibaba restructuring and PDD earnings (Momentum Works)
- On 21 November, two stories rocked China’s ecommerce scene, with global implications.
- First was Alibaba (NYSE: BABA)’s announcement to merge its domestic Chinese and international ecommerce businesses into a single unit called Alibaba Ecommerce Business Group. Jiang Fan, hitherto CEO of Alibaba International Digital Commerce Group (AIDC), will head the new unit as CEO. The new unit will also include B2B marketplace 1688 and 2nd hand C2C marketplace Xianyu.
- Second was PDD Holdings (NASDAQ: PDD) or Pinduoduo, the parent company of Pinduoduo and Temu, again missing revenue consensus in its Q3 earnings. It also missed on earnings. The stock price plunged more than 10%. Not as drastic as the 30% drop after previous quarter’s earnings and a peculiar CEO remark, but still …
- These two events are closely related to each other, signifying the further intensification of the ecommerce platform competition in China. Some of our thoughts:
🇨🇳 [PDD Holdings (PDD US, BUY, TP US$146) TP Change]: C3Q24: Painful Reversal of Its Merchant Squeeze (Smartkarma) $
- PDD Holdings (NASDAQ: PDD) or Pinduoduo reported C3Q24 top line, non-GAAP EBIT and non-GAAP net income (2.6%), (12.4%) and (6.3%) vs. cons., and (3.4%)
- PDD is easing its appeasement of China-platform merchants, positive for profitability, but its transition to the semi-consignment model will likely continue as it tries to improve merchandise selection and logistics quality
- We reiterate BUY as PDD is undervalued at 8.1x CY2025 P/E, but we cut its TP to US$ 146 to reflect slower growth amid increasing overseas investment.
🇨🇳 PDD (PDD US): 3Q24, Focuses on Growth, But Not Profit Margin (Smartkarma) $
🇨🇳 PDD Holdings (PDD) – Amazon’s Greatest Threat? (Bristlemoon Capital) $
- A deep dive on the high-growth, e-commerce powerhouse
- Welcome to Bristlemoon Capital! We have written previously on APP, IBKR, PAR, AER, PINS, BROS, MTCH, CPRT, RH, EYE, TTD, and META.
- So what got us interested in PDD Holdings (NASDAQ: PDD) or Pinduoduo? Well, for starters, it is growing its profits at 156% year-over-year yet trades on a cash-adjusted FY25E P/E of just 6x. We will look at how PDD makes money across its Pinduoduo and Temu businesses, dive into the unit economics of these platforms, and then look at the growth prospects for PDD.
🇨🇳 Nongfu Spring founder attacks livestream sales model and low-price platforms (Caixin) $
- Zhong Shanshan, the billionaire founder of Nongfu Spring (HKG: 9633 / OTCMKTS: NNFSF), has criticized the livestream sales model and low-price e-commerce platforms such as Pinduoduo, arguing that they harm Chinese brands by lowering price systems and he called on the government to intervene.
- Speaking on Tuesday during a visit to a navel orange factory in Jiangxi, he said: “I will never engage in livestream sales, and I distain those entrepreneurs who do so. Those businesses are flat, ours is vertical. We have roots, but they don’t.”
🇨🇳 $BIDU Quick Pitch (The Chop Wood, Carry Water Newsletter)
- Founded in 2000 as a search engine platform, Baidu (NASDAQ: BIDU) was an early adopter of artificial intelligence to make content discovery on the internet easier.
- Expected Gain: China has unleashed a digital monster. With growth opportunities in AI, cloud, and autonomous technologies, I believe that with an estimated $3 billion in free cash flow and a 10% discount rate, the company could double in value.
🇨🇳 Chinese tech groups build AI teams in Silicon Valley (FT) $ 🗃️
🇨🇳 [KE Holdings Inc. (BEKE US, BUY, TP US$25) TP Change]: C3Q24 Review: C4Q24 Rebound but What’s Next? (Smartkarma) $
- KE Holdings (NYSE: BEKE) reported C3Q24 revenue in-line with our estimate and consensus but non-GAAP operating profit 26%/25% below, mainly due to higher commission rebate and agent salaries;
- Strong rebound in home transaction volumes in October and November, led to our C4Q24 revenue 16% above consensus. But the rebound needs more stimulus to sustain;
- We maintain the stock as BUY and raise TP to US$25 to reflect the near term rebound and steady market share gains.
🇨🇳 Trip.com (9961.HK, TCOM): 3Q24, Still Healthy, But Stock Price Exceeded Our Last Target (Smartkarma) $
- The stock has risen by 38% since our last buy rate.
- The 3Q24 results are still healthy – both growth rate and operating margin.
- We set a downside of 19% for the end of 2025.
🇨🇳 2025 High Conviction: Tencent Music Entertainment (TME) – Music as Promising Future (Smartkarma) $
- Our 2024 High Conviction, the stock of Meituan (HKG: 3690 / 83690 / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) has risen by 87% in one year.
- We believe the market ignores Tencent Music Entertainment Group (NYSE: TME) because of its flat revenue.
- However, we expect TME will significantly benefit from its dominant position in the Chinese music market.
🇨🇳 Tuya: Improving Sales Growth and Profit Margins Help to Clinch Investment by 65 Equity Partners (Douglas Research Insights) $
- On 18 November, it was announced that 65 Equity Partners (backed by Temasek) will invest US$100 million (S$134 million) for a 13% stake in [internet of things services provider] Tuya Inc (NYSE: TUYA).
- Net cash as a percentage of market cap is currently at 92%. Tuya’s sales growth and improvement in operating margin in 1Q-3Q 2024 have also been impressive this year.
- Comps are trading at average EV/EBITDA of 13.7x in 2025 versus 2.3x for for Tuya. If Tuya continues its turnaround, its valuation gap versus its peers could decrease further.
🇨🇳 EHang finds more lift in its long flight to profits (Bamboo Works)
- The company’s third-quarter revenue surged as it continues to achieve milestones in the journey to commercialize its autonomous aerial vehicles
- EHang Holdings (NASDAQ: EH)’s third-quarter revenue soared 348% as its order book swelled after its self-flying aircraft got a key green light from China’s aviation regulator last year
- The company is getting close to starting commercial operations of its unmanned aircraft in China as it clears a growing number of regulatory requirements
🇨🇳 XPeng Launches its First Store in Singapore: 3 Things You Should Know About This Chinese EV Company (The Smart Investor)
- Recently, Chinese electric vehicle maker, XPeng (NYSE: XPEV), announced its official entry into the Singapore market. Here are several interesting facts about this company.
- With a market capitalisation of US$12.3 billion, XPeng ranks as one of China’s more successful EV companies.
- The company brands itself as a leading Chinese smart EV company that manufactures vehicles for technologically-savvy middle-class consumers.
- Let us find out more about this smart EV company, which has recently expanded its operations in Singapore by opening its first showroom at UOB Plaza in July.
- Road to profitability
- Growing deliveries
- Technological advancements
🇨🇳 NaaS drives into third quarter with first-ever quarterly non-IFRS profit (Bamboo Works)
- The provider of services for EV charging station operators also posted its highest-ever gross margin in the third quarter, as it shifted its focus to an asset-light business model
- NaaS Technology (NASDAQ: NAAS) reported its first non-IFRS quarterly profit in the three months to September, as well as a record-high gross margin
- As China’s leading provider of services to EV charging station operators, NaaS has wound down its low margin offline business to focus on higher-margin platform-based management services
🇨🇳 Zeekr’s IPO honeymoon ends with forced marriage to Lynk & Co. (Bamboo Works)
- The recently listed maker of luxury electric vehicles controlled by Geely Automobile Holdings (HKG: 0175 / FRA: GRU / OTCMKTS: GELYY / GELYF) will pay $1.3 billion for 51% of one of its parent’s units that only recently entered the EV market
- ZEEKR Intelligent Technology Holding Limited (NYSE: ZK)’s shares fell 27% after it announced its plan to purchase a majority of the Lynk & Co. brand from its parent for 9.4 billion yuan
- Zeekr’s vehicle deliveries grew 51% in the third quarter, down sharply from growth rates in the previous two quarters, as it said it was on track to reach its annual sales target
🇨🇳 In Depth: How BMW, Audi and Mercedes Ended Up Also-Rans in China (Caixin) $
- As a price war has raged in the world’s largest auto market, Volkswagen AG’s luxury brand Audi has increased the average discount that it’s offering on vehicles to nearly 30%, well above the average of 14% across the entire domestic market, according to Chinese auto consultancy firm Ways. BMW followed by boosting its average discount to 25%, and Mercedes-Benz with nearly 20%.
- And yet sales have fallen. For the first half of 2024, Mercedes-Benz’s deliveries to China slumped 9% year-on-year, according to company data. BMW’s sales were down 4.3% from the same period in 2023, while Audi’s fell 2%.
- There was a time when the BMW name was enough of a status symbol in China that the average car buyer could be easily talked out of choosing a less expensive luxury vehicle from a domestic automaker.
- A former BMW salesperson recently recalled how he once tried to persuade a customer to buy an i3 electric subcompact over the BYD luxury model they were also considering.
🇨🇳 Rebounding RLX plots course beyond China (Bamboo Works)
- Tacking against regulatory headwinds in its home market, China’s leading vaping company has begun aggressively diversifying overseas
- RLX Technology (NYSE: RLX)’s third quarter revenue rose 52%, as its gross margin rose more than 3 percentage points to 27.2% following a regulatory crackdown in 2021
- A year after expanding beyond its China base, international business accounted for more than half of the vaping company’s revenues in the third quarter
🇨🇳 [Atour (ATAT US, BUY, TP US$37) Review]: Small Differences Here & There but Overall Case Intact (Smartkarma) $
- [Portfolio of lifestyle hotel brands] Atour Lifestyle Holdings (NASDAQ: ATAT) reported C3Q24 revenue 2.3% lower than our estimate but 4.8% higher than consensus. The net income beat our estimate/consensus by 6.6%/9.5%, thanks to disciplined cost controls.
- Although RevPAR weakened in C3Q24 as expected, turnaround is coming already in C4Q24. We also expect moderate RevPAR growth in 2025.
- We keep the TP at US$37/ADS and maintain a TOP BUY on Atour.
🇨🇳 Jiangxi Rimag Group Lock-Up Expiry: Cornerstone Investor May Sell Shares After 200%+ Post-IPO Gains (Smartkarma) $
- Shares of Jiangxi Rimag Group Co Ltd (HKG: 2522), a medical group with focus on medical imaging in China, rose 200%+ since IPO and massively outperformed Hang Seng Index.
- A Nanchang-based medical imaging center operator priced its IPO at HK$14.98/share and raised ~HK$183M in June. Cornerstone investors have agreed to acquire ~8M H shares.
- I expect key cornerstone investor may sell shares after 200%+ post-IPO gains as early lock-up period will end on December 6th, 2024.
🇨🇳 Xingda (1899 HK): Go Figure As Offer Turns Unconditional (Smartkarma) $
- Back on the 24 September, tyre component manufacturer Xingda International Holdings Ltd (HKG: 1899 / FRA: XDH / OTCMKTS: XNGIF) announced a zero-premium $1.30/share cash Offer from Liu Jinlan, chairman and executive director.
- Liu and concert parties held 37.03%, and the Offer was conditional on a 50% acceptance hurdle. The IFA concluded the Offer was not fair.
- Surprisingly, 23.73% of shares out have tendered, and the Offer is now unconditional in all respects. The Offer will remain open to acceptances until the 29th November.
🇨🇳 Zijin Mining’s prospects glitter on acquisitions, rising gold and copper prices (Bamboo Works)
- China’s leading gold and copper miner has also gotten a lift from low interest rates and could benefit from growing demand for electricity with the rise of EVs and AI
- Zijin Mining Group (SHA: 601899 / HKG: 2899 / FRA: FJZB / OTCMKTS: ZIJMF) has acquired several new projects this year, including the latest involving a gold mine in Peru
- The Fed’s new cycle of policy easing and elevated federal U.S. debt could pressure the U.S. dollar, in turn boosting gold prices
🇨🇳 Ping An Insurance – Set For Success (Rating Upgrade) (Seeking Alpha) $ 🗃️
- 🇨🇳 Ping An Insurance (SHA: 601318 / HKG: 2318 / OTCMKTS: PNGAY) 🇨🇳 – One of the 3 largest integrated financial groups in China. 🇼 🏷️
🇭🇰 Tam Jai results leave sour taste of dining downturn (Bamboo Works)
Tam Jai International Co Ltd (HKG: 2217 / FRA: 29S)
- Hong Kong’s biggest chain of rice noodle shops has posted sharply lower half-year profits and is having to rethink its Asian expansion strategy
- The company’s net profit more than halved in the first half of the year, squeezed by price competition and weak consumer confidence
- The dining chain is planning to scale back its network in mainland China and Singapore
🇭🇰 Prada (1913 HK) (Asian Century Stocks) 22:23 Minutes
- High fashion at 14x EV/pretax profit with an alt-data catalyst
- It’s an Italian fashion group listed in Hong Kong, of all places. Many European and American investors ignore the name, which has caused Prada SpA (HKG: 1913 / FRA: PRP / PRP0 / OTCMKTS: PRDSY / PRDSF) to trade at a considerable discount to its peers.
🇲🇴 Galaxy Entertainment: Consider Company’s Recovery Progress And Thailand’s New Casino Plan (Seeking Alpha) $ 🗃️
- 🇲🇴 Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) 🇭🇰 – Develops & operates a large portfolio of integrated resort, retail, dining, hotel & gaming facilities in Macau. Operates 3 flagship destinations. 🇼 🏷️
🇲🇴 Cabo Verde govt cancels Macau Legend casino project rights (GGRAsia)
- The government in the West African island nation of Cabo Verde says it has terminated the concession for Hong Kong-listed casino services firm Macau Legend Development Ltd (HKG: 1680 / OTCMKTS: MALDF) to develop and operate a casino resort there.
- The authorities said Macau Legend “flagrantly and repeatedly” breached its obligations regarding the project’s development, reported on Tuesday Portuguese news agency Lusa.
- In May, the company completed the disposal of its Laos casino resort, Savan Legend Resorts in Savannakhet, Laos. In Friday’s filing, Macau Legend said it recorded a profit of HKD75.0 million from the discontinued operation during the reporting period.
🇲🇴 Macau Legend to contest Cabo Verde casino deal cancellation (GGRAsia)
- In an annoucement to the Hong Kong Stock Exchange on Friday, Macau Legend Development Ltd (HKG: 1680 / OTCMKTS: MALDF) confirmed it was “seeking legal advice in Cabo Verde” on the “appropriate course of action” to defend its interests.
- The firm “intends to vigorously contest these allegations to safeguard the interest of the company and its shareholders,” Macau Legend stated.
🇲🇴 EBITDA a focus in Macau market share battle: Jefferies (GGRAsia)
- Banking group Jefferies expects Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) and Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) to be share gainers in Macau’s six-operator casino market during 2025, noting the quality and range of their hotel offer – including additional rooms – can boost gaming volumes.
- “We expect mild shift in market share among the six operators in 2025/26 with Sands/Galaxy gaining share with the reopening of Londoner’s hotel capacity and opening of Galaxy’s Capella,” stated the institution in a Thursday report.
🇹🇼 Asian Dividend Gems: Teco Electric & Machinery (Asian Dividend Stocks) $
- TECO Electric Machinery Co Ltd (TPE: 1504) is one of the leading companies in Taiwan that specialize in electrical machinery and industrial automation.
- Teco Electric & Machinery provides high dividend payout and solid dividend yield. From 2020 to 2023, the company’s dividend payout and dividend yield averaged 72.9% and 4.6%, respectively.
- The company is one of the beneficiaries from the need to upgrade the global energy distribution and storage networks to support the higher usage of AI in the coming years.
🇰🇷 DoubleDown Interactive Q3: KPIs Are On A Decline, Not Enticing Right Now (Seeking Alpha) $ 🗃️
- 🌐 DoubleDown Interactive (NASDAQ: DDI) – Developer of social casino games, casual games & mobile applications. 🇼
🇰🇷 KB Financial Group: Not A Value Trap, I’m Staying Long (Seeking Alpha) $ 🗃️
- 🌏 KB Financial Group (NYSE: KB) – Financial holding company. Banking, credit card, financial investment, insurance business etc. 🇼 🏷️
🇰🇷 SK Square: A Solid Corporate Value Up Plan Likely to Lead to Continued Outperformance (Douglas Research Insights) $
- SK Square (KRX: 402340) announced a solid corporate value up plan pushing up its share price by 8.8% to 87,500 won on 22 November.
- Major highlights of the corporate value up plan included cancellation of 200 billion won of treasury shares, higher ROE target, and achieve 1x PBR ratio (nearly double the current ratio).
- Our NAV analysis of SK Square suggests NAV of 15.2 trillion won or 112,822 won per share, representing 29% higher than current share price.
🇰🇷 A Step Closer to Samsung Life Insurance Finally Selling Its Shares in Samsung Electronics? (Douglas Research Insights) $
- Amid Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) announcing a huge buyback of 10 trillion won, one of the issues that has resurfaced is the potential sale of Samsung Electronics by Samsung Life Insurance (KRX: 032830).
- The total amount of Samsung Electronics that could be sold by Samsung Life Insurance and Samsung Fire & Marine Insurance (KRX: 000810 / 000815) is 25.6 trillion won (at current prices).
- We remain Positive on Samsung Electronics. The 10 trillion won buyback program is a positive sign on the company’s willingness to provide higher shareholder returns.
🇰🇷 Samsung’s princeling heir Lee Jae-yong grapples with corporate crisis (FT) $ 🗃️
- Chip woes and labour unrest test the mettle of third-generation leader of South Korea’s most valuable company
🇰🇷 LG Corp: Key Highlights from Its Corporate Value-Up Plan and Updated NAV Valuation (Douglas Research Insights) $
- In this insight, we provide the major highlights of the solid Corporate Value Up plan announced by LG Corp (KRX: 003550 / 003555) on 22 November.
- The key highlights include about 500 billion won worth of share cancellation by 2026, improved dividend policy, and higher ROE target.
- Our base case NAV valuation analysis of LG Corp suggests implied NAV of 16.1 trillion won or NAV per share of 102,426 won, which is 33.4% higher than current price.
🇰🇷 Korea Value Up Index Rebalance on 20 December (Douglas Research Insights) $
- Korea Exchange (KRX) plans to make special changes to the Korea Value-Up Index constituents on 20 December.
- We believe that following five stocks are likely inclusions in the Korea Value Up index rebalance on 20 December (KB Financial Group (NYSE: KB), Hana Financial Group (KRX: 086790), SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA), KT Corp (NYSE: KT / KRX: 030200 / FRA: KTC), and LG Electronics (KRX: 066570 / 066575 / FRA: LGLG / LON: 39IB)).
- The new companies that will be included in the Korea Value-Up Index include companies that provide detailed corporate value up plans by 6 December.
🇰🇷 CJ Cheiljedang: Considering a Potential Sale of Its Bio Business (Douglas Research Insights) $
- [Food ingredients, ambient, frozen and chilled packaged food products, pharmaceuticals and biotechnology player] CJ Cheiljedang Corporation (KRX: 097950) announced that it is considering on potentially selling its bio business for about 5-6 trillion won which could be more than its market cap.
- CJ Cheiljedang’s bio business is expected to have more than 4 trillion won in sales and about 700 billion won in EBITDA in 2024.
- We are positive on the company’s efforts to sell its Bio Business and reinvest it in its food business.
🇰🇷 Kioxia IPO Preview (Douglas Research Insights) $
- Kioxia plans to complete its IPO on 18 December, valuing Kioxia at 750 billion yen ($4.8 billion), down nearly 50% from the initial market value estimates about 2-3 months ago.
- Kioxia had revenue of 909.4 billion Yen (up 84.6% YoY) and EBITDA of 449.6 billion Yen in 1H FY24, driven by the recovering demand for data center and enterprise SSDs.
- As of 2Q 2024, Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) was the largest player in the global NAND Flash market with a 36.9% market, followed by SK Group (22.1%), and Kioxia (13.8%).
🇵🇭 PLDT: Potential Growth Opportunities Amid The Philippine Economic Recovery (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). 🇼
🇸🇬 Bitdeer Technologies: Managing The New Economics Of Bitcoin Mining (Rating Downgrade) (Seeking Alpha) $ 🗃️
- 🌐 Bitdeer Technologies Group (NASDAQ: BTDR) – Technology company for blockchain & high-performance computing.
🇸🇬 Canaan: Q3 Earnings, Is The ‘Digital Gold’ Rush Coming? (Seeking Alpha) $ 🗃️
- 🌐 Canaan Inc (NASDAQ: CAN) – China founded. Specializes in Blockchain servers & ASIC microprocessors for use in bitcoin mining. 🇼
🇸🇬 Marina Bay Sands tapping US$9bln loan to expand: report (GGRAsia)
- The Marina Bay Sands (MBS) casino resort (pictured) in Singapore is seeking a circa SGD12-billion (US$8.96-billion) loan amid planned expansion of the property, said business news outlet Bloomberg in a report published on Tuesday, citing people it did not identify, but who were said to be familiar with the matter.
- GGRAsia approached the resort’s parent company, Las Vegas Sands (NYSE: LVS), regarding the report. The firm said it had no comment.
🇸🇬 Marina Bay Sands projects 40pct EBITDA leap post extension (GGRAsia)
- The promoter of the Marina Bay Sands casino resort in Singapore is forecasting a 40 percent leap in adjusted property earnings before interest, taxation, depreciation and amortisation (EBITDA) once a new phase – dubbed “MBS IR2″ – is operating. Currently, Las Vegas Sands (NYSE: LVS) expects the US$8-billion expansion project to be completed by mid-2029.
🇸🇬 SATS: Lower Risk Investment Opportunity To Capitalize On Air Travel And Freight Demand (Seeking Alpha) $ 🗃️
- 🌐 SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) – Aviation food services provider + ground handling & cargo services. 🇼
🇸🇬 Singapore Airlines: Declining Earnings And Poor Fundamentals Make It A Sell (Seeking Alpha) $ 🗃️
- 🌐 Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF) – Flag carrier of Singapore. 20+ subsidiaries e.g. SIA Engineering Company (SGX: S59 / FRA: O3H / OTCMKTS: SEGSF). 🇼 🏷️
🇸🇬 SATS 1H FY2025 Results: Revenue Soars Amid Aviation Recovery (The Smart Investor)
- SATS delivers 116.4% revenue growth and returns to profitability in 1H FY2025, driven by aviation recovery, strategic partnerships, and sustainability.
- SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF), a leader in in-flight catering, ground handling, and gateway operations, has reported a remarkable performance for the first half of FY2025.
- Driven by the rebound in international travel and strategic operational improvements, the company has returned to profitability.
- Here’s what investors need to know:
- Impressive Revenue Growth
- Profitability Returns Amid Cost Pressures
- Strategic Partnerships and Sustainability Focus
- Dividend and Financial Position
🇸🇬 Keppel: Strategic Transformation to Asset Manager (Report 3) (Corporate Monitor)
- 🌐 Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) – Property, infrastructure & asset management businesses. 🇼
🇸🇬 Keppel DC REIT Announces a S$1.4 Billion Acquisition: 5 Things That Income Investors Need to Know (The Smart Investor)
- The data centre REIT’s assets under management will jump sharply and the transaction will also be DPU-accretive.
- With interest rates poised to decline, many REITs have been more active in acquisitions and capital recycling.
- One of these REITs is Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF).
- The data centre REIT announced a major acquisition of two data centres in a S$1.4 billion transaction involving its sponsor, Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF.
- Here are five aspects of this deal that investors should know about.
- Details of the acquisition
- Data centres are AI-ready
- Transaction is DPU-accretive
- Potential for further growth
- An advance DPU and equity fundraising exercise
- Get Smart: A worthy billion-dollar acquisition
🇸🇬 Want More Dividends? This Singapore Blue-Chip Stock Has Paid Increasing Dividends and Could Potentially Pay Out More (The Smart Investor)
- DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) has increased its dividends dramatically over the last three years and looks poised to pay out more.
- Let’s find out more about the lender and how it can potentially return more capital to shareholders.
- A record-high net profit
- Dividends bonanza
- Excess capital
- Interest rates may stay higher for longer
- Get Smart: A good chance for higher dividends
🇸🇬 StarHub Posts 11% Profit Growth in Q3 2024 Despite Revenue Dip (The Smart Investor)
- [Communications, entertainment & digital services] StarHub (SGX: CC3 / FRA: RYTB / OTCMKTS: SRHBY / SRHBF) reported an 11% rise in Q3 FY2024 net profit, driven by cost efficiencies under its DARE+ program, despite a 4.1% decline in revenue. Key highlights include progress in its 5G rollout and a strong focus on innovation and customer experience.
🇮🇳 Indian Billionaire Gautam Adani Indicted For ‘Massive Fraud’ And ‘Multi-Billion Dollar’ Bribery Scheme (ZeroHedge)
- Indian billionaire Gautam Adani has been indicted in New York for ‘massive fraud’ and a ‘multi-billion dollar’ bribery scheme, according to multiple reports Wednesday afternoon.
- According to NBC, Gautam Adani and others are accused of paying over $250 million in bribes to Indian officials to secure solar energy contracts expected to yield $2 billion in profits over 20 years. Prosecutors allege Adani personally met with officials as part of the scheme.
- Adani, his nephew Sagar Adani, and Vneet Jaain, both Adani Green Energy (NSE: ADANIGREEN / BOM: 541450) executives, also face wire and securities fraud charges for misleading U.S. investors and lenders to obtain funding, the U.S. Attorney’s Office in Brooklyn stated.
- U.S. Attorney Breon Peace commented: “The defendants orchestrated an elaborate scheme to bribe Indian government officials to secure contracts worth billions of dollars and Gautam S. Adani, Sagar R. Adani and Vneet S. Jaain lied about the bribery scheme as they sought to raise capital from U.S. and international investors.”
- A DOJ press release reads:
🇮🇳 Adani Group’s Crucial Disclosure Lapses About Bribery & US Investigation (Smartkarma) $
- Adani Group’s handling of U.S. FCPA investigation disclosures highlights significant lapses in transparency, including delayed and contradictory statements.
- Inconsistent disclosures and wrong disclosure about US investigations raising red flags for regulatory compliance and governance.
- Search warrants for Sagar Adani, Nephew of Gautam Adani issued in Mar-23, which is not disclosed in fundraising documents as well as Annual Report.
🇮🇳 Adani scandal will rock Indian market’s coming of age (FT) $ 🗃️
- Turbulence draws fresh attention to risks and pricey valuations of local stocks
🇮🇳 Mamaearth’s Inventory Issue Could Be Bigger and Long Lasting (Smartkarma) $
- All India Consumer Products Distributors Federation (AICPDF) has again raised concerns about Mamaearth [Honasa Consumer Ltd (NSE: HONASA / BOM: 544014)], claiming that distributors and retailers are stuck with around INR 300 crore worth of unsold products.
- The quantum inventory concern that distributors are raising is almost 5x of what Honasa has taken the hit.
- This could bring some serious repercussions on the company’s working capital and growth plans
🇮🇳 A Deeper Look into Mamaearth’s Inventory Saga: Unpacking the Red Flags and Forensic Insights (Smartkarma) $
- Mamaearth [Honasa Consumer Ltd (NSE: HONASA / BOM: 544014)]‘s journey to the stock market has been marred by allegations of channel stuffing, inventory mismanagement, and inconsistent communication from management.
- The company’s struggles in Q2 FY25 have raised concerns about their financial health and transparency.
- The forensic analysis is a deeper look into the allegations, redflags and bigger problems that require investor’s attention
🇮🇳 The Beat Ideas: EFC(I) Limited – The Indian Wework! (Smartkarma) $
- EFCI Ltd (NSE: EFC / BOM: 512008) is one of few companies in the Flex Space Operator Business present in the entire value chain providing an unbeatable edge in Cost competitiveness.
- Management target is to double revenue in FY25 capitalising on sector tailwinds driving exponential growth in all business verticals.
- Completed Backward Integration through manufacturing furniture which will help increase margins as furniture comprise 40-50% of total fitout cost.
🇮🇳 Enviro Infra Engineers Limited IPO Analysis (Smartkarma) $
Enviro Infra Engineers Limited
- The company is in the business of designing, construction, operation and maintenance of water and wastewater treatment plants and supply schemes with all related services.
- It has an order book worth Rs. 1906+ cr. as of June 30, 2024 and 750Cr+ of operation & maintenance order book in their hand.
- Company has in-house capability to build and design water plants which enhance the margins of the company vs its peers.
🌍 Africa Oil: Like I never left (AlmostMongolian)
- Africa Oil Corp (TSE: AOI / STO: AOI / FRA: AFZ / OTCMKTS: AOIFF) has not been a strong performer this year but based on multiple catalysts all happening during the first half of 2025 and the stock price being depressed by the weak oil price and tax loss selling currently. I see a high chance of a rerating of the stock from the current price during the first half of 2025.
🇿🇦 SA Inc shares still have potential to surprise to the upside – PSG (IOL)
- Roughly only half of the South African stock market can be classified as “SA Inc” companies, while the remaining 50% is evenly split between JSE-listed rand hedges (such as Naspers (JSE: NPN / FRA: NNWN / OTCMKTS: NPSNY), Prosus (AMS: PRX / JSE: PRX / OTCMKTS: PROSY / OTCMKTS: PROSF / ETR: 1TY), Richemont (SWX: CFR / JSE: CFR / FRA: RIT1), and British American Tobacco plc (NYSE: BTI)) and the resources sector.
- Within the “SA Inc” segment, many peer portfolios are heavily concentrated in three sectors: banks, retailers, and consumer staples (including drug and grocery stores and food producers). This concentration is largely due to the relative size and liquidity of companies within these sectors compared to others.
🇿🇦 Navigating South Africa’s banking landscape: Capitec thrives while Absa falters (IOL)
- Capitec Bank (JSE: CPI / OTCMKTS: CKHGY / CKHGF)’s business model is evolving beyond traditional banking. This reporting season, Capitec posted strong results, far-exceeding the big-four banks, printing stellar revenue growth, both from lending and non-lending activities.
- Standard Bank (JSE: SBK / FRA: SKC2 / OTCMKTS: SGBLY)‘s recent trading update highlighted decent earnings growth that continues to build as the year progresses.
- FirstRand (JSE: FSR / FRA: FSRA / OTCMKTS: FANDY)’s sentiment remains soft given the ongoing UK MotoNovo motor commission claims risk.
- Absa (JSE: ABG / OTCMKTS: AGRPY) has been a poor relative performer within the banking sector significantly underperforming its peers over the past year. Asset quality lags behind peers and management instability compounds concerns.
🇿🇦 Astral Foods’ earnings surge 245% amid recovery from avian flu outbreak (IOL)
- Astral Foods (JSE: ARL / OTCMKTS: ALFDF)’s share price rose 1.9% to R169.33 yesterday after reported that it had rebounded from massive load shedding and avian flu-related losses in 2023 and increased headline earnings per share by 245% in the 12 months to September 30.
- Revenue increased 6.4% to R19.4 billion, with the increase primarily attributable to the recovery by the Poultry Division from a loss-making position to a profit.
- Profit before interest and tax increased by 281%.
🇿🇦 Mr Price Group leads retail rally on stock market after reporting sales upturn (IOL
- Mr Price Group (JSE: MRP / FRA: M5M1 / OTCMKTS: MRPLY)’s share led a rally in many retail sector stocks on the JSE yesterday, surging 7.1% to R292.30 per share just a week before Black Friday and on the day of another interest rate cut, after the value clothing and homeware group said there were signs that South Africa was finally entering an upward economic cycle.
- “The increasing sales momentum in the second quarter and the strong start in the second half with sales up 12.4% in the first 7 weeks is encouraging,” CEO Mark Blair said in a statement.
🇿🇦 Telkom reports strong financial performance amid mobile and fibre revenue surge (IOL)
- Telkom SA SOC (JSE: TKG / FRA: TZL1)’s share price surged 5.5% to R30.42 yesterday after it reported market-beating results for the six months ended 30 September, driven by gains in mobile and fibre revenue while containing costs, leading to adjusted headline earnings per share from continuing operations gaining 68% 146.9 cents per share.
- At the half-year, Telkom had strengthened its balance sheet, with free cash flow turning positive at R768m, compared to negative R478m in the previous period. Interest-bearing debt reduced by R885m.
🇿🇦 Anglo American: Portfolio Simplification Means A Special Situation (Seeking Alpha) $ 🗃️
- 🌐 Anglo American Plc (LON: AAL / JSE: AGL / OTCMKTS: NGLOY) – World’s largest primary producer of platinum metals (platinum, palladium, rhodium, iridium, ruthenium & osmium; base metals as in copper, nickel, cobalt sulphate, sodium sulphate & chrome; & precious metals as in gold). 🇼 🏷️
🇿🇦 Sasol Limited: Still A Hold In Line With Cost Management Transition Plan (Seeking Alpha) $ 🗃️
- 🌐 Sasol (NYSE: SSL) – Global chemicals & energy company. 3 distinct market-focused businesses, namely: Chemicals, Energy & Sasol ecoFT. 🇼 🏷️
🇭🇺 Wizz Air Stock Has Huge Upside On Capacity Recovery Prospects (Seeking Alpha) $ 🗃️
- 🌍🌏 Wizz Air (LSE: WIZZ / OTCMKTS: WZZZY / FRA: WI20 / FRA: WI2) – Ultra low-cost carrier. Short-haul & medium-haul point-to-point routes in Europe, Middle East, North Africa & Northwest Asia. 🇼
🌎 Liberty Latin America: Salvage Probability Is Starting To Decline (Seeking Alpha) $ 🗃️
- 🌎 Liberty Latin America Ltd (NASDAQ: LILA / LILAK) – Communications company. 20+ countries across Latin America & Caribbean (consumer brands Flow, Liberty, Más Móvil & BTC). 🇼
🌎 MercadoLibre: Buy The Unwarranted Pullback, Credit Growth Headwinds Are Temporary (Seeking Alpha) $ 🗃️
- 🌎 MercadoLibre (NASDAQ: MELI) – Uruguay HQ’d. The largest online commerce & payments ecosystem in Latin America. 🇼 🏷️
🌎 MercadoLibre: Knock Knock, You Are Not Alone Jeff! (Capitalist Litters)
- The most attractive opportunity in the market with giant, giant MOAT and attractive valuation!
- MercadoLibre (NASDAQ: MELI) has one of the strongest moats I have ever seen.
- Direct and indirect network effects drive exponential growth.
- Ecosystem of complementary products locks in customers.
- This is nearly impenetrable.
🌎 DLocal Reports Record Gross Profit (Steve Wagner | Invest)
- Taking a Look at [Cross-border payment platform for global merchants] Dlocal (NASDAQ: DLO) Earnings Report.
- Personally, I’m happy with the quarter. I decided to add right before they released their earnings, and it turned out to be a good move in the short-term with the stock up over 10%. I will find ways to add to my position, but I won’t be as aggressive as I am with my other top positions.
🌎 Tenaris: Trump Policies Offer Promise, But Opportunity Seems Fully Priced In (Seeking Alpha) $ 🗃️
- 🌎 Tenaris S.A. (NYSE: TS) 🇱🇺 – Welded steel pipes for gas pipelines (South America). Subs. of Argentine-Italian conglomerate Techint. 🇼
🌎 Digesting Millicom’s Tower Monetization (No Deep Dives)
- Sale-leaseback announcement with SBAC leaves TIGO stock unmoved. Clarity on 2025 capital allocation is what investors need now.
- Two weeks ago, on October 28th, Millicom (NASDAQ: TIGO) ( TIGO 0.00%↑ ) finally announced its long-awaited tower sale. This sale-leaseback of (part of ) the tower portfolio has been anticipated as a potential catalyst for years.
🇦🇷 🇲🇽 Vista Energy: Attractive Valuation, Superior Growth Profile For This LATAM Oil Stock (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. 🏷️
🇦🇷 🇺🇸 Lithium Americas: Long-Term Value And Growth As US Poised To Dominate Lithium By 2035 (Seeking Alpha) $ 🗃️
- 🇦🇷 🇺🇸👼🏻 Lithium Americas (NYSE: LAC) – Focused on advancing lithium projects in Argentina & USA to production. 🇼 🏷️
🇦🇷 Banco BBVA Argentina: Not The Best Play Among Argentine Banks (Seeking Alpha) $ 🗃️
- 🇦🇷 Bbva Argentina (NYSE: BBAR) – Subsidiary of Banco Bilbao Vizcaya Argentaria S.A. (NYSE: BBVA). Retail & corporate banking to a broad customer base, including individuals, SMEs & large companies. 🇼 🏷️
🇧🇷 StoneCo: Understanding Stock Pullback (Rating Upgrade) (Seeking Alpha) $ 🗃️
🇧🇷 StoneCo: I Keep My ‘Buy’ Despite The Heavy Dip (Seeking Alpha) $ 🗃️
- 🇧🇷 StoneCo Ltd (NASDAQ: STNE) 🇰🇾 – Fintech. Financial technology & software solutions to merchants for eCommerce.
🇧🇷 Nu Holdings’ Growth Potential Outweighs Brazilian Economic Woes (Seeking Alpha) $ 🗃️
🇧🇷 Nu Holdings: An Emerging Market Beauty (Seeking Alpha) $ 🗃️
- 🌎 Nu Holdings (NYSE: NU) – Digital banking platform / fintech. 🇼
🇧🇷 NU: Customer Base Surges to 110 Million (The Wolf of Harcourt Street)
- Nu Holdings (NYSE: NU) Q3 2024 Earnings Analysis
- Contents
- Financial Highlights
- Wall Street Expectations
- Business Activity
- Financial Analysis
- Conclusion
🇧🇷 PagSeguro: A GARP Opportunity That Doesn’t Pan Out (Rating Downgrade) (Seeking Alpha) $ 🗃️
- 🇧🇷 PagSeguro Digital (NYSE: PAGS) 🇰🇾 – Financial services & digital payments. 🇼
🇧🇷 TIM S.A.: When Compelling Dividends Finally Meet Attractive Valuations (Seeking Alpha) $ 🗃️
🇨🇱 Bancolombia: Concerning Guidance Obscures The Bank’s Strengths (Seeking Alpha) $ 🗃️
- 🌎🅿️ Bancolombia (NYSE: CIB / BVC: PFBCOLOM) – First Colombian financial institution listed on the NYSE. It provides banking products & services in Colombia, Panama, Puerto Rico, El Salvador, Bermuda & Guatemala. 🇼 🏷️
🇨🇱 18% Pure Colombian Dividend Yield Ladies & Gentlemen. Disco Sh*t! (The ROI Club)
- Ecopetrol SA (NYSE: EC) is very much a ‘cigar-butt’ deep value, cyclical play. Market fears of a lack of maintenance capex and the current political regime in Colombia have led to the stock being currently offered at a ~30% free cashflow yield, ~18% dividend yield. Current reserve life estimates imply 8 years of stay-flat production which should provide a satisfactory return in and of itself, with strong tail wind catalysts likely to be realised with upon an anticipated change of government in the May 2026 presidential elections.
🇨🇱 An Announcement, A Visit, A Stock Pitch (Exploring with Alluvial Capital)
- Introducing Tactile Fund, hitting the road, and a look at Cementos Argos SA (BVC: CEMARGOS / OTCMKTS: CMTOY)
- Bottom line, the Cementos Argos of the future will have better assets, a less levered balance sheet, more liquid shares, and a higher profile than the company of yesterday. If Quikrete buys Summit Materials (NYSE: SUM), the company will be sitting on a mountain of cash. In any case, I think Cementos Argos shares are primed to trade closer to net asset value over the next 12-18 months.
🇬🇾 Guyana and the mystery of the largest ranch in the Americas (Undervalued Shares)
- The country has seen some of the world’s largest offshore oil discoveries, and its economy is on steroids.
- Are there any investible assets?
- Could a locally listed farm be the most interesting Guyana investment there is?
- Today’s Weekly Dispatch explores these questions.
- As we touch upon in the video, investing in Guyana is possible through a range of options.
- Energy stocks with Guyana exposure
- Going local – the Guyana Stock Exchange
- Guyana does have a stock exchange, and it is home to no less than 18 companies.
- Guyana’s mystery farm
🌐 Playing Monopoly With Brookfield: The Asset King That Keeps Beating The Market (Seeking Alpha) $ 🗃️
- 🌐👼🏻 Brookfield Corp (NYSE: BN) – Asset management, renewable power & transition, infrastructure, private equity, real estate & other alternatives. 🇼
📰🔬 Further Suggested Reading
$ = behind a paywall / 🗃️ = Archived article
🇨🇳 China Is Making Sure Its Low-Altitude Economy is Ready for Takeoff (Caixin) $
- China is looking to the skies for future growth as it nurtures its nascent low-altitude economy with efforts to launch pilot programs for new aviation services.
- The National Development and Reform Commission (NDRC), the country’s top economic planner, is to create a Low-Altitude Economy Department to oversee the sector as it takes off, according to Chen Zhijie, director of the State Key Laboratory of Air Traffic Management System and Technology.
- At the same time, the central government is drawing up detailed industry guidelines to establish a regulatory framework for the sector, Chen said at a Monday forum.
- At a separate event, Sun Weiguo, a senior official at the China Air Transport Association, said that the Air Traffic Control Commission (ATCC), is to launch pilot programs for electric vertical take-off and landing (eVTOL) aircraft operations in six cities, including Shenzhen.
🇨🇳 In Depth: Overcapacity Poses Only Distant Threat to China’s Shipbuilding Boom (Caixin) $
- Chinese shipyards are at the forefront of this year’s global shipbuilding boom, benefiting from a demand surge that has filled orderbooks and sparked an expansion in production capacity for the first time in years.
- From January to October, Chinese shipbuilders secured orders totaling 37.5 million compensated gross tonnage (CGT), according to shipping consultancy Clarksons Research. That figure represents about 70% of new ship orders worldwide.
🇨🇳 Oppo Isn’t Giving Up on Selling High-End Handsets in Developing Markets (Caixin) $
- While its affordable offerings have proved popular in Southeast Asia and Latin America, Oppo Co. Ltd. isn’t giving up on its goal of selling more premium smartphones in the regions despite limited success so far.
- In the third quarter, Oppo overtook Samsung to become Southeast Asia’s largest smartphone vendor by number of devices shipped for the first time, with a market share of 21%, according to a recent report by research firm Canalys, which attributed this success to the popularity of its entry-level A3x and A3 models.
🇨🇳 In Depth: Pandemic-Era Helping Hand Comes Back to Haunt China’s Banks (Caixin) $
- A government-encouraged surge in lending designed to be a lifeline for small businesses during the pandemic has started to worry Chinese banks, as misappropriation has caused the loans to sour at an increasing rate due in part to China’s stubborn real estate slump.
- The rise in banks’ nonperforming loan (NPL) ratios for personal business loans (PBLs) shows how gaps in banks’ due diligence can cause funds designed for one purpose to end up being used for something else — in ways that are damaging to lenders’ financial health.
🇨🇳 China’s cash-strapped shoppers drawn to second-hand luxury items (FT) $ 🗃️
- Price-conscious buyers hunt for deals while others seek goods that can hold value in times of uncertainty
🇲🇴 Macau 3Q GDP up 5pct driven by investment, gaming exports (GGRAsia)
- Macau’s gross domestic product (GDP) rose 4.7 percent year-on-year in real terms in the third quarter this year, according to data from the city’s Statistics and Census Service. “The overall economic output corresponded to 87.3 percent of its size in the same quarter of 2019,” said the statistics bureau in a report published on Monday.
- In October, the International Monetary Fund lowered its forecast for Macau’s economic growth in 2024 by 3.3 percentage points. The institution now expects Macau’s GDP to grow by 10.6 percent this year, down from a previous estimate of 13.9 percent made in May.
🇲🇴 Macau 2025 GGR could top US$30bln govt forecast: Citi (GGRAsia)
- Citigroup thinks from the outset, that Macau’s 2025 casino gross gaming revenue (GGR) could exceed the local government’s forecast made public this week, of MOP240 billion (US$29.9 billion).
🇲🇴 Macau to get 36mln visitors in 2025: Secretary Lei (GGRAsia)
- Macau’s 2025 visitor tally could reach 36 million, or a circa 9-percent gain on this year’s projected 33 million. So said Lei Wai Nong (pictured in a file photo), the city’s Secretary for Economy and Finance, in comments at the Legislative Assembly on Thursday.
🇰🇷 Major M&A Rule Changes Approved by the Korean Government (Douglas Research Insights) $
- On 19 November, the Financial Services Commission (FSC) announced major rule changes on corporate mergers and acquisitions have been approved by the Korean government.
- Revised rules have three specific goals: Improve rules on calculating and determining merger prices when M&As take place between nonaffiliated business entities, strengthen disclosure duties, and improve external evaluation system.
- If the Korean government is really serious about making positive rule changes, they need to apply these new laws not just for NON-AFFILIATED companies but more importantly for AFFIILATED companies.
🇰🇷 Overseas Equity ETFs Surpass Domestic Equity ETFs For the First Time in 17 Years (Douglas Research Insights) $
- One of the biggest trends impacting the fund flow in Korea this year has been the huge capital inflow into overseas equity ETFs.
- The net asset value of the listed ETFs in Korea investing in overseas stocks surpassed the ETFs investing in domestic stocks for the first time in 17 years.
- The ETFs that invest in overseas stocks were 35.8 trillion won on 12 November 2024, up 111% from 12 January 2024.
🇮🇳 NIFTY200 Momentum30 Index Rebalance Preview: More Changes with New F&O Stocks (Smartkarma) $
- There could be 17 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December. Some changes from earlier following 45 new F&O stocks.
- If all changes are on expected lines, one-way turnover is estimated at 61.5% and that will result in a one-way trade of INR 63.4bn (US$752m).
- The potential inclusions to the index have outperformed the potential deletions since the start of June. This trend could continue for a couple of weeks till the changes are announced.
🇳🇬 Nigeria’s Richest Man Confronts ‘Oil Mafia’ With New $20B Refinery (OilPrice.com)
- The $20 billion Dangote Refinery, with a capacity of 650,000 barrels per day, began producing gasoline in September 2024.
- The refinery faces resistance from Nigeria’s entrenched “oil mafia,” oil theft, and limited crude supply from NNPC.
- Oil theft remains a major problem for the Nigerian energy sector, and could hinder the refinery from buying all of its crude locally.
🇦🇷 Javier Milei: President of Argentina – Freedom, Economics, and Corruption | Lex Fridman Podcast #453 (Lex Fridman) 1:57:09 Hours
- 0:00 – Introduction 3:27 – Economic freedom 8:52 – Anarcho-capitalism 18:45 – Presidency and reforms 38:05 – Poverty 44:37 – Corruption 53:14 – Freedom 1:07:26 – Elon Musk 1:12:54 – DOGE 1:14:56 – Donald Trump 1:20:56 – US and Argentina relations 1:28:05 – Messi vs Maradona 1:36:58 – God 1:39:05 – Elvis and Rolling Stones 1:42:45 – Free market 1:49:46 – Loyalty 1:52:23 – Advice for young people 1:53:49 – Hope for Argentina
🌐 Strong dollar set to hit emerging market bonds, warn investors (FT) $ 🗃️
- EM debt funds suffer outflows as hopes of rate cuts by developing nations fade
📅 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):
RomaniaRomanian PresidencyNov 24, 2024 (d) Confirmed Nov 24, 2019SloveniaReferendumNov 24, 2024 (d) Confirmed Jun 9, 2024UruguayUruguayan PresidencyNov 24, 2024 (d) Confirmed Oct 27, 2024- Namibia Namibian Presidency Nov 27, 2024 (d) Confirmed Nov 27, 2019
- Namibia Namibian National Assembly Nov 27, 2024 (d) Confirmed Nov 27, 2019
- Romania Romanian Senate Dec 1, 2024 (t) Confirmed Dec 6, 2020
- Romania Romanian Chamber of Deputies Dec 1, 2024 (t) Confirmed Dec 6, 2020
- Ghana Ghanaian Presidency Dec 7, 2024 (t) Confirmed Dec 7, 2020
- Ghana Ghanaian Parliament Dec 7, 2024 (t) Confirmed Dec 7, 2020
- Croatia Croatian Presidency Dec 31, 2024 (t) Date not confirmed Jan 5, 2020
- Thailand Referendum Feb 2, 2025 (t) Date not confirmed Aug 7, 2016
📅 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):
Brazil Potash Corp. GRO Cantor/ Bradesco BBI/ Freedom Capital Markets/Roth Capital Partners, 4.3M Shares, $15.00-18.00, $70.1 mil, 11/26/2024 Tuesday
We are a pre-revenue mining company focused on potash, a major fertilizer. (Incorporated in Ontario, Canada)
We are a mineral exploration and development (E&D) company with a potash mining project, known as the Autazes Project, located in the state of Amazonas, a state in Brazil. We are a pre-revenue company that has not yet begun any mining operations. We are focused on getting the required permits and environmental licenses to start construction on the mining site. We plan to extract and process potash ore from an underground mine and sell the potash fertilizer within Brazil. We intend to cut the country’s heavy reliance on imported potash.
Our technical operations are based in Autazes, Amazonas, Brazil, and Belo Horizonte, Minas Gerais, Brazil. Our corporate office is in Toronto, Ontario, Canada.
Once our operations commence, our operating activities will be focused on the extraction and processing of potash ore from our underground mine and selling and distributing the processed potash in Brazil.
Note: Net loss and zero revenue are for the 12 months that ended June 30, 2024.
(Note: Brazil Potash Corp. disclosed the terms for its IPO in an F-1/A filing dated Oct. 23, 2024: The company is offering 4.25 million shares at a price range of $15.00 to $18.00 to raise $70.13 million. Background: Brazil Potash Corp. filed its F-1 for its IPO on Aug. 20, 2024, without disclosing terms for its IPO. Background: Brazil Potash Corp. submitted a confidential IPO filing to the SEC in late 2022.)
Creative Global Technology Holdings Limited CGTL Benjamin Securities, 1.3M Shares, $4.00-5.00, $5.6 mil, 11/26/2024 Tuesday
MISSION
Consumer electronic devices have a limited life, but some rest idle with meaningful useful life left. We help make every minute of recycled consumer electronic devices’ lives count with our expertise in quickly connecting their demands and supplies, thereby facilitating the circular economy in the consumer electronic devices business and reducing waste.
CORPORATE HISTORY AND STRUCTURE
Creative Global Technology Holdings Limited is a Cayman exempted company formed on January 11, 2023. (Incorporated in the Cayman Islands)
In March 2023, CGT Holdings completed a reorganization of its corporate structure. CGT Holdings owns 100% equity interest in Creative Global Technology (BVI) Limited (“CGT BVI”), a BVI holding company formed on January 12, 2023. On March 9, 2023, CGT BVI became the 100% owner of CGTHK.
CGTHK, the operating entity conducting substantially all of our business operations, was founded under the laws of Hong Kong in 2016. Since its formation, CGTHK has been engaged in the business of sourcing pre-owned consumer electronic devices (mainly smartphones, tablets, and laptops) from suppliers in the U.S., Japan, and some other developed countries, pursuant to the orders placed by wholesalers that will sell these goods in Southeast Asia and other areas. Although CGTHK has been expanding into the retail and leasing of consumer electronic devices business since 2021, the traditional wholesale of pre-owned electronic devices business still accounted for over 90% of CGTHK’s revenue in 2022.
CGT Holdings is not an operating company but is a Cayman Islands holding company with operations conducted by its wholly owned subsidiary, CGTHK, and this structure involves unique risks to investors. Investors in CGT Holdings’ Ordinary Shares are not purchasing equity interests in CGT Holdings’ Hong Kong operating entity but instead are purchasing equity interests in a Cayman Islands holding company.
**Note: Net income and revenue figures are for the 12 months that ended March 31, 2024.
(Note: Creative Global Technology Holdings Limited disclosed that Benjamin Securities is the sole book-runner of its IPO, replacing Alexander Capital, according to an F-1/A filing dated Sept. 11, 2024. The IPO’s terms remained the same: 1.25 million shares at a price range of $4.00 to $5.00 to raise $5.63 million, according to this filing.)
(Note: Creative Global Technology Holdings Limited disclosed that it has reapplied to the NASDAQ to list its stock, in an F-1/A filing dated July 17, 2024, which listed Alexander Capital as the sole book-runner of its IPO. Background: Creative Global Technology Holdings Limited disclosed that it applied to the CBOE BzX Exchange to list its stock in the IPO – a change from NASDAQ – according to an F-1/A filing dated April 8, 2024.)
(Note: Creative Global Technology Holdings Limited reduced its IPO’s size to 1.25 million shares – down from 2.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $5.63 million ($5.625 million) in an F-1/A filing dated March 22, 2024.)
(Note: Creative Global Technology Holdings Limited cut its IPO in half in an F-1/A filing dated Oct. 20, 2023, by slashing the number of ordinary shares to 2.0 million shares – down from 4.0 million shares originally – and kept the price range at $4.00 to $5.00 to raise $$9.0 million. In that Oct. 20, 2023, filing, Creative Global Technology Holdings Limited also changed its sole book-runner to Prime Number Capital, replacing Revere Securities. Background: Creative Global Technology Holdings Limited filed its F-1 on July 19, 2023, and disclosed terms for its IPO: 4.0 million shares at $4.00 to $5.00 to raise $18.0 million.)
Pony AI Inc. PONY Goldman Sachs (Asia)/BofA Securities/Deutsche Bank Securities/Huatai Securities/Tiger Brokers, 20.0M Shares, $11.00-13.00, $240.0 mil, 11/26/2024 Tuesday
We develop autonomous vehicle technology systems designed for robotaxis and robotrucks as well as other uses. We have partnerships with Toyota and other large OEMs (original equipment manufacturers). (Incorporated in the Cayman Islands)
We aim to mass commercialize our revolutionary autonomous driving technology to deliver safe, sustainable, and accessible mobility to people and businesses around the world.
From the prospectus:
“Pony is a global leader in achieving large-scale commercialization of autonomous mobility.
“On the public roads of China’s metropolises, Pony has achieved what was once only depicted in science fiction — building a car that drives itself. Today, a commute in a driverless Pony robotaxi is not merely a display of groundbreaking technology, but becoming a part of the daily lives for many residents in these communities. As intuitive as a trip in a traditional taxi, hailing a ride with
“Pony’s robotaxi offers everyone a revolutionary mobility option to make our streets safer and greener, changing the way the world moves.
“After one summons a ride on the PonyPilot mobile app, a robotaxi shows up at the designated pick-up spot quickly — looking no different from a traditional taxi, except for the equipped sensors watching and coping with the streets. But the difference lies beneath the surface — no one is behind the driving wheel.
“Passengers, wide-eyed with wonder, unlock the door using the app and climb into the back seat. The robotaxi hits the road and navigates the crowded urban districts confidently and smoothly, expertly handling unexpected snags with ease and intelligently identifying all the obstacles in its path, including other cars, pedestrians, construction zones, and even in inclement weather conditions. As the steering wheel turns itself with seamless precision, the car brakes and accelerates without any human intervention, until it pulls over steadily at the destination.
“Stepping out of the car, the passengers pay the fare through the app and conclude this awe-inspiring ride. Meanwhile, the robotaxi drives itself away to pick up the next passenger, leaving one to ponder what other marvels the future holds.
“Starting from scratch and bringing our technology to people’s lives is by itself a testament to our commitment to autonomous mobility. Yet the progress we have made to date is what sets Pony apart from our peers:
• “We were among the first in China to obtain licenses to operate fully driverless robotaxis in all four Tier-1 cities in China (namely Beijing, Shanghai, Guangzhou and Shenzhen), and we are the only autonomous driving technology company that has obtained all available regulatory permits essential for providing public-facing robotaxi services within these Tier-1 cities, according to Frost & Sullivan.
• “We currently operate a fleet of over 250 robotaxis, which has accumulated over 33.5 million kilometers of autonomous driving mileage, including over 3.9 million kilometers of driverless mileage.
• “We have formed a joint venture with Toyota and GTMC to advance the mass production and large-scale deployment of fully driverless robotaxis in China. In addition, we have partnered with other leading OEMs, such as SAIC, GAC and FAW, to co-develop and mass produce robotaxi vehicles.
• “Empowered by our strong partnerships with leading TNCs, such as OnTime Mobility, Amap and Alipay, we were among the first to offer fully driverless fare-charging, public-facing robotaxi services with substantial safety benefits and compelling passenger experience, according to Frost & Sullivan.
”Our average daily orders received per robotaxi exceeded 15 in the six months ended June 30, 2024, setting a key milestone towards large-scale commercialization of Level 4 robotaxis.
• “We currently operate a fleet of over 190 robotrucks, both independently and in collaboration with Sinotrans, China’s largest freight logistics company according to CIFA, which has amassed approximately 5.0 million kilometers of autonomous driving mileage. Over the course of its commercial operations, our robotruck fleet offers hub-to-hub long-haul freight transportation across China, accumulating over 767 million freight ton-kilometers. In addition, we have collaborated with SANY, China’s leading truck manufacturer, to co-develop Level 4 robotrucks.
“Building upon our initial market success in China, Pony is steadfastly committed to providing this safe, sustainable, and accessible autonomous mobility on a global scale. To date, our presence has extended beyond China to encompass Europe, East Asia, the Middle East and other regions, ensuring widespread accessibility to our advanced technology.
“With these milestones, Pony is on track to achieve large-scale commercialization of our Virtual Driver technology. Specifically, we aim to develop a commercially viable and sustainable business model that enables the mass production and deployment of vehicles equipped with our Virtual Driver technology across transportation use cases, providing autonomous mobility to people and businesses around the world.”
Note: Net loss and revenue are in U.S. dollars (converted from China’s currency) for the period that ended June 30, 2024.
(Note: Pony AI disclosed the terms for its IPO in an F-1/A filing dated Nov. 14, 2024: 15.0 million American Depositary Shares at a price range of $11.00 to $13.00 to raise $180.0 million. Background: Pony AI Inc. filed its F-1 on Oct. 17, 2024, for its IPO, without disclosing terms; estimated IPO proceeds are $100 million, a placeholder amount. Some IPO pros had estimated that Pony.AI could raise up to $300 million in its IPO. Background: Pony.AI submitted confidential IPO documents to the SEC on March 27, 2023.)
Wing Yip Food Holdings Group Limited (Uplisting) WYHG Dawson James Securities/ D. Boral Capital (EF Hutton), 2.1M Shares, $4.00-5.00, $9.2 mil, 11/26/2024 Tuesday
(Note: The prospectus calls this offering a U.S. initial public offering of American Depositary Shares, which is proposed as a NASDAQ listing. The company’s ordinary shares already trade on the Korea Exchange under the symbol “900340” – according to the prospectus. For that reason, IPOScoop views this offering as a NASDAQ uplisting.)
Through the operating subsidiaries in mainland China, we are one of the notable meat product processing companies in mainland China. (Incorporated in Hong Kong)
According to the industry report produced by Frost & Sullivan (Beijing) Inc., Shanghai Branch Co. (“Frost & Sullivan”), whom we commissioned in October 2023: In fiscal year 2022, based on retail sales of cured meat products in mainland China, we ranked second with a market share of 9.2 percent. As of the date of this prospectus, our products are primarily marketed and sold across 18 provinces in mainland China through 7 self-operated stores; 72 distributors, including major retail outlets and supermarkets, and 7 e-commerce platforms, including one platform owned by us.
The operating subsidiaries are primarily engaged in the processing, sales and distribution of i) cured meat products, including cured pork sausages, cured pork meat and other cured meat products, such as cured chicken, cured duck and cured fish; ii) snack products, including ready-to-eat sausages, jerky, duck necks, duck feet and clay pot rice; and iii) frozen meat products, including frozen sausages, frozen beef patties and frozen chicken breast fillets.
We, through the operating subsidiaries, sell and market our products under our flagship brand “Wing Yip” (“荣业”), which can trace its history back to 1915, when our predecessor business began processing and selling cured sausages under the name “Wing Yip” (“荣业”). Since the commencement of operations through our subsidiary, Wing Yip GD in 2010, we have continuously developed our business and built our brand. In addition to “Wing Yip” (“荣业”), we have also developed the snack product brands “Jiangwang” (“匠王”) and “Kuangke” (“狂客”).
Note: Net income and revenue are in U.S. dollars (converted from China’s currency) for the fiscal year that ended Dec. 31, 2023.
(Note: Wing Yip Food Holdings Group Limited slightly increased its IPO’s size to 2.05 million ADS – up from 2.0 million ADS – and kept the price range at $4.00 to $5.00 – to raise $9.23 million, according to an F-1/A filing dated Sept. 4, 2024. Background: Wing Yip Food Holdings Group Limited cut its U.S. IPO’s size to 2.0 million ADS – down from 2.5 million ADS – and kept the price range at $4.00 to $5.00 to raise $9 million – in an F-1/A filing dated Sept. 3, 2024. In that Sept. 3, 2024, filing with the SEC, Wing Yip Food Holdings Group disclosed that Dawson James Securities and EF Hutton are the joint book-runners, replacing Kingswood.)
(Background: Wing Yip Food Holdings Group Limited disclosed in an F-1/A filing dated July 25, 2024, that it has named Kingswood as its sole book-runner to replace EF Hutton. Background: Wing Yip Food Holdings Group Limited disclosed terms for its U.S. IPO of ADS in an F-1/A filing dated May 20, 2024: The company is offering 2.5 million American Depositary Shares (ADS) at a price range of $4.00 to $5.00 to raise $11.0 million. Two ADS represent three ordinary shares, the prospectus says. Note: The company’s ordinary shares trade on the Korea Exchange (KRX) under the symbol “900340” and for that reason, we view this offering as a NASDAQ uplisting. Background: Wing Yip Food Holdings Group filed its F-1 on March 6, 2024, without disclosing terms for its “U.S. initial public offering” of American Depositary Shares (ADS). The Chinese company submitted confidential IPO documents to the SEC on Nov. 28, 2023.)
Youxin Technology Ltd. YAAS Aegis Corp., 2.3M Shares, $4.00-4.00, $9.2 mil, 11/26/2024 Tuesday
We are a software as a service (“SaaS”) and platform as a service (“PaaS”) provider committed to helping retail enterprises digitally transform their businesses using our cloud-based SaaS product and our PaaS platform to develop, use and control business applications without the need to purchase complex IT infrastructure. (Incorporated in the Cayman Islands)
We leverage the technologies used to develop our PaaS platform to standardize a highly customized customer relationship management, or CRM, services to our clients that seamlessly connect all levels of the retail chain from management teams to customers. Our products give our retail clients a comprehensive view of their business operations in real time on multiple interfaces, allowing them to make critical business decisions anytime and anywhere.
At present, we believe we are one of the few domestic SaaS or PaaS providers in Mainland China with a strong emphasis on mid-tier brands. According to China Insights Consultancy (“CIC”), in 2022, mid-tier brands accounted for approximately 35% to 50% of all retail sales in China. Our products allow mid-tier brand retailers to use offline direct distribution to connect the management team, distributors, salespersons, stores, and end customers across systems, apps, and device. This provides retailers with a comprehensive suite of tools to instantly address issues using real-time sales data. By streamlining the decision-making process, our products help optimize the overall supply chain, boosting efficiency and profitability.
We believe that there is a substantial market opportunity for our SaaS product and PaaS platform in Mainland China. According to CIC, the market for retail public cloud services in China, including ours, has experienced rapid growth over the past five years and is projected to maintain this steady rate of expansion for the next five years. As the demand for cloud-based solutions continues to rise, we anticipate that retailers will increasingly turn to public cloud services to streamline their operations, reduce costs, and enhance their overall performance. However, by the end of 2022, the penetration rate of SaaS in the Chinese retail industry was only 11.3% and PaaS penetration was even lower at less than 5%.
We believe our company is uniquely positioned to provide cloud-based SaaS products and a PaaS platform to meet the needs of mid-tier brands in Mainland China. We specialize in supporting mid-tier brands that heavily rely on offline direct distribution with high-volume IT update requirements. We offer customized, comprehensive, fast-deployment omnichannel digital solutions that unify all aspects of commerce. Our solutions include store innovations, distributed inventory management, cross-channel data integration, and a rich set of e-commerce capabilities that encompass mobile applications, social media, and web-based applications.
Since the inception of our operating subsidiary in 2018, we have achieved significant growth. We had 33 customers using professional service and they also purchased our payment channel service. So we also had 33 customers using our payment channel services as of September 30, 2022, primarily in the fast-moving consumer goods, cosmetics, and food and drink sectors. For the same period, our PaaS platform empowered us to develop highly customized CRM SaaS products for some leading brands such as Procter & Gamble (Guangzhou) Technology Innovation Co., LTD (“P&G Guangzhou”) and Pu’er Lancang Ancient Tea Co., Ltd., (“Lancang Ancient Tea”).
Our net losses increased from approximately RMB30.07 million ($4.17 million) for the year ended September 30, 2021 to approximately RMB46.58 ($6.46 million) for the year ended September 30, 2022. Our revenues increased by 15% from RMB7.20 million ($1.11 million) in fiscal year 2021 to RMB8.37 million ($1.28 million) in fiscal year 2022 and our gross profit increased from RMB4.25 million ($0.65 million) in fiscal year 2021 to RMB4.58 million ($0.70 million) in fiscal year 2022. Our net losses decreased from approximately RMB23.67 million ($3.72 million) for the six months ended March 31, 2022 to approximately RMB11.70 ($1.68 million) for the six months ended March 31, 2023. Our revenues decreased by 26% from RMB3.51 million ($0.55 million) for the six months ended March 31, 2022 to RMB2.84 million ($0.41 million) for the six months ended March 31, 2023 and our gross profit decreased from RMB1.87 million ($0.29 million) for the six months ended March 31, 2022 to RMB1.67 million ($0.24 million) for the six months ended March 31, 2022/
*Net loss and revenue figures are for the 12 months that ended March 31, 2023.
(Note: Youxin Technology disclosed in an F-1/A filing dated Oct. 11, 2024, that it has named Aegis Capital Corp. as the sole book-runner, replacing Univest Securities. Background: Youxin Technology Ltd. increased the size of its IPO to 2.3 million shares – up from 2.0 million shares – and kept the assumed IPO price at $4.00 – to raise $9.2 million, according to an F-1/A filing dated March 29, 2024. Youxin Technology Ltd. filed its F-1 on Sept. 7, 2023, and disclosed terms for its IPO: 2.0 million shares at $4.00 to raise $8.0 million.)
BrilliA Inc. BRIA A.G.P. (Alliance Global Partners), 2.5M Shares, $4.00-4.00, $10.0 mil, 11/27/2024 Wednesday
(Incorporated in the Cayman Islands)
BrilliA was incorporated on July 14, 2023, in the Cayman Islands. BrilliA is the holding company of (i) Bra Pro, which was incorporated in the British Virgin Islands on December 14, 2011, and, (ii) through its subsidiary BrilliA Singapore, MAP, which was incorporated in Indonesia on December 8, 2015. As of the reorganization on April 30, 2024, both Bra Pro and MAP are direct and indirect subsidiaries of BrilliA.
Bra Pro operates primarily as a sales and marketing entity, focusing on maintaining customers relationships and managing orders for lingerie and apparel from these customers. Based on the preferences of these customers, Bra Pro then directly engages with third-party manufacturers, sourcing materials, and establishing supply contracts with them. Bra Pro’s revenue stream comes from payments made by these customers. Bra Pro is a premier supplier of ladies’ intimate apparel worldwide. Some of the key customers of Bra Pro include Fruit of the Loom Inc, Hanes Brands Inc, Jockey International, Hennes & Mauritz, Canadelle and Li & Fung. MAP serves as Bra Pro’s fulfilment partner, overseeing the execution of Bra Pro’s customers’ orders. MAP’s services entail leading the design and prototyping phases of the lingerie and apparel design based on Bra Pro’s customer’s preferences, and ensuring the quality of products manufactured by third-party manufacturers. Bra Pro compensates MAP for these fulfillment services.”
Over the years, Bra Pro together with MAP, has evolved from operating as an Original Design Manufacturer (“ODM”) into a comprehensive cross border solution provider for ladies’ intimate products, including sourcing the lingerie and apparel raw materials, design, sampling, fitting, production, and logistics management for Bra Pro’s customers. This shared expertise between Bra Pro and MAP enabled their continued success in providing ladies’ intimates to customers.
After this offering, we plan to diversify our Group’s business through the licensed brand, DIANA. We believe that developing the DIANA line of lingerie and other apparel products could provide us with a good opportunity to obtain higher margins from our operations since we will be directly involved in selling the products to customers. Further, it allows us to have more control over the development and design of our products which can be used to reinforce our existing customers’ belief in our design capabilities. Our plans include offering high-quality, fashionable lingerie to customers and expanding our product range to include sleepwear, baby wear, active wear, and period panties. Additionally, we intend to establish boutique retail stores in Indonesia, Singapore, other ASEAN countries and Europe under the DIANA brand, enhancing our direct customer engagement and brand control. Through DIANA, we aim to attain recognition as a lingerie company and retail brand known for exceptional craftsmanship, innovative designs, inclusivity, and ethical practices. Our vision revolves around providing innovative, affordable, high-quality lingerie products that elevate customer satisfaction while fostering opportunities for employee growth.
Note: Net income and revenue are in U.S. dollars for the fiscal year that ended March 31, 2024.
(Note: BrilliA Inc. filed its F-1 on Sept. 12, 2024, and disclosed the terms for its IPO: The company is offering 2.5 million shares at a price range of $4.00 to $5.00 to raise $11.25 million, if priced at the $4.50 mid-point of its range. In the F-1 filing, however, BrilliA says the assumed IPO price is $4.00 – the low end of its range. If the IPO is priced at $4.00, the proceeds will be $10.0 million. The IPO Profile on IPOScoop is using the company’s assumed IPO price of $4.00. Background: BrilliA submitted confidential IPO documents to the SEC on March 7, 2024.)
Park Ha Biological Technology Co. Ltd. PHH Dawson James Securities/ D. Boral Capital (formerly EF Hutton), 1.2M Shares, $5.00-7.00, $7.0 mil, 11/29/2024 Week of
(Incorporated in the Cayman Islands)
We manufacture skincare products, including anti-aging products and exfoliation products. Our product line covers almost 200 items.
We sell our skincare and beauty products in our own stores and through a network of franchisees throughout China.
Our operating subsidiaries specialize in providing skincare and cosmetic products under our brand name “Park Ha” in China. Our operating subsidiaries develop our proprietary beauty products and offer complimentary after-sales beauty services in our physical stores. Park Ha Jiangsu, in addition to operating our two physical stores, is the research and development center focusing on skincare products development and improvement for sensitive skin. Xinzhan leads the marketing and promotional efforts and is the entity in charge of our franchising business. Park Ha Shanghai is a training center for our franchisee staff. As part of our value-added service for our products, our directly operated and franchise stores offer “light beauty experience,” a quick complimentary after-sales beauty service performed in the stores. Light beauty experience is offered to our customers as an effective way to demonstrate how our products are used in order to deliver the best results.
Note: Net income and revenue are for the 12 months that ended March 31, 2024.
(Note: Park Ha Biological Technology cut the price range of its small IPO to $4.00 to $6.00 – down from $5.00 to $7.00 originally – and kept the number of shares at 1.2 million shares – according to an F-1/A filing dated Oct. 9, 2024. Background: Park Ha Biological Technology filed its F-1 on Aug. 26, 2024, and disclosed the terms for its IPO: The company is offering 1.2 million shares at a price range of $5.00 to $7.00 to raise $7.0 million.)
Fitness Champs Holdings Ltd. FCHL Bancroft Capital LLC, 2.0M Shares, $4.00-5.00, $9.0 mil, 12/2/2024 Week of
(Incorporated in the Cayman Islands)
We believe we are a leading sports education provider in Singapore based on the following: (i) in 2023, we were the largest service provider of the SwimSafer Program based on the number of assessment bookings, accounting for approximately 30% of market share; and (ii) we are one of the few swim education providers in Singapore that provides both services to students under training programs funded by the Singapore Government and provision of customized private swimming training services.
We offer general swimming lessons to children and adults, with ladies-only swimming lessons available, as well as aquatic sports classes such as water polo, competitive swimming and lifesaving. We believe in imparting the correct swim stroke techniques and skills to all of our students so that they can learn to swim within the shortest time span in a variety of strokes, ranging from freestyle, breaststroke, butterfly, survival backstroke and side kick. We are one of the largest providers of swimming lessons to children enrolled in public schools under the MOE (Ministry of Education) in Singapore through the SwimSafer program. We have been offering private swimming lessons to children, youth and adults under our brand “Fitness Champs” since 2012. We aim to make swimming an enjoyable and affordable sport for children and adults, for water safety and as a way of keeping fit and healthy.
Note: Net income and revenue are for the 12 months that ended June 30, 2024.
(Note: Fitness Champs Holdings Limited filed its F-1 on Sept. 9, 2024, and disclosed the terms for its IPO – 2.0 million shares at a price range of $4.00 to $5.00 to raise $9.0 million.)
Leishen Energy Holding Co., Ltd. LSE Dominari Securities/ Revere Securities, 1.4M Shares, $4.00-5.00, $6.2 mil, 12/2/2024 Week of
We are a holding company that conducts substantially all of its business through its 12 operating subsidiaries in China: We provide oil and gas companies with equipment and technical services. Our 12 subsidiaries have branches, offices or customer service centers in the Sinjiang, Sichuan, Shandong and Jiangsu provinces of China, as well as in Hong Kong. (Incorporated in the Cayman Islands)
The Leishen Group, founded in 2007, is a provider of clean-energy equipment and integrated solutions for the oil and gas industry, with a commitment to providing customers with high-performance, safe and cost-effective energy solutions. Our businesses include (i) designing and supplying equipment for the clean-energy industry; (ii) oil and gas engineering technical services; (iii) new energy production and operation; and (iv) digitalization and integration equipment. At present, the Group holds more than 75 patents and software copyrights, forming a comprehensive ecosystem of core technical capabilities. Currently, our business operations have expanded to many countries and regions, such as Central Asia and Southeast Asia. Our service abilities and quality have been widely recognized and praised by foreign customers. Efficient, safe and energy-saving equipment combined with professional technical services have enabled our brand to gain positive attention and recognition from our customers and enabled us to become a well-known equipment and services provider in the oil and gas industry.
We provide oil and gas companies with compressor units, wellhead heating systems and oil-water separation systems, among various products. We also offer services such as equipment leasing, the design and customization of pressurization gas injection units, maintenance services and marketing of liquefied natural gas.
Most of our customers are Chinese companies. In 2024, we began recognizing revenue from companies in Kazakhstan and Indonesia.
Note: Net income and revenue are for the 12 months that ended March 31, 2024.
(Note: Leishen Energy Holding Co., Ltd. filed an F-1/A on Oct. 29, 2024, naming Dominari and Revere Securities as joint book-runners, replacing Pacific Century Securities as the sole book-runner.)
(Note: Leishen Energy Holding Co., Ltd. filed its F-1 on Oct. 1, 2024, and disclosed the terms for its micro-cap IPO: The company is offering 1.375 million shares at a price range of $4.00 to $5.00 to raise $6 million, if priced at the $4.50 mid-point of its range.)
YSX Tech Co., Ltd. YSXT Kingswood Capital Partners, 1.3M Shares, $4.00-6.00, $6.3 mil, 12/2/2024 Week of
We, through the YSX Operating Companies, provide comprehensive business solutions to enterprise customers, mainly insurance companies and brokerages, in China. (Incorporated in the Cayman Islands)
The YSX Operating Companies possess in-depth knowledge of the Chinese insurance industry accumulated from years of servicing their customers, and specialize in auto insurance aftermarket value-added services, software development and information technology services, as well as other scenario-based customized services, such as customer development services. For fiscal year 2023, the YSX Operating Companies provided the aforementioned services to a total of 52 clients, including 26 insurance company customers and 10 insurance brokerage customers, some of which are well-known established companies in China, such as PICC Property and Casualty Company Limited (“PICC”), China Ping An Property Insurance Co., Ltd (“Ping An”), CPIC (China Pacific Insurance (Group) Co Ltd (“CPIC”), and China United Insurance Group Company Ltd (“CUIG”). Currently, the YSX Operating Companies primarily operate in Xinjiang Province and Guangdong Province in China, where the majority of their customers are located.
Note: Net income and revenue are in U.S. dollars for the fiscal year that ended March 31, 2024.
(Note: YSX Tech Co., Ltd. filed an F-1/A dated Sept. 5, 2024, and disclosed that Kingswood Capital Partners is now the sole book-runner; US Tiger Securities is no longer involved with this IPO.)
(Note: YSX Tech Co., Ltd. filed its F-1 and disclosed the terms for its IPO on June 18, 2024: The company is offering 1.25 million shares at a price range of $4.00 to $6.00 to raise $6.25 million. Background: YSX Tech submitted confidential IPO documents to the SEC on Sept. 15, 2023.)
ALE Group Holding Limited ALEH D. Boral Capital (ex-EF Hutton), 1.3M Shares, $4.00-6.00, $6.3 mil, 12/5/2024 Thursday
We are a holding company incorporated in the BVI with all of our operations conducted in Hong Kong by our wholly owned subsidiary, ALE Corporate Services Ltd., also known as ALECS. (Incorporated in the British Virgin Islands)
We provide accounting and corporate consulting services to small and medium-sized businesses. Our services include financial reporting, corporate secretarial services, tax filing services and internal control reporting. Our business is operated through our wholly owned subsidiary, ALE Corporate Services Ltd. (ALECS), a Hong Kong company incorporated on June 30, 2014. Our goal is to become a one-stop solution for all the accounting, corporate consulting, taxation and secretarial needs of small and medium enterprises operating in Asia and the U.S.
**Note: Net income and revenue figures are in U.S. dollars (converted from Hong Kong dollars) for the fiscal year that ended March 31, 2024.
(Note: The company disclosed that E.F. Hutton was named the sole book-runner – replacing Prime Number Capital – according to an F-1/A filing dated March 26, 2024.)
Mint Inc. Ltd. MIMI Benjamin Securities/ Prime Number Capital, 1.8M Shares, $4.00-5.00, $7.9 mil, 12/9/2024 Week of
We are a holding company. Our subsidiary performs interior design services and fit out work for commercial and luxury residential properties in Hong Kong. (Incorporated in the British Virgin Islands)
We offer interior design services and fit out work. Our clients include the owners and management of retail stores, offices and other commercial properties, and luxury residential properties.
Founded in 2018, we are a Hong Kong-based interior design and fit out works provider. We have a strategic focus on providing integrated and industry-specific interior design and fit out works for commercial properties. Our work encompasses offices (different industries) and various kinds of retail stores with a view to reflect our customers’ corporate values and conceptualizing our customers’ brands. Our commercial projects cover internationally renowned retail stores, F&B (food and beverage) outlet chains, and the offices and other premises of a premier charitable organization in Hong Kong. We also provide integrated interior design and fit out works for luxury residential properties in order to enhance both the aesthetics and functionality of the interior space.
Our projects can be broadly categorized into (i) Design services, in which we develop and create tailor-made interior design proposals; and (ii) Design and fit out services, in which we undertake overall project management, coordination and quality control, and supervise fit out works carried out by our subcontractors, complemented by other services such as repair and maintenance works and procurement of furniture and fit out materials, etc.
Industry Background
Interior design and fit out market refers to the market that offers integrated services aimed at visually and functionally enhancing the interior environment of buildings, with a primary objective to create habitable space that cater to the needs and comfort of the occupants. Interior design and fit out works are defined as the process to visually and functionally enhance the ambience of interior space. It generally includes design and decorating works ranging from design drawings, site works, and post-design consultancy and supervisory services performed by professional practitioners. Based on the types of buildings, interior design and fit out works services market can be divided into residential sector, commercial sector, industrial sector, community facilities sector, government institutions sector and others.
Competitive Landscape
The interior design and fit out market in Hong Kong is highly fragmented. In 2022, there were approximately two thousand establishments, with more than seven thousand individuals engaged in various aspects of the interior design and fit out works market in Hong Kong. Due to its highly fragmented nature, the interior design and fit out industry currently has no major leading players identified.
Note: Net income and revenue are for Fiscal Year 2024 – the 12 months that ended March 31, 2024.
(Note: Mint filed its F-1 on Sept. 4, 2024, and disclosed the terms for its IPO: 1.75 million shares at a price range of $4.00 to $5.00 to raise $7.88 million. Background: Mint submitted confidential IPO documents to the SEC on Dec. 22, 2023.)
🏁 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:
- 09/20/2024 – FT Vest Emerging Markets Buffer ETF TSEP – Equity
- 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
- 11/07/2023 – Global X MSCI Emerging Markets Covered Call ETF EMCC – Equity, leverage
- 11/07/2023 – Avantis Emerging Markets Small Cap Equity ETF AVEE – Active, equity, small caps
- 09/22/2023 – Matthews Asia Dividend Active ETF ADVE – Active, equity, Asia
- 09/22/2023 – Matthews Pacific Tiger Active ETF ASIA – Active, equity, Asia
- 09/22/2023 – Matthews Emerging Markets Sustainable Future Active ETF EMSF – Active, equity, ESG
- 09/22/2023 – Matthews India Active ETF INDE – Active, equity, India
- 09/22/2023 – Matthews Japan Active ETF JPAN – Active, equity, Japan
- 09/22/2023 – Matthews Asia Dividend Active ETF ADVE – Active, equity, Asia
- 08/25/2023 – KraneShares Dynamic Emerging Markets Strategy ETF KEM – Active, equity, emerging markets
- 08/18/2023 – Global X India Active ETF NDIA – Active, equity, India
- 08/18/2023 – Global X Brazil Active ETF BRAZ – Active, equity, Brazil
- 07/17/2023 – Matthews Korea Active ETF MKOR – Active, equity, South Korea
- 05/18/2023 – Putnam Emerging Markets ex-China ETF PEMX – Active, value, growth stocks
- 05/11/2023 – JPMorgan BetaBuilders Emerging Markets Equity ETF BBEM – Passive, large + midcap stocks
- 03/16/2023 – JPMorgan Active China ETF JCHI – Active, equity, China
- 03/03/2023 – First Trust Bloomberg Emerging Market Democracies ETF EMDM – Principles-based
- 1/31/2023 – Strive Emerging Markets Ex-China ETF STX – Passive, equity, emerging markets
- 1/20/2023 – Putnam PanAgora ESG Emerging Markets Equity ETF PPEM – Active, equity, ESG, emerging markets
- 1/12/2023 – KraneShares China Internet and Covered Call Strategy ETF KLIP – Active, equity, China, options overlay, thematic
- 1/11/2023 – Matthews Emerging Markets ex China Active ETF MEMX – Active, equity, emerging markets
- 12/13/2022 – GraniteShares 1.75x Long BABA Daily ETF BABX – Active, equity, leveraged, single stock
- 12/13/2022 – Virtus Stone Harbor Emerging Markets High Yield Bond ETF VEMY – Active, fixed income, junk bond, emerging markets
- 9/22/2022 – WisdomTree Emerging Markets ex-China Fund XC – Passive, equity, emerging markets
- 9/15/2022 – KraneShares S&P Pan Asia Dividend Aristocrats Index ETF KDIV – Passive, equity, Asia, dividend strategy
- 9/15/2022 – OneAscent Emerging Markets ETF OAEM – Active, Equity, emerging markets, ESG
- 9/9/2022 – Emerge EMPWR Sustainable Select Growth Equity ETF EMGC – Active, equity, emerging markets
- 9/9/2022 – Emerge EMPWR Unified Sustainable Equity ETF EMPW – Active, equity, emerging markets
- 9/8/2022 – Emerge EMPWR Sustainable Emerging Markets Equity ETF EMCH – Active, equity, emerging markets, ESG
- 7/14/2022 – Matthews China Active ETF MCH – Active, equity, China
- 7/14/2022 – Matthews Emerging Markets Equity Active ETF MEM – Active, equity, emerging markets
- 7/14/2022 – Matthews Asia Innovators Active ETF MINV – Active, equity, Asia
- 6/30/2022 – BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF XEMD – Passive, fixed income, emerging markets
- 5/2/2022 – AXS Short CSI China Internet ETF SWEB – Active, inverse, thematic
- 4/27/2022 – Dimensional Emerging Markets High Profitability ETF DEHP – Active, equity, emerging markets
- 4/27/2022 – Dimensional Emerging Markets Core Equity 2 ETF DFEM – Active, equity, emerging markets
- 4/27/2022 – Dimensional Emerging Markets Value ETF DFEV – Active, equity, emerging markets
- 4/27/2022 – iShares Emergent Food and AgTech Multisector ETF IVEG – Passive, equity, thematic [Mostly developed markets]
- 4/21/2022 – FlexShares ESG & Climate Emerging Markets Core Index Fund FEEM – Passive, equity, ESG
- 4/6/2022 – India Internet & Ecommerce ETF INQQ – Passive, equity, thematic
- 2/17/2022 – VanEck Digital India ETF DGIN – Passive, India market, thematic
- 2/17/2022 – Goldman Sachs Access Emerging Markets USD Bond ETF GEMD – Passive, fixed income, emerging markets
- 1/27/2022 – iShares MSCI China Multisector Tech ETF TCHI – Passive, China, technology
- 1/11/2022 – Simplify Emerging Markets PLUS Downside Convexity ETF EMGD – Active, equity, options strategy
- 1/11/2022 – SPDR Bloomberg SASB Emerging Markets ESG Select ETF REMG – Passive, equity, ESG
🚽 Emerging Market ETF Closures/Liquidations
Frontier and emerging market highlights:
- 07/27/2024 – iPath GEMS Asia 8 ETN – AYTEF
- 05/23/2024 – Defiance Israel Fixed Income ETF – CHAI
- 05/17/2024 – Global X Next Emerging & Frontier ETF – EMFM
- 03/25/2024 – Global X MSCI Nigeria ETF – NGE
- 03/21/2024 – VanEck Egypt Index ETF – EGPT
- 03/14/2024 – KraneShares Bloomberg China Bond Inclusion Index ETF – KBND
- 03/14/2024 – KraneShares China Innovation ETF – KGRO
- 03/14/2024 – KraneShares CICC China Consumer Leaders Index ETF – KBUY
- 03/13/2024 – Xtrackers MSCI All China Equity ETF – CN
- 03/13/2024 – Xtrackers MSCI China A Inclusion Equity ETF – ASHX
- 02/16/2024 – Global X MSCI China Real Estate ETF – CHIH
- 02/16/2024 – Global X MSCI China Biotech Innovation ETF – CHB
- 02/16/2024 – Global X MSCI China Utilities ETF – CHIU
- 02/16/2024 – Global X MSCI Pakistan ETF – PAK
- 02/16/2024 – Global X MSCI China Materials ETF – CHIM
- 02/16/2024 – Global X MSCI China Health Care ETF – CHIH
- 02/16/2024 – Global X MSCI China Financials ETF – CHIX
- 02/16/2024 – Global X MSCI China Information Technology ETF – CHIK
- 02/16/2024 – Global X MSCI China Consumer Staples ETF – CHIS
- 02/16/2024 – Global X MSCI China Industrials ETF – CHII
- 02/16/2024 – Global X MSCI China Energy ETF – CHIE
- 02/14/2024 – BNY Mellon Sustainable Global Emerging Markets ETF – BKES
- 01/26/2024 – The WisdomTree Emerging Markets ESG Fund – RESE
- 11/11/2023 – Global X China Innovation ETF – KEJI
- 11/11/2023 – Global X Emerging Markets Internet & E-commerce ETF – EWEB
- 11/09/2023 – Franklin FTSE South Africa ETF – FLZA
- 10/27/2023 – Simplify Emerging Markets Equity PLUS Downside Convexity – EMGD
- 10/20/2023 – WisdomTree India ex-State-Owned Enterprises Fund – IXSE
- 10/20/2023 – WisdomTree Chinese Yuan Strategy Fund – CYB
- 10/20/2023 – Loncar China BioPharma ETF – CHNA
- 10/18/2023 – KraneShares Emerging Markets Healthcare Index ETF – KMED
- 10/18/2023 – KraneShares MSCI China ESG Leaders Index ETF – KSEG
- 10/18/2023 – KraneShares CICC China Leaders 100 Index ETF – KFYP
- 10/16/2023 – Strategy Shares Halt Climate Change ETF – NZRO
- 09/20/2023 – VanEck China Growth Leaders ETF – GLCN
- 08/28/2023 – Asian Growth Cubs ETF – CUBS
- 08/01/2023 – VanEck Russia ETF – RSX
- 07/07/2023 – Emerge EMPWR Sustainable Emerging Markets Equity ETF – EMCH
- 06/23/2023 – Invesco PureBeta FTSE Emerging Markets ETF – PBEE
- 06/16/2023 – AXS Short China Internet ETF – SWEB
- 04/11/2023 – SPDR Bloomberg SASB Emerging Markets ESG Select ETF – REMG
- 3/30/2023 – Invesco BLDRS Emerging Markets 50 ADR Index Fund – ADRE
- 3/30/2023 – Invesco BulletShares 2023 USD Emerging Markets Debt ETF – BSCE
- 3/30/2023 – Invesco BulletShares 2024 USD Emerging Markets Debt ETF – BSDE
- 3/30/2023 – Invesco RAFI Strategic Emerging Markets ETF – ISEM
- 2/17/2023 – Direxion Daily CSI 300 China A Share Bear 1X Shares – CHAD
- 1/13/2023 – First Trust Chindia ETF – FNI
- 12/28/2022 – Franklin FTSE Russia ETF – FLRU
- 12/22/2022 – VictoryShares Emerging Market High Div Volatility Wtd ETF CEY
- 8/22/2022 – iShares MSCI Argentina and Global Exposure ETF AGT
- 8/22/2022 – iShares MSCI Colombia ETFI COL
- 6/10/2022 – Infusive Compounding Global Equities ETF JOYY
- 5/3/2022 – ProShares Short Term USD Emerging Markets Bond ETF EMSH
- 4/7/2022 – DeltaShares S&P EM 100 & Managed Risk ETF DMRE
- 3/11/2022 – Direxion Daily Russia Bull 2X Shares RUSL
- 1/27/2022 – Legg Mason Global Infrastructure ETF INFR
- 1/14/2022 – Direxion Daily Latin America Bull 2X Shares LBJ
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 (November 24, 2024) was also published on our Substack.
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