This post cover February research reports (many cover earnings) just before the Israel-USA governments attacked on Iran which will have an enormous impact on Middle East and Southeast Asia markets (e.g. fuel prices and/or subsidies are already becoming a serious issue that will hit SE Asian countries hard). Ramadan will also end in about a week which could lead to more serious escalation…

Nevertheless, even “forever wars” eventually end and I am reminded how Carlos Slim’s family fortune largely started when they bought prime Mexico City real estate during the early years of the Mexican Revolution (which lasted for decades…)

[Note: On desktop browsers, an autogenerated table of contents will appear on the left side linked to each stock. I will add those links below after publishing/emailing this post…]

Asia
- East Asia
  - 🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau
  - 🇰🇷 Korea
  - 🇹🇼 Taiwan – Minth Group
- SE Asia
  - 🇮🇩 Indonesia – Bank Tabungan Negara (Persero) Tbk PT, Perintis Triniti Properti Tbk PT, Petrosea Tbk PT, PT Bank Syariah Indonesia Tbk, Bank Mandiri Tbk PT, Bank Central Asia (BCA) Tbk PT, PT Solusi Sinergi Digital Tbk, PT Indosat Ooredoo Hutchison Tbk & Bank Negara Indonesia
  - 🇲🇾 Malaysia
  - 🇵🇭 Philippines
  - 🇸🇬 Singapore – JP Morgan and CLSA pick beneficiaries of Budget 2026, S’pore hospitality to see ‘go time’ in 2026, AEM Holdings, Sembcorp Industries, Food Empire Holdings Ltd, Delfi Limited, Genting Singapore, SIA Engineering Company, Stoneweg European REIT, Singapore Post Limited, Info-Tech Systems, Nam Cheong Ltd, OUE Real Estate Investment Trust, StarHub, Soon Hock Enterprise, Isoteam Ltd, DBS Group / Oversea-Chinese Banking Corp (OCBC) / United Overseas Bank, United Hampshire US REIT, Marco Polo Marine, CapitaLand Integrated Commercial Trust, Jardine Cycle & Carriage, KSH Holdings Limited, Huationg Global Ltd, Addvalue Technologies Ltd, BRC Asia Limited, Singapore Exchange Limited, iFAST Corporation Limited, Singapore Telecommunications Ltd, Far East Hospitality Trust, CapitaLand Ascott Trust, CapitaLand Investment, Reclaims Global Ltd, Thomson Medical Group, Prime US REIT, Yeo Hiap Seng Ltd, Boustead Singapore, Elite UK REIT, Sheng Siong Group, Fraser and Neave, PC Partner Group Ltd, Frencken Group, Keppel Ltd, ESR-REIT, Keppel Pacific Oak US REIT, Keppel Infrastructure Trust, CDL Hospitality Trusts, Nordic Group Ltd, GuocoLand Limited, Starhill Global Real Estate Investment Trust, Coliwoo Holdings & Hong Leong Asia Ltd
  - Singapore Broker’s Digest
  - 🇹🇭 Thailand – Charoen Pokphand Foods PCL, Banpu PCL, Bangkok Bank PCL, Erawan Group PCL, Bangkok Dusit Medical Services PCL, AP (Thailand) PCL, CP ALL PCL, WHA Corporation PCL, Bangkok Commercial Asset Management PCL, Ratch Group PCL, Kasikornbank PCL, Osotspa PCL, Betagro PCL, Central Plaza Hotel PCL, Bumrungrad Hospital PCL, Home Product Center PCL, Quality Houses PCL, Krung Thai Bank PCL, Bangkok Expressway and Metro PCL, Berli Jucker PCL, Com7 PCL, Supalai PCL, Thanachart Capital PCL, Central Pattana PCL, CP Axtra PCL, Dohome PCL, Carabao Group PCL, Minor International PCL, Muangthai Capital PCL, Tidlor Holdings PCL, PTT Public Company Limited, Thai Oil PCL, Krungthai Card PCL, GFPT PCL, CH Karnchang PCL, Thai Union Group PCL, True Corporation PCL, PTT Oil & Retail Business PCL, i-Tail Corporation PCL, Thaifoods Group PCL, Praram 9 Hospital PCL, IRPC PCL, TMBThanachart Bank PCL, Gulf Development PCL, Delta Electronics Thailand PCL, PTT Global Chemical PCL, Airports of Thailand PCL, Stecon Group PCL, Plan B Media PCL, Star Petroleum Refining PCL, Bangchak Corporation PCL, KCE Electronics PCL, Global Power Synergy PCL, PTT Exploration & Production PCL, Bangkok Chain Hospital PCL, Siam Global House PCL, Thaicom PCL, SCGJWD Logistics PCL, Asset World Corp PCL, Thai Airways International PCL, 3BB Internet Infrastructure Fund, Advanced Info Services PCL & BGrimm Power PCL
- South Asia
  - 🇮🇳 India
- Middle East – Americana Restaurants International PLC
  - 🇰🇼 Kuwait – Boubyan Petrochemical Co KSC & Talabat Holding PLC
  - 🇴🇲 Oman – OQ Base Industries
  - 🇸🇦 Saudi Arabia – Saudi Telecom Co (STC), Etihad Etisalat Co (Mobily), LuLu Retail Holdings PLC, Riyad Bank, Bank Albilad, Al Hassan Ghazi Ibrahim Shaker Company, Arab National Bank, The Saudi Investment Bank, Banque Saudi Fransi & Jarir Marketing Company
  - 🇦🇪 United Arab Emirates (UAE) – Parkin Company, e& (Emirates Telecommunications Group), Dubai Taxi Company, Amanat Holding, Al Waha Capital PJSC, Investcorp Capital PLC, Air Arabia PJSC, Abu Dhabi National Insurance Co, Emaar Development, Emaar Properties, Aramex PJSC, National Central Cooling Company (Tabreed), ADNOC Gas PLC, Fertiglobe PLC, Abu Dhabi Ports, Alef Education Holding PLC, RAK Ceramics, ADNOC Drilling, Pure Health Holding PJSC, ADNOC Logistics & Services PLC, Dubai Islamic Bank, Presight AI Holding PLC, United Arab Bank, Emirates Central Cooling Systems Corporation, Emirates Integrated Telecommunications Co PJSC, National Bank of Ras Al Khaimah PSC, ADNH Catering PLC, Tecom Group PJSC, Dana Gas PJSC, Aldar Properties, Alinma Bank, Mashreq Bank, Borouge PLC, NMDC Energy PJSC, ADNOC Distribution PJSC, Emirates Driving Company, Dubai Residential REIT, Dubai Financial Market PJSC, Sharjah Islamic Bank & Abu Dhabi Commercial Bank
Africa
- 🇪🇬 Egypt – Commercial International Bank – Egypt (CIB)
- 🇿🇦 South Africa – The Latest JSE Analyst Recommendations
Eastern Europe & Emerging Europe
Latin America
- 🇲🇽 Mexico & Central America – Grupo Televisa, CEMEX, FIBRA Prologis, La Comer SAB de CV, Gentera SAB de CV, Fomento Economico Mexicano SAB de CV, Grupo Aeroportuario del Sureste (ASUR), Grupo Comercial Chedraui SAB de CV, Coca-Cola Femsa SAB de CV, El Puerto de Liverpool SAB de CV, Grupo Aeroportuario del Pacífico (GAP), Grupo Aeroportuario del Centro Norte (OMA), Wal-Mart de Mexico SAB de CV, Arca Continental SAB de CV, Sigma Foods SAB de CV & America Movil SAB de CV

Readers can decide whether these DeepSeek insights or summary about these stocks are accurate as it apparently ran out of steam after doing the SE Asia stocks (and had to be run again for the remaining stocks):

🤖 DeepSeek Analysis
- ANSWER 1 (SE Asia)
- ANSWER 2 (Middle East / Eastern Europe / Latin America)

And as always, this post is provided for informational purposes only (and to make your life easier…). It does not constitute investment advice and/or a recommendation…

📈🗄️ Fund documents / updates; ⚠️ Disclosures or restricted access e.g. based on your location, investor status, etc.; 🇼 Wikipedia page; 🔬 Research analysis (including articles/blog posts from fund managers, etc.); 🎥 Video; 🎙️ Podcast; 🎬 Webinar; 📰 Newspaper/magazine article; 📯 Press release; 💻 Substack/blog/website article; ✅ Our own posts; 🗃️ Linked archived article; ⏰ Upcoming webinar or event.

Frontier & Emerging Market Stock Index

Asia

East Asia

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

Note: For more China & Hong Kong stock picks or ideas, see our monthly China & Hong Kong Stock Picks posts…

🇰🇷 Korea

Note: For more Korean stock picks or ideas, see our monthly Korean Stock Picks posts…

🇹🇼 Taiwan

Note: I have note seen any good Twitter/Substack/blog accounts or (free) equity research providers with good coverage of Taiwanese stocks (at least not in English). Please contact me if you know of any…

Minth Group

🔬 Minth Group (425 HK) – Solid growth outlook from battery housing, robotics and AIDC (CMB International) 02-03 2026 ⚠️

🌐 Minth Group (HKG: 0425 / FRA: M3I0 / M3I / OTCMKTS: MNTHY / MNTHF) 🇰🇾 – Manufacturing of exterior & structural automotive parts. Supplier of battery enclosures & body structure components. Taipei HQ. 🏷️
Price/Book (Current): 1.78
Forward P/E: 11.70 / Forward Annual Dividend Yield: 1.15% (Yahoo! Finance)

SE Asia

Note: Various DBS sites (Insights Direct, DBS Treasures, etc.) have good coverage of SE Asia and some Chinese/Hong Kong stocks, but some sites are restricted by geography (need VPN) or are harder to search for new research pieces…

🇮🇩 Indonesia

Bank Tabungan Negara (Persero) Tbk PT

🔬 BBTN: BUY (Maintained), TP at 1,600 – Cheapest in the Sector (Samuel Sekuritas Indonesia) Feb 26, 2026 ⚠️

🔬 BBTN – FY25 earnings above; expect CoF to stay low (KB Valbury Sekuritas) 20 February 2026 ⚠️

🇮🇩 Bank Tabungan Negara (Persero) Tbk PT (IDX: BBTN / FRA: TA2) – Personal, business & sharia banking. 🇼 🏷️
Price/Book (Current): 0.51
Forward P/E: 4.61 / Forward Annual Dividend Yield: 4.22% (Yahoo! Finance)

Perintis Triniti Properti Tbk PT

🔬 TRIN Equity Initiation – Attractive Risk-Reward on NAV Re-rating Potential (Kiwoom Sekuritas Indonesia) February 23, 2026 ⚠️

🇮🇩 Perintis Triniti Properti Tbk PT (IDX: TRIN) – Premium & mixed-use residential real estate development. 🏷️
Price/Book (Current): 4.71
Forward P/E: N/A / Forward Annual Dividend Yield: N/A (Yahoo! Finance)

Petrosea Tbk PT

🔬 PTRO Equity Update – Solid Growth, Diversification Upside, Risks Remain (Kiwoom Sekuritas Indonesia) February 18, 2026 ⚠️

🇮🇩 🇦🇺 🇵🇬 Petrosea Tbk PT (IDX: PTRO) – Multi-disciplinary mining services, engineering, procurement & construction (EPC) & oil & gas services. 🏷️
Price/Book (Current): 10.66
Forward P/E: 5.96 / Forward Annual Dividend Yield: 0.33% (Yahoo! Finance)

PT Bank Syariah Indonesia Tbk

🔬 BRIS: BUY (Maintained), TP at 2,800 – Funding Mix & Fees: Continued Improvements (Samuel Sekuritas Indonesia) Feb 18, 2026 ⚠️

🔬 BRIS – Another inline earnings in FY25 (KB Valbury Sekuritas) 11 February 2026 ⚠️

🇮🇩🏛️ PT Bank Syariah Indonesia Tbk (IDX: BRIS) – World’s largest Islamic bank by customer numbers. 🇼 🏷️
Price/Book (Current): 1.96
Forward P/E: 11.48 / Forward Annual Dividend Yield: 1.03% (Yahoo! Finance)

Bank Mandiri Tbk PT

🔬 BMRI: BUY (Maintained), TP at 5,700 – Calmer Growth Outlook (Samuel Sekuritas Indonesia) Feb 12, 2026 ⚠️

🔬 BMRI – 4Q25 earnings spike; FY25 earnings came above (KB Valbury Sekuritas) 06 February 2026 ⚠️

🌏🏛️ Bank Mandiri Tbk PT (IDX: BMRI / FRA: PQ9 / OTCMKTS: PPERF) – Wholesale & Retail segments. 🇼 🏷️
Price/Book (Current): 1.58
Forward P/E: 7.81 / Forward Annual Dividend Yield: 2.02% (Yahoo! Finance)