Emerging Market Links + The Week Ahead (March 30, 2026)

I need to have my home Internet changed over from copper to fiber (which my building apparently has) hopefully this week. I was told last week that my router etc along with my account are so old that they this could mean I won’t have home Internet for a few days as my old account needs to be cancelled, a new one set up and then the fiber/router installed. With all the major festivals over (its much slower getting anything important done before or during Ramadan/CNY/Thaipusam), I assumed this would be a good time to do all of this.

Today, TM [Telekom Malaysia Bhd (KLSE: TM / OTCMKTS: MYTEF)] called me to say they will start the process while I was on a wifi connected app talking to my parents and I thought I would have Internet until at least the end of the day only to be shut off within minutes of getting off the phone. I don’t know why they can’t keep the old account/equipment working until the fiber/new box go installed; but that’s apparently how they do things here…

As the previous Malaysia based manager of Apollo Asia Fund explained in her 4Q2024 report (covered in one of our Sunday posts) about the situation with TM:

Rather too much of the fourth quarter was spent learning about the operations of Telekom Malaysia, after the copper cable to my neighbourhood was stolen for a third time. The company revealed a new policy of not maintaining copper infrastructure, forcing upgrades to fibre – and then explained that it had no capacity. Six weeks later, after contractors requesting large cash payments for reconnection were sent packing, new fibre was laid and the house reconnected, only to be cut off again due to issues with the accounting systems (the old, the new, and the one supposed to bridge?). Meanwhile the AIMS office and others in the central business district were cut off for many months, but AIMS at least is now reconnected. Cable thefts in Penang [Telekom Malaysia confirms staff and contractors involved in cable theft incident in Penang] and Ipoh [Perak police arrest cable thieves posing as TM workers in Gerik, RM3,000 worth of cables stolen] were revealed to be inside jobs. Fortunately we’ve all learned to adopt belt and braces for resilience, necessarily accepting the trade-off with efficiency. I’m glad we don’t own this company, but it has taken me back to basics with a new checklist of questions that might be taken for granted…: [NOTE: ITS A GOOD CHECKLIST WHICH YOU CAN READ IN THE ORIGINAL REPORT…]

I hope being in the middle of the city means this won’t take weeks (or involve dodgy contractors wanting cash payments…) as working from a nearby food court that I often eat at anyway is a huge headache.

But there are good reasons to move away from copper as fast as possible (my building manager said they had no phone service in their office for two weeks given copper problems before switching to fiber 😬…) as copper thefts here have gotten so bad – its now disrupting urban train services (Stolen copper, stalled trains: Malaysia’s costly cable theft crisis) along with the Internet and electricity…

These headaches aside, I am thinking of changing the long monthly post containing stock research from mostly equity research providers into a (mostly) paywalled weekly or biweekly post as my last post (e.g. 🌐 Emerging Market Stock Picks (February 2026)) got too long to add links to the embedded table of contents plus I always want to include short stock descriptions, technical charts, etc. with any links in those posts to help readers decide whether the stock is worth a closer look.

Given the war in the Middle East is rapidly changing markets on a daily basis and my annoying internet situation for at least this week, I might just do such a post covering whatever research has gotten posted this week (and then do a lengthy post covering March research next week or whenever I have fiber…).

With that said, today’s free links post is mainly focused on what’s important – stocks (leaving out some mostly news links from sources like Caixin, casino gaming publisher GGRAsia, etc)…

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🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

🌐 EM Fund Stock Picks & Country Commentaries (March 29, 2026) Partially $
- Middle East energy collapse + cascade of problems being created, digital India + Asia tech innovation, Vietnam trip report, hardware-software performance dispersion, more Feb fund updates, etc.

📰🔬 Emerging Market Stock Picks / Stock Research

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

🌏 Asia

🌏 Ep 9. Veteran EM CIO speaks of “decade-defining” Gulf crisis and impacts on EM investment flows (Pyramids and Pagodas) 35:33 Minutes

Gary Dugan of the Global CIO Office speaks on winners and losers from shifting allocations and the accelerating shift towards a multipolar world

Audio Timestamps:

00:00 Introduction

01:30 Gary Dugan’s career – from the City of London to The Global CIO Office

02:58 Emerging markets, capital flows, and why traditional benchmarks are broken

05:04 Sovereign wealth funds, Gulf capital, and growing frustration with the US

08:40 Iran, China, and de-dollarization – more than symbolic?

10:55 AI infrastructure and data centers in the Gulf – is the thesis at risk?

13:47 India: energy imports, inflation, and the renewables acceleration

20:15 Safe havens, commodities, and the case for real assets

24:35 US tech and the Magnificent Seven – entering a retrenchment phase

26:35 China and Hong Kong – why allocations should increase

29:30 China and India in pharmaceuticals – complementary or competing forces?

32:33 Think sectors, not countries

🌏 BYD And VinFast Race To Dominate Southeast Asia’s EV Market (ZeroHedge)

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 JD.com: Even If It Stops Growing, It Still Is A Fundamental Buy (Seeking Alpha) $ 🗃️

🇨🇳 Why I Sold Alibaba To Buy JD.com (Seeking Alpha) $ 🗃️

🇨🇳 Alibaba Q3: AI Transition From An E-Commerce Giant Is Painful; Expecting Growth Inflection In FY2027 (Seeking Alpha) $ 🗃️

🌐 JD.com (NASDAQ: JD / SGX: HJDD) – Supply chain-based technology & service provider. One of the 3 largest eCommerce platforms in China. 🇼 🏷️
🌐 Alibaba (NYSE: BABA) 🇰🇾 – eCommerce, retail, Internet & technology. 🇼 🏷️

🇨🇳 Alibaba: Heavy AI Investments Today, Margin Expansion Tomorrow? The Trade-Off Explained! (Smartkarma) $

Alibaba (NYSE: BABA)’s December quarter performance reflects a business undergoing a deliberate strategic pivot toward artificial intelligence and cloud computing while simultaneously managing near-term pressures in its core commerce operations.

The company is prioritizing long-duration investments in AI infrastructure, models, and applications, which is beginning to translate into strong growth in cloud-related revenues but is also weighing on profitability and cash flow in the near term.

A key positive is the accelerating momentum in the Cloud Intelligence Group, where external customer revenue grew in the mid-30% range, supported by sustained triple-digit expansion in AI-related products.

🇨🇳 Alibaba Is Winning The War—But Consumers Are Losing The Discounts! (Smartkarma) $

Alibaba (NYSE: BABA)’s latest rally was not driven by a sudden rebound in consumer demand or an overnight turnaround in profits.

It was driven by something far more specific: the market began to price in the possibility that China’s bruising food-delivery and instant retail price war may finally ease.

That matters because the discount-heavy battle among Alibaba, JD.com (NASDAQ: JD / SGX: HJDD), and Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) had been pushing prices lower for consumers while putting visible pressure on margins, profit, and cash flow.

🇨🇳 Xiaomi Corporation 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Xiaomi (HKG: 1810 / SGX: HXXD / FRA: 3CP / OTCMKTS: XIACF) 🇰🇾 – Consumer electronics & smart manufacturing company. Smartphones & smart hardware connected by an IoT platform at its core. 🇼 🏷️

🇨🇳 Baidu’s Deep Value And The Risks The Market Is Ignoring (Seeking Alpha) $ 🗃️

🇨🇳 Baidu (NASDAQ: BIDU) 🇰🇾 – Internet-related services, products & AI. Chinese search engine, Baidu Maps, etc. 🇼 🏷️

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

🌐 Baozun (NASDAQ: BZUN) – Brand eCommerce service industry & digital commerce enabler in China. Serves 400+ brands from various industries & sectors around the world. 🏷️

🇨🇳 Meituan: A ‘Buy’ On Narrowing Losses And Regulatory Tailwinds (Upgrade) (Seeking Alpha) $ 🗃️

🇨🇳 Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) 🇰🇾 – Chinese shopping platform for locally found consumer products & retail services including entertainment, dining, delivery, travel etc. 🇼 🏷️

🇨🇳 DouYu: Worth The Risk At Far Below Cash On The Books (Seeking Alpha) $ 🗃️

🇨🇳 Douyu International Holdings (NASDAQ: DOYU) 🇰🇾 – Game-centric live streaming platform in China + eSports. 🇼

🇨🇳 HUYA: Further Downside Possible (Seeking Alpha) $ 🗃️

🇨🇳 Huya Inc (NYSE: HUYA) 🇰🇾 🇭🇰 – Game live streaming platform in China. Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) controlled. 🇼 🏷️

🇨🇳 Tencent/NetEase: Second Consecutive Month of Zero Approvals (Smartkarma) $

China announced game approval for the March batch. The number of games approved remained at a higher level than in 2023 and 2024.

The pace of China game approval appears to have accelerated to the same level as pre-tightening.

Of the companies that we are monitoring, none got approval.

🇨🇳 Kuaishou: Challenging Prospects Overshadow Q4 Outperformance (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇨🇳🏛️ Kuaishou Technology (HKG: 1024 / 81024 / LON: 0A74 / OTCMKTS: KUASF / KSHTY) 🇰🇾 – Partly state-owned content community and social platform & China’s first short video platform. 🇼 🏷️

🇨🇳 Tencent Music: Down Over 30%, But Not A Buy For Me (Seeking Alpha) $ 🗃️

🇨🇳 Tencent Music Entertainment Group (NYSE: TME) – Online music and audio entertainment platform operating China’s highly popular music apps. 🇼 🏷️

🇨🇳 Tencent Music Entertainment Group’s RMB 32.9 Billion Revenue Base Faces AI Driven Competition (Smartkarma) $

Tencent Music Entertainment Group (NYSE: TME) reported solid financial results for the full year and fourth quarter of 2025, reflecting growth across its core music subscription business and expanding non-subscription offerings.

Total revenues for 2025 reached RMB 32.9 billion, representing a 16% year-over-year increase, with online music services contributing RMB 26.7 billion, up 23% annually.

Music subscription revenues rose 16% to RMB 17.7 billion, supported by a multi-tier membership system comprising standard, SVIP, and an ad-supported membership launched in late 2025.

🇨🇳 GDS Holdings: Bullish On EBITDA Beat And Client Price Hike (Seeking Alpha) $ 🗃️

🇨🇳 GDS Holdings: Stay Bullish As The Demand Outlook Has Gotten Even Better (Seeking Alpha) $ 🗃️

🌏 GDS Holdings Ltd (NASDAQ: GDS) – Owner & operator of data centers in China & SE Asia.

🇨🇳 AI demand helps GDS end years of losses – with a one-time gain assist (Bamboo Works)

The data center operator recorded faster bookings and greater utilization on surging demand for AI computing, though asset impairments and heavy debt are clouding its profit picture

GDS Holdings Ltd (NASDAQ: GDS) swung to a net profit of 960 million yuan last year, reversing years of losses, as its revenue rose 10.8% to 11.43 billion yuan

The data center operator recorded a 2.36 billion yuan one-time gain during the year from deconsolidation of a subsidiary

🇨🇳 Hesai Group: Good Earnings Growth Outlook Ahead (Seeking Alpha) $ 🗃️

🌐 Hesai Group (NASDAQ: HSAI) – Lidar products for autonomous mobility, robots, etc. Three-dimensional light detection & ranging (lidar) solutions. 🏷️

🇨🇳 Niu Technologies: Why The Time Has Come To Be Long (Seeking Alpha) $🗃️

🌐 Niu Technologies (NASDAQ: NIU) – Smart urban mobility solutions. Designs, manufactures & sells high-performance electric motorcycles, mopeds, bicycles & kick-scooters. 🇼

🇨🇳 XPeng: Margin Inflection Point Reached (Seeking Alpha) $ 🗃️

🇨🇳 XPeng: Q4 Net Profit, Leading Gross Margins, Cheap (Seeking Alpha) $ 🗃️

🇨🇳 XPeng: Looks Like A Tesla That Keeps Its Promises, Long-Term Strong Buy (Seeking Alpha) $ 🗃️

🌐 XPeng (NYSE: XPEV) – Designs, develops, manufactures & markets Smart EVs. 🇼 🏷️

🇨🇳 DiDi Global: Waiting For International Segment To Show Earnings Growth (Rating Downgrade) (Seeking Alpha) $ 🗃️

🌐 DiDi Global (OTCMKTS: DIDIY) – Ride-sharing platform. 🇼

🇨🇳 XXF trades margins for growth in sputtering Chinese car market (Bamboo Works)

The company’s top-line revenue growth hides intensifying profitability pressure as it ramps up its thin-margin car selling business to supplement its higher-margin car leasing

XXF Group Holdings Ltd (HKG: 2473 / OTCMKTS: XXFGF)’s revenue jumped 27.2% last year, but its gross profit rose at just a third of that rate, underscoring severe margin compression

The company is ramping up its car selling to boost revenue, but that business has paper-thin gross margins compared with its core car leasing business

🇨🇳 AAC Technologies Holdings Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Aac Technologies Holdings (HKG: 2018 / FRA: A2X / OTCMKTS: AACAY / AACAF) 🇰🇾 – Sensory experience solutions (Acoustics, Optics, Haptics, Sensor & Semiconductor + Precision Manufacturing). 🏷️

🇨🇳 Aequitas: Ningbo Deye Technology A/H Listing – Riding the Residential Energy Storage Wave (Smartkarma) $

Ningbo Deye Technology Co Ltd (SHA: 605117), NDT), a manufacturer of new energy products and climate control appliances, aims to raise around US$1bn in its H-share listing.

According to Frost & Sullivan, NDT was the world’s largest supplier of residential energy storage inverters in terms of revenue in 2024.

In this note, we look at its past performance and other deal dynamics that might impact the listing.

🇨🇳 VNET Group: Good Opportunity To Buy (Seeking Alpha) $ 🗃️

🇨🇳 VNET Group Inc (NASDAQ: VNET) – Carrier/cloud-neutral internet data center services provider. 🇼

🇨🇳 China Telecom Corporation Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳🏛️ China Telecom Corp Ltd (SHA: 601728 / HKG: 0728) 🇨🇳 – Second-largest wireless carrier in China. 🇼 🏷️

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

🇨🇳 NetDragon Websoft (HKG: 0777 / FRA: 3ND) 🇰🇾 – Online gaming & education stock. 🇼 🏷️

🇨🇳 ATA Creativity Global 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 ATA Creativity Global (NASDAQ: AACG) – Education services (portfolio training, research-based learning, overseas study counselling, etc.).

🇨🇳 Kanzhun: Focus On The Fundamentals (Seeking Alpha) $ 🗃️

🇨🇳 Kanzhun Ltd (NASDAQ: BZ) – Online recruitment services. 🇼 🏷️

🇨🇳 TravelSky Technology Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 Travelsky Technology Ltd (HKG: 0696 / FRA: TVL / OTCMKTS: TSYHY / TSYHF) – Civil aviation & travel IT services. 🇼

🇨🇳 H World Group: Earnings Growth Stronger Than I Expected (Rating Upgrade) (Seeking Alpha) $ 🗃️

🌐 H World Group (NASDAQ: HTHT) – Leased & owned or franchised hotel models. Chairman was a co-founder of Trip.com (NASDAQ: TCOM). 🇼 🏷️

🇨🇳 H World’s results highlight pivot to higher-quality, asset-light growth (Bamboo Works)

The strong full-year financials for China’s leading hotelier underscore improving domestic and overseas markets, as well as its strategic shift to a business model that improves profitability

H World Group (NASDAQ: HTHT)’s adjusted EBITDA rose 24.2% last year as it placed greater focus on an asset-light model, echoing the playbooks of global hospitality players

The company’s blend of domestic scale, margin improvement and disciplined global expansion is driving its growth as it seeks to become a world-class hotelier

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

🇨🇳 Tongcheng Travel Holdings (HKG: 0780) 🇰🇾 – Online travel industry. 🏷️

🇨🇳 China Resources Land Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳🏛️ CR Land (HKG: 1109 / FRA: CHZ / OTCMKTS: CRBJY / CRBJF) 🇰🇾 – Real estate flagship subs. of China Resources (Holdings) Company Limited. 🇼 🏷️

🇨🇳 KE Holdings Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 KE Holdings: Staying Neutral As I Await The Core Business To Rejuvenate (Seeking Alpha) $ 🗃️

🇨🇳 KE Holdings (NYSE: BEKE) – Integrated online & offline platform for housing transactions & services. Operates Lianjia, China’s leading real estate brokerage brand & an integral part of its Beike platform. 🇼 🏷️

🇨🇳 LexinFintech: Mixed Signals From Q4 Results (Seeking Alpha) $ 🗃️

🇨🇳 LexinFintech Holdings Ltd (NASDAQ: LX) – Online consumer finance services.

🇨🇳 ZhongAn Online P & C Insurance Co., Ltd. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 ZhongAn Online P & C Insurance Co (HKG: 6060 / FRA: 1ZO) 🇨🇳 – First online-only insurance company in China. ZhongAn Online P&C Insurance Co., Ltd. 🏷️

🇨🇳 China Pacific Insurance (Group) Co., Ltd. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 China Pacific Insurance (Group) Co., Ltd. (SHA: 601601 / HKG: 2601 / FRA: 75CB / OTCMKTS: CHPXF) 🇨🇳 or Pacific Insurance – Integrated insurance services (life insurance, property insurance & reinsurance). 🇼 🏷️

🇨🇳 Ping An Insurance (Group) Company of China, Ltd. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 Ping An Insurance (SHA: 601318 / HKG: 2318 / SGX: HPAD / OTCMKTS: PNGAY) 🇨🇳 – One of the 3 largest integrated financial groups in China. 🇼 🏷️

🇨🇳 China Construction Bank Corporation 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳🏛️ China Construction Bank (SHA: 601939 / HKG: 0939 / VIE: CNCB / OTCMKTS: CICHY / CICHF) 🇨🇳 – One of the “big four” banks in China. 🇼 🏷️

🇨🇳 X Financial 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 X Financial (NYSE: XYF) 🇰🇾 – Fintech platform.

🇨🇳 Chinese spirits maker ZJLD laments latest anti-corruption crackdown (Bamboo Works)

The company’s revenue plunged nearly 50% last year, as it became cash flow negative and slipped into the red in the second half of the year

ZJLD Group (HKG: 6979)’s revenue fell 60% in the second half of last year, as sales of its core Zhen Jiu spirits brand tumbled 72% year-on-year in the six-month period

The company and its peers are being hit by an anti-corruption crackdown on lavish government banquets where their traditional baijiu spirits are often served

🇨🇳 China’s ‘Africa diaper king’ soaks up big profits in first post-IPO results (Bamboo Works)

Softcare Ltd (HKG: 2698)’s revenue rose by 25% last year, while its profit increased 27%, as its focus on emerging markets yielded solid results

Softcare reported 25% revenue growth last year, led by a 134% rise in Latin America and double-digit growth in its core African markets

The strong results put the diaper maker at the front of the pack of a new wave of Chinese companies chasing African consumers

🇨🇳 Li Ning Company Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Li Ning (HKG: 2331 / FRA: LNLB / LNL / OTCMKTS: LNNGY / LNNGF) 🇰🇾 – Founded by former Olympic gymnast Li Ning. Professional & leisure footwear, apparel, equipment & accessories. 🇼 🏷️

🇨🇳 DPC Dash Ltd 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 DPC Dash (HKG: 1405 / FRA: X12 / OTCMKTS: DPCDF) 🇻🇬 – Domino’s Pizza’s exclusive master franchisee in China, Hong Kong & Macau. 🏷️

🇨🇳 Here Group: Early In The IP Curve, With Enlight JV As A Wildcard (Seeking Alpha) $ 🗃️

🇨🇳 Here Group Ltd (NASDAQ: HERE) – Collectible pop toys.

🇨🇳 SELL Pop Mart (9992 HK): Pre-Earning Update (Smartkarma) $

We look at what happened to Pop Mart International Group (HKG: 9992 / FRA: 735 / OTCMKTS: PMRTY / POPMF) since our last note in January.

The company is set to report its full-year 2025 results.

We re-iterate our bearish view on the company, at the backdrop of the all time high street sentiment.

🇨🇳 SELL Pop Mart (9992 HK): Takeaways from Post-Results Briefing (Smartkarma) $

2026 growth guidance missed consensus by 13 points. Earnings downgrades and multiple compression likely follow.

Management admitted Western consumers do not respond to newer IPs the way Asian consumers do. Labubu’s global crossover looks like a one-off.

Management flagged margin softness in Jan-Feb 2026 and deferred guidance to May. FY2025 margins were likely the peak.

🇨🇳 WuXi AppTec Co., Ltd. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 WuXi AppTec Co (SHA: 603259 / HKG: 2359 / OTCMKTS: WUXAY) 🇨🇳 – R&D & manufacturing services to the pharmaceutical & healthcare industry. 🇼 🏷️

🇨🇳 WuXi Biologics (Cayman) Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Wuxi Biologics (HKG: 2269 / OTCMKTS: WXXWY / OTCMKTS: WXIBF) 🇰🇾 – Contract Research, Development and Manufacturing Organization (CRDMO). 🇼 🏷️

🇨🇳 Luzhu Biotech braces for make-or-break launch of shingles shot (Bamboo Works)

[Beijing Luzhu Biotechnology Co Ltd (HKG: 2480)]

The company has pared its annual losses but faces high costs and competitive challenges to deliver its voluntary vaccine into a tight market

The biotech slashed its R&D costs by nearly 29% last year and shrank its annual loss by around 10% ahead of the planned vaccine launch

But bank borrowings surged, pushing the gearing ratio up from 18.7% to 36.5%

🇨🇳 InnoCare Pharma Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 InnoCare Pharma (SHA: 688428 / HKG: 9969 / FRA: 33C / OTCMKTS: INCPF) 🇰🇾 – Commercial stage biopharmaceutical company. Treatment of cancers & autoimmune diseases. 🏷️

🇨🇳 InnoCare hits profit milestone, enters new phase with global expansion, strong pipeline (Bamboo Works)

The innovative drugmaker’s newfound profitability marks its transition into a new stage characterized by stability and virtuous development cycles

InnoCare Pharma (SHA: 688428 / HKG: 9969 / FRA: 33C / OTCMKTS: INCPF) posted an annual profit of 644 million yuan, driven by licensing and product sales, achieving profitability two years ahead of plan

The company has made significant strides in global expansion, including out-licensing agreements with Zenas and Prolium Bioscience

🇨🇳 Hua Medicine (Shanghai) Ltd. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Hua Medicine (HKG: 2552 / OTCMKTS: HUMDF) – Drug development (diabetes).

🇨🇳 China Oilfield Services Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌏 China Oilfield Services (SHA: 601808 / HKG: 2883 / FRA: CO9 / OTCMKTS: CHOLF) 🇨🇳 – Integrated oilfield services provider (geophysical services, drilling services, well services & marine & transportation services). 🇼

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

🇭🇰 Singamas Container Holdings Ltd (HKG: 0716 / OTCMKTS: SNGSF) 🇭🇰 – Manufacturer of containers, operator of container depots & provider of logistics services.

🇭🇰 CK Hutchison: A ‘Buy’ On Earnings Turnaround, Portfolio Rationalization (Upgrade) (Seeking Alpha)

🌐 CK Hutchison Holdings (HKG: 0001 / FRA: 2CKA / OTCMKTS: CKHUY / CKHUF) 🇰🇾 – 4 core businesses: Ports & related services, retail, infrastructure & telecommunications. 🇼 🏷️

🇹🇼 Taiwan

🇹🇼 Taiwan Dual-Listings Monitor: TSMC Premium Compresses; ASE and UMC Flip to Discount (Smartkarma) $

Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) ADR premium compressed to +14.5%, nearly 6pts below its 2-year median of +20.4%, signalling a potential trade in the ADR relative to the local.

ASE Technology Holding (NYSE: ASX) and United Microelectronics Corp (TPE: 2303 / NYSE: UMC) both trade at discounts to local shares (-3.0% and -2.0%), with ASE ADR short interest dropping 20% even as Taiwan short interest climbs.

ChipMOS Technologies (TPE: 8150 / NASDAQ: IMOS) ADR short interest surged 141% to 37,452 shares, though on thin volume.

🇹🇼 Could memory chip shortage imperil FIH Mobile’s return to the black? (Bamboo Works)

The smartphone arm of electronics giant Foxconn benefited from increased shipments to a key customer last year, as it reported an annual net profit of $52.73 million

FIH Mobile (HKG: 2038 / OTCMKTS: FXCNF / FXCNY) returned to the black in 2025 with a profit of $53 million, reversing a loss the previous year

The smartphone arm of Taiwanese electronics giant Foxconn is facing a major new challenge this year from soaring memory chip prices

🇹🇼 TechChain Insights: Himax (HIMX) Q&A — Automotive Display Dominance Meets Edge AI and Photonics (Smartkarma) $

[Himax Technologies (NASDAQ: HIMX)]

Automotive core: ~40% global display driver IC share; automotive now 50% of revenue, with TCON growing ~50% YoY and double-digit 2H26 growth guided from new project ramps.

Non-Driver expansion: WiseEye edge AI, LCoS microdisplays, and co-packaged optics nano-optics target AI PCs, AR glasses, and data center silicon photonics – meaningful revenue contribution expected from 2027.

Solid financial foundation: $258M net cash, $140M operating cash flow, ~31% gross margins; structural margin upside expected as high-value non-driver mix grows over the medium term.

🇰🇷 Korea

🇰🇷 An Update on the KOSPI 200 Rebalance Candidates in June 2026 (Douglas Research Insights) $

This insight provides an update on the KOSPI 200 rebalance candidates in June 2026.

I provide 8 potential deletion candidates including Asia Holdings Co Ltd (KRX: 002030), Miwon Specialty Chemical Co Ltd (KRX: 268280), and Green Cross Holdings (KRX: 005250).

These 8 stocks are down on average 8.4% in the past six months, significantly underperforming KOSPI which is up 54.1% in the same period.

🇰🇷 Hanwha Solutions (009830 KS) Tactical Outlook Following the Rights Offering ‘Crash’ (Douglas Research Insights) $

On 25 March, Hanwha Solutions (KRX: 009830 / 009835) announced plans to conduct a rights offering capital raise of nearly 2.4 trillion won (US$1.6 billion). The stock tanked 30% last week.

Douglas Kim suggested the expected rights offering price is 33,300 won, 9.5% lower than the closing price on 26 March.

Price crashed the P75 downside band, signaling extreme selling velocity toward the 31,350 support (our model’s MAX drawdown for this pattern). The move currently tracks as an oversold tail-risk event.

🇰🇷 Hanwha Solutions: Rights Offering Capital Raise of 2.4 Trillion Won (Douglas Research Insights) $

On 25 March, Hanwha Solutions (KRX: 009830 / 009835) (market cap of 6.3 trillion won) announced that it plans to conduct a rights offering capital raise of nearly 2.4 trillion won (US$1.6 billion).

I have a Negative View of this rights offering capital raise mainly due to excessive dilution concerns of existing shareholders. In addition, the company has poor balance sheet.

The company’s core solar and chemical businesses are experiencing tough competition and its profitability (operating margin) worsened in 2025. Valuations are also not cheap (EV/EBITDA of 20.1x).

🇰🇷 KDIC Plans to Sell a 33.9% Stake in SGI Insurance and a 10% Stake in Hanwha Life Insurance in 2026 (Douglas Research Insights) $

KDIC plans to sell a 33.9% stake in Seoul Guarantee Insurance Co (KRX: 031210) (SGI) in 2026 which is worth 1.3 trillion won at current prices.

On 24 March, KDIC announced that it plans to sell its entire 10% stake in Hanwha Life Insurance Co Ltd (KRX: 088350) in 2026 (worth 420 billion won) at current prices.

These potential block deal sales of Seoul Guarantee Insurance and Hanwha Life Insurance are likely to act as negative overhangs on their share prices in the coming months.

🇰🇷 Major Highlights of SK Hynix 2026 AGM (Douglas Research Insights) $

SK Hynix (KRX: 000660) privately submitted a registration application regarding the public offering of its ADRs to US SEC for listing in the U.S. stock market. ADR listing could occur in 2H26.

Due to concerns about share dilution, the company could resort to a combination of share buyback/cancellation in local market and new listing for the ADR shares.

SK Hynix emphasized that it plans to secure nearly 100 trillion won in net cash, up from 12.7 trillion won at the end of 2025. This is a bit counterintuitive.

🇰🇷 Google’s TurboQuant – Negative Impact on SK Hynix and Samsung Electronics in the Near Term (Douglas Research Insights) $

Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF), SK Hynix (KRX: 000660), and Kioxia Holdings Corp (TYO: 285A / FRA: KI5 / OTCMKTS: KXHCF)’s share prices declined by 4.7%, 6.2%, and 5.7% respectively on 26 March.

Concerns about Google’s new TurboQuant technology was the major factor driving lower share prices for these leading semiconductor companies in Asia.

TurboQuant is likely to put negative pressures on the global semiconductor companies such as Samsung Electronics and SK Hynix in the near term. However, the long-term outlook remains less clear.

🇰🇷 Sam Chun Dang Pharm: Block Deal Sale of Nearly 300 Billion Won by the CEO (Douglas Research Insights) $

On 24 March, the CEO of Sam Chun Dang Pharm (KOSDAQ: 000250) (Chun In-Seok) announced that he plans to sell 265,700 common shares in after-hours trading from 23 April to 22 May.

After this announcement, Sam Chun Dang Pharm’s share price rose by 19% to 1,115,000 won. His stake sale would represent 296 billion won at closing price as of 25 March.

Given the company’s current market cap of 26.2 trillion won, this would represent P/S of 52x and P/E of 111x, based on the 2027 consensus estimates.

🇰🇷 Hotel Shilla: CEO Lee Boo-Jin Plans to Buy 20 Billion Won Worth of Stock + End of Inheritance Tax (Douglas Research Insights) $

On 27 March, it was announced that Hotel Shilla (KRX: 008770 / 008775)’s CEO Lee Boo-Jin plans to purchase 20 billion won (US$13.3 million) worth of treasury shares.

Hotel Shilla’s CEO Lee Boo-Jin’s decision to purchase 20 billion won worth of treasury shares is clearly positive in the near term since it is first time purchase for her.

However, Hotel Shilla continues to have poor, volatile profit margins. Plus, despite the additional influx of millions of foreign investors to Korea, the company’s sales growth and profits remain poor.

🇰🇷 Celltrion: Cancellation of 1.7 Trillion Won of Treasury Shares (Douglas Research Insights) $

Celltrion (KRX: 068270) announced that it plans to cancel 9.11 million treasury shares (representing 3.9% of its outstanding shares) and worth about 1.7 trillion won on 1 April 2026.

This marks the largest scale of treasury share cancellation in the company’s history. From end of 2023 to 1 April 2026, Celltrion’s outstanding shares are expected to decline by 7.4%.

Celltrion plans to increase the size of its cash dividends to 30% of its earnings (EBITDA-CAPEX) in the mid-to-long term, up from 22% in 2025.

🌏 SE Asia

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

🌏 JG Summit Holdings (PSE: JGSHI / OTCMKTS: JGSHF / JGSMY) – Conglomerate. Air transportation, banking, food manufacturing, hotels, petrochemicals, power generation, publishing, real estate & property development & telecommunications. 🇼

🇵🇭 Monde Nissin Corporation 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌏 Monde Nissin Corp (PSE: MONDE / OTCMKTS: MNDDF) – Wide portfolio of branded food & beverages.

🇵🇭 D&L Industries, Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 D&L Industries (PSE: DNL / OTCMKTS: DLNDY) – Product customization & specialization (food ingredients, chemicals for personal/home care use, raw materials for plastic & aerosol products).

🇵🇭 Aboitiz Equity Ventures, Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇭 Aboitiz Equity Ventures Inc (PSE: AEV / OTCMKTS: ABOIF / ABTZY) – Conglomerate (power, banking and financial services, food, infrastructure, & data science/AI). 🇼

🇸🇬 Singapore T-Bill Yield Hits 1.46%: Should You Stay Safe or Invest in the STI? (The Smart Investor)

The latest Singapore T-bill yield has climbed to 1.46%. That sounds like good news – until you realise what you might be giving up.

What Is Driving Singapore T-Bill Yields Higher?

STI at 4,900: Should Investors Be Worried?

T-Bills vs Singapore Stocks: Which Is Better for Income?

A T-bill offers a fixed return of 1.46% with no growth. In contrast, the SPDR Straits Times Index ETF (SGX: ES3) delivers around 3.5% in dividends, along with potential capital appreciation.

The gap becomes even more stark when we look at the individual income engines behind the market. Singapore’s banking giants, including DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF), Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), and United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF), offer even higher yields of about 3.8 to 4.2%.

When Do T-Bills Make Sense?

Get Smart: Balancing Safety and Growth in Today’s Market

🇸🇬 ComfortDelGro: FY 2025 Headlines Are Not as Good as They Look

ComfortDelGro Corporation (SGX: C52 / FRA: VZ1 / VZ10 / OTCMKTS: CDGLF / CDGLY) reported improved revenues and net profits for 2025, and declared higher dividends. At first glance, the results were impressive: revenues increased by 13.0% year on year to S$5.06 billion, a milestone for CDG. Profit after tax and minority interests amounted to S$230.3 million, a 9.4% increase. Contribution from international businesses accounted for higher share of revenue as well as operating profits (55.3% and 44.7%), validating the group’s stated objective of expanding overseas. More importantly, return on equity (ROE) improved from 8.1% to 8.9%.

Corporate Monitor Ltd (CML) published two reports on CDG in October 2025 and May 2024, and our overall conclusion is that the group’s overseas expansion is still unproven, especially those driven by acquisitions. ROE has improved in the last 2 years, but it was driven by more leverage, rather than a fundamental improvement in the business. Our view remains unchanged despite the better headline numbers for 2025.

🇸🇬 Wave Life Sciences Ltd. (WVE) Discusses Positive Interim Phase I Data from INLIGHT Trial of WVE-007 for Obesity – Slideshow (Seeking Alpha)

🇸🇬 Wave Life Sciences: WVE-007 Data Leaves Biotech Shaken And Stirred (Downgrade) (Seeking Alpha) $ 🗃️

🌐 Wave Life Sciences Ltd (NASDAQ: WVE) – Clinical-stage biotech RNA medicines platform.

🇸🇬 Grab Holdings: Local Network Effect Advantage And Dominant Market Position (Seeking Alpha) $ 🗃️

🌏 Grab Holdings Limited (NASDAQ: GRAB) – Superapp in SE Asia for mobility, deliveries, & digital financial services to millions of Southeast Asians. 🇼 🏷️

🇸🇬 Sea Limited: Profitability And Positive FCF Growing Strongly (Seeking Alpha) $ 🗃️

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

🇸🇬 3 Singapore REITs I Plan to Buy If the Market Crashes (The Smart Investor)

Market corrections can create opportunities in quality REITs. Here are three types of Singapore REITs worth watching if prices fall sharply.

Why REITs Can Be Attractive During Market Crashes

What Makes a REIT Worth Watching in a Sell-Off

Parkway Life Real Estate Investment Trust (SGX: C2PU) — The Defensive Healthcare REIT

As the ultimate defensive healthcare REIT, this nursing home and hospital owner sees resilient demand come rain or shine.

CapitaLand Integrated Commercial Trust(SGX: C38U / OTCMKTS: CPAMF), or CICT — The Prime Commercial REIT

This blue-chip REIT owns some of the highest-quality commercial assets in the prime central business district area, including landmarks such as CapitaSpring and Asia Square Tower 2.

Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF) — The Data Centre REIT

Rounding things off, we highlight Keppel DC REIT, a REIT that is leveraging long-term growth trends in digitalisation and AI.

How I Would Approach Buying During a Crash

What Could Go Wrong

Get Smart: Prepare Before the Panic Hits

3 Singapore Blue-Chip Stocks to Buy if You Have S$30,000 to Spare (The Smart Investor)

With the current market turbulence and interest rates expected to ease, investors may be wondering whether Singapore’s blue chips are still worth buying.

DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF)

DBS needs no introduction, as Singapore’s largest bank by market capitalisation.

Singapore Exchange Limited(SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY)

Singapore Exchange Limited, or SGX, is Singapore’s sole stock exchange operator.

Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF)

Keppel is a global asset manager and operator with three distinct divisions — infrastructure, real estate, and connectivity.

The group has transformed in recent years after divesting its offshore and marine business, sharpening its focus on becoming an asset-light platform with recurring income.

Get Smart: Familiar Names, New Context

🇸🇬 3 Singapore Dividend Stocks Offering 8%+ Yields: Are They Safe? (The Smart Investor)

Don’t chase yields blindly. We look under the hood of three Singapore REITs offering 8% yields in 2026.

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

United Hampshire US REIT, or UHREIT, is the “grocery run” of the portfolio.

It owns 20 necessity-based retail properties and two self-storage facilities across the US.

Elite UK REIT (SGX: MXNU)

Elite UK REIT is a unique outfit, owning 148 commercial properties in the UK.

Its biggest strength – and its biggest concentration risk – is its anchor tenant: the UK Government’s Department for Work and Pensions (DWP), which brings in over 90% of the rent.

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

First REIT focuses on healthcare properties across Indonesia, Japan, and Singapore.

While healthcare is usually a “defensive” sector, this REIT has been facing some rough weather.

Get Smart: Not All 8% Yields are Created Equal

🇸🇬 These 3 Dividend Stocks Pay More Than CPF — and Why Some Investors Still Prefer Them (The Smart Investor)

CPF offers a guaranteed return, but some dividend stocks provide higher income supported by strong underlying businesses.

CPF vs Dividend Stocks: A Crucial Difference

What Makes a Dividend Stock “Lower Risk” in Practice

Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), OCBC – The Dividend Stability Leader

Being one of the largest financial institutions in Singapore, OCBC has a diverse income model, ranging from consumer banking to wealth management and insurance services.

Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel – The Defensive Income Generator

Singtel’s diversified telecommunications business provides resilience during market downturns, counterbalancing the variability of earnings from its regional associates and investments.

Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) – The Strong Balance Sheet Compounder

Keppel is shifting focus to a capital-light business model with recurring income streams, with a focus on fee-based asset management and infrastructure investments.

Why Some Investors Still Choose Dividend Stocks Over CPF

What Could Go Wrong

Get Smart: Higher Yield Requires Clear Thinking

🇸🇬 4 Defensive Stocks to Hold When Market Fear Threatens Your Retirement (The Smart Investor)

These four defensive stocks could help steady a long-term portfolio when fear takes hold.

Why Defensive Stocks Matter for Retirement Portfolios

Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) — The Dividend Stability Anchor

Keppel stands out as a defensive pick today largely because it has moved away from its old reliance on oil.

In the past, its earnings were closely tied to oil prices.

Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF), or ST Engineering — The Defensive Blue Chip

ST Engineering is widely seen as a defensive blue chip due to its reputation as Singapore’s defence provider.

The group has leading positions in defence, aerospace, and smart city solutions across more than 100 countries.

Parkway Life Real Estate Investment Trust (SGX: C2PU) — The Income-Generating REIT

Several factors make Parkway Life REIT, or PLife REIT, one of the sturdiest healthcare-focused pillars for any income portfolio.

Right now, it holds 74 properties, among which are hospitals, nursing homes and healthcare facilities, spread across Singapore, Japan, and France, with a combined value of S$2.57 billion.

NetLink NBN Trust (SGX: CJLU / OTCMKTS: NETLF) — The Essential Services Provider

NetLink keeps Singapore running by supplying the fibre broadband infrastructure that provides more than 1.5 million residential fibre connections.

What Makes a Stock Truly Defensive

Get Smart: Stability Helps You Stay Invested

🇸🇬 4 Resilient Growth Stocks Balancing Dividends and Expansion (The Smart Investor)

Investors often believe they must choose between dividend income and growth. But these 4 Singapore-listed companies can provide the best of both worlds!

1. DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF)

The bank generates income primarily from consumer and corporate banking and wealth management.

2. Singapore Exchange Limited(SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY)

Singapore Exchange, or SGX, which is behind Singapore’s stock and derivatives market, has also been able to deliver both earnings growth and reliable dividends.

3. CapitaLand Integrated Commercial Trust(SGX: C38U / OTCMKTS: CPAMF)

CapitaLand Integrated Commercial Trust, or CICT, is Singapore’s largest listed REIT, with a market capitalisation of around S$17.8 billion currently.

Its properties, which are mostly retail malls and offices, are located in Singapore, Germany, and Australia, and are valued at S$27 billion at the end of 2025.

4. Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF)

As at 31 December 2025, Singapore’s first Asia Pacific-focused logistics REIT, Mapletree Logistics Trust (or MLT), owns 174 warehouse and distribution centers across nine key markets.

Get Smart: Growth and Income Can Coexist

🇸🇬 DBS Share Price: When Is the Right Time to Buy? (The Smart Investor)

DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) is one of Singapore’s most sought-after blue-chip companies. But when exactly is it the right time to buy in – here’s a simple framework to help you decide.

Cheaper but Not Necessarily a Bargain

Step 1: Start with the Business

Step 2: Put Valuation into Context

Step 3: Consider Dividend Yield

Step 4: Define Your Entry Point

Step 5: Managing Timing and Execution

Common Pitfalls Investors Make When Buying DBS

Get Smart: Decide When You Should Buy

🇸🇬 3 Singapore Cash-Rich Dividend Stocks Paying More Than Your CPF (The Smart Investor)

Learn how the net cash positions of these three Singapore stocks provide a vital dividend safety net.

Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF)

If you are looking for a textbook example of dividend sustainability, then Micro-Mechanics ticks all the right boxes.

The precision toolmaker for the semiconductor industry delivered its strongest first-half performance since 1HFY2023.

Pan-United Corporation Ltd (SGX: P52)

The latest results for Pan-United Corporation tell an intriguing story.

The concrete and cement supplier raised its interim dividend by a hefty 43% to S$0.010 per share, up from S$0.007 a year ago.

QAF Ltd (SGX: Q01)

The Gardenia bread maker saw profit attributable to owners plunge 69% YoY to S$3.9 million as a cocktail of headwinds hammered the bottom line.

These included foreign currency translation losses of S$3.0 million along with rising operating expenses and an S$1.9 million impairment on its Malaysian joint venture.

Get Smart: Net Cash is the Ultimate Safety Net

🇸🇬 How to Build a S$2,000 Monthly Passive Income Stream with Just 5 Singapore Stocks (The Smart Investor)

A S$2,000 monthly passive income may sound ambitious, but dividend stocks can make it achievable over time.

Step 1: Understanding the Income Target

Step 2: Why Diversification Still Matters

For instance, Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX, usually pays a dividend in February, May, October and November, while Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF) typically pays out in May and September.

Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), or OCBC – Stable Dividends

OCBC currently trades at a trailing price-to-book (P/B) of 1.5x, against the 2.3x of DBS Group (SGX: D05) and 1.2x of United Overseas Bank (SGX: U11).

Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) – “ERP” Collector

Parkway Life Real Estate Investment Trust (SGX: C2PU), or Parkway Life – Healthcare REIT that Delivers, Rain or Shine

Next on the list is Parkway Life, a healthcare REIT with a portfolio of 75 properties across Singapore, Japan, France, and Malaysia, and the epitome of resilient income.

Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF) – Robust Balance Sheet That Supports Dividends

CapitaLand Integrated Commercial Trust (SGX: C38U), or CICT – Blue-Chip REIT

Finally, CICT rounds things off as Singapore’s largest REIT.

Get Smart: Income Investing Is a Long-Term Strategy

🇻🇳 Vietnam Is the Most Underpriced Economy on Earth — My 5-Position Playbook (Public Markets)

Then, on October 7, 2025, FTSE Russell made an announcement that changes everything for international investors: Vietnam will be reclassified from Frontier Market to Secondary Emerging Market status, effective September 21, 2026.

That upgrade is the single most important catalyst for Vietnamese equities in a generation. And I don’t think the market has fully priced what happens next.

FTSE Russell has approximately $18.1 trillion in funds benchmarked to its indices. When Vietnam moves from the Frontier index to the Emerging index, every passive fund and ETF tracking FTSE Emerging Markets must buy Vietnamese stocks. Not because a fund manager decided to. Because the index changed.

FTSE Russell has identified 28 Vietnamese stocks eligible for inclusion. Four large-caps: Hoa Phat Group JSC (HOSE: HPG), Vietcom Bank (HOSE: VCB), Vingroup JSC (HOSE: VIC), and Vinhomes JSC (HOSE: VHM).

Three mid-caps: Masan Group Corp (HOSE: MSN), Saigon Beer Alcohol Beverage Corp (Sabeco) (HOSE: SAB), and Vietnam Dairy Products JSC (HOSE: VNM / SET: VNM19) or Vinamilk. Plus 21 additional names across financials, industrials, consumer, and real estate.

🇮🇳 India / South Asia / Central Asia

🌍 Central Asia Metals plc 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌍 Central Asia Metals PLC (LON: CAML / FRA: 9C3 / OTCMKTS: CAMLF) – Base metals producer. Copper operation in Kazakhstan + zinc & lead mine in North Macedonia. 🇼

🇮🇳 Wipro Has More Growth Challenges As Transition To GenAI Platform Continues (Seeking Alpha) $ 🗃️

🌐 Wipro Ltd (NYSE: WIT) – IT, consulting & business process services. 🇼 🏷️

🇮🇳 Event Driven: Infosys’ Combined Acquisitions~ What Do They Mean for the Tech Giant? (Smartkarma) $

Infosys (NYSE: INFY) approved the strategic acquisition of Optimum Healthcare and Stratus Global for a combined value of USD 560 million, expected to close in Q1 FY27.

These deals target high-growth healthcare and insurance verticals, adding 2,050 domain experts to accelerate the adoption of Topaz AI and Cobalt cloud platforms.

Success depends on retaining specialised talent during integration and proving that Optimum’s massive FY25 revenue spike is sustainable rather than a non-recurring event.

🇮🇳 Cricket’s New Asset Class: IPL Team’s Billion-Dollar Valuation (Smartkarma) $

RCB sold to Aditya Birla-led consortium at INR16,660 crore, Rajasthan Royals acquired by Kal Somani consortium at INR15,032 crore, both on 24_Mar-26 confirming IPL franchises now trade at 20-22x revenue.

IPL franchise pricing has structurally converged with lower-end Premier League football clubs, redefining the scarcity premium for media-linked sports assets globally and resetting comparables for every team not yet transacted.

RPSG Ventures Ltd (NSE: RPSGVENT / BOM: 542333), holds a 51% interest in LSG, a franchise valued conservatively at INR7,000-9,000 crore, making it one of the widest sporting asset discounts in the public markets.

🌍 Middle East

🌍 Actuarial Warfare: How Seven Insurance Letters Closed the World’s Most Critical Chokepoint and Why Markets Are Mispricing Duration by 300% (Shanaka Anslem Perera) 🗃️

Private Reinsurance, IRGC Fragmentation, Interceptor Depletion, and a Dead Nuclear Fatwa Have Produced a Crisis No Military Victory Can Resolve

🇮🇱 Tower Semiconductor: Pure-Play Israeli Foundry In A Boom Cycle (Seeking Alpha) $ 🗃️

🌐 Tower Semiconductor (NASDAQ: TSEM) – Foundry of high value analog semiconductor solutions. 🇼

🇮🇱 Mobileye May Be The ‘Sleeping Giant’ Of The Robotaxi Revolution (Seeking Alpha) $ 🗃️

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

🇯🇴 International General Insurance: Cheap, But Lacking Growth Catalysts (Seeking Alpha) $ 🗃️

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

🌍 Africa

🇿🇦 Standard Bank Group Limited (SGBLY) Analyst/Investor Day – Slideshow (Seeking Alpha)

🌍🅿️ Standard Bank (JSE: SBK / SBPP / SBKP / FRA: SKC2 / OTCMKTS: SGBLY) – On-the ground presence in 20 African countries, 4 global centres & 2 offshore hubs. 🇼 🏷️

🇿🇦 Vukile Property Fund Limited (VKPPF) Discusses Portfolio Reshaping, Asset Rotation and Strategic Expansion in Pre-Close Update – Slideshow (Seeking Alpha)

🇿🇦 🇪🇸 Vukile (JSE: VKE) – Retail REIT (urban, commuter, township & rural malls) operating in South Africa & Spain.

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

🌍 Remgro Ltd (JSE: REM / FRA: RE7 / OTCMKTS: RMGOF) – Investments in the healthcare, consumer products, financial services, infrastructure, industrial & media. 🇼 🏷️

🇿🇦 Thungela Resources Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇿🇦 Thungela Resources (JSE: TGA / LON: TGA / FRA: 6UP / OTCMKTS: TNGRF) – Mining & production of thermal coal in South Africa. Exports its products to Indian, Asian, SEA, Middle East, & North African markets. Anglo American Plc (LON: AAL / JSE: AGL / OTCMKTS: NGLOY) spinoff. 🏷️

🇿🇼 Caledonia Mining Corporation Plc 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🌍 Eastern Europe & Emerging Europe

🇬🇷 Public Power Corporation S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇬🇷 🇷🇴 Public Power Corporation SA (ASE: DEHr / FRA: PU8 / OTCMKTS: PUPOF) – Largest electric power company in Greece. 🇼

🇵🇱 KGHM Polska Miedz S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇱🏛️ KGHM Polska Miedz SA (WSE: KGH / FRA: KGHA / OTCMKTS: KGHPF) – Extracting & processing of natural resources with the largest European deposits of copper ore. 🇼 🏷️

🇵🇱 LPP SA 2026 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌍 LPP SA (WSE: LPP / FRA: 1RY) – Polish family company that dresses customers in nearly 40 global markets. Largest fashion company in Central & Eastern Europe. 5 clothing brands: Reserved, Cropp, House, Mohito & Sinsay. 🇼 🏷️

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

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

🇷🇺 IRC Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇷🇺 IRC Ltd (HKG: 1029 / OTCMKTS: IRCWF) – Largest iron ore mining operator in the Russian Far East. 🇼

🇺🇦 Ukrainian agriculture stocks – the world’s ultimate land bargain? (Undervalued Shares)

In April 2022, I published a primer on Ukrainian agriculture stocks. At the time, half a dozen were listed on major European exchanges, including London, Warsaw, Paris, and Frankfurt.

My conclusion was straightforward: “It’s clear that these Ukrainian agricultural stocks represent tremendous value. Assume, for argument’s sake, that all assets other than the land would be worth zero. You’d buy this land at about 10% the valuation of Polish farmland.“

Nearly four years on, it’s time to revisit that thesis.

MHP SA (LON: MHPCq) (ISIN US55302T2042) is a Luxembourg-based holding company with a primary listing in London and operations in Ukraine. It’s the country’s largest poultry producer, with poultry accounting for 50% of revenue. The company also produces corn, wheat, and rapeseed. MHP employs more than 36,000 people, operates across 12 regions, and controls 360,000 hectares of land. It exports to more than 70 countries worldwide.

🌎 Latin America

🌎 Adecoagro: The Time To Harvest Has Come – I’m Selling (Downgrade) (Seeking Alpha) $ 🗃️

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

🌎 MercadoLibre: Buy Latin America’s Leading E-Commerce And Fintech Compounder (Seeking Alpha) $ 🗃️

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

🌎 Arcos Dorados Holdings Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌎 Arcos Dorados Holdings Inc (NYSE: ARCO) – World’s largest independent McDonald’s franchisee. Exclusive right to own, operate & grant franchises of McDonald’s restaurants in 20 Latin American & Caribbean countries & territories. 🇼 🏷️

🇦🇷 Grupo Supervielle: Reducing To ‘Hold’ On Capital Issues And Lack Of Income (Seeking Alpha) $ 🗃️

🇦🇷 Grupo Supervielle SA (NYSE: SUPV) – Provides a range of financial & non-financial services. 🏷️

🇦🇷 Banco BBVA Argentina: Operational Excellence At The Worst Point In The Cycle (Seeking Alpha) $ 🗃️

🇦🇷 Bbva Argentina (NYSE: BBAR) – Subs. of Banco Bilbao Vizcaya Argentaria S.A. (NYSE: BBVA). Retail & corporate banking to a broad customer base, including individuals, SMEs & large companies. 🇼 🏷️

🇦🇷 Lithium Argentina 2025 Results Disappointing, But Still Remains On My Bargain-Hunting List (Seeking Alpha) $ 🗃️

🇦🇷 Lithium Argentina AG 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇧🇴 Andean Precious Metals Corp. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇴 🇺🇸 Andean Precious Metals Corp (TSE: APM / FRA: 6ZS / OTCMKTS: ANPMF) – Mid-tier precious metals producer. San Bartolomé processing facility in Potosí, Bolivia & Soledad Mountain mine in Kern County, California. 🇼

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

🇧🇷 Azul Sa (NYSE: AZUL / BVMF: AZUL4) – Scheduled air transportation services in Brazil. 🇼 🏷️

🇧🇷 Grupo Casas Bahia S.A. (VIAYY) Analyst/Investor Day – Slideshow (Seeking Alpha)

🇧🇷 Grupo Casas Bahia SA (BVMF: BHIA3) formerly Via Varejo Sa (BVMF: VIIA3) – Omnichannel retailer with national reach, through physical stores, e-commerce (1P and marketplace) & social selling, with the Casas Bahia, Ponto & Extra.com.br brands. 🇼 🏷️

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

🌐🅿️ Braskem SA (NYSE: BAK / BVMF: BRKM3 / BRKM5 / BRKM6) – Largest petrochemical company in Latin America. Controlled by Novonor (Odebrecht SA). 🇼 🏷️

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

🇧🇷 Equatorial SA (BVMF: EQTL3 / OTCMKTS: EQUEY) – Electricity generation, distribution & transmission operations.

🇧🇷 MBRF Global Foods Company S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇧🇷 Cosan’s Deleveraging Story Still Lacks A Solid Foundation (Seeking Alpha) $ 🗃️

🌎 Cosan SA (BVMF: CSAN3 / NYSE: CSAN) – Bioethanol, sugar & energy. 🇼

🇧🇷 Vitru Brasil Empreendimentos, Participações e Comércio S.A 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Vitru Brasil Empreendimentos, Participações e Comércio (BVMF: VTRU3) formerly Vitru Limited (NASDAQ: VTRU) – One of Brazil’s largest higher education institutions focused on digital education. 🏷️

🇧🇷 Companhia Energética de Minas Gerais – CEMIG 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷🏛️🅿️ Companhia Energética de Minas Gerais (CEMIG) (BVMF: CMIG3 / CMIG4 / NYSE: CIG) – Generation, transmission, distribution & commercialization of electric energy + distribution of natural gas. 🇼

🇧🇷 Embraer S.A. (EMBJ) Finnair Oyj, – M&A Call – Slideshow (Seeking Alpha)

🌐 Embraer SA (BVMF: EMBR3 / NYSE: ERJ) – The 3rd largest producer of civil aircraft after Boeing & Airbus & the leading provider of regional jets worldwide. 🇼 🏷️

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

🇧🇷 Light SA (BVMF: LIGT3) – Power generation, transmission, distribution & trading concentrated in Rio de Janeiro. Subs. of Companhia Energética de Minas Gerais (CEMIG) (NYSE: CIG). 🇼 🏷️

🇧🇷 Cyrela Brazil Realty S.A. Empreendimentos e Participações 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 🇦🇷 🇺🇾 Cyrela Brazil Realty Sa Empreendimentos (BVMF: CYRE3 / OTCMKTS: CYRBY) – Largest homebuilder & real estate company by revenue & market value in Brazil + Argentina & Uruguay. 🇼 🏷️

🇲🇽 Volaris: Viva Merger Could Greatly Increase Profitability (Rating Upgrade) (Seeking Alpha) $ 🗃️

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

🇵🇦 Banco Latinoamericano de Comercio Exterior, S. A. (BLX) Analyst/Investor Day – Slideshow (Seeking Alpha)

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

🌐 Global

🌐 Optical Circuit Switches (OCS) Fundamentals (Semi Fundamental)

A deep dive into the optical switching technology challenging electronic networks in AI

Optical Circuit Switches, or OCS, are network switches that route data by physically steering light from one optical port to another, without converting the signal into electricity. OCS has become increasingly popular in AI and hyperscale data center networks, with Google as its main adopter so far.

In this article, you will learn:

The use cases of OCS

The workload types suited for OCS

The 2 major OCS platforms so far

The challenges of scaling OCS port counts further

The 4 main types of OCS, their pros and cons, and the major vendors

The key components of OCS and BOM analysis

OCS shipment volumes from 2024 to 2026

Current selling prices for 128×128 and 300×300 OCS

The main OCS producers: Lumentum, Coherent, and Huawei

The main OCS customers: Google and others

🌐 Nebius: Catch This AI Dip With A Safety Net (Seeking Alpha) $ 🗃️

🌐 Nebius: The $45 Billion Backlog Nobody Is Pricing In (Seeking Alpha) $ 🗃️

🌐 Nebius: Massive AI Deals Drive Growth, But Dilution Risks Loom (Seeking Alpha) $ 🗃️

🌐 Nebius: Short Squeeze Potential Is Mounting (Seeking Alpha) $ 🗃️

🌐 Nebius: Mispriced By Association (Seeking Alpha) $ 🗃️

🌐 Nebius: Meta And Nvidia Deals Plus New Capital Close 2026 Funding Gap, Driving $140 Price Target (Seeking Alpha) $ 🗃️

🌐 Nebius: The Market Got This Wrong (Seeking Alpha) $ 🗃️

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

📅 Earnings Calendar

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

📅 Economic Calendar

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

🗳️ Election Calendar

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

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

📅 Emerging Market IPO Calendar/Pipeline

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

Seahawk Recycling Holdings, Inc. SEAH Cathay Securities, 3.8M Shares, $4.00-6.00, $18.8 mil, 4/2/2026 Week of

(Incorporated in the British Virgin Islands)

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

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

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

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

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

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

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

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

DT House Ltd. DTDT American Trust Investment Services, 5.0M Shares, $5.00-5.50, $26.3 mil, 4/6/2026 Week of

(Incorporated in the Cayman Islands)

DT House Ltd. is the holding company of UHAD, UHHK and UFox, our wholly owned subsidiaries. We are headquartered in the UAE.

We began with the establishment of UHHK in 2020. We provide corporate consultancy services in the UAE and Hong Kong on environmental, social and governance (ESG) themes. As part of that work, we provide travel-related services for leisure travelers in the UAE, which includes primarily the sale of tickets to tourist attractions. Our clients are public companies in the United States and Hong Kong, as well as small and medium-sized enterprises and private corporations in the UAE, Hong Kong and Southeast Asia. We have our own AI-driven cloud-based software program.

In June 2024, we launched our travel-related services by acquiring UFox, a company principally engaged in travel-related services in the UAE, with a particular emphasis on eco-friendly and sustainable travel practices. UFox maintains close business relations with various organizations in the MENA Region such as the Union of Overseas Chinese in Saudi Arabia. We believe that our travel-related services could potentially bring about a synergistic effect with our corporate consultancy services if we follow the same set of ESG principles in both segments. Our current plan is to design travel programs based on the sustainable travel concept, such as using alternative transport modes with lower carbon footprints and partnering with eco-friendly hotels.

We offer customizable and hassle-free sustainable travel experiences. Our clients can customize their own tours or subscribe to services on a segmented basis. The major customers of our travel-related services are two online leisure travel platforms, namely, Trip.com Group Limited (Nasdaq: TCOM) and Fliggy international platform (fliggy.com, a member of Alibaba Group (NYSE: BABA) and an online marketplace of tourism products).

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

(Note: DT House Ltd. more than doubled its IPO’s size – to 5.0 million shares – up from 2.0 million shares – in an F-1/A filing on Jan. 20, 2026 – after the previous IPO plan was withdrawn, at the company’s request. The new price range is $5.00 to $5.50 – an increase from the previous range of $4.00 to $5.00.. Under the new terms, DT House Ltd. would raise $26.25 million, if the IPO is priced at $5.25, the mid-point of its new range. Background: DT House Ltd. increased its IPO’s size to 2.0 million shares – up from 1.875 million shares initially – and kept the price range at $4.00 to $5.00 – to raise $9.0 million, according to its F-1/A filing dated Oct. 24, 2025. DT House Ltd. has also named American Trust Investment Services as the sole book-runner, replacing Revere Securities. Background: DT House Ltd. filed its F-1 on March 3, 2025, and disclosed the terms for its IPO: The company is offering 1.875 million shares at a price range of $4.00 to $5.00 to raise $8.44 million, if priced at the mid-point of its range.)

Hartford Creative Group, Inc. (Uplisting) HFUS WestPark Capital, 1.5M Shares, $4.00-4.00, $6.0 mil, 4/6/2026 Week of

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

(Incorporated in Nevada)

We specialize in delivering marketing solutions tailored to small and medium-sized enterprises (SMEs). Our suite of precision marketing services offers cross-media strategies that enable advertisers to effectively target and engage audiences across premier media platforms. We leverage our interconnecting network and keen insights into market demands to develop and implement bespoke marketing initiatives. These initiatives encompass the design, placement, monitoring and optimization of advertising campaigns. Navigating the intricate landscape of the modern marketing and sales value chain presents numerous challenges, particularly for enterprises lacking the necessary expertise. Many struggle with creating ample marketing content, devising effective strategies, converting leads, and managing customer relations—tasks made more daunting by the sheer volume of use cases across diverse marketing channels.

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

According to the publication Digital Transformation Market Size, Share, Growth & Trends Analysis Report By Solution, By Deployment, By Service, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2024 – 2030, the global digital transformation market size was estimated at US$880.3 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 27.6% from 2024 to 2030. With 1.02 billion internet users and the world’s largest social media population, China’s growing economy, booming technology sector and thriving e-commerce scene make it one of the most intriguing markets in the world today. Social media has long been one of the most important communication channels in China, with the country having the world’s largest number of social media users at over 983.3 million as of November 2024.

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

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

(Note: Hartford Creative Group, Inc. is offering 1.5 million shares at an assumed public offering price of $4.00 per share to raise $6.0 million, according to its S-1/A filing dated May 2, 2025. WestPark Capital was named sole book-runner, replacing WallachBeth, according to an S-1/A filing dated Nov. 25, 2025. Background: WallachBeth, in turn, had been named sole book-runner in late August 2025, replacing the original joint book-runners, Craft Capital and R.F. Lafferty & Co., according to an S-1/A filing dated Aug. 27, 2025. In that filing, Hartford Creative Group said its selling shareholder would offer another 1 million shares; the company would not receive any proceeds from the sale of the selling shareholder’s stock. The company filed its S-1 on Feb. 24, 2025.)

Hillhouse Frontier Holdings HIFI Cathay Securities, 3.8M Shares, $4.00-6.00, $18.8 mil, 4/6/2026 Week of

(Incorporated in Nevada)

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

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

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

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

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

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

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

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

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

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

Riku Dining Group RIKU Eddid Securities USA, 5.0M Shares, $4.00-6.00, $25.0 mil, 4/20/2026 Week of

(Incorporated in the Cayman Islands)

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

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

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

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

(Note: Riku Dining Group more than doubled its IPO’s size – to $25 million – up from $11.25 million – in an F-1/A filing on March 16, 2026: The company now plans to offer 5.0 million shares – up from 2.25 million shares previously – at a price range of $4.00 to $6.00 – the same as before – to raise $25 million, according to its March 16, 2026, F-1/A filing. Earlier today, the company withdrew its previous IPO filing. Background: Riku Dining Group disclosed the terms for its IPO in an Oct. 8, 2025, filing with the SEC: The company is offering 2.25 million shares at a price range of $4.00 to $6.00 to raise $11.25 million. Background: Riku Dining Group filed its F-1 for its IPO in September 2025 without disclosing the terms. Estimated IPO proceeds are $16 million.)

🏁 Emerging Market ETF Launches

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

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

🚽 Emerging Market ETF Closures/Liquidations

Frontier and emerging market highlights:

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

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

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

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

Emerging Market Links + The Week Ahead (March 30, 2026) was also published on our Substack.

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(Incorporated in the British Virgin Islands)

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

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

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

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

(Incorporated in the Cayman Islands)

DT House Ltd. is the holding company of UHAD, UHHK and UFox, our wholly owned subsidiaries. We are headquartered in the UAE.

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

(Incorporated in Nevada)

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

(Incorporated in Nevada)

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

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

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

(Incorporated in the Cayman Islands)

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

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

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

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

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