EM Fund Stock Picks & Country Commentaries (May 24, 2026)

As of late May, a large number of April (plus some remaining Q1) fund updates have become available (our continuously updated post containing all funds is here) with this post getting caught up on what is available along with some new research pieces (next weekend’s post will get caught up on fund research pieces over the past few weeks):

New Asia Fund Documents & Research

🗄️🌐 Abrdn Asia Focus PLC (LON: AAS)’s Aprilmonthly factsheet (detailed economic and portfolio) for this high conviction portfolio of Asian small caps discussed or mentioned:
- 📈🇹🇼Taiwan Union Technology Corporation (TPEX: 6274) – Value-added materials & advanced mass lamination service to the global electronics industry.
- 📈🇹🇼Chroma Ate Inc (TPE: 2360) – Taiwanese automated testing company. Semiconductor testing for AI-artificial intelligence. 🇼 🏷️
- 📈🇹🇼Accton Technology (TPE: 2345) – Open hardware platforms for data center, carrier access, campus, SD-WAN networks & IoT. 🇼 🏷️
- 📈🇸🇬 ASMPT (HKG: 0522 / FRA: AY7A / OTCMKTS: ASMVF) – Chip packaging equipment maker. HK founded. Singapore HQ. 🇼🏷️
- 📈🇯🇵 Hyundai Electric
- 📈🇰🇷HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (KRX: 009540) – Shipbuilding & offshore engineering businesses. 🏷️
- 📈🇰🇷HD Hyundai Marine Solution (KRX: 443060) – Integrated engineering-based services to Hyundai brand ships. 🇼 🏷️
Asia Frontier Capital had the following April fund updates:
- 🗄️🌏 AFC Asia Frontier Fund’s monthly newsletter (detailed economic and portfolio – Asian Frontier Markets Rebound Strongly in April – April 2026 Update) noted Ruchir Desai, Co-Fund Manager of the fund, was in Dhaka, Bangladesh in April and met across industries like banks, consumer goods, construction materials, and telecoms who were all very optimistic for a robust economic rebound (once the Iran war ends). There were positive performances for Pakistan, Kazakhstan, Georgia, Sri Lanka, Iraq, Bangladesh and Uzbekistan. Named or unnamed performers/transactions (that can be guessed) discussed or mentioned:
  - 📈🇻🇳 Nickel miner in Vietnam
  - 📈🇵🇰 The stock exchange operator in Pakistan [🇵🇰Pakistan Stock Exchange Limited (PSX: PAKS) – PSX constitutes of 40% shareholding by a consortium of Chinese investors (Shanghai Stock Exchange, Shenzhen Stock Exchange, & China Financial Futures Exchange), & 60% by general public. 🇼🏷️]
  - 📈🇵🇰 Pakistani tobacco producer
  - 📈🇬🇪 Georgian bank
  - 📈🇬🇪 Another Georgian bank
    - ? 🇬🇪 🇦🇲Lion Finance Group PLC (LON: BGEO / FRA: GEB / OTCMKTS: BDGSF) formerly Bank Of Georgia Group Plc – Banking + financial in Georgian & Armenian markets through universal banks. 🇼
    - ? 🇬🇪Georgia Capital Plc (LON: CGEO / FRA: 2IX / OTCMKTS: GRGCF) – Investing in & developing businesses in Georgia.
    - ? 🇬🇪 🇺🇿Tbc Bank Group Plc (LON: TBCG / OTCMKTS: TBCCF) – The largest banking group in Georgia. 🇼
- 🗄️🇮🇶AFC Iraq Fund’s April newsletter (economic and portfolio) discussed the sizable dividends announced by two of the top three banks in the market and a couple of peculiarities of the securities’ regulation or market that enables large dividends. Stocks mentioned or discussed:
  - 📈🇮🇶 Mansour Bank (BMNS)
  - 📈🇮🇶 National Bank of Iraq (BNOI)
  - 📈🇮🇶 Bank of Baghdad (BBOB)
  - 📈🇮🇶 Asiacell Communications (TASC)
  - 📈🇮🇶 Baghdad Soft Drinks (IBSD)
- 🗄️🇺🇿 AFC Uzbekistan Fund’s April newsletter discussed the long-awaited preparation/official launch of the Uzbekistan National Investment Fund (UzNIF) IPO, how the bond market is Booming and are equities next(?), and the AFC Uzbekistan Tour 2026 (late September 2026).
- 🗄️🇻🇳 AFC Vietnam Fund’s April newsletter discussed market developments, Vietnam upgraded to emerging market by FTSE Russell, US-Iran conflict, new government successfully formed, strong start to 2026 as GDP growth at 15-year high, broad-based growth across key economic drivers and 1^st quarter 2026 earnings and AGM updates. Stocks discussed or mentioned:
  - 📈🇻🇳 Vingroup JSC (HOSE: VIC) – Diversified conglomerate: Industrials & technology, real estate & services, & social enterprises. 🇼
  - 📈🇻🇳 Vinhomes JSC (HOSE: VHM) – Residential housing arm of private conglomerate Vingroup. 🇼
  - 📈🇻🇳 Vincom Retail JSC (HOSE: VRE) – Retail real estate developer. Commercial centers/malls + residential & office properties for lease & for sale.🇼
  - 📈🇻🇳 Minh Phu Seafood Corp (HNX: MPC) – Shrimp farming & processing.
  - 📈🇻🇳 Tng Investment And Trading JSC (HNX: TNG) – Garment maker.
  - 📈🇻🇳 Phu Tai Corporation (HOSE: PTB) – Manufacture & trade of stone & wood products.
  - 📈🇻🇳 Lam Dong Mineral and Building Material JSC (HOSE: LBM) – Precasted concrete, tuynel brick, construction stone, refractory material, kaolin & Bentonite.
🗄️🎬🌏Asian Frontier Markets Update 12th May 2026 (Asia Frontier Capital) 1:16:05 Minutes
- 00:00 – Thomas Hugger – Introduction
- 02:04 – Ruchir Desai – AFC Asia Frontier Fund
- 20:34 – Ahmed Tabaqchali – AFC Iraq Fund
- 33:54 – Scott Osheroff – AFC Uzbekistan Fund
- 42:32 – Vicente Nguyen – AFC Vietnam Fund
- 48:41 – Q&A

🎬🌏 APAC Financial Markets Spotlight – US/EMEA Timezone (FT Russell) 30 Minutes – Join Belle Chang and Zhaoyi Yang from our Global Investment Research team for our APAC Financial Markets Spotlight webinar. Gain expert analysis and actionable insights on the macro backdrop and multi-asset financial markets across the region.
- Clarity around the macro backdrop, and multiple and diverse markets within the region
- How this diverse region is performing in the context of global financial markets, the interplay between the APAC markets and global events
- How critical drivers impact different asset classes across individual APAC markets
- Throughout the discussion, our presenters will draw upon key findings from our APAC Financial Markets Spotlight Market Maps report, published shortly before this webinar.

New Asia Fund Documents & Research

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