Emerging Market Links + The Week Ahead (April 20, 2026)

Emerging markets pioneer investor Mark Mobius died last week leading to a variety of tributes from various media sources:

Veteran investor Mark Mobius dies at 89 (FT) $ 🗃️
- Renowned fund manager was a pioneer in emerging market investing
Mark Mobius, ‘Indiana Jones of emerging markets,’ dies at 89 (Reuters)
Mark Mobius, pioneering emerging-market investor and China bull, dies at 89 (SCMP)
- ‘Father of emerging markets’ was among the first fund managers to champion investments in Hong Kong and mainland China
Mark Mobius, perma-Indian bull and emerging markets veteran, passes (Business Today)
- Mobius, a PhD in Economics and Political Science from Massachusetts Institute of Technology, was a fitness freak.
- Mobius managed the nation’s first value-oriented equity scheme – Templeton India Growth Fund – which beat nearly all its competitors during the technology sector led bust of 2000. Not many know that before Mobius became an investor, he worked in Chennai as a part of United Nations’ Development Program on leather.
- His knowledge on Chennai, then Madras, exceeded locals.

Unlike when Mobius started his career, its now more easier than ever to research and invest in non-USA/Western European based international and emerging market stocks/bonds/funds, etc. I hope this Substack, Frontier & Emerging Market Stock Indices and the resources on the front page of our website can further help readers in this regard…

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🔬 Emerging Market Stock Pick Tear Sheets

$ = behind a paywall

🇨🇳 🇭🇰 China & Hong Kong Stock Picks (March 2026) Partially $
🌐 EM Fund Stock Picks & Country Commentaries (April 19 2026) Partially $
- EM pioneer Mark Mobius passes away, South Korea trip report, Sri Lankan stocks, Africa as the next EM opportunity, Middle East supply chain stock, maritime chokepoints, March/Q1 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

🌏 Asia-Pacific markets gain favour as FDI destination (The Asset) 🗃️

Amid global geopolitical tensions, region offers technological capability, economic growth potential

Amid a global investment environment shaped by intensifying geopolitical tensions, expanding industrial policy and accelerating technological competition, the Asia-Pacific region has – for the first time in more than a decade – claimed the largest share of markets ( 10 out of 25 ) ranked most likely to attract foreign direct investment ( FDI ) over the next three years, according to a recent survey report.

Globally companies remain committed to international investment despite mounting uncertainty, with 88% of business executives surveyed saying they plan to increase FDI over the next three years, signalling sustained confidence in long-term global opportunities, finds the 2026 Foreign Direct Investment Confidence Index, released by management consulting Kearney’s Global Business Policy Council.

The index, an annual survey of global business executives that ranks markets most likely to attract FDI over the next three years, was conducted in January among more than 500 senior executives from leading corporations worldwide.

🌏 The coming El Niño of 2026 (Asia Century Stock)

Impacting plantations, agricultural commodity prices, CPG companies, coal miners and sellers of air conditioners

An El Niño will have broad ramifications for asset prices in Asia. Beneficiaries include home appliances companies and coal miners. Meanwhile, plantation companies are going to have a tough year.

The so-called El Niño weather cycle disrupts this pattern. Instead of winds moving west, the warm water stays in the middle of the Pacific, or even moves east.

This causes:

Less rainfall in Asia, leading to droughts in Australia, Southeast Asia and even parts of Africa

More rainfall in the Southern United States and South America, leading to flooding in those regions

🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 China’s Net Portfolio Outflow Hits Eight-Month High Amid Middle East Tensions (Caixin) $

China recorded a $53.2 billion net outflow in portfolio investment in March, the largest in eight months, as the U.S.-Iran conflict fueled global market volatility.

The outflow, based on client transactions handled by domestic banks and compiled by the State Administration of Foreign Exchange (SAFE), underscores how Middle East tensions are rippling through Asian markets.

China’s benchmark CSI 300 Index fell more than 7% in March, while overseas investors’ holdings of yuan-denominated bonds dropped by $134.2 billion.

🇨🇳 China Orders Listed Firms to Claw Back Pay in Financial Fraud Crackdown (Caixin) $

China’s securities regulator has launched a campaign to strengthen corporate governance, ordering listed companies to claw back executive pay tied to falsified financial results.

The China Securities Regulatory Commission (CSRC) said the initiative, launched in April, aims to reinforce accountability for corporate misconduct under revised governance rules that took effect in January.

🇨🇳 Bilibili: Stock’s Risk/Reward Is Completely Different From Last Year (Seeking Alpha) $ 🗃️

🇨🇳 Bilibili (NASDAQ: BILI) – Video sharing website (animation, comics & games) + streaming platforms serving videos on demand. 🇼 🏷️

🇨🇳 JD.com: European Expansion Strengthens This Deeply Undervalued Chinese Giant (Seeking Alpha) $ 🗃️

🌐 JD.com (NASDAQ: JD / SGX: HJDD) – Supply chain-based technology & service provider. One of the 3 largest eCommerce platforms in China. 🇼 🏷️

🇨🇳 Meitu (1357 HK): Out of the Frame as Global Index Deletion Looms (Smartkarma) $

Meitu Inc (HKG: 1357 / FRA: M5U / LON: 0ZNC / OTCMKTS: MEIUF)‘s stock price peaked within days of being added to a global index last August. The 60%+ drop in the stock price could now lead to index deletion.

Shorts have continued to pile into the stock and there will be covering over the next few weeks, peaking on rebalance implementation day.

Positioning in the stock has continued to increase as the stock price has continued to drop. There could be a sharp reversal following the implementation of the index deletion.

🇨🇳 Zhihu (ZH) – China’s Reddit Meets Perplexity, Trading at a Negative Enterprise Value (Substack von Philipp)

So what if I told you there is a stock that is essentially a public AI pure-play, with a profitable core community business underneath, and it trades at a negative enterprise value? Meaning: the company’s cash on the balance sheet exceeds its entire stock market capitalization. That stock is Zhihu Inc (NYSE: ZH).

Product and Business Model: China’s Knowledge Community Meets AI Search

Zhihu, founded in 2010 by Zhou Yuan, is China’s largest Q&A-inspired online content community – think of it as a blend of Reddit, Quora, and increasingly, Perplexity. The platform hosts high-quality, expert-driven discussions across verticals ranging from technology and science to finance, literature, and lifestyle. With over 81 million monthly active users (MAUs) as of late 2024 and daily average time spent exceeding 41 minutes per DAU, the engagement metrics are remarkable.

🇨🇳 Update: TravelSky (696 HK) (Asian Century Stocks)

GDS monopoly turned into a SaaS growth story at 11x P/E

Chinese aviation tech company Travelsky Technology Ltd (HKG: 0696 / FRA: TVL / OTCMKTS: TSYHY / TSYHF) (696 HK — US$3.7 billion) was one of the first companies I ever wrote about on Asian Century Stocks:

In short, it’s a state-owned monopoly that handles the bookings and inventory of almost all Chinese airlines.

Technically, the software is known as a global distribution system (GDS). You can think of them as the backbone of the air travel industry, linking airlines with travel agents and other buyers of airline tickets. The airlines provide the system with seat inventory, pricing, etc. The GDS then aggregates the content and sends it to offline and online travel agents, corporate buyers, hotels, etc.

🇨🇳 ByteDance’s $600 billion question: What are investors really buying? (Bamboo Works)

The company’s latest valuation suggests it is being priced like a sprawling platform built on Douyin’s domestic cash flow, TikTok’s global reach and an aggressive AI push

ByteDance’s latest super-sized valuation looks increasingly like a sum-of-the-parts story, centered on Douyin domestically, TikTok globally, and a growing AI story through Doubao

The company doesn’t urgently need cash from an IPO, but could start by listing some of its smaller businesses first if the situation is right

🇨🇳 Victory Giant Hong Kong Public Offering (Douglas Research Insights) $

On 13 April, Victory Giant Technology (HuiZhou) Co Ltd (SHE: 300476) launched a Hong Kong public offering that seeks to raise up to HK$17.5 billion ($2.2 billion).

The company is offering 83.35 million shares in Hong Kong at up to HK$209.88 each. The company is expected to start trading in Hong Kong on April 21.

Victory Giant ranked first globally in terms of sales revenue in the PCB market for AI and high-performance computing in 1H 2025 with a 13.8% market share.

🇨🇳 Victory Giant Technology Hong Kong IPO Valuation Analysis (Douglas Research Insights) $

According to my valuation analysis, it suggests base case valuation of HK$378 which is 80% higher than the initial offer price of HK$209.88.

One could argue that the company deserves to trade at even higher valuation multiples than the comps, given its higher sales growth and operating margins.

To value Victory Giant Technology (HuiZhou) Co Ltd (SHE: 300476) (2476 HK), I used three comps including Zhen Ding Technology Holding Ltd (TPE: 4958), Unimicron Technology Corp (TPE: 3037), and Samsung Electro-Mechanics Co Ltd (KRX: 009150 / 005935).

🇨🇳 Battery giant CATL is no longer just a play on electric vehicles (FT) $ 🗃️

The Chinese group’s expansion into non-automotive areas will benefit from policy-driven demand to offset consumer cycles

Foreign investors have been pouring into Chinese battery maker Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750 / HKG: 3750 / SGX: HCCD / OTCMKTS: CYATY)’s stock. Its Hong Kong-listed shares, which tend to be traded by offshore investors, hit a record 50 per cent premium to their mainland equivalent last month. That suggests they are increasingly optimistic about its future earnings.

CATL accounts for more than 40 per cent of the world’s electric vehicle battery market and, amid competitive pressure, has managed to maintain relatively strong profitability, with an operating margin of 18 per cent. But that much is not new. What may be changing is how investors view its expanding presence in sectors outside EVs.

🇨🇳 CATL (3750 HK): Implications of Potential US$5bn Offering (Smartkarma) $

Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750 / HKG: 3750 / SGX: HCCD / OTCMKTS: CYATY) listed in May 2025 by selling 135.579m shares at HK$263/share. The overallotment option of 20.337m shares was also exercised fully. The stock is up 151% since then.

Media reports indicate that CATL (3750 HK) could use the recent runup in the stock price to raise up to US$5bn in a share sale.

Passives will mop up around 15% of the offering. Southbound investors have been selling, shorts are rising, and the H/A premium could move sharply lower from here.

🇨🇳 China Battery Stocks Surge as Regulators Target Price Wars (Caixin) $

Chinese lithium battery stocks rallied Friday after four government ministries pledged to crack down on price wars and excessive competition, highlighting Beijing’s push to rein in overcapacity and stabilize prices.

Shares of major manufacturers, including industry leader Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750 / HKG: 3750 / SGX: HCCD / OTCMKTS: CYATY) and Sunwoda Electronic (SHE: 300207), surged after a government symposium held Thursday to address market disorder.

🇨🇳 Chinese EV-Maker Chairman Warns of Industry Price Hikes as Component Costs Rise (Caixin) $

Auto price hikes are increasingly likely as prices of key components like chips soar, said Lu Fang, chairman of Chinese electric-vehicle maker Voyah.

The remarks, made Saturday at the Intelligent Electric Vehicle Development Forum, underscore the mounting margin pressures on Chinese automakers, who have so far absorbed soaring chip and battery costs to survive fierce competition amid slumping domestic sales.

🇨🇳 Standardize EV Batteries, Chips to Help Carmakers Profit, Nio Chief Says (Caixin) $

NIO Inc (NYSE: NIO) Chairman and CEO William Li has called for the standardization of battery cells and automotive chips to help automakers survive a profitability crisis driven by increasingly short lifecycles for new electric vehicles.

The appeal underscores the severe financial strain on the fiercely competitive new-energy vehicle sector, where rapid technological iteration has shrunk a new model’s prime sales window to less than a year, creating supply-demand mismatches that bleed cash from manufacturers and suppliers.

🇨🇳 China Passenger-Vehicle Sales Slide 22% as Buyers Hold Back (Caixin) $

China’s wholesale passenger-vehicle sales fell 22% year-on-year to 4.2 million units in the first quarter of 2026, as consumers held off on purchases, waiting for deeper price cuts and local trade-in subsidies.

Speaking at an industry forum on April 12, Xu Changming, a senior economist at the State Information Center, attributed the sluggish start to a prevailing wait-and-see attitude among buyers holding out for better deals and clearer policy incentives.

🇨🇳 Chinese Automakers Report Shrinking Profits for 2025 Amid Brutal Price War (Caixin) $

Industry leader BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) reported a 19% plunge in annual net profit, leading a wave of dismal 2025 earnings across China’s auto sector as a brutal price war and slowing demand squeeze margins.

Driven by rapid technological shifts and an oversaturated domestic market, Chinese automakers are struggling to translate sales into earnings. Industry-wide vehicle sales in the country fell by more than 20% in the first quarter of 2026, compounding the financial pain revealed in recent annual reports. The industry’s average profit margin sank to a historic low of 4.1% in 2025 and dropped further to 2.9% in the first two months of 2026, according to the China Passenger Car Association.

🇨🇳 NIO: Discounted EV Winner – Bottom-Line Reversal In Progress (Seeking Alpha) $ 🗃️

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

🇨🇳 BYD: King Of EVs With Vertically Integrated Capabilities – Reiterate Buy (Seeking Alpha) $ 🗃️

🇨🇳 BYD: Looking Forward To 2H26 Comebacks Amid New Models And Iterations (Seeking Alpha) $ 🗃️

🌐 BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) 🇨🇳 – Electronics, automobiles, new energy & rail transit. 🇼 🏷️

🇨🇳 Lotus Technology Needs More Progress To Get People Onboard (Seeking Alpha) $ 🗃️

🌐 Lotus Technology (NASDAQ: LOT) – Luxury battery electric vehicle (BEV) maker. Subs. of Geely Automobile Holdings (HKG: 0175 / FRA: GRU / OTCMKTS: GELYY / GELYF). 🇼

🇨🇳 Lotus profit metrics improve, but road ahead still looks tough (Bamboo Works)

The Geely Automobile Holdings (HKG: 0175 / FRA: GRU / OTCMKTS: GELYY / GELYF)–owned luxury green-car maker reduced its net loss last year even as its sales plunged, highlighting difficulties of operating in a fiercely competitive market

Geely-owned Lotus Technology (NASDAQ: LOT)’s revenue dropped 44% in 2025 to $519 million, while its deliveries decreased 46%

The company’s first plug-in hybrid vehicle marks a retreat from its all-EV promise, and its distressed balance sheet raises questions about its viability without parental support

🇨🇳 Tianli turnaround fails to sway education-averse investors (Bamboo Works)

The company’s new business model after a government crackdown centers on providing education services to schools, with a growing use of AI

Tianli International Holdings Ltd (HKG: 1773)’s net profit rose 21% in the first half of its fiscal year through February, while its revenue increased by 14.2%

The company’s gross margins are roughly twice as high as they were before a government crackdown in 2021, after it dropped its tutoring business to focus on school operation

🇨🇳 In Depth: China’s Baijiu Giants Rethink Growth as Earnings Pressure Mounts (Caixin) $

China’s “baijiu” industry is entering a more challenging phase, with slowing demand, falling prices and a shortening sales cycle forcing even top distillers to overhaul their strategies to sustain earnings growth.

The shift was on display in late March at a preview event ahead of the China Food & Drinks Fair in Chengdu, long a key venue for dealmaking between producers, distributors and buyers. This year, however, attendance by major brands was thinner, and those present reported weak footfall and sluggish orders despite steep discounts.

🇨🇳 Can New Hope Dairy out-milk Mengniu and catch up with Yili? (Bamboo Works)

Liu Yonghao, harkening from China’s first generation of millionaires, is preparing to take his dairy company public in Hong Kong

New Hope Dairy Co Ltd (SHE: 002946) has filed to list in Hong Kong, reporting revenue of 11.2 billion yuan last year

The company ranked fifth in China’s market for liquid dairy products in 2025

🇨🇳 Here Group: Why Xiao Ao Could Outperform Other IP Releases (Seeking Alpha) $ 🗃️

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

🇨🇳 TH International Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 🇭🇰 🇲🇴 TH International (NASDAQ: THCH) – Exclusive master franchisee of Tim Hortons coffee shops. 🇼

🇨🇳 ANTA Sports: A ‘Buy’ After Q1 Acceleration And Strategic Investment (Seeking Alpha) $ 🗃️

🌐 ANTA Sports Products (HKG: 2020 / FRA: AS7 / OTCMKTS: ANPDY / OTCMKTS: ANPDF) 🇰🇾 – Design, R&D, manufacturing, marketing & sales of professional sports products. Acquired Amer Sports (NYSE: AS) (global sportswear group). 🇼 🏷️

🇨🇳 Xunce enters tie-up to turn data into an AI-driven asset class (Bamboo Works)

The Chinese provider of data services for businesses has linked up with a state-run exchange with a joint mission to develop datasets as digital commodities

Shenzhen Xunce Technology Co Ltd (HKG: 3317) and the Shenzhen Data Exchange will work together to expand a system in which data is traded as tokens and can be recognized on balance sheets

The company’s shares jumped after news of the partnership to trade at more than six times its IPO price

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

🇨🇳 Cheche Group (NASDAQ: CCG) 🇰🇾 – AI innovation & development in intelligent insurance solutions.

🇨🇳 LexinFintech Holdings Ltd.: October Regulation Settled, But Structural Decline Remains (Rating Upgrade) (Seeking Alpha) $ 🗃️

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

🇨🇳 Next Technology: Viable Speculative Vehicle If Bullish On Bitcoin (Seeking Alpha) $ 🗃️

🌐 Next Technology Holding Inc (NASDAQ: NXTT) 🇺🇸 – AI-enabled software / SaaS development services.

🇨🇳 Analysis: China Banks Split as Margins Squeeze and Retail Risks Rise (Caixin) $

China’s major banks showed a mixed earnings performance in 2025, as persistent pressure on margins and rising retail credit risks underscored the sector’s ongoing structural challenges.

The “Big Six” state-owned banks recorded an average revenue growth rate of 2.41% last year, up 2.24 percentage points from 2024. Net profit rose 1.72% on average, up 0.08 percentage points.

🇨🇳 Shanghai Electric Group Co., Ltd. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Shanghai Electric Group (SHA: 601727 / HKG: 2727 / FRA: USR / OTCMKTS: SIELY) 🇨🇳 – Industrial solutions (energy generation & transmission, intelligent manufacturing & automation systems). 🇼

🇨🇳 Charts of the Day: China’s Machinery, Electronics Exports Hit Record in First Quarter (Caixin) $

China’s exports of machinery and electronic products jumped 21.4% from a year earlier to a record $620 billion in the first quarter of 2026, driven by strong overseas demand for integrated circuits and vehicles.

The stronger-than-expected performance underscores the resilience of the country’s manufacturing supply chains amid an increasingly complex global trade environment. Growth was supported by companies rushing to ship goods ahead of April adjustments to export tax rebates, as well as local government efforts to boost foreign trade.

Total import and export value for the sector reached $901 billion in the first three months, up 22.4% from a year earlier, according to the General Administration of Customs. Machinery and electronic exports alone lifted overall goods export growth by 12.8 percentage points. The double-digit growth exceeded expectations and far outpaced the sector’s 8.4% compound annual growth rate during the 14th Five-Year Plan period, said Gao Shiwang, a spokesperson for the China Chamber of Commerce for Import and Export of Machinery and Electronic Products.

🇨🇳 JinkoSolar: Post-Earnings Weakness, Same Old Risks (Seeking Alpha) $ 🗃️

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

🌐 JinkoSolar Holding Co Ltd (NYSE: JKS) – Solar module manufacturer. 🇼

🇨🇳 Rising silver prices, appreciating yuan cast shadow over JinkoSolar (Bamboo Works)

The leading solar module maker’s loss more than tripled in the fourth quarter of last year, as its gross margin barely managed to stay positive

JinkoSolar Holding Co Ltd (NYSE: JKS)’s revenue fell 15% in the fourth quarter, easing from a 34% decline in the previous quarter

The solar products maker forecast its shipments would continue to fall this year, as its new CEO called 2026 a “transition year”

🇨🇳 Adagene Looks Attractive With ADG126 And Validating Partnerships (Seeking Alpha) $ 🗃️

🌐 Adagene Inc (NASDAQ: ADAG) 🇰🇾 – Clinical-stage biopharmaceutical company (novel antibody-based cancer immunotherapies).

🇨🇳 Kingboard Laminates (1888 HK): New High; Global Index Inclusion; RV Trade (Smartkarma) $

Improved operational performance and a short covering driven rally could lead to Kingboard Laminates Holdings Limited (HKG: 1888 / FRA: KLN / OTCMKTS: KGBLF) being added to a global index in May.

There is a fair amount for passives to buy and there has been huge positioning in the stock over the last few months.

Kingboard Laminates Holdings (1888 HK) has broken out of its historical range versus Kingboard Holdings Ltd (HKG: 0148 / FRA: KGZ / OTCMKTS: KBDCF / KBDCY) and could underperform as we near the index inclusion event.

🇨🇳 Aequitas: XReal Pre-IPO Tearsheet (Smartkarma) $

XREAL Ltd (XREAL HK) is looking to raise up to US$400m in its upcoming Hong Kong IPO. The deal will be run by CICC, Citi.

It Is a leader in augmented reality glasses and consumer spatial computing, committed to making spatial computing natural, powerful and wearable

XREAL focuses on AR glasses development with its proprietary full-stack technology architecture.

🇨🇳 Global Index Float Methodology Change: HK Stocks with Big Passive Sells (Smartkarma) $

A global index provider will be moving to a new float methodology from the upcoming rebalance in May. That will lead to lower floats for a lot of HK-listed stocks.

Lower float will result in passive selling of over US$5bn across HK-listed stocks. The top 15 sells by notional make up over 75% of the total sell flow.

The largest passive selling is expected in Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY), China Construction Bank (SHA: 601939 / HKG: 0939 / VIE: CNCB / OTCMKTS: CICHY / CICHF), Bank of China (SHA: 601988 / HKG: 3988 / SGX: HBND / OTCMKTS: BACHY / BACHF), Sun Hung Kai Properties Ltd (HKG: 0016 / 80016 / FRA: SHG.F / OTCMKTS: SUHJY / SUHJF), Trip.com (NASDAQ: TCOM), BeOne Medicines (NASDAQ: ONC) formerly BeiGene, Baidu (NASDAQ: BIDU) and Nongfu Spring (HKG: 9633 / OTCMKTS: NNFSF).

🇭🇰 Prenetics Global: On Course To Hit Profitability Amid Globalization Drive (Seeking Alpha) $ 🗃️

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

🇭🇰 Pacific Basin Shipping Limited (PCFBY) Q1 2026 Sales/ Trading Statement Call – Slideshow (Seeking Alpha)

🌏 Pacific Basin Shipping (HKG: 2343 / FRA: OYD / OTCMKTS: PCFBY / PCFBF) 🇧🇲 – Asia-focused dry bulk shipper. 🇼

🇲🇴 Macau’s 1Q industry EBITDA growth lagged GGR gain amid play mix and reinvestment rates: analysts (GGRAsia)

Macau’s first-quarter gaming industry-wide earnings before interest, taxation, depreciation, amortisation (EBITDA) may have seen 7-percent to 8-percent year-on-year expansion.

While it was supported by the 14.3-percent growth in the city’s casino gross gaming revenue (GGR) during the period, EBITDA likely lagged due to player mix and player reinvestment. That is according investment institutions CLSA Ltd and Citigroup in respective notes issued recently.

“We expect Macau gaming’s first-quarter sector reported EBITDA to grow 7 percent year-on-year to US$2,067 million, aided by 14-percent gaming revenue growth,” suggested CLSA analyst Jeffrey Kiang in its memo.

🇲🇴 1Q adjusted EBITDA margin ‘challenging’ in Macau, geopolitics weigh on full-year GGR outlook: Jefferies (GGRAsia)

Banking group Jefferies expects Macau casino industry first-quarter margin on adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) to have been “challenging and similar to fourth quarter 2025”.

While first-quarter gross gaming revenue (GGR) was up 14.3 percent, per government data, the “driver came from VIP, and thus promotions and competition remain,” wrote analysts Anne Ling and Jingjue Pei in a Tuesday note.

First-quarter earnings season for Macau’s six gaming concessionaires begins later this month.

Jefferies noted that market wide for the rest of the year, “the geopolitical issue is weighing on sentiment”.

🇹🇼 Taiwan

🇹🇼 Where the AI & Semi Supply Chain Is Actually Flowing: Bottom-Up Read From Taiwan’s March Sales Data (Smartkarma) $

Taiwan’s March 2026 monthly sales, covering our universe of about 150 supply-chain names, show revenue up +46% aggegate sales growth YoY, one of the strongest months of the current cycle.

The strongest pockets are where AI hardware buildout flows: Memory +196%, AI Server ODMs +57%, Electronic Components +60%, TSMC +45%, successive layers of the same AI-capex wave.

The chain is bifurcated. Display, Analog, and PC names are flat; ASIC design-service names are down. One cannot treat the AI supply chain as one block.

🇹🇼 TSMC 1Q26: 66% Gross Margin Beat — What It Means for ASML, NVIDIA, MediaTek & 7 More (Smartkarma) $

Record 66.2% gross margin beat guidance by 120bps; management raised full-year revenue growth to “above 30%” and capex to high end of $52-56B on insatiable AI demand.

Supply constraints persist through 2027 as Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) builds three new N3 fabs globally. AI accelerator revenue CAGR reaffirmed at “higher-50s” through 2029.

Supply chain scorecard: strongly positive for ASML Holding NV (NASDAQ: ASML), SK Hynix (KRX: 000660), ASE Technology Holding (NYSE: ASX); mixed for MediaTek (TPE: 2454 / OTCMKTS: MDTTF) and Apple; negative for Intel and Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) foundry competitiveness.

🇹🇼 Taiwan Semiconductor: Is Capacity Expansion Enough To Meet Persistent AI Demand? (Smartkarma) $

Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) delivered a quarter that reflected strong execution across both demand and profitability metrics, with revenue, margins, and earnings exceeding prior expectations.

Sequential revenue growth was driven by continued strength in leading-edge technologies, particularly in advanced nodes such as 3-nanometer, which now represents a significant share of wafer revenue.

Profitability improved meaningfully, supported by higher capacity utilization, cost optimization efforts, and favorable foreign exchange dynamics.

🇹🇼 Taiwan Semiconductor Manufacturing Company Limited 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇼 TSMC’s Q1 Earnings Beat: Still A Great Buy (Seeking Alpha) $ 🗃️

🇹🇼 TSMC Q4: Investors Are Still Underestimating The TAM Of AI Accelerators (Seeking Alpha) $ 🗃️

🇹🇼 TSMC Q1 2026 Earnings Update (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: Strong Results, Margin Story Unchanged (At Least For Now) (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: Foundry Monopoly Is Cracking As Rivals Catch Up (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇹🇼 TSMC Stock: Q1 2026 Earnings Didn’t Fuel A Rally, Here’s Why (Seeking Alpha) $ 🗃️

🇹🇼 TSMC Q1 Beats The Expectations, Guidance Raised As A Result Of AI-Driven Demand (Seeking Alpha) $ 🗃️

🇹🇼 Taiwan Semiconductor: Massive Growth From This Huge AI Winner (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: The Ultimate AI Growth Engine (Seeking Alpha) $ 🗃️

🇹🇼 Taiwan Semiconductor: Exceptional Business, Stretched Valuation (Seeking Alpha) $ 🗃️

🇹🇼 Taiwan Semiconductor Q1: Middle East War Consequences And The Zero-Availability Crisis (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: The AI Silicon Shortage Is About To Get Worse (Seeking Alpha) $ 🗃️

🌐 Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) – World’s largest dedicated independent (pure-play) semiconductor foundry. 🇼 🏷️

🇹🇼 Fubon Financial Holding Co., Ltd. (FUISF) Presents at HSBC Global Investment Summit 2026 – Slideshow (Seeking Alpha)

🌏🅿️ Fubon Financial Holding Co Ltd (TPE: 2881 / 2881B / 2881C / OTCMKTS: FUISF / FUIZF) – Financial products & services (Fubon Life, Taipei Fubon Bank, Fubon Bank (Hong Kong), Fubon Bank (China), Fubon Insurance, Fubon Securities & Fubon Asset Management). 🇼 🏷️

🇹🇼 Minth: A Small Cap Quietly Pivoting To AI And Robots (Seeking Alpha) $ 🗃️

🌐 Minth Group (HKG: 0425 / FRA: M3I0 / M3I / OTCMKTS: MNTHY / MNTHF) 🇰🇾 – Manufacturing of exterior & structural automotive parts. Supplier of battery enclosures & body structure components. Taipei HQ. 🏷️

🇰🇷 Korea

🇰🇷 DoubleDown Interactive: May Look Cheap On Paper, But It Could Be A Trap (Seeking Alpha) $ 🗃️

🌐 DoubleDown Interactive (NASDAQ: DDI) – Developer of social casino games, casual games & mobile applications. 🇼 🏷️

🇰🇷 Jeju casinos report a record US$439mln GGR in 2025 as tourism, air travel grow (GGRAsia)

South Korea’s Jeju Island saw its eight currently-operating foreigner-only casinos collectively generate record annual gross gaming revenue (GGR) in 2025. That is according to Jeju-government information obtained by GGRAsia.

The provisional tally was approximately KRW646.50 billion (US$438.9 million), a circa 40.8-percent increase from the KRW458.90 billion in 2024.

🇰🇷 OCI Holdings: Beneficiary of a Polysilicon Contract to SpaceX but NAV Analysis Suggests Fully Valued (Douglas Research Insights) $

OCI Holdings (KRX: 010060)’ share price rose by 24.9% to 235,000 won on 15 April, which was mainly due to news about the company’s new solar polysilicon supply contract with SpaceX.

The industry estimates the scale of this contract to be around 1 trillion won and that it is a multi-year supply contract spanning 3 to 5 years.

A near-term overshooting of 20%-30% is possible following a deal with SpaceX. However, my NAV analysis of OCI Holdings suggests 23% lower downside risk from current levels (6-12 month view).

🇰🇷 Daewoo E&C: Excessive Hope from Reconstruction in Iran and Nuclear Power Plant Construction Projects (Douglas Research Insights) $

Daewoo Engineering & Construction Co Ltd (KRX: 047040)’s share price has surged driven by the hope of higher new orders from reconstruction projects in Iran/Middle East and higher nuclear power plant construction.

I believe that its share price has reached excessive levels. There is a higher probability the reconstruction projects in Iran/Middle East and nuclear power plant construction projects could be disappointing.

Daewoo E&C’s P/E and P/B multiples averaged 4.3x and 0.5x, respectively last five years. Its current P/E and P/B multiples are 845% and 580% higher than its historical valuation multiples.

🇰🇷 Samsung Electronics – Pays Out Special Dividend & Consensus Likely to Raise DPS by 30%+ for 2026 (Douglas Research Insights) $

Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) paid out a final quarterly dividend of 566 won per common share and 567 won per preferred share. The total dividend amount reached approximately 3.75 trillion won.

All in all, the consensus DPS forecast of 3,291 won for Samsung Electronics in 2026 appears to be too low.

A more likely scenarios is for the consensus to raise the DPS forecast by 30-50% or more to 5,000 won+ (from 3,291 won) for 2026 in the next several months.

🇰🇷 Hanwha Solutions: Reduces Rights Offering Capital Raise to 1.8 Trillion Won (Douglas Research Insights) $

On 17 April, Hanwha Solutions (KRX: 009830 / 009835) announced that it will reduce the rights offering capital raise amount to 1.8 trillion won, down from 2.4 trillion won previously.

This includes newly issued shares of 56 million (down from 72 million previously) and expected offering price of 32,400 won per share (down from 33,300 won per share previously).

I continue to have a Negative View of this capital raise/Hanwha Solutions mainly due to excessive dilution concerns of existing shareholders. The company has poor balance sheet and high valuations.

🇰🇷 Anthropic’s Valuation Surges to $800 Billlion or More – Positive Impact on SK Telecom (Douglas Research Insights) $

According to Bloomberg, Anthropic has received multiple funding offers from investors that could value the company at $800 billion or more, up from its previous valuation of $350 billion.

In August 2023, SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA) made a $100 million investment in Anthropic valuing the company at $5 billion. If Anthropic’s valuation reaches $800 billion, this would represent 160x higher valuation.

This huge increase in the valuation for Anthropic is likely to significantly benefit SK Telecom (017670 KS).

🇰🇷 The Backdoor Play on Anthropic’s IPO: SK Telecom (SKM)

A $2.5B stake with a $13B market cap?

Anthropic is now valued at $380B, but when SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA) invested $100M, it was worth just $5B. The stake is now over a billion dollars, as compared to their market cap of $13.9B.

SK Telecom currently trades at a discount to comparable peers due to past headwinds. Anthropic’s IPO can provide liquidity and a stronger balance sheet.

The looming question is: What is the core business of SK Telecom worth?

Before we explore this, we must understand SK Telecom’s business.

SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA) is a diversified South Korean MNO (mobile network operator) telecom business with recent expansion into higher growth fields such as enterprise AI solutions, internet, and data center infrastructure. In simple terms, SK is akin to America’s Verizon or AT&T, but is attempting to become a tech conglomerate through capitalization of AI demand.

🇰🇷 Higher Valuations for Rebellions Likely to Benefit Its Major Investors Including SK Telecom and KT (Douglas Research Insights) $

In this insight, I provide an updated insight on Rebellions, which is one of the hottest private companies in Korea right now.

Rebellions is aiming to compete against NVIDIA. Rebellions was recently valued at 3.4 trillion won, which is nearly 10x the valuation it received in June 2022 (350 billion won).

There are several key investors in Rebellions including SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA) and KT Corp (NYSE: KT / KRX: 030200 / FRA: KTC) that are likely to benefit from its rising valuations.

🇰🇷 Stradvision IPO Preview (Douglas Research Insights) $

Stradvision, an AI recognition and software company for automobiles, is getting ready to complete its IPO on the KOSDAQ exchange in May 2026. Aptiv has a 41.55% stake in Stradvision.

The IPO price range is from 12,400 won to 14,800 won per share. Market cap range is 660.2 billion won to 788 billion won.

The bankers used four companies including Hyundai AutoEver (KRX: 307950), SureSoftTech Inc (KOSDAQ: 298830), MDS Tech Inc (KOSDAQ: 086960), and Chips&Media Inc (KOSDAQ: 094360) as comparable companies to Stradvision.

🌏 SE Asia

🌏 Asean+3 GDP to defy global trade volatility, energy shocks (The Asset) 🗃️

Regional 4.0% expansion projected, while Vietnam leads nations as internal demand counters US tariff uncertainty

The Asean+3 region is navigating a “high-stakes” period of global trade volatility and energy price shocks, yet it remains on track to maintain steady growth through this year, according to a major regional watchdog.

GDP in the region, comprising the 10 Association of Southeast Asian Nations ( Asean ) countries, plus China, Japan and South Korea, is projected to expand by 4.0% this year, according to the Asean+3 Macroeconomic Research Office ( Amro )’s annual flagship report [ASEAN+3 Regional Economic Outlook 2026] released on April 6. This follows a resilient 2025, despite, what Amro describes as, “unprecedented trade policy uncertainty” and a sudden “price shock” in the energy sector.

🇮🇩 The ‘deep fried’ stocks more expensive than Nvidia (FT) $ 🗃️

Indonesian regulators investigating ‘broad range of potential market misconduct’

Indonesia’s third-largest company Dian Swastatika Sentosa Tbk PT (IDX: DSSA) is mainly a producer of coal — yet its valuation reflects the boundless optimism of a Silicon Valley start-up.

Dian Swastatika Sentosa is one of eight of the top 25 listed companies in Indonesia with P/E multiples of more than 100, according to an FT analysis. Many are linked to conglomerates controlled by Indonesia’s richest tycoons.

Among the stocks that alarm investors are Barito Renewables Energy (IDX: BREN), Indonesia’s second largest listed company, with a market capitalisation of $45.2bn and a P/E ratio of 358. Barito is controlled by Prajogo Pangestu, Indonesia’s richest person, and has a free float of 12.6 per cent. Its stock, one of the most volatile on the market, is up 679 per cent since its debut in 2023.

They illustrate the problems flagged by global index provider MSCI in January, when it raised doubts about Indonesia’s investability, and warned of a possible downgrade from ‘emerging’ to ‘frontier’ market status.

🇲🇾 🇹🇭 The East Coast Rail Link (ECRL) land bridge has potential competitive advantage over Thailand’s KRA project (Murray Hunter)

The ECRL between Kota Baru in Kelantan to Port Klang, via the ports of Kemaman and Kuantan will enable a land bridge to Port Klang. This will allow a direct connection between the South China Sea and the Strait of Malacca.

This link will be highly competitive with the proposed Kra Land bridge between Chumphon in the Gulf of Thailand and the Andaman Sea. The distance by sea for both projects are very similar, as ships using the proposed Kra project will have to cruise into the Gulf of Thailand first. This offsets some of the Thai competitive advantage against the ECRL land bridge. In addition, if the Malaysian land bridge can be first into the market, it will have an advantage over the Kra project.

🇵🇭 Philippines sees 2025 GGR reach US$6.6bln, as online gaming takes the lead (GGRAsia)

The Philippine gaming sector – including non-casino operations – produced gross gaming revenue (GGR) of PHP396.14 billion (US$6.61 billion) in full-year 2025, a 6.4-percent increase from the previous year.

The growth in revenues from the country’s online sector and the electronic gaming sector last year, offset the decline in earnings from land-based casinos, showed the data published on Thursday by the country’s gaming regulator, the Philippine Amusement and Gaming Corp (Pagcor).

The electronic and online segment generated PHP201.12 billion in revenues in 2025, up 30.0 percent compared with PHP154.66 billion in 2024. It encompasses e-bingo, e-games, bingo grantees and onsite and offsite poker, as per Pagcor’s classification.

🇵🇭 Okada Manila GGR decline extends into 1Q, down 17pct year-on-year (GGRAsia)

The lacklustre GGR performance of Okada Manila reflects a challenging business environment for land-based casinos in the Philippines, with earnings declines recorded last year, according to information previously disclosed by the country’s regulator.

🇵🇭 PhilWeb posts 1Q net income turnaround on strong revenue from eGaming services (GGRAsia)

Philippines-listed gaming technology provider PhilWeb Corp (PSE: WEB) saw its first-quarter revenue rise sharply year-on-year, fuelling a turnaround in profitability. Revenue for the three months to March 31 totalled nearly PHP233.1 million (US$3.9 million), an increase of 30.4 percent year-on-year.

According to results filed with the Philippine Stock Exchange on Tuesday, the increase “was primarily driven by revenue generated from eGaming solutions”, described as PhilWeb’s “technology core” and “primary growth driver”. The new segment, introduced in the first quarter, generated PHP79.3 million or circa 34 percent of total revenue.

The filing stated that during the first quarter of 2026, the firm had secured accreditation from the Philippine Amusement and Gaming Corp (Pagcor) as a gaming affiliate and support service provider for that country’s gaming sector.

🇵🇭 DigiPlus secures online gaming licences in South Africa (GGRAsia)

Philippines-listed and licensed online gaming operator DigiPlus Interactive (PSE: PLUS) has now received online gaming licences from the Western Cape Gambling and Racing Board (WCGRB) in South Africa.

“This paves the way for DigiPlus’ entry into South Africa, the largest online gaming market on [that] continent, which is estimated to have generated US$4.9 billion in gaming revenue in 2025,” the firm said in a filing on Thursday to the Philippine Stock Exchange.

The company confirmed it had received approval from the WCGRB for three licences: a national manufacturer licence; a bookmaker licence; and a bookmaker premises licence.

🇵🇭 Int Ent says in talks with third-party op to exploit online gaming in the Philippines (GGRAsia)

Hong Kong-listed International Entertainment Corporation (HKG: 1009)says it is in talks over a “third party online gaming operator” possibly offering such services in the Philippines, according to a Friday filing.

International Entertainment controls the New Coast Hotel Manila (pictured in a file photo). The complex has a provisional casino gaming licence from the Philippine Amusement and Gaming Corp (Pagcor). The group has recently been using the brand “LaVie Resort & Casino Manila” to identify the complex.

In February, International Entertainment said it planned a “grand reopening” of the property in July.

🇸🇬 Energy Crisis Ahead? How Singapore’s Response Could Impact Investors (The Smart Investor)

The impact from the blockage of this narrow chokepoint is anything but small. Here’s what this means for investors – and what they can do to their portfolio to stay afloat.

Global Inflation Favours Cash-Rich Businesses

Defence Businesses are Riding a Tailwind

Local defence-linked companies like Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering, or STE, have seen prices rising amid these crises.

Singapore is Looking Attractive to Investors

After all, how can investors overlook Singapore when the government is actively supporting businesses with an S$1 billion support package, benefiting businesses like Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) and Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF).

Singapore Offers Consistency in Business Support

Get Smart: Narrow Chokepoint, Wide Impact

🇸🇬 Grab’s Dip Buying Opportunity – Profitable Growth And Accretive M&A Efforts (Rating Upgrade) (Seeking Alpha) $ 🗃️

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

🇸🇬 Karooooo: A High-Quality Business, But Not Yet A Compelling Buy (Seeking Alpha) $ 🗃️

🇸🇬 🇿🇦 Karooooo (NASDAQ: KARO / JSE: KRO) – Leading provider of an on-the-ground operations cloud that maximizes the value of data. The Cartrack SaaS platform provides insightful real-time data analytics & business intelligence reports. 🏷️

🇸🇬 Sea: Why 22x P/E Is A Steal For This Southeast Asian Behemoth (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇸🇬 Sea Limited: Scalable, High Growth Business, But Beware Of Risks (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). 🇼 🏷️

🇸🇬 Top Stock Market Highlights of the Week: MAS Monetary Policy, StarHub and Olam Group (The Smart Investor)

MAS action and major corporate moves defined a pivotal week for Singapore, as inflation concerns and balance sheet reshaping take centre stage.

MAS Tightens Monetary Policy Amid Middle East Energy Shock

The Monetary Authority of Singapore (MAS) tightened its monetary policy stance on 14 April 2026, slightly increasing the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band.

StarHub Divests Ensign InfoSecurity Stake to Temasek in S$115 Million Deal

StarHub (SGX: CC3 / FRA: RYTB / OTCMKTS: SRHBY / SRHBF) has agreed to hand control of cybersecurity joint venture Ensign InfoSecurity back to co-shareholder Temasek Holdings in a deal valued at S$115 million.

As part of the transaction, StarHub is expected to book a gain on disposal of approximately S$200 million.

Olam Group Shares Jump 8% on Regulatory Approval for Olam Agri Divestment

Shares of Olam Group Ltd (SGX: VC2 / FRA: K25 / OTCMKTS: OLGPF) surged approximately 8% after the company received regulatory approval to proceed with the partial divestment of its agribusiness unit, Olam Agri Holdings, to the Saudi Agricultural & Livestock Investment Company (SALIC).

🇸🇬 Top 3 Singapore Blue-Chip Dividend Stocks Nearing 52-Week Highs (The Smart Investor)

Three Singapore blue chips are closing in on their 52-week highs. But can their dividends keep pace with their share prices?

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

SGX, our local bourse’s sole operator, continues to prove the power of a wide-moat business.

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

Singapore’s second-largest bank by assets posted record total income of S$14.6 billion for FY2025, a 1% increase YoY.

Seatrium Ltd (SGX: SE2 / FRA: S8N / OTCMKTS: SMBMF)

Seatrium rounds out the trio with a very different proposition.

🇸🇬 Don’t Spend Your Yearly Bonus Yet: 3 REITs to Supercharge Your Passive Income (The Smart Investor)

A yearly bonus can disappear quickly. But deployed wisely, it can start generating recurring income. Here are three Singapore REITs worth watching for building long-term passive income.

Why REITs Are Popular for Passive Income

What Makes a REIT Suitable for Long-Term Income

Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF) — The Defensive Income Anchor

Frasers Centrepoint Trust, or FCT, stands out with its strong defensiveness, given its exposure to suburban retail malls in Singapore.

With the majority of its tenants consisting of essential service providers, such as the retailers NTUC FairPrice and BreadTalk, the REIT enjoys steady demand across market cycles, which supports consistent rental income.

Digital Core REIT(SGX: DCRU / OTCMKTS: DGTCF) — The Growth-Oriented REIT

The next name on our list is a REIT that offers solid growth prospects, given its ownership of data centres across Europe, Japan, and the Americas.

The strong global demand for data centres has been a direct tailwind for Digital Core REIT, as seen in its latest rental reversion of 31% for 2025.

Sasseur Real Estate Investment Trust (SGX: CRPU) — The High-Yield Opportunity

The last name on our list, Sasseur REIT, stands out with its mouth-watering 9.6% trailing distribution yield.

🇸🇬 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.

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

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

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

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

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

Get Smart: Income Investing Is a Long-Term Strategy

🇸🇬 Top 3 Small-Cap Stocks Big Money Is Buying in April 2026 (The Smart Investor)

We look at three companies with market caps below S$1 billion that have attracted the most net institutional inflow — and ask whether the fundamentals justify the attention.

Oiltek International Ltd (SGX: HQU)

Oiltek has emerged as a top performer, recording S$5.9 million in net institutional inflow in April.

Nanofilm Technologies (SGX: MZH / OTCMKTS: NNFTF)

Nanofilm attracted S$9.2 million in net institutional inflow and delivered a 31% month-to-date return.

Q&M Dental (SGX: QC7)

Q&M Dental saw S$8.4 million in net institutional inflow and a 12% return for the month.

Get Smart: Following the money is a useful signal, but it isn’t a complete investment thesis.

🇸🇬 DBS at S$57: Why the World’s Safest Bank Is Still My Top 2026 Pick (The Smart Investor)

With DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) trading near S$56, investors may wonder if it’s too late — but strong earnings, capital strength, and dividends could still make it a compelling 2026 pick.

Why DBS Is Often Called One of the World’s Safest Banks

DBS is the ultimate “sleep well at night” bank stock for most investors, for good reason.

The bank is conservatively run, with a strong capital position: its common equity tier 1 (CET1) ratio of 15%, on a more stringent fully phased-in basis, is comfortably above regulatory requirements.

Recent Performance Snapshot

Why the Rally Is Fundamentally Supported

What Could Drive Further Upside Into 2026

Key Risks Investors Should Watch

Valuation: Expensive or Still Reasonable?

Get Smart: Solid Fundamentals, Still a Portfolio Staple

🇸🇬 5 Attractive Singapore Stocks That Pay Quarterly Dividends (The Smart Investor)

If you are looking to receive passive income every three months, here are five stocks you can consider buying.

UMS Integration Ltd (SGX: 558 / OTCMKTS: UMSSF) or UMS Holdings

UMS Integration provides equipment manufacturing and engineering services to original equipment manufacturers of semiconductors and related products.

iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF)

iFAST is a financial technology company that operates a platform for the buying and selling of unit trusts, shares, and bonds.

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

DBS is Singapore’s largest bank by market capitalisation.

Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering

Singapore Technologies Engineering, or STE, is an engineering and technology group servicing clients in the aerospace, smart city, and defence sectors.

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

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

🇸🇬 3 Stocks I’m Buying at 25 for a Lifetime of Payouts (The Smart Investor)

Starting young means more time to benefit from compounding dividends. Here are three stocks I’m buying at 25 to build a lifetime of passive income.

Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering: A Stable Dividend Growth Stock

ST Engineering is a global technology and engineering conglomerate that handles everything, from defense equipment to smart city solutions.

Driven by the rebound in air travel and surge in defense spending, revenue spiked for both the Commercial Aerospace, and the Defence and Public Security segments.

CapitaLand Integrated Commercial Trust(SGX: C38U / OTCMKTS: CPAMF): A Defensive Dividend Play

CapitaLand Integrated Commercial Trust (CICT) is home to 20 income-producing properties in Singapore and five strategic assets across Germany and Australia.

DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF): A High-Growth Dividend Stock

Key Metrics to Watch

The Power of Dividend Reinvestment

Mistakes to Avoid

Get Smart: Leverage Your Greatest Asset

🇸🇬 3 Singapore Blue-Chip Stocks to Buy if the Market Crashes Tomorrow (The Smart Investor)

You’ll want to be on the ready and prepare your cash to invest in these three names should the market dive.

Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF)

Keppel DC REIT is a data centre REIT that owns a portfolio of 25 data centres across 10 countries.

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

As Singapore’s largest bank, DBS needs no introduction.

The lender has been firing on all cylinders, with total income hitting an all-time high of S$22.9 billion for FY2025.

CapitaLand Investment Limited (SGX: 9CI)

CapitaLand Investment Limited, or CLI, is a global real estate investment manager with S$125 billion of funds under management as of 31 December 2025.

Get Smart: Be Ready When Opportunity Knocks

🇸🇬 3 Small-Cap REITs Still Trading Below Book at Market Highs (The Smart Investor)

Three small-cap S-REITs trade below book despite stable FY2025 distributions, raising questions about whether risks are already priced in.

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

At US$0.51, United Hampshire US REIT (UHREIT) trades at just 0.7 times its book value and offers a trailing distribution yield of 8.6%.

Yet the numbers suggest this is a REIT that is gathering momentum rather than losing it.

Sasseur Real Estate Investment Trust (SGX: CRPU)

At S$0.66, Sasseur REIT trades at 0.82 times its book value and offers a 9.3% distribution yield – the highest among the three.

The REIT’s four outlet malls across Chongqing, Kunming, and Hefei reported a steady FY2025.

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

At US$0.52, Digital Core REIT (DCR) trades at the steepest discount of the three at 0.63 times its book value, while offering a 6.9% distribution yield.

This pure-play data centre REIT, sponsored by Digital Realty Trust, posted an eye-catching set of headline numbers for FY2025.

Get Smart: Look Beyond the Discount

🇸🇬 Locking in 6+%: 3 REITs That Pay Better Than Blue Chips (The Smart Investor)

Blue-chip dividend stocks are reliable, but some Singapore REITs offer even higher yields, while still showing signs of distribution resilience.

Why REITs Often Yield More Than Blue Chips

AIMS APAC REIT (SGX: O5RU / OTCMKTS: ACIRF), or AAREIT — The Defensive High-Yield REIT

This REIT powerhouse, with significant exposure across the industrial and logistics segment, stands out with its defensive tenant base.

CapitaLand China Trust (SGX: AU8U / OTCMKTS: CLDHF), or CLCT — The Recovery Yield Story

CLCT is an interesting pick for investors who think the market is underappreciating the turnaround in this China REIT.

CLCT reported an improvement in its retail portfolio, shopper traffic and tenant sales, alongside improved business park occupancy rates from the previous quarter.

Stoneweg European REIT (SGX: SET), or Stoneweg — The Cash Flow Resilient Trust

This European REIT, with 60% of its portfolio across industrial (logistics, data centres) and the remaining 40% in prime commercial assets, might be a tad underappreciated by the market given its cash flow generation.

What Income Investors Should Watch Before Buying

Get Smart: The Best High Yields Are the Ones You Can Actually Keep

🇸🇬 3 Singapore Blue-Chip Stocks with Double-Digit % Gains in 2026: Should You Buy Them? (The Smart Investor)

Some Singapore blue chips have already delivered strong gains in 2026. But after a double-digit rally, the real question is whether the fundamentals still justify buying today.

Why Some Blue Chips Are Rallying in 2026

Strong rallies can happen for many reasons, including strong earnings, improved industrial outlook, or even sector rotations conducted by investors.

Yangzijiang Shipbuilding Holdings (SGX: BS6 / FRA: B8O / OTCMKTS: YSHLF) — The Earnings Growth Story

This shipbuilding powerhouse has been surfing on a wave of margin expansion and higher profits over the last five years, on the back of increased pricing power and lower material costs.

UOL Group Limited (SGX: U14 / FRA: U1O / OTCMKTS: UOLGY / UOLGF) — The Dividend Re-Rating Story

UOL enjoyed a bumper year in its full year 2025 (FY2025), with contributions from its residential, commercial, and hospitality segments.

Wilmar International (SGX: F34 / FRA: RTHA / RTH / OTCMKTS: WLMIF / WLMIY) — The Structural Growth Leader

Finally, Wilmar is a prime beneficiary of higher commodity prices.

With higher prices seen in sugar and palm oil in 2026, Wilmar’s core segments of Plantation and Sugar Milling, alongside Feed and Industrial Products, stand to benefit from the Middle Eastern war.

Navigating Significant Gains

Get Smart: Price Is What You Pay, Value Is What You Get

🇸🇬 3 Singapore Stocks to Defend Yourself from Market Headwinds (The Smart Investor)

Singapore’s economy, being highly open, isn’t shielded from global turbulence. Yet, some businesses providing essential services continue to provide resilient cash flows, offering an oasis for income investors looking for defensive assets amid market volatility.

Parkway Life Real Estate Investment Trust (SGX: C2PU) – Essential Healthcare Anchor

This healthcare REIT boasts a staggering S$2.57 billion portfolio that includes hospitals like Mount Elizabeth and Gleneagles.

Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel – Providing Essential Connectivity With AI Transformation

Data is now taken for granted – so much so that when Singtel experienced a major outage, a minister had to address it in Parliament.

This demonstrated the essential nature of Singtel’s offerings – indispensable for businesses and consumers.

Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) – Provider of Consumer Defensive Goods

In fact, they are likely to buy more, especially with the S$500 worth of CDC vouchers – originally slated for January 2027 – brought forward to June 2026, benefiting heartland supermarket chains like Sheng Siong.

Get Smart: Find Shelter in The Storm

🇸🇬 Oil Over US$100: Which Oil & Gas Stocks Could Gain the Most? (The Smart Investor)

Oil prices above US$100 can reshape entire sectors. While higher energy costs hurt some industries, oil and gas companies may benefit — but not all equally.

RH Petrogas Ltd (SGX: T13) — The Upstream Producer

For starters, being a pure-play upstream producer, RH avoids costly refining processes.

Moreover, the upstream hydrocarbons player derives most of its revenue from Indonesia, away from flashpoints in the Middle East.

Seatrium Ltd (SGX: SE2 / FRA: S8N / OTCMKTS: SMBMF) — The Offshore Services Provider

Seatrium is a leading offshore services provider.

The company’s flagship products include gigantic Floating Production, Storage, and Offloading (FPSO) units that are built in yards across Brazil, China, Indonesia, the Philippines, and Singapore.

Keppel Infrastructure Trust (SGX: A7RU / OTCMKTS: KPLIF) — The Infrastructure Defensive Play

Keppel Infrastructure Trust, or KIT, boasts a diversified portfolio of high-barrier-to-entry assets mostly within the essential sectors of Energy Transition, Environmental Services, and Distribution & Storage (D&S).

Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF) — The Integrated Energy Player

Although renewables make up the majority of Sembcorp’s 28.5 GW total capacity, its conventional “Gas and Related Services” segment is still the profit driver, delivering S$701 million net profit for the full year of 2025 (FY2025) compared to S$192 million from Renewables.

Get Smart: Follow the Energy Cycle, Not Just the Price

🇮🇳 India / South Asia / Central Asia

🇮🇳 HDFC Bank Limited 2026 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇮🇳 HDFC Bank (NYSE: HDB) or Housing Development Finance Corp – One of India’s leading private banks. Nationwide distribution network. 🇼 🏷️

🇮🇳 Sify Technologies: The Upside Is There, But I’m Not Chasing It (Seeking Alpha) $ 🗃️

🌐 Sify Technologies (NASDAQ: SIFY) – ICT service provider, systems integrator & all-in-one network solutions. Silicon Valley HQ. 🇼

🇮🇳 TCS’s Silent Leadership Crisis: When the Pyramid Cracks at the Top (Smartkarma) $

Tata Consultancy Services (NSE: TCS / BOM: 532540) has logged its highest-ever senior-level attrition since its 2004 IPO: 16% among the top 1,800 leaders, with over 300 VPs and principal consultants departing in 8 months.

Senior exits don’t just erode headcount. They sever client relationships, disrupt delivery continuity, and hollow out mentoring chains precisely the institutional muscle TCS needs to execute deals in AI-transformation era.

The question for FY27 is whether TCS can protect delivery execution while simultaneously reinventing its operating model around AI.

🇮🇳 Finolex Cables: Expanding Beyond Wires (Smartkarma) $

Finolex Cables (NSE: FINCABLES / BOM: 500144) is transitioning into a diversified electrical platform, driven by strong volume growth across Cables, Solar and Auto Segments

Q3 FY26 Revenue of Rs. 1,599 crore up 35% YoY with Electrical Cable Volume surging 20%+ YoY and Solar Cables emerging as High Utilization Segment.

Finolex’s backward integration into Optical Fiber Preform will shift it from Price-Taker to Margin-Defender in OFC.

🇮🇳 Ather Energy Cost Reset: Reducing Aluminium Dependency to Drive Profitability (Smartkarma) $

Ather Energy Ltd (NSE: ATHERENERG / BOM: 544397) is reducing aluminium use in its scooters, replacing it with steel and iron in non-structural parts, targeting 10-15% cost savings under its new EL platform.

With aluminium prices rising ~14% in FY26 and limited pricing power, reducing bill-of-material costs becomes Ather’s key lever to protect and improve margins.

Ather’s material shift reflects a clear focus on cost efficiency and scale. If executed well, it can accelerate profitability and strengthen its position inV India’s competitive EV market.

🇮🇳 Amagi Media Labs: Taking Media Companies to the Cloud Universe (Smartkarma) $

Amagi Media Labs Ltd (NSE: AMAGI / BOM: 544679)’s unified cloud-based media infrastructure serves to digitise traditional media content and enable monetisation. Its two-way platform supports not just the content-owners but also distributors globally with varied content access

By attracting both media companies and distributors, Amagi benefits from a content-driven flywheel effect, creating structural stickiness with 120+% NRR and 35–50% cost savings for broadcasters.

Amagi has been a key enabler for broadcasting for live-events (FIFA, NFL) while its content library attracts small/new OTT platforms. Only concern is whether it can tap larger media/OTT platforms?

🇮🇳 Rentomojo’s IPO: India’s First Pure-Play Furniture Rental Platform Driving Subscription-Led Growth (Smartkarma) $

Rentomojo, a tech-led rental platform for furniture and appliances, has filed its DRHP, marking the first scaled play on India’s subscription-based consumption model entering public markets.

The listing will test whether Indian markets are ready to back “access over ownership” businesses, especially those blending digital platforms with physical asset ecosystems.

Investor focus will center on business model durability, scalability, and category leadership, shaping whether rental-led consumption emerges as a credible long-term consumption theme in India.

🇰🇿 Uranium Supply Crunch Worsens Amid Kazakhstan’s Plan For Strategic Reserve (ZeroHedge)

Drawing further attention to the global uranium supply-demand mismatch that we’ve been pounding the table on since 2020, Kazakhstan has outlined plans to accelerate exploration and create a strategic reserve for the nuclear fuel.

The strategy, approved by President Kassym-Jomart Tokayev, calls for geological work on at least two new prospective deposits each year. The goal is to uncover high-potential resources while advancing development on already explored sites to refine estimates, extraction methods, and launch preparations.

The document emphasizes guaranteeing long-term domestic supply for future nuclear power plants, strengthening export positions, and ensuring reliable sulfuric acid deliveries for in-situ leaching. It also envisions new alternative extraction technologies and full loading of future conversion, enrichment, and fabrication facilities with domestically sourced uranium.

🇰🇿 Kaspi: A Fintech Monopoly Most Investors Have Never Heard Of (Part 1/2) (Stone Mountain Research)

[KASPI (NASDAQ: KSPI / LON: 80TE / FRA: KKS)]

A $14 billion fintech monopoly growing 60% a year with a 10% dividend yield. The market is pricing it like a distressed bank.

Spend an afternoon paying for things in Almaty, Kazakhstan’s largest city and commercial capital, and a pattern emerges: no card terminals at small merchants, no PIN pads, no contactless readers, just a QR code taped to the counter and the person ahead of you already has Kaspi open. The company has embedded itself so thoroughly into Kazakhstan’s daily life that “Kaspi” has become the informal word for mobile payments, functioning the way “Google” became a verb in English, or “Kleenex” a stand-in for tissue.

Contents

From Failing Bank to National Infrastructure

Inside the Super App

Why Nobody Can Replicate This

Revenue, Costs, and Margins

A Founder’s Company

What Comes Next (Part 2)

🌍 Middle East

🌍 Air Cargo Rates Surge as Middle East Conflict Disrupts Global Routes (Caixin) $

Global air cargo rates are surging as the ongoing Middle East conflict forces carriers to bypass traditional Gulf hubs and absorb rising fuel costs.

Average global freight prices climbed to $3.1 per kilogram in the week ending April 5, a 21% increase from a year earlier, according to market data provider WorldACD.

Regional airspace closures have severely constrained international supply chains and triggered a rapid restructuring of aviation networks, adding hours to flight times and imposing war-risk premiums on shippers worldwide.

🇮🇱 Ituran’s Next Chapter Is Bigger Than Subscriber Growth (Seeking Alpha) $ 🗃️

🌐 🇧🇷 Ituran Location And Control Ltd (NASDAQ: ITRN) – Leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. 🇼 🏷️

🇮🇱 Elbit Systems: War Premium Builds, But Capacity Caps The Upside (Seeking Alpha) $ 🗃️

🌐 Elbit Systems Ltd (NASDAQ: ESLT) – Primary provider of the Israeli military’s land-based equipment & unmanned aerial vehicles. 🇼

🇮🇱 Teva: The Market Is Pricing The Past, Not The Pipeline – Initiating Buy (Seeking Alpha) $ 🗃️

🌐 Teva Pharmaceutical Industries Ltd (NYSE: TEVA) – Branded-drugs, active pharmaceutical ingredients, contract manufacturing services & out-licensing platform. 🇼

🇮🇱 Kenon Holdings: Decent NAV Discount, But Underlying Is Expensive (Seeking Alpha) $ 🗃️

🌐 Kenon Holdings Ltd (NYSE: KEN) – Investments in Zim Integrated Shipping Services (NYSE: ZIM), and OPC Energy Ltd (TLV: OPCE / OTCMKTS: OPCEF) (power generation). Spin off from Israel Corporation (TLV: ILCO / OTCMKTS: IRLCF). Singapore HQ. 🇼

🇸🇦 Saudi wealth fund resets priorities after decade of heavy spending (FT) $ 🗃️

Governor says near-$1tn PIF will focus on efficiency without retreating from global deals

Saudi Arabia’s near-$1tn Public Investment Fund has launched a new five-year investment strategy that will narrow its focus to six areas, including tourism and manufacturing, as it reprioritises its spending.

🇹🇷 Turkcell: Cheap Valuation, But Rising CapEx And Forex Risks (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇹🇷 🇧🇾 Turkcell Iletisim Hizmetleri AS (NYSE: TKC) – Converged telecommunication & technology services provider. 🇼

🇹🇷 Marti: A Potential Early-Stage Opportunity Has Emerged (Seeking Alpha) $ 🗃️

🇹🇷 Marti Technologies, Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇷 Marti Technologies Inc (NYSEAMERICAN: MRT) – Ride-hailing service & mobility app for a wide variety of transportation services. 🇼

🌍 Africa

🌍 China to Scrap Import Tariffs for 53 African Nations on May 1 (Caixin) $

China will eliminate tariffs on all products imported from 53 African nations starting May 1 as Beijing moves to further open its massive domestic market to the continent.

The sweeping tariff exemption aims to deepen economic ties and secure resilient supply chains in Africa amid rising global trade protectionism.

The initiative builds on a December 2024 policy that granted zero-tariff treatment to all least developed countries, which included 33 African nations. The upcoming expansion broadens that scope to all African countries with which Beijing maintains diplomatic relations, coinciding with the 70th anniversary of China-Africa ties in 2026.

🇿🇦 Platinum Group Metals And Impala Platinum Holdings: Why I’m Bullish (Seeking Alpha) $ 🗃️

🌐 Impala Platinum Holdings (JSE: IMP / LON: 0S2J / FRA: IPHB / OTCMKTS: IMPUY / IMPUF) – South African holding company who is a leading producer of platinum group metals (PGMs), structured around 6 mining operations & Impala Refining Services, a toll refining business. 🇼 🏷️

🇿🇦 DRDGOLD Limited (DRD) Presents at Mining Forum Europe 2026 – Slideshow (Seeking Alpha)

🇿🇦 DRD Gold (JSE: DRD / NYSE: DRD) – Gold mining company involved in the surface gold tailings retreatment business in South Africa. Exploration, extraction, processing & smelting activities. Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) controlled. 🇼 🏷️

🇿🇦 Harmony Gold Mining Company Limited (HMY) Presents at Mining Forum Europe 2026 – Slideshow (Seeking Alpha)

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

🇿🇦 Sibanye Stillwater: The South Africa Discount (Seeking Alpha) $ 🗃️

🌐 Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) – World’s largest primary producers of platinum, palladium & rhodium & is a top-tier gold producer. Projects & investments across 5 continents. 🇼 🏷️

🌍 Eastern Europe & Emerging Europe

🇨🇿 Colt CZ Group SE (CZGZF) Analyst/Investor Day – Slideshow (Seeking Alpha)

🌐 Colt CZ Group SE (PSE: CZG / FRA: 6QS / OTCMKTS: CZGZF) – Firearms brands Česká zbrojovka (CZ), CZ-USA & Colt. 🇼

🇭🇺 Investors pile into Hungarian assets in bet on closer EU ties (FT) $ 🗃️

Stocks, bonds and the forint are up on hopes that Péter Magyar’s landslide victory will lead to pro-market reform

So far, investors are backing him to succeed. Bellwether stock OTP Bank (BUD: OTPB / FRA: OTP / OTCMKTS: OTPBF) has risen 8 per cent since the election, bringing its gains this month to 26 per cent. The stock has almost doubled in price over the past year as investors have put bets on a change in government.

🌎 Latin America

🌎 Where to Find Cheap Probability and Excess Asymmetry? Ruminations on LatAm Energy Space (TheOldEconomy Substack)

Brazil and Petrobras

Brazil’s pre-salt fields produce roughly 3.8 million barrels per day of high-quality crude, with lifting costs of $6–7 per barrel, among the lowest in the world. At >$90/bbl Brent, Petrobras (NYSE: PBR / PBR-A / BCBA: PBR / PETR4) is generating enormous free cash flow from its upstream operations.

Colombia, Ecopetrol, and Independents

Ecopetrol SA (NYSE: EC) produces roughly 750,000 bbl/day, the majority heavy crude sold at a discount to Brent but still tracking its moves. With Brent above $90/bbl, even Castilla and Vasconia blends are generating substantial cash. Ecopetrol’s 2025 proved reserves of 1,944 million barrels of oil equivalent, with a replacement ratio of 121%, provide a decent runway.

But there is a persistent political problem. Colombia’s production has been declining because of the Petro government’s hostility toward new exploration licensing, which has frozen frontier development (for the new to Colombian energy space: Ecopetrol is 88.49% state-owned).

For the smaller Colombian-exposed independents, Gran Tierra Energy (TSX: GTE / NYSE: GTE / LSE: GTE) and Parex Resources (TSE: PXT / FRA: QPX / OTCMKTS: PARXF), the calculus is simpler. Both are pure-play Colombian producers with breakeven costs well below current prices.

GeoPark Ltd (NYSE: GPRK / LON: 0MDP / FRA: G6O) adds geographic diversification with operations across Colombia, Chile, Brazil, Ecuador, and Argentina.

Argentina, YPF, and Vista

Ypf Sa (NYSE: YPF) is leading the charge. The company plans to spend $5.6 billion in 2026, with 80% directed to upstream Vaca Muerta development.

Vista Energy (NYSE: VIST / FRA: 1CIA / BMV: VISTAA) is the pure-play Vaca Muerta vehicle, free of YPF’s state-ownership complexity.

🌎 IMF Outlook for Latin America – Spring 2026 (Latin America Risk Report)

Brazil benefits from the oil price spike in 2026. Most other large economies face big downside risks if the Strait remains closed.

The IMF released its updated World Economic Outlook this morning at 9AM.

🌎 Millicom’s Next Growth Is Built On Colombian Simplicity And Chilean Optionality (Seeking Alpha) $ 🗃️

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

🌎 Globant SA: Rating Downgrade On Potential Revenue Growth Deceleration (Seeking Alpha) $ 🗃️

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

🌎 MercadoLibre: Valued Like E-Commerce, Earning Like Fintech (Seeking Alpha) $ 🗃️

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

🇦🇷 Grupo Supervielle S.A. (SUPV) Presents at Latin Securities Argentina Conference in New York – Slideshow (Seeking Alpha)

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

🇦🇷 YPF Sociedad Anonima: Re-Rating Has More Behind It Than Oil (Seeking Alpha) $ 🗃️

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

🇧🇷 Petrobras: Still Undervalued, But No Longer A Bargain As Iran Risks Cloud The Near-Term (Seeking Alpha) $ 🗃️

🌐🏛️ Petrobras (NYSE: PBR / PBR-A / BCBA: PBR / PETR4) or Petróleo Brasileiro SA – Explores, produces & sells oil & gas. 🇼

🇧🇷 StoneCo: The Bull Case Just Got Less Predictable (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇧🇷 StoneCo Ltd (NASDAQ: STNE) 🇰🇾 – Fintech. Financial technology & software solutions to merchants for eCommerce.

🇧🇷 Nu Holdings: Scale, Efficiency, And Earnings Still Support A Buy (Seeking Alpha) $ 🗃️

🇧🇷 Nu Holdings: Not Waiting On The U.S. Market (Seeking Alpha) $ 🗃️

🇧🇷 Nu Holdings: Doubling Down Despite U.S. Expansion Concerns (Seeking Alpha) $ 🗃️

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

🇧🇷 Podcast Interview: Nu Holdings (NU) (Patient Capital Fund Newsletter)

Deep Dive on Nu Holdings (NYSE: NU): “Double by 2030 or a Risky Lending Business?”

Last week, I made a guest appearance on the OAWS podcast from OMR, Germany’s largest business podcast network.

I joined the two hosts, Noah and Timon, to discuss their central question: whether Nubank could double by 2030 or whether the lending business is too risky.

The conversation builds on my earlier writing about why the fund invested in Nubank.

Below, you’ll first find the link to the original podcast episode (in German), followed by a full transcript of our discussion (in English).

🇧🇷 SLC Agrícola S.A. (SLCJY) Presents at Bradesco BBI 12th Brazil Investment Forum – Slideshow (Seeking Alpha)

🇧🇷 SLC Agricola SA (BVMF: SLCE3 / FRA: GJ9 / OTCMKTS: SLCJY) – One of the world’s largest grain & fiber producers (cotton, soybean and corn + cattle raising, integrating crop-livestock). 🇼 🏷️

🇧🇷 PagSeguro: Fairly Valued At 9x P/E (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇧🇷 PagSeguro Digital (NYSE: PAGS) 🇰🇾 – Financial services & digital payments. 🇼 🏷️

🇧🇷 COPEL: Risk-Return Ratio Is Still Attractive (Seeking Alpha) $ 🗃️

🇧🇷🅿️ Companhia Paranaense de Energia (COPEL) (BVMF: CPLE3 / CPLE5 / CPLE6 / NYSE: ELP / ELPC) – Generation, transformation, distribution, & sale of electricity. Concessions in the states of Paraná & Santa Catarina. 🇼

🇨🇱 Sociedad Química y Minera de Chile: Can The Momentum Continue? (Downgrade) (Seeking Alpha) $ 🗃️

🌐 Sociedad Química y Minera de Chile (NYSE: SQM) – Lithium, potassium nitrate, iodine & thermo-solar salts. 🇼

🌐 Global

🌐 Camellia – modernising a “secret” agriculture company (Undervalued Shares)

Founded in 1889, Camellia PLC dates back to the days of the British Empire.

Valued at a fraction of its underlying asset value, the company had long been left for dead. However, in 2024, the entire board and executive leadership were replaced.

The company is due to provide an update in four weeks, which could act as a catalyst for a 20-30% move in the share price.

There are not many companies valued at just GBP 125m (USD 168m) that employ a staggering 78,000 people. Relative to annual revenue of GBP 107m (USD 144m), Camellia Plc (LON: CAM / FRA: CMF) (ISIN GB0001667087, UK:CAM) employs a seemingly outsized workforce.

This looks different when considering that most employees are farm workers in India, Bangladesh, Malawi, Kenya, South Africa, Tanzania, and Brazil. Growing tea, nuts, blueberries, macadamia nuts, and avocados is a labour-intensive industry.

Might agriculture stocks be worth a closer look?

🌐 Fallen Angels Part II: Burford Capital BUR -1.32%↓ (Value Degen’s Substack)

The recent stock price collapse is due to the dismissal of the largest lawsuit on Burford Capital Limited (NYSE: BUR)’s balance sheet, a lawsuit against the sovereign nation of Argentina because they failed to offer to buyout all shareholders of Ypf Sa (NYSE: YPF) when they acquired a significant minority stake. I had originally thought that the government of Argentina would want to settle the lawsuit. But the IMF, who is happy to give money to any genocidal socialist dictator, refused to extend credit to Argentina. I realized that Javier Milei had no incentive to settle this affair. If settling the lawsuit doesn’t improve your credit rating, then why pay it? Sovereign nations can’t be compelled anyway. I don’t know if I ever typed that opinion out, but I shared it on one of the podcasts with The Royalty King, Ben Demase.

Without the uncertainty of such a large lawsuit on their balance sheet, I like Burford Capital a lot more. Just like any business, having a concentrated client portfolio brings additional risk, the business is healthier overall without the YPF lawsuit.

Buford Capital has a lot of advantages:

🌐 Rio Tinto: Is A 3% Growth Target Achievable Amid Industry Constraints? (Smartkarma) $

Rio Tinto plc (NYSE: RIO), a global metals and mining company, reported its full year 2025 financial results, highlighting both progress and ongoing challenges.

The company achieved an 8% increase in copper equivalent production, with record output in copper and bauxite.

The Pilbara iron ore mines rebounded strongly following early-year cyclones, operating at record production rates since April, while copper equivalent unit costs decreased by 5%, demonstrating operational efficiency.

🌐 Casino markets worldwide hurt by oil crisis: Pagcor chairman Tengco (GGRAsia)

Gaming jurisdictions “globally are feeling the impact of the oil crisis” stemming from the Middle East conflict, with markets such as “Singapore, Macau, and the United States… not spared.”

A number of investment analysts has also commented recently on the headwinds created for Macau gaming from the energy crunch.

🌐 Nebius: Did Meta And Microsoft Buy Compute At Near-Zero Margin? (Rating Downgrade) (Seeking Alpha) $ 🗃️

🌐 Nebius Grows At Breakneck Speed, But It’s Not A Free Lunch (Seeking Alpha) $ 🗃️

🌐 Nebius: The Compute Bottleneck Is Real (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):

~~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
Peru Peruvian Presidency 2026-06-07 (t) 2026-06-07 (t) Date not confirmed
Kazakhstan Kazakh National Congress 2026-08-31 (t) 2026-08-31 (t) Date not confirmed
Morocco Moroccan Chamber of Representatives 2026-09-30 (t) 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):

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 (April 20, 2026) was also published on our Substack.

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