Emerging Market Links + The Week Ahead (February 16, 2026)

Just a quick note about it being Presidents’ Day in the USA (meaning USA markets are closed) while Chinese New year is just starting with a month of Ramadan to begin Thursday plus Carnival is ongoing in Latin America and of course its the last week of the Winter Olympics in Milan. Global markets may be quiet for at least the rest of the month. However, this does feel like a potential calm before a storm given continued political/geopolitical tensions around the world (but we will soon find out…)…

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🇨🇳 China / 🇭🇰 Hong Kong / 🇲🇴 Macau

🇨🇳 🇭🇰 HSCEI Index Rebalance: BEKE, Horizon Robotics In; CR Beer, Mengniu Out (Smartkarma) $

KE Holdings (NYSE: BEKE) and Horizon Robotics (HKG: 9660) will replace CR Beer (HKG: 0291 / FRA: CHK / OTCMKTS: CRHKY / CRHKF) and China Mengniu Dairy Company (HKG: 2319 / FRA: EZQ0 / EZQ / OTCMKTS: CIADY / CIADF) in the Hang Seng China Enterprises Index (HSCEI INDEX) in March.

Estimated one-way turnover at the rebalance is 2.8% resulting in a round-trip trade of HK$3.6bn (US$461m). The final capping will use the close of trading on 3 March.

KE Holdings (2423 HK) has been added after passing the Velocity Test and could be a surprise to some market participants.

🇨🇳 🇭🇰 Hang Seng Index (HSI) Rebalance: 3 Adds & 1 Delete as More A/H Pairs Selected (Smartkarma) $

Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750), China Molybdenum (3993 HK) [CMOC Group Limited (SHA: 603993 / HKG: 3993)] and Laopu Gold Co Ltd (HKG: 6181) will be added to the Hang Seng Index in March, while Zhongsheng Group Holdings (HKG: 0881 / FRA: 5Z0 / OTCMKTS: ZSHGY / ZHSHF) will be deleted.

Estimated one-way turnover is 2.5% and the estimated round-trip trade is HK$9.65bn (US$1.23bn). Big capping inflows for Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) and big capping outflows for HSBC Holdings plc (LON: HSBA / NYSE: HSBC).

With decent size to buy from passives, the A/H trades on CATL (3750 HK) / CATL (300750 CH) and China Molybdenum (3993 HK) / CMOC Group (603993 CH) become interesting.

🇨🇳 Short note: ALAB FYQ4 2025 Earnings (Semi Fundamental)

Alibaba (NYSE: BABA) and Baidu (NASDAQ: BIDU)’s stock price has dropped about 30% since its 5-day peak. I think this could present a good buying opportunity. Below is my summary of the company’s earnings call on Feb 10, 2026, where I’ve highlighted only the most important and meaningful points, along with my own commentary to help put them into context. There’s quite a lot of interesting contents on switches.

This note is free.

🇨🇳 US concludes Alibaba and BYD have links to Chinese military (FT) $ 🗃️

The companies are among a number the Pentagon believes could pose a threat to American national security

🇨🇳 Alibaba Stock Nosedives, Then Rebounds, After Pentagon Designates Company As “Military Linked”, Before Inexplicably Deleting (ZeroHedge)

The Trump administration on Friday added some of China’s biggest companies, including Alibaba (NYSE: BABA) and Baidu (NASDAQ: BIDU), ‌to a list of firms allegedly aiding China’s military – however, strangely the listing was pulled within mere minutes with no explanation initially issued. A Bloomberg newswire Friday morning indicated:

US PULLS DOCUMENT THAT LISTED FIRMS LINKED TO CHINA MILITARY

This was quickly followed by a correction: US removes document that listed firms linked to China’s military and then the clarification that US Agency requested withdrawal of document, per the Federal Register. All of this was enough to cause Alibaba Group Holding Limited (BABA) stock to fall 5% and Baidu (NASDAQ:BIDU) to drop 2% Friday immediately on the reports, followed by a swift rebound on word of the sudden delisting.

Perhaps the ‘mistake’ was realized post-haste in view of the highly anticipated Trump-Xi summit, and that Alibaba ‘military-linked’ sanctions would only poison the water. Or… a risky Trump ‘tactic’ in the lead-in to April?

🇨🇳 Instant commerce war delivers massive loss to Meituan (Bamboo Works)

China’s leading online-to-offline services company said it expects to report a loss of up to 24.3 billion yuan for 2025, translating to a fourth-quarter loss of about 15.7 billion yuan

Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) lost more than $2 billion in the fourth quarter, though the figure represented an improvement from its $2.7 billion third-quarter loss

China’s market regulator called in Meituan, Alibaba (NYSE: BABA) and JD.com (NASDAQ: JD / SGX: HJDD) for a meeting last week to try and tamp down their overheated competition in the emerging instant commerce field

🇨🇳 Analysis: Dingdong Acquisition Set to Bolster Meituan’s Online Grocery Business (Caixin) $

Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) has agreed to acquire the Chinese operations of Dingdong (Cayman) Ltd. [Dingdong (NYSE: DDL)] for $717 million, a strategic move to consolidate China’s competitive fresh grocery e-commerce market. The deal unites two former rivals under one banner, enhancing Meituan’s competitiveness in a market dominated by Alibaba (NYSE: BABA)’s Freshippo and Walmart Inc (NYSE: WMT)’s Sam’s Club.

🇨🇳 Lenovo Group Limited 2026 Q3 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Lenovo Group (HKG: 0992 / FRA: LHL / LHL1 / OTCMKTS: LNVGY / LNVGF) 🇭🇰 – Designing, manufacturing & marketing consumer electronics, PCs, software, servers, converged & hyperconverged infrastructure solutions, etc. 🇼

🇨🇳 Lenovo caught napping by ‘democratization of AI’ (Bamboo Works)

The world’s leading PC maker said it took a $285 million restructuring charge in its latest fiscal quarter related to its infrastructure unit that sells AI servers

Lenovo Group (HKG: 0992 / FRA: LHL / LHL1 / OTCMKTS: LNVGY / LNVGF)s profit fell 21% in its fiscal quarter through December, as it took a big restructuring charge prompted by a major shift in the AI computing market

The company’s gross margin fell 0.6 percentage points year-on-year during the quarter as it struggled with soaring memory prices

🇨🇳 Chart of the Day: Apple Bucks China’s Smartphone Sales Slump in 2025 (Caixin) $

Apple Inc. bucked the broader downward trend in China’s smartphone market in 2025 as sales grew 7.5% to become the country’s second-largest smartphone vendor, according to a recent report.

Efforts to optimize its distribution network and the launch of the iPhone 17 series coinciding with the tail end of a replacement cycle made Apple the fastest-growing brand among China’s top six smartphone sellers. The U.S. giant cornered 16.7% of the market, a hair behind frontrunner Huawei Technologies Co. Ltd., which controlled 16.9%, but only booked 1.7% in shipment growth, according to a report by Counterpoint Research. Overall, China’s total smartphone sales edged down 0.6% in 2025.

The performance marks a rebound from 2024, when Apple lost its sales crown to China’s Vivo Mobile Communications Co. Ltd., after holding it for just one year. It dropped to the country’s No. 4 smartphone brand as domestic competitors scrambled to roll out upscale models equipped with stronger cameras and more artificial intelligence-powered functions.

🇨🇳 China’s ‘Big Fund’ Trims Chip Stakes as Early Investments Mature (Caixin) $

China’s state-backed semiconductor investment vehicle has launched a series of divestments from listed chipmakers so far this year, as earlier investment phases enter their exit cycle.

The China Integrated Circuit Industry Investment Fund, also known as the “Big Fund,” will reduce its holdings in Shanghai Anlogic Infotech Co Ltd (SHA: 688107), the affected company said in a stock exchange filing dated Monday.

🇨🇳 Cango secures big cash infusion in accelerated pivot to AI distributed computing (Bamboo Works)

The company said that two of its directors will purchase an additional $65 million worth of its stock, a week after it sold more than half of its bitcoin holdings

Cango (NYSE: CANG) announced that two of its directors have agreed buy $65 million worth of its stock to help finance its accelerating move into distributed computing

The company has been lowering its bitcoin mining activity amid a rapid decline in prices for the cryptocurrency

🇨🇳 Geekplus’ industrial robots fail to dazzle investors (Bamboo Works)

The company’s stock sank nearly 10% last week after it reported 31.7% order growth for 2025, though its shares are still up around 50% from their IPO price last July

Beijing Geekplus Technology Co Ltd (HKG: 2590 / FRA: P58 / OTCMKTS: BGTCF)’ orders grew 31.7% last year to 4.1 billion yuan, driven by geographic and industry expansion

The robot maker may have reached breakeven in the second half of last year, but its pivot to humanoid robots could drag it back into the red

🇨🇳 Aerospace Power System Maker Skyrockets in Shanghai Debut (Caixin) $

Shares of CETC Lantian Technology Co Ltd (SSE: 688818), a Chinese developer of aerospace power systems, skyrocketed in their trading debut on Shanghai’s tech-focused STAR Market on Tuesday, reflecting bullish sentiment over prospects for a company that provided power devices for the country’s first satellite.

The stock opened at 80.88 yuan ($11.7), a 750% premium to its IPO price, before paring some gains to end the day up 596.3%, giving the company a market value of 114.5 billion yuan.

🇨🇳 With BYD backing, autonomous EV mining truck maker Boonray drives toward IPO (Bamboo Works)

The Shanghai-based company is second only to Eacon Group in autonomous mining solutions and first in self-driving electric mining trucks

Boonray has filed for a Hong Kong IPO, setting up a race to market with larger rival Eacon

The company raised $165 million in a recent pre-IPO funding round from investors including BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF), the world’s largest EV maker

🇨🇳 BYD (1211 HK) Tactical Outlook: Taking Off? NOT YET! (Smartkarma) $

BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) had a difficult week last week, dropped nearly 10%, but a recovery rally this week is bringing the stock back to previous price levels (last close=99.15).

We insist that BYD (1211 HK) may be in the process of bottoming and possibly restart rallying.

This insight will update profit targets for this rally just before the start of the holidays in China, next week.

🇨🇳 Dongfeng Motor (489 HK): Precondition Satisfied (Smartkarma) $

Dongfeng Motor Corporation has satisfied the precondition related to its Dongfeng Motor Group Co Ltd (HKG: 0489 / FRA: D4D / D4D0 / OTCMKTS: DNFGF / DNFGY) offer. The offer comprises HK$6.68 per H Share + 0.3552608 VOYAH H Shares per H Share.

The composite document must be dispatched within 7 days. The shareholder vote remains low risk. The appraised value of HK$10.85 is the key point of debate.

The appraised value remains justifiable despite peers’ derating. Based on several methodologies, I estimate the offer is worth HK$11.39-11.44 per H Share.

🇨🇳 China Literature stuck in a print world being overwritten by video (Bamboo Works)

The online literature company lost up to 850 million yuan last year, largely due to a massive charge related to its New Classics Media video acquisition

China Literature Ltd (HKG: 0772 / FRA: C2X) warned it expects to report a net loss of up to 850 million yuan for last year

Much of the loss owes to a 1.8 billion yuan goodwill impairment charge related to New Classics Media, which China Literature bought for 15.5 billion yuan in 2018

🇨🇳 Red Avenue shifts course from rubber additives to chip chemicals (Bamboo Works)

The firm is accelerating its expansion into the specialist materials used to make semiconductors, as China seeks supply-chain resilience in key sectors

Red Avenue New Materials Group Co Ltd (SHA: 603650) has filed for a secondary listing in Hong Kong to bolster its capital base as it doubles down on advanced chemicals

The revenue contribution from electronic materials has jumped by 8.7 percentage points over two years to 27.8%, emerging as the company’s main growth engine.

🇨🇳 Global Index: Potential Changes in February for Asia Pac (Smartkarma) $

The changes to a global index in February will be announced pre-market open tomorrow and will be implemented at the close of trading on 27 February.

The big market moves since the last rebalance result in many changes with the final number dependent on the day picked to compute market cap and free float market cap.

[Yangtze Optical Fibre and Cable JSC Ltd (SHA: 601869 / HKG: 6869 / FRA: 1YO / OTCMKTS: YZOFF)] Yangtze Optical Fibre And H (6869 HK) is up 90% over the last 3 weeks and the AH premium versus Yangtze Optical Fibre & Cable (601869 CH) has dropped significantly.

🇨🇳 Its Chilean venture smoldering in uncertainty, Tianqi Lithium charts its next move (Bamboo Works)

After losing a court battle in the South American nation, the lithium miner has announced plans to offload part of its local holdings ahead of the metal’s next market cycle

Tianqi Lithium Corp (SHE: 002466 / HKG: 9696 / FRA: 2220) tried in court, but failed, to challenge recent nationalization measures that undercut Sociedad Química y Minera de Chile (NYSE: SQM), its partly-owned miner of the world’s largest lithium salt flat

The company concurrently announced an equity placement and convertible note offering to raise about HK$5.8 billion

🇨🇳 Big deal, bigger doubts: CSPC slides after $18.5 billion pact (Bamboo Works)

After months of rumors drove up its share price, the Chinese drug company has unveiled a record licensing deal with AstraZeneca, only to see its stock tumble

Going into the deal, CSPC Pharmaceutical Group (HKG: 1093 / FRA: CVG / OTCMKTS: CHJTF)’s earnings have been under pressure after its core drug business was hit by China’s centralized procurement policies

The company is accelerating its push into novel drugs for the global market under the new leadership of Cai Lei, who served in the U.S. research division and is the son of the firm’s founder

🇨🇳 H World aims to be ‘Marriott of China’ with 20,000 hotels (FT) $ 🗃️

[H World Group (NASDAQ: HTHT)]

One of the world’s biggest hotel groups plans to consolidate country’s vast and fragmented hospitality market

🇨🇳 Chinese real estate mogul revives empire with new ventures in US (FT) $ 🗃️

Zhang Xin was one of the few developers able to extricate her wealth from China and rebuild elsewhere

Zhang, co-founder of Soho China — one of the country’s largest commercial property developers with dozens of landmark projects in Beijing and Shanghai — had long epitomised the country’s economic rise before shifting her focus overseas.

She began unwinding her operations in China in the mid-2010s, even as the industry was still booming.

🇨🇳 Yum China: Can a 20,000-Store Ambition Supercharge Its Next Growth Cycle? (Smartkarma) $

YUM China (NYSE: YUMC), a leading restaurant company, has presented both opportunities and challenges in its recent earnings call.

In 2025, Yum China exhibited significant growth by opening over 1,700 net new stores, totaling more than 18,000 stores across 2,500 cities.

Both same-store sales and system sales showed positive growth, with the latter improving to 7% in Q4, indicating a resilient market presence.

🇭🇰 Hong Kong to Allow Bitcoin, Ether as Margin Collateral in Crypto Push (Caixin) $

Hong Kong’s securities regulator plans to allow Bitcoin and Ethereum to be used as collateral for margin financing, part of a broader push to deepen the city’s virtual-asset market.

Julia Leung Fung-yee, chief executive of the Securities and Futures Commission, unveiled the policy at the Consensus 2026 conference Wednesday. The change will permit brokerages to accept either traditional securities or virtual assets as collateral when extending credit to clients in good standing for margin trading.

🇭🇰 Thoughts on Jardine Matheson (Superfluous Value)

I wanted to update readers with some brief thoughts on Jardine Matheson (SGX: J36 / FRA: H4W / OTCMKTS: JARLF) and how the risk/reward has shifted with the rising share price.

Lincoln Pan on Bloomberg

I encourage you to watch this short interview with Jardine’s new CEO Lincoln Pan (shared recently by Mike Fritzell), the implications of which have been growing on me and I hope are useful to others. He made a number of comments I found quite surprising and have me a little wary of my position.

I also recently came across a discussion of Jardine Matheson on YAVP that I would encourage a watch of, as Dom (of Cayucos Capital) is highly knowlegeable about the company. Unfortunately, the host spent a chunk of the interview pushing an angle that shows the wrong way to think about the company’s valuation, in my view.

🇲🇴 Pre-CNY slowdown in Macau GGR, but Jan and Feb still tracking 13.5pct gain y-o-y: Citi (GGRAsia)

Macau casino gross gaming revenue (GGR) for the first eight days of February was circa 14 percent lower than the daily run rate in January, says banking group Citi, citing industry sources.

But the bank still expects January and February GGR combined – i.e., including the coming Chinese New Year (CNY) period in February – to be 13.5 percent better than the same period last year.

“Macau GGR for the first eight days of February is likely to have reached approximately MOP5.0 billion” (US$621.1 million currently), stated the institution in a Monday note.

🇲🇴 Fitch expects Macau’s GDP to grow 4pct in 2026 on ‘solid’ gaming tourism (GGRAsia)

Fitch Ratings Inc forecasts Macau’s gross domestic product (GDP) growth to moderate to 4.0 percent in 2026, from 4.7 percent last year, with gross gaming revenue (GGR) “recovering to nearly 89 percent of its 2019 level”, i.e., hitting circa MOP260 billion (US$32.29 billion) this year.

The commentary was part of a Wednesday report in which the institution affirmed Macau’s long-term issuer default rating at “AA”, with a “stable” outlook.

“We expect gaming tourism growth [in Macau] to slow but remain solid in 2026, supported by favourable visa-entry policies, expanded cultural and entertainment offerings, and continued non-gaming investments,” wrote analysts George Xu, Kathleen Chen, and Jan Friederich.

🇲🇴 Fitch upgrades Las Vegas Sands’ rating citing strong performance in Singapore (GGRAsia)

Fitch Ratings Inc has upgraded Las Vegas Sands (NYSE: LVS)’s and its subsidiaries’ issuer default ratings to ‘BBB’, with a ‘stable’ outlook.

“The rating reflects improved credit metrics, strong performance in Singapore, and a continued but slightly weaker-than-expected rebound in the Macau market,” the institution said on a February 6 report.

“Las Vegas Sands benefits from its scale in Macau, competitive market positions in Macau and Singapore, and robust free cash flow generation,” it added. “This is offset by a relatively heavy capital programme and potential weakness in the Chinese economy.”

Fitch’s ‘BBB’ rating indicates good credit quality and low default risk, placing the entity within the investment-grade category, according to the rating agency.

🇲🇴 Sands China announces US$0.06 interim dividend, Dumont confirmed as chairman (GGRAsia)

Macau casino concessionaire Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) announced on Friday an final dividend of HKD0.50 (US$0.06) per share for financial-year 2025. The dividend, amounting in aggregate to HKD4.05 billion, is due to be paid on June 12, 2026, stated the Hong Kong-listed firm.

The HKD0.50 final dividend for 2025 was double 2024’s divided.

Sands China runs a number of casino properties in Macau, including The Venetian Macao, The Parisian Macao, The Londoner Macao, and Sands Macao (pictured).

🇲🇴 Melco Resorts: Macau Growth Creates Upside (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇲🇴 Melco Resorts & Entertainment Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇴 🇵🇭 🇨🇾 Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) – Management & development of casino gaming & entertainment resort facilities. 🇼

🇹🇼 Taiwan

🇹🇼 Gogoro Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Gogoro (NASDAQ: GGR) – Battery-swapping refueling platform for urban electric two-wheel scooters, mopeds & motorcycles. 🇼

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

🌐 Himax Technologies (NASDAQ: HIMX) 🇰🇾 – Fabless semiconductor company providing display imaging processing technologies. 🇼

🇹🇼 Taiwan Semiconductor: Transition From An iPhone To An AI Era (Seeking Alpha) $ 🗃️

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

🇹🇼 AUO Corporation 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 AUO Corp (TPE: 2409 / FRA: AU7 / OTCMKTS: AUOTY) – Display-centric technology (smart mobility, industrial intelligence, energy, retail, healthcare, enterprise & education). Taiwan, Asia, US & Europe. 🇼 🏷️

🇰🇷 Korea

🇰🇷 About 10% of Listed Stocks in KOSDAQ Could Be Delisted by the End of 2026 (Douglas Research Insights) $

There are too many listed stocks in the KOSDAQ exchange. The Korean financial regulators have finally realized this problem and the FSC announced several measures to fix this problem.

About 10% of the stocks listed on the KOSDAQ exchange could be no mas by the end of 2026.

The overall impact should be positive on the KOSDAQ index since it helps the investors to focus on the higher quality companies and the zombie companies to be delisted.

🇰🇷 Kiwoom Securities Partners With WeBull to Expand the Foreign Omnibus Account System (Douglas Research Insights) $

Kiwoom Securities (KRX: 039490) announced that it has entered into a strategic partnership with WeBull Technologies to expand its foreign omnibus account system.

This would enable overseas investors to trade Korean stocks real time on the WeBull platform without the need for opening a separate account with a local securities firm in Korea.

We expect the users of WeBull platform to be able to start trading Korean stocks sometime in the next 3-6 months.

🇰🇷 Grand Korea Leisure to spend US$15mln on 2025 final dividend (GGRAsia)

Grand Korea Leisure Co Ltd (KRX: 114090), an operator in South Korea of foreigner-only casinos, announced on Monday a final dividend of KRW354 (US$0.24) per share, amounting in aggregate to nearly KRW21.90 billion (US$15.0 million).

The dividend will be paid on April 24, the company flagged to the Korea Exchange.

In September, the casino operator paid an interim dividend of KRW60 per share, amounting in aggregate to just over KRW3.71 billion.

🇰🇷 Paradise Co 4Q profit down 4pct y-o-y, despite record revenue at Paradise City (GGRAsia)

Fourth-quarter net profit at Paradise Co Ltd (KOSDAQ: 034230), a South Korean operator of foreigner-only casinos, declined by 3.6 percent year on year to nearly KRW35.18 billion (US$24.2 million), according to a Tuesday statement.

The firm also announced a final-year dividend of KRW150 per share, amounting in aggregate to nearly KRW13.13 billion. The dividend will be paid on April 24, the company flagged to the Korea Exchange.

Paradise Co’s aggregate fourth-quarter sales totalled nearly KRW293.85 billion, up 10.5 percent year on year. The company said the performance was “driven by revenue growth contributions from Paradise City casino and Hotel Busan”.

🇰🇷 Is KB Financial Group Still A ‘Buy’ After Its 2025 Earnings? (Seeking Alpha) $⛔🗃️

🌏 KB Financial Group (NYSE: KB) – Financial holding company. Banking, credit card, financial investment, insurance business etc. 🇼 🏷️

🇰🇷 KT Corporation: A Mix Of Positives And Negatives (Seeking Alpha) $ 🗃️

🇰🇷 KT Corporation 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 KT Corp (NYSE: KT / KRX: 030200 / FRA: KTC) formerly Korea Telecom – Provides integrated telecommunications & platform services in Korea & internationally. 🇼 🏷️

🇰🇷 Samsung Prefs: 4% Floor Yield Vs 30% Discount—Unsustainable Vs 2020 Levels (Smartkarma) $

[Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF)]

At Friday’s close, common yields ~2.9%, prefs ~4%—the floor for tax benefits. Despite a 4%+ pref yield, the 1P discount remains ~30%, unsustainable versus 2020’s 6–8%.

The main tail risk—dividend cuts via capital reduction—is unlikely. With KRW 400tn retained earnings and bellwether status, Samsung will likely stick to straightforward earnings-based dividends.

Even on minimum assumptions, Samsung prefs yield low-4%, with ~30% discount likely unsustainable. Easing memory tightness or catalysts like DeepSeek V4 may trigger aggressive pref discount plays.

🇰🇷 Korea Small Cap Gem #55: Samji Electronics (Douglas Research Insights) $

Samji Electronics Co Ltd (KOSDAQ: 037460) has cheap valuations. It is trading at P/E of 4.8x, P/B of 0.5x, and EV/EBITDA of 5.3x based on recent prices and TTM financials.

In the next several years, 6G networks are expected to be rolled out aggressively in Korea and Samji Electronics could be one of the beneficiaries of this 6G network expansion.

Samji Electronics’ 51.1% stake in SAMT (031330 KS) is now worth 243 billion won. This is 68% of Samji Electronics’ market cap (358 billion won).

🇰🇷 Hanwha Aerospace: Out of Bullets After Missing Earnings in 4Q 2025? (Douglas Research Insights) $

Hanwha Aerospace (KRX: 012450) reported its best ever results in 2025 despite missing its operating profit estimate in 4Q 2025.

The company missed the consensus operating profit estimate by 35.9% in 4Q 2025. Hanwha Aerospace is not out of bullets after its poor quarterly results in 4Q 2025.

Nevertheless, if the company misses quarterly earnings once again in 1H 2026 (either 1Q or 2Q), this could result in a nasty sell-off on the stock.

🇰🇷 Hyundai Elevator – A Big Surprise in DPS Increase [Dividend Yield of 11.5%] (Asian Dividend Stocks) $

On 10 February , Hyundai Elevator Co Ltd (KRX: 017800 / OTCMKTS: HYEVF) announced DPS of 12,010 won in 2025, which represents a dividend yield of 11.5% at the current price.

This sharply higher dividend payment is likely to positively impact Hyundai Elevator Co (017800 KS) in the next 6-12 months.

By deciding to pay DPS of 12,010 won per share, Hyundai Elevator would have one of the highest dividend yields among all listed stocks in the Korean stock market.

🇰🇷 An Update on SK Inc (2026 High Conviction Pick) (Douglas Research Insights) $

In this insight, we provide an update on SK Inc (KRX: 034730 / 03473K) which is our 2026 high conviction pick.

On 10 February, SK Inc announced annual DPS of 8,000 won for 2025, up 14% YoY. This represents a dividend yield of 2.4%.

Our updated NAV valuation suggests target NAV per share of 465,286 won, which is 41% higher than current price.

🇰🇷 Truston Asset Managment Goes Activist on KCC Corp (Douglas Research Insights) $

Truston Asset Management started to go activist on Kcc Corp (KRX: 002380). Truston urges that KCC needs to sell its stake in Samsung C&T Corp (KRX: 028260 / 02826K) or issue an EB backed by Samsung C&T shares.

KCC Corp’s current market cap is 4.9 trillion won ($3.4 billion). KCC’s stake in Samsung C&T is now worth more than KCC’s own market cap.

Our updated NAV analysis of Kcc Corp (002380 KS) suggests NAV per share of 673,696 won, representing 23% upside from current levels.

🇰🇷 Hyundai Dept Store Group Plans to Delist Hyundai Home Shopping (Douglas Research Insights) $

After the market close on 11 February, Hyundai Dept Store Group [Hyundai Department Store Co Ltd (KRX: 069960)] announced that it plans to delist Hyundai Home Shopping Network Corp (KRX: 057050).

Hyundai Department Store Group also decided to cancel about 350 billion won worth of treasury shares.

By delisting Hyundai Home Shopping and merging with Hyundai GF Holdings Co Ltd (KRX: 005440), this could result in allowing Hyundai G.F. Holdings to be included in the KOSPI 200 index.

🇰🇷 Daishin Securities: The Most Significant Shareholder Return Program Announced Since Its Founding (Douglas Research Insights) $

Daishin Securities Co Ltd (KRX: 003540 / 003547 / 003545) announced that it will cancel 15.35 million treasury shares and pay its first tax-free dividend. This represents 18.4% and 16.8% of outstanding common and preferred shares, respectively.

The company will also pay tax-free dividends. This will be implemented over approximately four years, starting this year, with a limit of 400 billion won.

This is the MOST SIGNIFICANT shareholder return program announced by Daishin Securities since its founding in 1962.

🇰🇷 Canadian Patrol Submarine Project (CPSP) Worth $44 Billion: Who Will Win – Korea or Germany? (Douglas Research Insights) $

The Canadian Patrol Submarine Project (CPSP) is one of the largest ever defense contracts that the Canadian government plans to provide worth about $44 billion.

Two main bidders including Germany’s ThyssenKrupp Marine Systems and Korea’s consortium led by Hanwha Ocean (KRX: 042660) and HD Hyundai Heavy Industries (KRX: 329180) have been formally shortlisted to compete for this contract.

The final proposals are due in March and a decision expected by May or June 2026.

🇰🇷 K Bank IPO Book Building Results Analysis (Douglas Research Insights) $

K Bank finalized its IPO price at 8,300 won, which is at the low end of the IPO price range. The demand ratio for the IPO was 199 to 1.

The 12.4% shares that are under lock-up periods is relatively low and this suggests a bearish sign.

Our base case valuation of K Bank is target price of 11,986 won per share, which is 44% higher than the IPO price of 8,300 won.

🌏 SE Asia

🇰🇭 NagaCorp could see ‘robust’ cashflow as Naga 3 capex likely scaled down: CLSA (GGRAsia)

Brokerage CLSA Ltd says it expects Cambodian casino operator NagaCorp (HKG: 3918 / FRA: N9J / OTCMKTS: NGCRF) to achieve a net profit compound annual growth rate (CAGR) of 12 percent from 2025 to 2027, while paying circa 30 percent of profits as dividends.

Along with “improved operating efficiencies,” the casino firm will in likelihood have a “lower finance cost burden” as the scale of its investment for the NagaWorld complex’s Phase 3 is expected to be reduced, the institution said in a Wednesday report, initiating coverage of the casino operator.

“NagaCorp’s earnings are set to rebound in 2025 from a low base, in our view, with organic growth momentum likely continuing into 2027,” wrote CLSA’s analyst Jeffrey Kiang.

“The recent escalation of conflict between Cambodia and Thailand is unlikely to challenge NagaWorld’s operations as long as patrons’ mobility from Malaysia, Singapore and Greater China are not restricted,” the analyst added, referring to the “key” feeder markets for the casino operator.

🇮🇩 Telekomunikasi Indonesia: Indonesia’s Digital Backbone At An Attractive Discount And Solid Yield (Seeking Alpha) $ 🗃️

🇮🇩🏛️ Telkom Indonesia Persero Tbk PT (NYSE: TLK) – Fixed line telephony, internet & data communications. 🇼 🏷️

🇮🇩 PT Bank Mandiri (Persero) Tbk 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌏🏛️ Bank Mandiri Tbk PT (IDX: BMRI / FRA: PQ9 / OTCMKTS: PPERF) – Wholesale & Retail segments. 🇼 🏷️

🇮🇩 PT Indosat Ooredoo Hutchison Tbk 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇮🇩 PT Indosat Ooredoo Hutchison Tbk (IDX: ISAT / FRA: IDO1 / OTCMKTS: PTITF) – Wireless services for mobile phones + broadband internet lines for homes. 🇼 🏷️

🇲🇾 CreditSights sees ‘limited refinancing risk’ for Genting group’s debt maturities (GGRAsia)

Credit and market research provider CreditSights Inc says it believes Malaysia-listed conglomerate Genting Berhad (KLSE: GENTING / OTCMKTS: GEBHY) “has multiple funding options at its disposal,” with “limited refinancing risk for all the upcoming maturities”.

That is according to a Monday memo from analysts Jonathan Tan Jun Jie and Lakshmanan R.

According to the institution, the Genting group “faces sizable debt maturities” this year and next.

These include the US$1.5-billion bond under the Genting Overseas Holdings Ltd (GOHL) unit, US$300 million linked to Empire Resorts’ bond, US$665 million in term loans tied to the Resorts World Las Vegas complex in the United States, and MYR3.8 billion (US$968.1 million) of “assorted retail bonds”.

🇲🇾 Sime Darby Berhad (SMEBF) Analyst/Investor Day – Slideshow (Seeking Alpha)

🌏 Sime Darby Bhd (KLSE: SIME / OTCMKTS: SMEBF) – Trading conglomerate. Automotive & industrial equipment brands. 🇼

🇲🇾 Axiata Group Berhad (AXXTF) Analyst/Investor Day – Slideshow (Seeking Alpha)

🌏 Axiata Group Bhd (KLSE: AXIATA / OTCMKTS: AXXTF) – Telecommunications & digital conglomerate (digital telcos, infrastructure, & digital businesses). 🇼

🇵🇭 Bank of the Philippine Islands 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇭 Bank of the Philippine Islands (PSE: BPI / OTCMKTS: BPHLF / BPHLY) – Oldest bank in the Philippines & SE Asia. 🇼

🇸🇬 Chinese companies overtake US in Singapore investment (FT) $ 🗃️

Businesses have been using city-state to avoid geopolitical scrutiny and expand abroad

The rise of businesses relocating to the city-state to avoid scrutiny often directed at China-based entities has become so prevalent in recent years that it has been labelled “Singapore-washing”.

🇸🇬 CapitaLand Investment Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 CapitaLand Investment Limited (SGX: 9CI) – Real asset manager. 6 listed REITs & business trusts + a suite of private real asset vehicles. 🇼 🏷️

🇸🇬 Grab Holdings: Southeast Asia’s Super-App Sets Its Sights On The U.S. (Seeking Alpha) $ 🗃️

🇸🇬 Grab: The Best Super App In Asia (Seeking Alpha) $ 🗃️

🇸🇬 Grab Earnings: Some Life Experience May Reveal The Secret Sauce (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇸🇬 Grab: Valuation Compression Is Attractive As Company Sets Aggressive Targets (Seeking Alpha) $ 🗃️

🇸🇬 Grab Holdings Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇸🇬 Prime US REIT 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇺🇸 Prime US REIT (SGX: OXMU / OTCMKTS: KBSUF) – Prime office assets in the USA. High-quality Class A freehold office properties. 🏷️

🇸🇬 First Ship Lease Trust 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 First Ship Lease Trust (SGX: D8DU / FRA: LJ9) – Diversified fleet of product tankers (fixed-rate period charters).

🇸🇬 Canaan Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Canaan Inc (NASDAQ: CAN) – China founded. Specializes in Blockchain servers & ASIC microprocessors for use in bitcoin mining. 🇼

🇸🇬 DBS Group: Still An Intriguing Play On Asian Growth (Seeking Alpha) $ 🗃️

🇸🇬 DBS Group Holdings Ltd 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌏 DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) – Financial services group in Asia with a presence in 19 markets: Greater China, Southeast Asia & South Asia. 🇼 🏷️

🇸🇬 Budget 2026 Injects Another S$1.5 Billion Into SGX. Are Singapore Mid-Cap Stocks About to Surge? (The Smart Investor)

Budget 2026 raises the EQDP to S$6.5 billion, driving institutional flows into Singapore’s Next 50 stocks and boosting mid-cap dividend plays.

The “Demand Surge”: Why the Government Expanded the Fund

Where Will the Money Flow? Follow the “Next 50”

Stock Watch: The Potential Beneficiaries

The “Next 50” list is home to several quality names that are now in the spotlight.

The Infrastructure Plays: NetLink NBN Trust (SGX: CJLU / OTCMKTS: NETLF) and ComfortDelGro Corporation (SGX: C52 / FRA: VZ1 / VZ10 / OTCMKTS: CDGLF / CDGLY) are prominent weights in the new index. Their steady cash flows make them prime targets for managers looking for stability combined with the EQDP’s growth mandate.

The REIT Tier: While the STI has the giants, the Next 50 holds the “reserve list” stars like Suntec Real Estate Investment Trust (SGX: T82U / OTCMKTS: SURVF) and Keppel REIT (SGX: K71U / OTCMKTS: KREVF). These are often the first to benefit when institutional liquidity pours into the mid-cap space.

The New Economy: With the inclusion of iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF) and NTT DC REIT (SGX: NTDU), the stimulus is also supporting Singapore’s pivot toward digital infrastructure and wealth platforms.

The Catch: Profits Still Rule Payouts

Get Smart: Positioning for Mid-2026

🇸🇬 Update: 5 Temasek-Owned Singapore Blue-Chip Stocks for Your Buy Watchlist (The Smart Investor)

These five Temasek-owned Singapore blue chips combine income, recovery potential, and long-term growth, making them worth a closer look for investors building a resilient portfolio.

Here are five Singapore blue-chip stocks that Temasek owns that investors can consider adding to their watchlist.

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

DBS is Singapore’s largest bank, offering a comprehensive suite of financial services across Asia, including a wealth management division that ranks among the region’s largest.

SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF)

SATS provides ground handling and catering services for airlines, and also operates central kitchens that prepare food for corporations.

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

Singapore Technologies Engineering, or ST Engineering, is a technology and engineering group serving customers across the aerospace, smart city, defence, and public security sectors.

Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel

Singtel is Singapore’s largest telecommunications group, providing a range of mobile, broadband, and enterprise digital services across Asia, Australia, and Africa.

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

Seatrium provides engineering solutions to the global offshore, marine, and energy industries, with operations spanning oil and gas, offshore renewables, and vessel repairs and upgrades.

🇸🇬 3 Blue-Chip REITs Raising Their DPUs Before CNY (The Smart Investor)

Learn why these three Singapore blue-chip REITs are increasing payouts and if their dividend growth is sustainable for 2026.

ParkwayLife REIT: The Built-In Escalator

Parkway Life Real Estate Investment Trust (SGX: C2PU), or PLife REIT, owns a defensive portfolio of 74 healthcare properties across Singapore, Japan, and France, valued at S$2.57 billion.

Keppel DC REIT: Riding the AI Wave

Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF) owns 25 data centres across 10 countries with assets under management of approximately S$6.3 billion.

CapitaLand Integrated Commercial Trust: The Compounding Machine

Singapore’s largest REIT by market capitalisation, CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT, boasts assets under management of S$27.4 billion.

Get Smart: Follow the Growth Engine, Not Just the Yield

🇸🇬 Earnings Review: How 4 Singapore Stocks Are Navigating Global and Local Headwinds (The Smart Investor)

We analyze the latest earnings for Singtel, StarHub, Prime US REIT, and CapitaLand Investment to see how these four Singapore stocks are navigating current market headwinds.

Navigating this environment requires a close look at how each firm balances growth and capital recycling.

Singtel’s Underlying Profit Rises as Regional Associates Grow

Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel, delivered a resilient performance for the third quarter of the fiscal year ending 31 March 2026 (3QFY2026).

StarHub’s Net Profit Tumbles 46% Amid Mobile Competition

StarHub (SGX: CC3 / FRA: RYTB / OTCMKTS: SRHBY / SRHBF) reported a challenging set of results for the full year 2025 (FY2025), with net profit attributable to owners tumbling 46.2% YoY to S$86.4 million.

Prime US REIT DPU Doubles Amid Occupancy Recovery

Prime US REIT (SGX: OXMU / OTCMKTS: KBSUF) demonstrated a notable operational turnaround in its fiscal year 2025 (FY2025) results.

CapitaLand Investment Scales Fees Amid China Headwinds

CapitaLand Investment Limited (SGX: 9CI), or CLI, continues to transition toward an asset-light model, as evidenced by its 2025 results.

Get Smart: Focus on Diversification and Cash Flow

🇸🇬 3 REIT Mistakes Income Investors Should Avoid in 2026 (The Smart Investor)

S-REITs offer opportunity in 2026, but avoiding common income pitfalls remains crucial for building resilient dividend portfolios.

Here are three critical mistakes to avoid to ensure a portfolio holds up through the next market cycle.

Chasing the Highest Yield

Take Suntec Real Estate Investment Trust (SGX: T82U / OTCMKTS: SURVF) as an example.

Ignoring Balance Sheet Risk

A good example is Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF) or FCT.

The REIT owns nine malls with S$8.3 billion in assets under management, reported a full-year DPU of S$0.12113 for FY2025.

Overconcentrating in REITs for Income

Consider Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF), a high-quality data centre REIT with S$6.3 billion in assets under management as of 31 December 2025.

Get Smart: Building a Resilient Portfolio

🇸🇬 3 Singapore Dividend Stocks to Watch During CNY (The Smart Investor)

Discover three Singapore dividend stocks hitting their stride this Chinese New Year.

From a general insurer undergoing a strategic shift to a REIT benefiting from a change in the economic climate, these picks represent different ways to harness the energy of the new lunar year for your portfolio.

United Overseas Insurance Ltd (SGX: U13 / FRA: IZB): Can a transformation reverse the dividend cut?

United Overseas Insurance (UOI) finds itself at a crossroads where robust top-line growth meets bottom-line pressure.

United Hampshire US REIT (SGX: ODBU / OTCMKTS: UNHRF): Lower rates fuel a DPU recovery

United Hampshire US REIT (UHREIT) offers a compelling example of how macroeconomic shifts can outweigh surface-level revenue dips.

Vicom Ltd (SGX: WJP): Investing today for bigger dividends tomorrow

VICOM is currently prioritizing long-term infrastructure over immediate payouts, a move that requires patience from its shareholder base.

Get Smart: Follow the cash, not just the yield

🇸🇬 Hongkong Land Is at 52-Week Highs. Should We Sell? (The Smart Investor)

Hongkong Land’s share price is hitting 52-week highs, but long-term investors should look beyond price action to assess whether the business still merits holding.

Hongkong Land Holdings (SGX: H78 / LON: HKLJ / FRA: HLH / OTCMKTS: HKHGF / HNGKY), or HKL, hit a 52-week high of S$9.12 on 4 February 2026, marking a significant turnaround after a challenging period for property stocks.

We look at whether HKL’s rally is supported by improving fundamentals – or if this is a peak worth trimming into.

Business Overview

HKL is the largest landlord in Hong Kong’s prime business district, focusing on ultra-premium mixed-use commercial real estate.

As a core subsidiary of Jardine Matheson (SGX: J36 / FRA: H4W / OTCMKTS: JARLF), HKL enjoys operational synergies within an ecosystem of market-leading Asian businesses.

Why the Stock is at a 52-Week High

Reasons for Holding

Reasons for Selling

What Long-Term Investors Should Watch Closely

Get Smart: A Bet on a Greater China Recovery

🇸🇬 Singapore’s 11.1 ha Industrial Land Launch: 4 Blue Chip Stocks Poised to Benefit (The Smart Investor)

Some REITs may stand to benefit from the Ministry of Trade and Industry’s newly released industrial land through its Industrial Government Land Sales (IGLS) programme.

We look at a few names that might stand out as prime beneficiaries.

CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF), or CLAR – Anchoring Growth in Singapore’s Industrial Core

CLAR’s business is globally diversified but anchored in Singapore, accounting for 68% of its portfolio value, allowing the trust to benefit from the tailwinds of rising local rents.

Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF), or MLT – Rejuvenation Strategy and Logistics Dominance

In the third quarter of fiscal year 2026 (3QFY2025/2026), MLT’s gross revenue slid 3.1% to S$176.8 million, bringing NPI down 3.3% YoY due to FX headwinds and loss of income from its divested assets.

Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF), or MIT – Data Centres and High-Specification Focus

Like MLT, MIT is also executing a “Rejuvenation Strategy”, but in the data centre space, which accounts for 58.3% of MIT’s assets under management (AUM), positioning it to benefit significantly from the accelerating AI economy

AIMS APAC REIT (SGX: O5RU / OTCMKTS: ACIRF) – Strong Singapore Concentration and Organic Growth

Get Smart: Position for the Upswing in Industrial REITs

🇸🇬 DBS, SGX and Keppel – 3 Blue Chips That Raised Their Dividends (The Smart Investor)

These three Singapore blue-chip stocks stand out for raising dividends, signalling earnings strength and management confidence.

DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) – The Heavyweight That Keeps Delivering

DBS has long been a staple for local investors, and its recent performance underscores why.

The bank reported a record total income of S$22.9 billion for FY2025, a 3% increase year on year (YoY).

Singapore Exchange Limited(SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) – The Toll Booth of Singapore’s Capital Markets

Singapore Exchange (SGX), the nation’s sole market operator, has also stepped up its game

Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) – The Shape-Shifter Hitting Its Stride

Keppel is proving that its pivot from a traditional conglomerate to a global asset manager is paying off.

Get Smart: Growing dividends signal growing confidence

🇸🇬 These Singapore Stocks Are at Multi-Year Highs: Buy, Hold or Sell? (The Smart Investor)

When stocks hit multi-year highs, emotions often run ahead of fundamentals. How should investors think about valuation, momentum, and business quality at elevated prices?

Why Stocks Hit Multi-Year Highs

Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), or OCBC — Strong Fundamentals Driving the Rally

OCBC shares are near fresh highs, trading above S$21 recently.

Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel — Re-Rating on Changing Perception

Like OCBC, Singtel shares are also trading at new record highs.

Unlike the bank, other than strong earnings, Singtel has been rewarded by its shareholders for the smooth execution of its digitalisation strategy (so far).

Seatrium Ltd (SGX: SE2 / FRA: S8N / OTCMKTS: SMBMF), or Seatrium — Cyclical Recovery at Work

Rounding things off, another company that is trading near multi-year highs would be the offshore marine giant, Seatrium.

How to Think About Buy, Hold or Sell at Highs

Get Smart: High Prices Require Clear Thinking

🇸🇬 Small-Cap Stocks Behind the Businesses We Use Every Day (The Smart Investor)

Look beyond blue chips to find three household-name small caps that provide the essential services Singapore relies on daily.

SBS Transit (SGX: S61)

Most of us interact with SBS Transit daily, yet we rarely think of it as a stock.

It is the steady heartbeat of our commute, operating the North East and Downtown lines along with an island-wide bus network.

Vicom Ltd (SGX: WJP)

VICOM is that rare business you visit not because you want to, but because the law says you must.

This regulatory moat makes it one of the most resilient stocks on the exchange.

CSE Global Ltd (SGX: 544 / FRA: XCC / OTCMKTS: CSYJY / CSYJF)

You might not see CSE Global’s logo on your way to work, but they are the “invisible hand” keeping our world’s power and data moving.

As a systems integrator, they handle the complex automation and electrification that modern cities and energy sectors require.

Get Smart: Small Caps Hiding in Plain Sight

🇸🇬 3 Singapore REITs, 3 Different Stories: What the FY2025 Results Really Tell Us (The Smart Investor)

Three Singapore REITs, three stories, as FY2025 results reveal who is adapting and who is being tested in a higher-rate world.

These results are about more than just decimals; they are a roadmap for navigating a world where interest rates stay higher for longer.

CapitaLand Integrated Commercial Trust(SGX: C38U / OTCMKTS: CPAMF): The Steady Overachiever

If your portfolio had an anchor, CapitaLand Integrated Commercial Trust (CICT) would likely be it.

First Real Estate Investment Trust (SGX: AW9U / OTCMKTS: FESNF): Fighting the Currency Ghost

First REIT presents a bit of a paradox.

If you only look at the headline DPU – which slipped 8.1% YoY to S$0.02170 – you might feel discouraged.

CapitaLand China Trust (SGX: AU8U / OTCMKTS: CLDHF): Testing the Contrarian’s Resolve

It’s been a tough year for CapitaLand China Trust.

Gross revenue was down 9.1% YoY to RMB 1.67 billion, while NPI fell 9.4% to RMB 1.10 billion.

Get Smart: Match Your Portfolio to the Market Reality

🇸🇬 Markets Are Turning Up — These Stocks Could Ride the Upswing (The Smart Investor)

As market sentiment improves and money flows back into equities, some stocks are better positioned than others to benefit from an upswing.

We look at the types of stocks that could ride this upswing, and highlight what makes them stand out.

Singapore Exchange Limited(SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) — High-Quality Market Leader

SGX has garnered a reputation of being a long-term dividend income player, serving as Singapore’s sole approved and regulated stock exchange.

SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) – Cyclical Recovery Play

Like many cyclical companies, SATS rebounds as economic activity improves.

Since the recovery of global air travel following the pandemic, its business has also benefited in the area of cargo volumes, and improving operating leverage.

Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF) – Rate-Sensitive Beneficiary

FCT is a quality REIT that offers defensive and predictable income from essential services.

This is mainly due to its bread and butter: suburban retail malls that serve daily consumer essentials.

🇹🇭 Thai conservatives’ first election win this century buoys markets (FT) $ 🗃️

Stocks and currency rise over promise of breakthrough after decades of political deadlock

“With a large pro-establishment party leading the coalition, the next government will have a stronger anchor than has been the case with other administrations in recent years,” said Peter Mumford, south-east Asia head at the consultancy Eurasia Group.

🇹🇭 PTT Exploration and Production Public Company Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇭 PTT Exploration and Production Public Company Limited (PEXNY) Presents at Opportunity Day Quarter 4/ FY 2025 – Slideshow (Seeking Alpha)

🇹🇭🏛️ PTT Exploration & Production PCL (BKK: PTTEP / PTTEP-R / SGX: TPED / OTCMKTS: PEXNY) – Petroleum exploration, development & production, renewable energy, new forms of energy & advanced technology. 🇼 🏷️

🇹🇭 Advanced Info Service Public Company Limited (AVIFY) Analyst/Investor Day – Slideshow (Seeking Alpha)

🇹🇭 Advanced Info Services PCL (BKK: ADVANC / SGX: TADD) – Operates Mobile Communication Service with 5G & 4G technology. 🇼 🏷️

🇻🇳 VinFast Auto: Delivery Surge Meets Cash Flow Headwinds (Seeking Alpha) $ 🗃️

🌐 VinFast Auto Ltd. (NASDAQ: VFS) – Design & manufacture of EVs, e-scooters, e-buses & parts. 🇼

🇮🇳 India / South Asia / Central Asia

🇮🇳 Indian UHNWIs diversifying across assets classes, regions (The Asset) 🗃️

Over 70% of portfolios directed to growth assets, with bold, but careful, attitude towards risk, reward

The portfolios of the ultra-high-net-worth individuals ( UHNWIs ) in India are becoming more diversified, with significant exposure across asset classes and regions, according to a recent report.

A significant 68% of the UHNWIs direct more than 70% of their portfolios to growth assets, while 44% seek returns in the range of 13% to 15%, indicating a bold, but careful, attitude towards risk and reward, finds Indian wealth management firm Nuvama Private’s wealth report, titled The Exceptionals, which is a comprehensive study of the attitudes, investment behaviours and changing aspirations of India’s UHNWIs in tier-1 and -2 cities.

The UHNWIs, the report notes, are seriously involved with passion investments; 58% have made investments as varied as sporting teams to boutique resorts, and 65% continue to collect art and other luxury collectibles. These are motivated by more than simply financial returns, according to the report; they are statements of aesthetic taste, legacy and uniqueness.

🇮🇳 Yatra Online, Inc. 2026 Q3 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Yatra Online (NASDAQ: YTRA) – Corporate travel services provider. Airline tickets, hotel & holiday packages & other services. 🇼

🇮🇳 Event Driven: Edelweiss ~ How Housing Finance Stake Sale Unlocks Value? (Smartkarma) $

Edelweiss Financial Services (EDEL IN) [Edelweiss Financial Services Ltd (NSE: EDELWEISS / BOM: 532922)] is divesting a controlling 73% stake in Nido Home Finance to Carlyle Group and Aditya Puri for approximately INR 2,100 crore

The transaction infuses INR 1,500 crore capital into Nido for growth while providing liquidity to Edelweiss for reducing corporate debt and strengthening its balance sheet

This strategic move unlocks significant value by monetizing a mature asset at a premium valuation while pivoting the group towards an asset-light business model

🇮🇳 Samvardhana Motherson: Acquisition Pipeline and Greenfield Execution Strengthen FY27 Visibility (Smartkarma) $

Samvardhana Motherson International (NSE: MOTHERSON / BOM: 517334), a global automotive components leader, reported record quarterly revenue growth of 14% YoY and PAT growth of 21% YoY.

Rapid expansion in Aerospace, up 41% YoY, and Consumer Electronics, up 75% QoQ, is offsetting developed market auto softness and reducing earnings dependence on cyclical segments.

With a strong order book, 12 greenfield projects underway, disciplined leverage, and exposure to premiumization and EV trends, SAMIL remains positioned for sustainable multi-year growth despite macro volatility.

🇮🇳 SBIN: Record Breaking Profits and the Reviving Corporate Credit Cycle (Smartkarma) $

State Bank of India (NSE: SBIN / BOM: 500112) achieved a historic quarterly profit of INR 210.3 billion in Q3FY26, leveraging its 22% market share and INR 103 trillion business volume to lead India’s economic expansion.

The YONO ecosystem facilitates 68% of new account openings, while market-leading subsidiaries in insurance and asset management provide significant valuation tailwinds through strong cross-selling and dividends.

Maintaining two-decadal low NPA ratios, the bank is capturing a reviving corporate cycle with a Rs. 7.86 lakh crore pipeline and 95% YoY gold loan growth.

🇮🇳 Fractal Analytics IPO: Play on Enterprise AI and Analytics, Quality Franchise at Premium Valuation (Smartkarma) $

Fractal Analytics, India’s leading pure-play enterprise AI and analytics company, is tapping capital markets via a INR 2,833.9 crore IPO.

The IPO offers rare listed exposure to enterprise AI, decision intelligence, and GenAI-led transformation, beyond traditional IT services.

Strong client franchise, deep AI capabilities, and global exposure are positives, though valuation appears stretched relative to near-term growth.

🌍 Middle East

🇮🇱 Elbit Systems Rides The Defense Boom, But The Valuation Is Stretched (Seeking Alpha) $ 🗃️

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

🇮🇱 Tower Semiconductor Q4: Capitalized On The AI Demand, Hold (Seeking Alpha) $ 🗃️

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

🇹🇷 Koç Holding A.S. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 Koç Holding (IST: KCHOL) – Turkey’s largest industrial & services group. 🇼

🇦🇪 Yalla Group Limited 2025 Q3 – Results – Earnings Call Presentation (Seeking Alpha)

🌍 Yalla Group (NYSE: YALA) – Online social networking & gaming. Voice-centric group chat platform (Yalla) & casual gaming application (Yalla Ludo).

🌍 Eastern Europe & Emerging Europe

🇵🇱 InPost S.A. (INPOY) Shareholder/Analyst Call – Slideshow (Seeking Alpha)

🌍 InPost SA (AMS: INPST / LON: 0A6K / FRA: 669) – Specializes in parcel locker service + courier, package delivery & express mail service. 🇼 🏷️

🌎 Latin America

🌎 Which Latin American leaders will be forced from power in 2026? (Latin America Risk Report)

Comments on what the prediction markets get correct and wrong about political stability in Latin America

🌎 Top Latin American Stocks (Seeking Alpha) $ 🗃️

SA Quant identified three Latin American stocks with Strong Buy ratings, spanning the financial, material, industrial, and communication sectors.

I also highlight two bonus stocks that recently fell to Hold, but are worth keeping an eye on.

🇧🇷 Tim SA (NYSE: TIMB) – Mobile & fixed telephony services. Subs. of Telecom Italia Finance SA. 🇼
🌎 Nu Holdings (NYSE: NU) – Digital banking platform / fintech. 🇼
🌐 CEMEX (NYSE: CX) – Leading vertically integrated building materials / cement company. 🇼 🏷️
🌎 LATAM Airlines Group (NYSE: LTM) – Chile based. Largest airline company in Latin America. Subs. in Brazil, Colombia, Ecuador, Paraguay & Peru. 🇼
🇵🇪 Compania de Minas Buenaventura SAA (NYSE: BVN) – Precious metals mining & exploration (gold, silver, copper, zinc, etc.). Energy generation & transmission services & industrial activities. 🇼

🌎 First Quantum Minerals Ltd. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌐 First Quantum Minerals Ltd (TSE: FM / FRA: IZ1 / OTCMKTS: FQVLF) – High-quality, low-cost copper mines. Kansanshi (Africa) & Cobre Panama. Copper & nickel projects in Africa & Australia. Gold, zinc & cobalt. 🇼

🇦🇷 Lithium Americas: Government Support Comes At Equity’s Expense (Seeking Alpha) $ 🗃️

🇦🇷 🇺🇸👼🏻 Lithium Americas (NYSE: LAC) – Focused on advancing lithium projects in Argentina & USA to production. 🇼 🏷️

🇦🇷 IRSA Inversiones y Representaciones Sociedad Anónima 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇦🇷 IRSA Inversiones y Representaciones Sociedad Anónima (NYSE: IRS) – One of Argentina’s leading real estate companies. 🇼 🏷️

🇦🇷 Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria WT EXP 030926 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇦🇷 🇧🇷 🇧🇴 🇵🇾 Cresud Sa (NASDAQ: CRESY) or Cresud Sociedad Anónima, Comercial, Inmobiliaria, Financiera y Agropecuaria – Argentine agricultural production chain + investments in Brazil [Brasilagro – Co Brasileira De Proprieda (NYSE: LND / BVMF: AGRO3)], Paraguay & Bolivia. Real estate business in Argentina through IRSA (NYSE: IRS). 🇼 🏷️

🇧🇷 Vale: The Rally Has Outpaced Iron Ore Fundamentals (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇧🇷 Vale: A Cyclical Sell As Asymmetry Turns Negative (Seeking Alpha) $ 🗃️

🌐 Vale (NYSE: VALE) – Iron Solutions & Energy Transition Materials segments. Produces & sells iron ore, iron ore pellets, nickel, copper etc + related logistic service. 🇼 🏷️

🇧🇷 Usinas Siderúrgicas de Minas Gerais S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷🅿️ Usinas Siderurgicas de Minas Gerais (BVMF: USIM3 / USIM5 / USIM6 / FRA: U1S0 / OTCMKTS: USNZY) – One of the largest producers of steel in the Americas, with major steel mills in Brazil. 🇼 🏷️

🇧🇷 Sendas Distribuidora: Deleveraging Delivered, Awaiting The Macro Turn (Seeking Alpha) $ 🗃️

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

🇧🇷 Sendas Distribuidora SA (BVMF: ASAI3 / OTCMKTS: ASAIY) or Assaí Atacadista – Self-service wholesale company (Cash & Carry). 🇼 🇼 🏷️

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

🇧🇷🅿️ Klabin (BVMF: KLBN3 / KLBN4 / KLBN11 / OTCMKTS: KLBAY) – Packaging paper & sustainable paper packaging solutions. 🇼

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

🌎 Ambev (NYSE: ABEV) – Brazilian brewing company now merged into Anheuser-Busch Inbev SA (NYSE: BUD). 🇼

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

🇧🇷 TOTVS (BVMF: TOTS3 / OTCMKTS: TTVSY) – Delivers productivity by the digitalization of businesses + systems & platforms for business management. 🇼 🏷️

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

🇧🇷 TIM S.A. Q4: Good Results, But I Don’t Recommend Buying (Seeking Alpha) $ 🗃️

🇧🇷 Tim SA (NYSE: TIMB) – Mobile & fixed telephony services. Subs. of Telecom Italia Finance SA. 🇼

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

🌐 Suzano SA (BVMF: SUZB3 / NYSE: SUZ) – Largest paper & pulp company in Latin America. 🇼

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

🇧🇷🏛️ BB Seguridade (BVMF: BBSE3 / OTCMKTS: BBSEY) – Insurance, pension plans & bonds. Subs. of Banco do Brasil (BVMF: BBAS3 / FRA: BZLA / OTCMKTS: BDORY).

🇧🇷 Bradesco: The Re-Rating Case Is Still Alive Heading Into 2026 (Seeking Alpha) $ 🗃️

🌎🅿️ Banco Bradesco (NYSE: BBD / BBDO / BVMF: BBDC3 / BBDC4) – Banking & Insurance. 🇼

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

🇧🇷 Multiplan Empreendimentos Imobiliaris SA (BVMF: MULT3 / OTCMKTS: MLTTY) – Full-service company that plans, develops, owns & manages one of the country’s largest & highest-quality commercial property portfolios. 🏷️

🇧🇷 XP Inc.: Shifting Its Advisory Strategy, And Trades At Attractive Earnings Multiple (Seeking Alpha) $ 🗃️

🇧🇷 XP Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌎 XP Inc (NASDAQ: XP) – Wealth management & other financial services (fixed income, equities, investment funds & private pension products). 🇼

🇧🇷 Patria Investments: Emerging Market Tailwinds May Soon Unlock Upside (Seeking Alpha) $ 🗃️

🌎🇰🇾 Patria Investments Limited (NASDAQ: PAX) – Asset management services to investors focusing on private equity, infrastructure development, co-investments, constructivist equity & real estate & credit funds. 🏷️

🇨🇱 Banco de Chile 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌎 Banco de Chile (NYSE: BCH) – Range of financial services. 🇼

🇨🇱 Embotelladora Andina At Close To 20x Earnings Does Not Incorporate Discretionary And Currency Risk (Seeking Alpha) $ 🗃️

🌎 Embotelladora Andina Sa (NYSE: AKO.A / AKO.B) – Produces, markets, & distributes Coca-Cola trademark beverages in Chile, Brazil, Argentina, & Paraguay. 🇼 🏷️

🇨🇱 LATAM Airlines: Why I Am Upgrading One Of My Favorite Airlines’ Stock To A Strong Buy (Seeking Alpha) $ 🗃️

🌎 LATAM Airlines Group (NYSE: LTM) – Chile based. Largest airline company in Latin America. Subs. in Brazil, Colombia, Ecuador, Paraguay & Peru. 🇼

🇨🇴 Grupo Cibest: A Good Diversification Play In The Global Banking Sector (Seeking Alpha) $ 🗃️

🌎🅿️ Grupo Cibest SA (NYSE: CIB / BVC: PFBCOLOM) fmr. Bancolombia – First Colombian financial institution listed on the NYSE. It provides banking products & services in Colombia, Panama, Puerto Rico, El Salvador, Bermuda & Guatemala. 🇼 🏷️

🇰🇾 Consolidated Water: Utility Stability With Project-Driven Upside (Seeking Alpha) $ 🗃️

🇰🇾 Consolidated Water: Big Catalysts On Tap (Seeking Alpha) $ 🗃️

🇰🇾🌎 Consolidated Water Company Ltd (NASDAQ: CWCO) – Designs, builds, operates & in some cases finances seawater reverse osmosis (SWRO) desalination plants & water distribution systems in several Caribbean countries. 🏷️

🇲🇽 Mexico’s Cheeky Airline Merger Is an Anti-Trust Nightmare (Bloomberg) $ 🗃️

In the final days of 2025, two low-cost airlines — Grupo Viva Aerobus SA and Controladora Vuela Compania de Aviacion SAB de CV (NYSE: VLRS) or Volaris, better known as Volaris — stunned the industry by announcing a merger that would hand them roughly 70% of Mexico’s passenger airline market. Even more striking, President Claudia Sheinbaum publicly welcomed the deal soon after, calling it good for Mexico because it would allow the companies to “invest more.”

🇲🇽 Sigma Foods, S.A.B. de C.V. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌎🌍 Sigma Foods SAB de CV (BMV: SIGMAFA / FRA: G4L / OTCMKTS: ALFFF) – Cooked & fresh meats, dry meats, dairy & other brands. Part of Alfa SAB de CV (BMV: ALFAA / OTCMKTS: ALFFF). 🇼

🇲🇽 América Móvil, S.A.B. de C.V. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🌎 America Movil SAB de CV (NYSE: AMX) – Leading Latin America telecommunication service provider. 🇼 🏷️

🇵🇦 Banco Latinoamericano de Comercio Exterior, S. A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇵🇪 Buenaventura: Trifecta Of Gold, Copper And Silver (Seeking Alpha) $ 🗃️

🇵🇪 Compania de Minas Buenaventura SAA (NYSE: BVN) – Precious metals mining & exploration (gold, silver, copper, zinc, etc.). Energy generation & transmission services & industrial activities. 🇼

🌐 Global

🌐 Litigation investing – a route to riches (sometimes) (Undervalued Shares)

The first major investment I made in the 1990s was a litigation stock. It was controversial enough that I’ve never written about it before.

Ever since, I have kept an eye on this complex niche of the market.

Join me for a stroll through some of the names that make up this sector today – along with a few historical cases worth learning from.

🌐 Emerging economies shine despite US volatility (FT) $ 🗃️

For the rally to endure, developing markets need to build on their resilience

Despite the risks of Donald Trump’s aggressive protectionist agenda, the mood among policymakers and central bankers at the Conference for Emerging Market Economies in AlUla, Saudi Arabia, this week was cautiously upbeat. Assets across the ragtag grouping of economies have been on a tear. Last year, benchmark equity indices in countries including South Korea, Poland and Vietnam more than doubled the S&P 500’s 16 per cent gain. Returns on local-currency bonds and sovereign credit outpaced developed markets too. The rally has rolled on into 2026.

🌐 Nebius: AI Discount Bin (Seeking Alpha) $ 🗃️

🌐 Nebius: Getting Ready To Take Off As AI Boom Accelerates (Seeking Alpha) $ 🗃️

🌐 Nebius: Inflection Point (Seeking Alpha) $ 🗃️

🌐 Nebius: In Energy We Trust (Seeking Alpha) $ 🗃️

🌐 Nebius: Incrementally Bullish After Positive Report (Seeking Alpha) $ 🗃️

🌐 Nebius Q4: Path To Potential $180 Share Price (Seeking Alpha) $ 🗃️

🌐 Nebius Group Stock: Build, Sell, Repeat (Seeking Alpha) $ 🗃️

🌐 Nebius: The AI Powerhouse You Can’t Ignore (Seeking Alpha) $ 🗃️

🌐 Nebius Group Earnings: Ignore The Noise, This Stock’s A Winner (Seeking Alpha) $ 🗃️

🌐 Nebius: A Sober Look At Q4 Earnings (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. 🇼 🏷️

Subscribed

📅 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):

~~Japan~~ ~~Japanese House of Representatives~~ ~~2026-02-08 (d) Confirmed 2024-10-27~~
~~Thailand~~ ~~Thai House of Representatives~~ ~~2026-02-08 (t) Confirmed 2023-05-14~~
~~Thailand~~ ~~Thai House of Representatives~~ ~~2026-02-08 (t) Confirmed 2023-05-14~~
~~Bangladesh~~ ~~Bangladeshi National Parliament~~ ~~2026-02-12 (d) Confirmed 2024-01-07~~
~~Bangladesh~~ ~~Referendum~~ ~~2026-02-12 (d) Confirmed~~
Colombia Colombian Senate 2026-03-08 (d) Confirmed 2022-03-13
Colombia Colombian House of Representatives 2026-03-08 (d) Confirmed 2022-03-13
Kazakhstan Referendum 2026-03-15 (d) Confirmed 2024-10-06
Slovenia Slovenian National Assembly 2026-03-22 (t) Confirmed 2022-04-24
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 2026-04-14 (t) Date not confirmed 2024-10-27
Hungary Hungarian National Assembly 2026-04-30 (t) Date not confirmed 2022-04-03
Cyprus Cypriot House of Representatives 2026-05-31 (t) Date not confirmed 2021-05-30
Colombia Colombian Presidency 2026-05-31 (t) Date not confirmed 2022-06-19
Morocco Moroccan Chamber of Representatives 2026-09-30 (t) Date not confirmed 2021-09-08
Czech Republic Czech Senate 2026-09-30 (t) Date not confirmed 2024-09-27
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
Israel Israeli Knesset 2026-10-27 (d) Confirmed 2022-11-01
Bulgaria Bulgarian Presidency 2026-11-30 (t) Date not confirmed 2021-11-21
Bahrain Bahraini Council of Representatives 2026-11-30 (t) Date not confirmed 2022-11-12
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):

XFLH Capital Corp. XFLHU Maxim Group, 10.0M Shares, $10.00-10.00, $100.0 mil, 2/12/2026 Priced

(Incorporated in the Cayman Islands)

We intend to focus our search initially on target businesses operating in Asia. We may consummate a business combination with an entity located in the People’s Republic of China (including Hong Kong and Macau) (the “PRC” or “China”).

Our focus will be on acquiring a middle-market growth business (or more than one business in this category) with a total enterprise value between $200 million and $400 million.

We will not consider or undertake an initial business combination with any target company the financial statements of which are audited by an accounting firm that the United States Public Company Accounting Oversight Board (the “PCAOB”) is unable to inspect for two consecutive years.

Yanzhe Yang has served as our CEO and a director since September 2025. Yanzhe Yang has served as the CEO and founder of Aorui Health Management Co., Ltd. since December 2024. Mr. Yang has multiple years of experience in strategic investment, corporate consulting, and market management.

Tianshi Yang has served as our CFO since September 2025. Mr. Tianshi Yang has more than 12 years of experience in finance as well as management experience in four Nasdaq-listed companies – SunCar Technology Group Inc. (Nasdaq: SDA); TD Holdings, Inc. (NASDAQ: GLG); Aesthetic Medical International Holdings Group Limited (NASDAQ: AIH), and Meten EdtechX Education Group Ltd. (NASDAQ: METX).

The majority of our executive officers and directors are located in or have significant ties to China:

– Yanzhe Yang, our CEO and a director, holds Chinese citizenship and resides in China;

– Tianshi Yang, our CFO, holds Chinese citizenship and resides in China.

– Heung Ming Henry Wong, our independent director nominee, holds Hong Kong citizenship and resides in Hong Kong;

– Chennong Huang, our independent director nominee, holds Chinese citizenship and resides in China, and

– Jonathan Yee Fung Cheng, our independent director nominee, holds Hong Kong citizenship and resides in Hong Kong.

As a result, it may be difficult for investors to effect service of process within the United States on our company, executive officers and directors, or enforce judgments obtained in the United States courts against our company, executive officers and directors. (From the prospectus)

(Note: XFLH Capital Corp. priced its SPAC IPO on Feb. 11, 2026, in sync with the terms in the prospectus – 10 million units at $10.00 each – to raise $100.0 million. Each unit consists of one ordinary share and one right to receive one-seventh (1/7) of an ordinary share upon the consummation of an initial business combination. Background: XFLH Capital Corp. increased the size of its SPAC IPO to 10 million units – up from 6 million originally – and kept the price at $10.00 each – to raise $100 million, in an S-1/A filing dated Jan. 26, 2026. In that filing, XFLH Capital Corp. said it planned to apply to list its units on the New York Stock Exchange.

(Background: XLFH Capital Corp. filed its S-1 for its SPAC IPO on Sept. 29, 2025, and disclosed the terms: 6 million units at $10.00 each to raise $60 million. In the S-1 filing, XLFH Capital Corp. said it planned to list its units on the NASDAQ.)

RF Acquisition Corp. III RFAMU EarlyBirdCapital, 10.0M Shares, $10.00-10.00, $100.0 mil, 2/13/2026 Priced

(Incorporated in the Cayman Islands)

We intend to focus our search on businesses in Asia within the deep technology sector, including artificial intelligence, quantum computing, and biotechnology. However, we will not undertake our initial business combination with any company based in or having the majority of its operations in Greater China (as defined herein).

Tse Meng Ng, our chairman and CEO since September 2025, is a highly regarded and successful financier and businessman. Since February 2024, Mr. Ng has also served as Chief Executive Officer and Chairman of RF Acquisition Corp II, a special purpose acquisition company that consummated a $115 million initial public offering in May 2024 and entered into a definitive agreement for its initial business combination with Nanyang Biologics Pte. Ltd., a company that offers a comprehensive drug discovery platform integrating traditional medicine with state-of-the-art technologies, including artificial intelligence, in October 2025. Mr. Ng previously also served as Chief Executive Officer and Chairman of RF Acquisition Corp., a special purpose acquisition company that consummated a $115 million initial public offering in March 2022 and consummated its initial business combination with GCL Global Holdings Ltd in February 2025. Since February 2025, Mr. Ng has served as a director of GCL Global Holdings Ltd.

In February 2019, Mr. Ng co-founded Ruifeng Wealth Management Pte Ltd, a Singapore Capital Markets Services licensed financial institution regulated by the Monetary Authority of Singapore for which he serves as the chairman. Mr. Ng and his team provide fund management services to ultra-high net worth individuals. From May 2014 to January 2019, Mr. Ng served as the Managing Director of Credit Agricole, an international full-service banking group. He was voted ‘Outstanding Young Private Banker’ in 2011 by Private Banker International, the leading journal for the global wealth management industry. Prior to that, Mr. Ng was a Director at Credit Suisse where he helped form the team that covered the North Asia markets. He started his career in 1998 at Citibank N.A where he managed a team of banking staff.

Chee Soon Tham, our CFO and a director since September 2025, was an audit partner at Ernst & Young, in Singapore, from 2004 until 2018. Since March 2024, Mr. Tham has also served as Chief Financial Officer and director of RF Acquisition Corp II. Mr. Tham is an independent director of VinFast Auto Ltd, a Vietnam-based electric vehicle manufacturer, listed on NASDAQ, CH Offshore Ltd, a Singapore-based provider of offshore marine assets and services, listed on the Singapore Exchange, and Tokio Marine Insurance Singapore Ltd. While at Ernst & Young, Mr. Tham worked in a number of overseas offices, including New Orleans and Boston, in the USA. In 2018, he founded iCFO Advisors Pte Ltd, where together with a small team of senior executives, he provides outsourced finance support, financial due diligence, liquidation and other related services to small to medium sized enterprises and listed clients. He has led various audit assignments, including that for an Asia-based group listed in the US as a foreign private issuer that reported in US GAAP. Mr. Tham qualified as a CPA in the State of Oregon. He is a Chartered Accountant in Singapore and a CFA charter-holder.

(Note: RF Acquisition Corp. III priced its SPAC IPO in sync with the terms in the prospectus – 10 million units at $10.00 each – to raise $100 million on Thursday night, Feb. 12, 2026. Each unit consists of a share of common stock and one right to acquire one-tenth (1/10th) of one ordinary share upon the consummation of an initial business combination.)

(Background: RF Acquisition Corp. III disclosed the terms for its SPAC IPO on Oct. 17, 2025, in an S-1/A filing: 10 million units at $10.00 each to raise $100.0 million. Each unit consists of a share of common stock and one right to acquire one-tenth (1/10th) of one ordinary share upon the consummation of an initial business combination.)

Hartford Creative Group, Inc. (Uplisting) HFUS WestPark Capital, 1.5M Shares, $4.00-4.00, $6.0 mil, 2/16/2026 Week of

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

(Incorporated in Nevada)

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

Hartford Creative Group, Inc. (“HFUS,” “we,” “us,” or “Company”) specializes in delivering marketing solutions tailored to businesses of small and medium-sized enterprises (SMEs). Our suite of precision marketing services offers cross-media strategies that enable advertisers to effectively target and engage audiences across premier media platforms. We leverage our interconnecting network and keen insights into market demands to develop and implement bespoke marketing initiatives. These initiatives encompass the design, placement, monitoring, and optimization of advertising campaigns.

Navigating the intricate landscape of the modern marketing and sales value chain presents numerous challenges, particularly for enterprises lacking the necessary expertise. Many struggle with creating ample marketing content, devising effective strategies, converting leads, and managing customer relations—tasks made more daunting by the sheer volume of use cases across diverse marketing channels. According to the publication Digital Transformation Market Size, Share, Growth & Trends Analysis Report By Solution, By Deployment, By Service, By Enterprise Size, By End-use, By Region, And Segment Forecasts, 2024 – 2030, the global digital transformation market size was estimated at USD 880.3 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 27.6% from 2024 to 2030. With 1.02 billion internet users and the world’s largest social media population, China’s growing economy, booming technology sector, and thriving e-commerce scene make it one of the most intriguing markets in the world today. Social media has long been one of the most important communication channels in China, with the country having the world’s largest number of social media users at over 983.3 million as of November 2024.

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

We have been committed to building an efficient sales network and mechanism to achieve effective customer coverage and sustainable growth. We seek to maintain mutually beneficial relationships with customers and have gained the trust of many customers across a spectrum of industries, presenting us with further cross-selling and up-selling opportunities. We have built a diversified customer base with a strong willingness to pay. During fiscal year 2025, we have secured advertising service agreements with about 43 customers and received approximately RMB 279.9 million (USD 38.8 million) from these customers. We also entered about 53 supplier contracts for advertising placement and paid RMB 262.6 million (USD 36.4 million) during fiscal year 2025.

During the year ended July 31, 2025, we reported net revenues of $2.0 million, compared to $1.4 million for the same period of 2024, reflecting the launch of our advertising business in January 2024. Net income was $1.1 million, or $0.04 per share, for both the years ended July 31, 2025 and 2024. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further discussion.

Based on market research and discussions between the board and third-party suppliers and experts, the Company has further developed a plan of mini-drama business. The Company is strategically positioned to capture considerable market interest and enhance revenue streams from our innovative mini-drama business. While initial steps toward this ambitious goal have been initiated, it is important to note that the commencement and future success of the mini-drama venture are not yet guaranteed.

Our mission is to excel as the premier partner for enterprises worldwide, driving digital and intelligent transformation with unparalleled expertise and commitment.

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

(Note: Hartford Creative Group, Inc. has applied to uplist its stock to the NASDAQ from the OTC Markets Group – and in conjunction with that goal – the company is offering 1.5 million shares at an assumed public offering price of $4.00 per share – to raise $6.0 million, according to an SEC filing – a post-effective amendment – dated Dec. 16, 2025. Background: Hartford Creative Group started its NASDAQ uplisting/public offering process with a plan to offer up to $10 million of stock at an assumed public offering price of $4.00 per share – in an S-1 filing dated Feb. 24, 2025.)

Hillhouse Frontier Holdings HIFI Cathay Securities, 3.8M Shares, $4.00-6.00, $18.8 mil, 2/16/2026 Week of

(Incorporated in Nevada)

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

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

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

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

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

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

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

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

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

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

Riku Dining Group RIKU Eddid Securities USA, 2.3M Shares, $4.00-6.00, $11.3 mil, 2/16/2026 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 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.)

AIGO Holding Ltd. AIGO Eddid Securities USA, 2.0M Shares, $4.00-6.00, $10.0 mil, 2/23/2026 Week of

(Incorporated in the Cayman Islands)

We are a consumer products provider well established in Southern Europe with global operations that extend into geographic regions including Europe, Asia, North America, Latin America, and Africa. In 2024, we generated revenue from approximately 40 countries and regions in four continents.

We primarily offer consumers lifestyle products through our various sales channels, with a particular focus on four main product categories: (i) lighting products; (ii) electrical products; (iii) household appliances; and (iv) pet products. Since 2019, we have also been developing and offering IoT-related consumer products.

We have three proprietary brands, namely, AIGOSTAR^®, nobleza^® and Taylor Swoden^®, each of which has its distinct product lines, marketing strategies and intended consumers. As of December 31, 2024, we had a 115-member R&D team that is dedicated to research and development of new products tailored to customer needs as well as the development of our IT system. We generate recurring revenue from certain core products as well as revenue from new products we offer to the market.

We sell our products through both offline and online channels. Our offline customers are mainly business entities, including local community stores and/or high-end boutiques, shopping malls, supermarkets and distributors, who purchase products from us, either by directly placing orders with us or through our proprietary apps designed specifically for our offline customers to place orders efficiently, and on-sell them to end consumers. Our online customers are generally users who purchase products directly from us through third-party E-commerce platforms and our proprietary AigoSmart App.

Note: Net income and revenue are in U.S. dollars for the year that ended Dec. 31, 2024.

(Note: AIGO Holding Ltd. is offering 2 million shares at a price range of $4.00 to $6.00 to raise $10 million, according to its F-1 filing dated Aug. 21, 2025.)

Seahawk Recycling Holdings, Inc. SEAH Cathay Securities, 3.8M Shares, $4.00-6.00, $18.8 mil, 2/23/2026 Week of

(Incorporated in the British Virgin Islands)

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

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

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

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

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

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

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

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

DT House Ltd. DTDT American Trust Investment Services, 5.0M Shares, $5.00-5.50, $26.3 mil, 3/9/2026 Week of

(Incorporated in the Cayman Islands)

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

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

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

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

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

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

HW Electro Co., Ltd. (NASDAQ-New Filing) HWEP American Trust Investment Services/WestPark Capital, 4.2M Shares, $4.00-4.00, $16.6 mil, 3/16/2026 Week of

We are the first company in Japan to obtain a license plate number for imported electric light commercial vehicles. We are the second company and also one of the three companies that sell electric light commercial vehicles in Japan as of the date of this prospectus. (Incorporated in Japan)

The electric light commercial vehicles we sell belong to the category of “light commercial vehicles,” which are commercial carrier vehicles with a gross vehicle weight of no more than 3,500 kilograms.

We commenced selling and delivering two models of electric light commercial vehicles, ELEMO and ELEMO-K, in Japan in April 2022 and July 2022, respectively, and have been working with Cenntro, our cooperating manufacturer, to produce them under our brand, “ELEMO,” in its factory in Hangzhou, China. ELEMO is the first electric vehicle we sell and (it) is the second electric light commercial vehicle that has ever been sold in Japan since the commencement of sales of MINICAB-MiEV in December 2011, which was the first electric light commercial vehicle produced by Mitsubishi Motors Corporation. Since June 2023, we have commenced the sales of a new model called “ELEMO-L,” a van-type electric vehicle that could be used for commercial and recreational camping purposes, which we expect may enable us to increase consumer market penetration.

Under our Exclusive Basic Transaction Agreement dated March 31, 2021 with Cenntro (the “Exclusive Basic Transaction Agreement”), Cenntro manufactures ELEMO, ELEMO-K, ELEMO-L, and other electric vehicles under the specifications designated by us in their manufacturing factories in China and delivers the electric vehicles to the ports in China designated in the individual agreement for a particular order. We arrange for the shipment from these ports to the Port of Yokohama or other designated ports in Japan. Upon arrival, we transport the vehicles to our research laboratory located in Chiba, Japan, for inspection, and then send them to our business partners’ facilities, Anest Iwata’s factory in Fukushima, Japan, and TONOX’s factories in Kanagawa, Japan. The specialists of Anest Iwata, a Tokyo Stock Exchange-listed company that specializes in industrial machinery, supplies, and components, and TONOX, a Japanese commercial vehicle manufacturer, modify the vehicles to comply with the regulations and standards for the Japanese market, install the accessories, and undertake the inspection in accordance with our instructions. After the inspection and modifications, we deliver the electric vehicles to the governmental vehicle inspection office, the National Agency for Automotive and Land Transportation Technology, for individual imported vehicle inspection, and the local land transportation office for registration. Upon completion of the individual imported vehicle inspection and registration, we conduct the final inspection in our research laboratory located in Chiba, Japan, and deliver the electric light commercial vehicles to the customers.

Since the inception of our operation, we have been leveraging the customizability and adjustability of our electric light commercial vehicles to attract corporations in different industries and local governments that have varying needs from their departments in Japan. During the fiscal years ended September 30, 2023 and 2022, we sold and delivered 52 and 16 electric light commercial vehicles to 14 and 11 customers, respectively.

Note: Net loss and revenue figures are in U.S. dollars (converted from Japanese yen) for the fiscal year that ended Sept. 30, 2024.

(Note – New IPO Plans: HW Electro Co., Ltd. filed an F-1 dated May 8, 2025 – the same date that it withdrew its previous IPO plans in a letter to the SEC. In the new IPO document – the F-1 dated May 8, 2025 – HW Electro Co., Ltd. disclosed that it is offering 4.15 million American Depositary Shares (ADS) at an assumed IPO price of $4.00 to raise $16.6 million. American Trust Investment Services and WestPark Capital are the joint book-runners.)

(Background on Previous IPO plans: Registration Withdrawn on May 8, 2025 – A.C. Sunshine and Univest Securities were the joint book-runners. Note: HW Electro Co., Ltd. filed an F-1MEF to increase its IPO’s size at pricing by 200,000 shares, according to a filing dated Jan. 24, 2025. Note: HW Electro Co., Ltd. filed an F-1/A to increase its IPO’s size to 4.0 million ADS – up from 3.75 million ADS – and increase the assumed IPO price to $4.00 – up from $3.00 – to raise $16.0 million – up from $11.25 million initially – according to an F-1/A filing dated Dec. 23, 2024. In that same filing, AC Sunshine Securities was added as the lead left joint book-runner to work with Univest Securities as the other joint book-runner, and the IPO’s proposed venue was changed to the NASDAQ from the NYSE – American Exchange, with the proposed symbol changed to “HWEP” from “HWEC”. Note: HW Electro Co., Ltd. filed its new F-1 (prospectus) on April 26, 2024, disclosing plans for its IPO and its listing of American Depositary Shares (ADS) on the NYSE – American Exchange: 3.75 million ADS at an assumed IPO price of $3.00 per ADS. Each ADS represents one ordinary share. Background: HW Electro Co., Ltd. withdrew its previous IPO plans that called for a listing on the NASDAQ with a different proposed symbol.)

PressLogic PLAI American Trust Investment Services, 1.8M Shares, $4.00-6.00, $9.0 mil, 3/23/2026 Week of

(Incorporated in the Cayman Islands)

We provide digital marketing services to companies in Hong Kong and Taiwan. Our content marketing solutions include a digital marketing solution segment, which offers editorial content, influencer marketing and display advertising, along with advertisements. We run nine proprietary media brands with over 12 million subscribers and followers, including nine websites, five apps, 11 Facebook fanpages, 11 Instagram profiles and eight YouTube channels, as of the date of this prospectus.

Note: Net income and revenue are in U.S. dollars (converted from Hong Kong dollars) for the 12 months that ended June 30, 2025.

(Note: PressLogic filed its F-1/A on Oct. 14, 2025, and disclosed the terms of its small IPO: The company is offering 1.8 million shares at a price range of $4.00 to $6.00 to raise $9.0 million, if priced at the mid-point of its range. Background: PressLogic filed its F-1 to go public in September.)

🏁 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 (February 16, 2026) was also published on our Substack.

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(Incorporated in the Cayman Islands)

We intend to focus our search initially on target businesses operating in Asia. We may consummate a business combination with an entity located in the People’s Republic of China (including Hong Kong and Macau) (the “PRC” or “China”).

Our focus will be on acquiring a middle-market growth business (or more than one business in this category) with a total enterprise value between $200 million and $400 million.

We will not consider or undertake an initial business combination with any target company the financial statements of which are audited by an accounting firm that the United States Public Company Accounting Oversight Board (the “PCAOB”) is unable to inspect for two consecutive years.

Yanzhe Yang has served as our CEO and a director since September 2025. Yanzhe Yang has served as the CEO and founder of Aorui Health Management Co., Ltd. since December 2024. Mr. Yang has multiple years of experience in strategic investment, corporate consulting, and market management.

The majority of our executive officers and directors are located in or have significant ties to China:

– Yanzhe Yang, our CEO and a director, holds Chinese citizenship and resides in China;

– Tianshi Yang, our CFO, holds Chinese citizenship and resides in China.

– Heung Ming Henry Wong, our independent director nominee, holds Hong Kong citizenship and resides in Hong Kong;

– Chennong Huang, our independent director nominee, holds Chinese citizenship and resides in China, and

– Jonathan Yee Fung Cheng, our independent director nominee, holds Hong Kong citizenship and resides in Hong Kong.

As a result, it may be difficult for investors to effect service of process within the United States on our company, executive officers and directors, or enforce judgments obtained in the United States courts against our company, executive officers and directors. (From the prospectus)

(Background: XLFH Capital Corp. filed its S-1 for its SPAC IPO on Sept. 29, 2025, and disclosed the terms: 6 million units at $10.00 each to raise $60 million. In the S-1 filing, XLFH Capital Corp. said it planned to list its units on the NASDAQ.)

(Incorporated in the Cayman Islands)

(Incorporated in Nevada)

Our mission is to excel as the premier partner for enterprises worldwide, driving digital and intelligent transformation with unparalleled expertise and commitment.

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

(Incorporated in Nevada)

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

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

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

(Incorporated in the Cayman Islands)

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

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

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

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

(Incorporated in the Cayman Islands)

We are a consumer products provider well established in Southern Europe with global operations that extend into geographic regions including Europe, Asia, North America, Latin America, and Africa. In 2024, we generated revenue from approximately 40 countries and regions in four continents.

Note: Net income and revenue are in U.S. dollars for the year that ended Dec. 31, 2024.

(Note: AIGO Holding Ltd. is offering 2 million shares at a price range of $4.00 to $6.00 to raise $10 million, according to its F-1 filing dated Aug. 21, 2025.)

(Incorporated in the British Virgin Islands)

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

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

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

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

(Incorporated in the Cayman Islands)

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

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

We are the first company in Japan to obtain a license plate number for imported electric light commercial vehicles. We are the second company and also one of the three companies that sell electric light commercial vehicles in Japan as of the date of this prospectus. (Incorporated in Japan)

The electric light commercial vehicles we sell belong to the category of “light commercial vehicles,” which are commercial carrier vehicles with a gross vehicle weight of no more than 3,500 kilograms.

Note: Net loss and revenue figures are in U.S. dollars (converted from Japanese yen) for the fiscal year that ended Sept. 30, 2024.

(Incorporated in the Cayman Islands)

Note: Net income and revenue are in U.S. dollars (converted from Hong Kong dollars) for the 12 months that ended June 30, 2025.

🏁 Emerging Market ETF Launches

🚽 Emerging Market ETF Closures/Liquidations

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