Emerging Market Links + The Week Ahead (Week of May 4-8, 2026)
Note: I am on holiday in Korea (in Busan right now) – meaning this post that is usually at the start of the week is latter than usual…
$ = behind a paywall
$ = Behind a paywall / 🗃️ = Link to an archived article (Note: Seeking Alpha earnings/conference etc. presentations are typically not paywalled) / ⛔ = Article archiving may not be working properly
🇨🇳 Cover Story: China Tightens Corruption Rules Across Public and Private Sectors (Caixin) $
China has unveiled sweeping new judicial guidance on corruption cases that tightens rules across both the public and private sectors, lowering thresholds for criminal liability and closing loopholes in increasingly sophisticated bribery schemes.
The interpretation, jointly issued by the country’s top court and top prosecutor’s office, takes effect May 1 and marks a major update to rules for corruption-related crimes, which were last updated in 2016.
🇨🇳 China Campaign Against Graft Is Targeting More Senior Officials (Caixin) $
China’s top graft buster reported a surge in investigations and disciplinary actions in the first quarter of 2026, signaling an intensification of President Xi Jinping’s long-running campaign against official misconduct.
Anti-corruption authorities nationwide opened 245,000 cases between January and March, according to a statement published Thursday by the Central Commission for Discipline Inspection. Among them were 30 officials at the provincial or ministerial level. Disciplinary penalties were handed to 183,000 individuals, including 56 officials at that level.
🇨🇳 State-Owned Exec Hit With Rare Negligence Charge After $249 Million Acquisition Flops (Caixin) $
A botched corporate acquisition that cost a Chinese state-owned firm 1.7 billion yuan ($249 million) has brought a rare criminal charge into the spotlight, underscoring Beijing’s growing scrutiny of executives managing state assets.
On Monday, China’s top anti-graft watchdogs, the Central Commission for Discipline Inspection and the National Supervisory Commission, cited a failed acquisition by Xinyu Investment Holding Group Co. Ltd. as a textbook example of bureaucratic mismanagement. The deal, rushed through in just three months, resulted in massive losses for the state-backed entity.
🇨🇳 Beijing’s blunt message to its tech sector (FT) $ 🗃️
🇨🇳 PDD (PDD): Fractured Gov Official Finger (Smartkarma) $
🇨🇳 CSI 300 Index (SHSZ300) Tactical Outlook: Outperforming the HSI, But Consolidation Probable (Smartkarma) $
The CSI 300 Index (SHSZ300) outperformed the HSI Index materially through April, approaching its recent all-time high. Despite the strongly bullish price action, our model points to near-term consolidation.
Despite the recent bullish price action, our model suggests that a correction from current levels — based on historical trend analogues — could last 2-3 weeks.
Risk: the correction may extend beyond a single-week pullback. Support targets are discussed in the insight.
🇨🇳 Lenovo: Long-Term Gain (Seeking Alpha) $ 🗃️
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🌐 Lenovo Group (HKG: 0992 / FRA: LHL / LHL1 / OTCMKTS: LNVGY / LNVGF) 🇭🇰 – Designing, manufacturing & marketing consumer electronics, PCs, software, servers, converged & hyperconverged infrastructure solutions, etc. 🇼 🏷️
🇨🇳 JD.com: Logistics, AI, And Marketplace Growth Could Drive A Re-Rating (Seeking Alpha) $ 🗃️
🇨🇳 Faded AI beauty: After superstar debut Nuobikan falls back to earth (Bamboo Works)
Last year’s king of new listings has announced a steady series of positive developments since its December IPO, but investors don’t seem to care
Shares of Nuobikan Artificial (HKG: 2635) counterintuitively fell more than 30% last week after it announced a new contract worth 500 million yuan
Even after the big decline, the AI intelligent collaboration company’s stock still trades at an inflated price-to-earnings ratio of around 100 times
🇨🇳 What robot boost? Zhaowei Machinery faces challenge as growth stumbles (Bamboo Works)
The high-precision component maker’s revenue and profit both fell in the first quarter, putting its robotics story to the test
Shenzhen Zhaowei Machinery & Electronics Co Ltd (SHE: 003021 / HKG: 2692)’s first-quarter revenue and profit both declined, with its profit down more than 25% year-on-year
Buoyed by its recent Hong Kong listing, the company’s cash reserves surged to 950 million yuan by the end of March
🇨🇳 PCI Technology stuck in low-margin ICT systems integration (Bamboo Works)
The Hong Kong IPO candidate is trying to redefine itself as an AI+transportation services provider, yet still relies heavily on its low-margin systems integration business
PCI Technology (SHA: 600728) has applied for a Hong Kong IPO, holding about 3% of the Chinese market for intelligent city cluster multi-modal transit systems, ranking fifth
The company remains heavily dependent on its low-margin, legacy ICT systems integration business, resulting in low overall gross margins
🇨🇳 China’s robotaxi race hits a safety pause (Bamboo Works)
Baidu (NASDAQ: BIDU)’s Wuhan outage, Hello’s Zhuzhou injury accident and a reported pause on new permits suggest China’s autonomous taxi drive is shifting focus to safety
China’s robotaxi story is transitioning from one of ride volume, city coverage and vehicle cost to one of safety after two recent incidents
Baidu still offers the biggest scale in China, but Pony AI Inc (NASDAQ: PONY), WeRide Inc (NASDAQ: WRD), XPeng (NYSE: XPEV), Caocao and U.S. rivals like Waymo and Tesla are turning robotaxis into a crowded global contest
🇨🇳 Plummeting cash flow and a stake-trimming top shareholder: What’s up at Zhejiang Shibao? (Bamboo Works)
The automotive steering systems maker’s profit fell despite growing revenue in the first quarter, prompting investors to vote with their feet
Zhejiang Shibao (SHE: 002703 / HKG: 1057 / FRA: W4K1 / OTCMKTS: ZHHJY) reported its operating cash flow plunged by more than 85% year-over-year in the first quarter
The company’s major shareholder abruptly announced a plan to trim its stake by up to 3% the day after the release of its latest quarterly report
🇨🇳 Monthly Chinese Tourism Tracker | March Demand Growth Improved | High Outbound Load Factor +ive (Smartkarma) $
After a sluggish start to 2026, March domestic and outbound air travel demand surged
Airline data shows March outbound and domestic traffic up 18% and 11% respectively
Record high outbound load factor could help Chinese airlines pass on fuel cost increases
🇨🇳 Lanvin Group Holdings Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)
🇨🇳 Xtep races ahead on Southeast Asia running craze (Bamboo Works)
The company is building an overseas market for its running shoes, targeting 50% annual growth for that part of its business over the next three years
Xtep (HKG: 1368 / FRA: 4QI / OTCMKTS: XTEPY / XTPEF) has entered Malaysia with the opening of six new stores, complementing recently opened shops in Singapore and Indonesia
The sportswear maker is expanding aggressively in Southeast Asia, with plans to boost its overseas revenue by 50% annually over the next three years
🇨🇳 Luckin Coffee: Evidence Of Cannibalization As Comps Erode (Downgrade) (Seeking Alpha) $ 🗃️
🇨🇳 Luckin Coffee Inc. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇨🇳 Slowing takeout dining wars leave Luckin with bitter aftertaste (Bamboo Works)
China’s largest coffee chain slipped into same-store sales contraction in the first quarter, as the country’s top takeout dining delivery companies eased a subsidy war that had boosted sales
Luckin Coffee (OTCMKTS: LKNCY)’s revenue rose 35% in the first quarter, driven by a 39% year-on-year rise in its store count to 33,596 shops at the end of March
The chain’s average monthly transacting customers rose 25% in the quarter, far slower than its revenue growth, indicating it is having difficulty retaining customers
🇨🇳 Yum China: Beating Consensus And Outpacing The Roadmap (Seeking Alpha) $ 🗃️
🇨🇳 Yum China Holdings, Inc. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
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🇨🇳 YUM China (NYSE: YUMC) – China’s largest restaurant company. Exclusive right to operate & sub-license KFC, Pizza Hut & Taco Bell + owns Little Sheep & Huang Ji Huangt. Partnered with Lavazza. 🇼 🏷️
🇨🇳 TOP TOY IPO Valuation Update: Potential ~40% Upside Vs. Series A, But Growth Acceleration Unlikely (Smartkarma) $
TOP TOY International Group, a rapidly growing collectible toy brand maker in China backed by MINISO Group Holding (NYSE: MNSO), has updated its Application Proof (AP) in March.
A pop toy collection brand company will do exceptionally well and as seen in the AP, they are profitable and growing revenue 88% YoY while generating free cash flow.
I have no doubt TOP TOY will have a successful IPO and it’s likely the company will trade above their last reported valuation of ~$1.3B post from their Series A.
🇨🇳 Noah Holdings (NOAH.K; 6686.HK) – Rising above China’s wealth management flood (Pyramids and Pagodas)
China’s largest listed wealth manager is trading below net cash on a survivors’ discount while quietly compounding its offshore franchise
Publicly listed, scaled, independent wealth managers serving China’s high-net-worth tier are rare. Most of the cohort that once competed with Noah Holdings Limited (NYSE: NOAH / HKEX: 6686); “Noah”) during the boom decade – Zhongzhi, Anbang, HNA, Tomorrow Group, Jupai, Hywin are bankrupt, seized, dissolved or delisted. China’s seven largest wealth-management platforms by AUM are all bank-owned wealth management subsidiaries mandated by 2018 reforms, which ordered banks to spin off wealth management into subsidiaries. Noah is the largest independent institutional-scale player remaining and one of the few with a multi-jurisdictional licensing stack covering mainland China, Hong Kong, Singapore, and the US.
🇨🇳 FinVolution: China Risks Have Settled, What’s Next (Rating Upgrade) (Seeking Alpha) $ 🗃️
🇨🇳 X Financial: From Revenue Acceleration To Surviving Market Uncertainty (Seeking Alpha) $ 🗃️
🇨🇳 GoFintech’s soaring valuation on ‘buzzword of the day’ approach masks low-margin reality (Bamboo Works)
The financial services provider has rebranded and pivoted toward high-tech buzzwords, but it relies on low-margin supply chain brokerage services for most of its business
GoFintech Quantum Innovation Ltd (HKG: 0290)’s has agreed to buy a minority stake in Luffa AI, a decentralized messaging app operator
The deal marks the company’s latest effort to become a cutting-edge fintech business as it relies on a low-margin supply chain brokerage business for most of its revenue
🇨🇳 Looking for overseas growth, Aier Eye seeks Hong Kong listing (Bamboo Works)
[Aier Eye Hospital Group (SHE: 300015)]
The leading Chinese chain of private eye hospitals is aiming to boost its brand visibility and widen its funding options, but will it be able to justify a juicy premium?
Stiff competition and price pressure in China have curbed revenue growth, prompting the company to target international eyecare markets
Income from its overseas eye clinics rose around 16% last year, more than double the overall rate of revenue growth
🇨🇳 Zijin Mining: Still A Bull After Q1 Beat (Seeking Alpha) $ 🗃️
🇭🇰 WH Group Limited 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇭🇰 Hang Lung Group: International Shifts Seem Constructive For Investment (Seeking Alpha) $ 🗃️
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🇭🇰 Hang Lung Group Limited (HKG: 0010 / FRA: HLU / OTCMKTS: HNLGF / HNLGY) 🇭🇰 – Investment holding company. Property development for sales & leasing & management of car parks, properties & dry cleaning businesses. 🇼
🇲🇴 Melco Resorts: Q1 2026 Earnings Confirms Our Bullish Case (Seeking Alpha) $ 🗃️
🇲🇴 Melco Resorts & Entertainment Limited 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇴 Moody’s upgrades Macau’s credit outlook, affirms ‘Aa3’ rating (GGRAsia)
Moody’s Investors Service has changed the credit outlook on the Macau Special Administrative Region (SAR) government to ‘stable’ from ‘negative’, while keeping the region’s local and foreign currency issuer ratings at “Aa3”. The Tuesday announcement follows Moody’s outlook change on the government of China’s “A1” rating to ‘stable’ from ‘negative’.
Macau’s “Aa3” rating – the fourth highest on Moody’s scale, and within the high investment-grade category – continues to be supported by what the rating agency described as “significant credit strengths, including very high per capita income and the absence of outstanding government debt”.
Macau’s “large fiscal and external reserves provide the economy with very strong buffers to absorb shocks and address negative long-term trends including a structural slowdown in China’s economy,” Moody’s stated.
🇲🇴 MGM China posts 9pct y-o-y rise in 1Q rev, new branding fees take toll on profitability (GGRAsia)
Macau casino operator MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY) reported higher net revenue for the first quarter of 2026, supported by growth in mass-market gaming, though earnings declined slightly amid higher costs.
The firm generated net revenue of just over US$1.12 billion for the three months ended March 31, up 9.2 percent year-on-year, according to results released on Wednesday by the parent, U.S.-based MGM Resorts International (NYSE: MGM).
🇲🇴 MGM launches suites, revamped gaming on Cotai, to refresh 100 suites at MGM Macau (GGRAsia)
Macau casino concessionaire MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY) has launched new accommodation suites and a renovated premium gaming area at its MGM Cotai complex (pictured), ahead of the upcoming May holiday season, encompassing Labour Day on May 1, said Bill Hornbuckle, chief executive and president of the parent, MGM Resorts International.
“The next capital projects will involve renovating the suite product in Macau if we want to ensure our offerings stay fresh and ahead of market growth,” Mr Hornbuckle said on a conference call following the announcement of the group’s first-quarter results.
Stating that the group was still “under suited” in Macau, Mr Hornbuckle said the group would “continue with targeted capital spending” in that market.
🇲🇴 Sands China mass-player reinvestment easing, tough competition for premium segments: analysts (GGRAsia)
Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF)’s “reinvestment” spending to retain mass-market casino players seems to have fallen sequentially in the first quarter judged by particular metrics, suggest a number of analysts.
Macau operator Sands China had seen “reinvestment efficiency improving,” said JP Morgan Securities (Asia Pacific) Ltd in a Thursday note following the first-quarter results of the casino firm’s parent Las Vegas Sands Corp on Wednesday.
“Our analysis shows Sands’ mass reinvestment rate – loosely calculated as contra revenue as percentage of mass GGR [gross gaming revenue] – fell around 100 basis points quarter-on-quarter, to circa 21 percent to 22 percent, snapping a four-quarter rising trend,” wrote JP Morgan analysts DS Kim, Selina Li, and Lindsey Qian.
Vitaly Umansky, senior analyst at Seaport Research Partners, said in a memo that Sands China’s player reinvestment as a percentage of mass table drop, seemed to have fallen 50 basis points quarter-on-quarter.
🇹🇼 Silicon Motion Q1: Momentum Has Limitations, Even If You Don’t (Seeking Alpha) $ 🗃️
🇹🇼 Silicon Motion Technology Corporation 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇹🇼 TSMC: Expect More All-Time Highs Ahead (Seeking Alpha) $ 🗃️
🇹🇼 United Microelectronics Corporation 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇰🇷 POSCO Holdings: Solid Performance And Favorable Prospects (Seeking Alpha) $ 🗃️
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🌐 POSCO Holdings (NYSE: PKX) – Integrated steel producer. 6 segments: Steel, Trading, Construction, Logistics & Others, Green Materials & Energy & Others. 🇼 🏷️
🇰🇷 Samsung Electronics Co., Ltd. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇰🇷 KT Corporation: Caution Recommended Ahead Of Q1 Earnings Print In Early May (Technical Analysis) (Seeking Alpha) $ 🗃️
🇰🇷 Grand Korea Leisure seeking junket partners including ones covering ‘emerging markets’ (GGRAsia)
Grand Korea Leisure Co Ltd (KRX: 114090), an operator in South Korea of foreigner-only casinos, is working to recruit junkets – which it refers to as “VIP gaming partners” – for its gambling business, the company has confirmed to GGRAsia.
It had earlier said in a brief statement on behalf of the marketing strategy team that it was “looking for ‘VIP gaming partners’ to build the future together”.
A GKL representative told GGRAsia in response to an email seeking more information, that it was “part of efforts” to meet a KRW503.8-billion (US$334.4 million) annual revenue target by 2030. The figure had been mentioned in the company’s corporate-value enhancement scheme – known as the “Value-up Plan” filed with the Korea Exchange on March 26.
🇰🇷 SK Hynix (000660 KS) Tactical Outlook: Consolidation Dip As Entry Point Before ADR-Driven Re-Rating (Smartkarma) $
SK Hynix (KRX: 000660) has run hard with the market already pricing the maximum KRW 66 trillion buyback case, creating conditions for a potential brief 1–2 week consolidation.
The pullback is tactical, not structural — net cash gating conditions are cleared at KRW 35 trillion, leaving the shareholder return framework fully intact, as explained recently by Sanghyun Park.
The June–July ADR approval window is the re-rating catalyst; any consolidation dip before then (watch 1,195,000-1,160,000) is the entry point ahead of a formal large-scale buyback announcement.
🇰🇷 What Fadu’s Q1 Return to Profit, Disclosed Today, Means for Its Passive Flow Dynamics (Smartkarma) $
Fadu (KOSDAQ: 440110) was excluded from KRX and FnGuide base universes, but with Q1 net income turnaround, FnGuide inclusion in MKF500 for June has meaningfully higher probability.
TIGER Top 10 Semis is key, Fadu is just below cutoff vs HPSP. Jusung likely enters October, both set up meaningful passive inflows.
June flows KOSDAQ 150 and KODEX AI Semi, with ~5.3% SO, then ~7.5% in October, totaling ~13% SO, a rare and impactful passive setup.
🇰🇷 Coupang’s Cyber Security Incident (Asian Century Stocks) $
Conclusion: Probably not a big deal
On 29 November 2025, South Korean e-commerce company Coupang, Inc. (NYSE: CPNG) — US$37 billion) reported a cybersecurity breach, with personal information of millions of customer accounts leaked to third parties.
The stock price dived, eventually falling almost 50% from the peak:
When an established company’s stock price declines by almost 50%, my first instinct is to investigate whether the decline will result in a permanent impairment of capital.
🇰🇷 Ecopro Materials: End of Lockup of 46% of Outstanding Shares on 17 May
There will be an end of lock up of 46% of Ecopro Materials (KRX: 450080)’s shares starting 17 May.
Post end of the lock-up, I think it is possible for Ecopro Co to sell a relatively large sized block of Ecopro Materials (3-7%) to raise additional capital for investments.
I am Negative on Ecopro Materials due to the potential for the insiders to sell a partial stake in the company that could further negatively impact its share price.
Ecopro Materials is a leading Korean manufacturer of precursors, which are key materials for electric vehicle batteries.
🇰🇷 OpenAI Misses Internal Sales and Active Users Goals – Impact on Samsung Electronics and SK Hynix (Douglas Research Insights) $
Amid continued surging share prices of Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF and SK Hynix (KRX: 000660), a recent bearish news has impacted the semiconductor sector which includes OpenAI missing its sales and active users targets.
My thoughts on OpenAI missing internal goals on sales and active users is that they could potentially be canary in the coal mine.
The excessive bullishness on Samsung Electronics and SK Hynix could moderate a bit as investors take into consideration potential capex reduction by AI giants such as OpenAI.
🇰🇷 Upcoming Block Deal Sale of a 7% Stake in Aju IB Investment (027360KS) By Aju Inc (Douglas Research Insights) $
On 29 April, AJu IB Investment Co Ltd (KOSDAQ: 027360) announced an upcoming 7% block deal sale (8.48 million shares) in the company by its largest shareholder Aju Inc.
Aju IB Investment owns a small stake in SpaceX shares through its US subsidiary Solasta Ventures (US). The exact investment amount has not been disclosed.
In my view, Aju Inc is trying to take some profits after an enormous share price appreciation (up more than 660% in the past 6 months).
🇰🇷 Innospace Announces First Round of Rights Offering Price (Douglas Research Insights) $
Innospace Co Ltd (KOSDAQ: 462350) announced that its first round of rights offering price is 11,540 won per share, which is 30.7% discount to current price (16,660 won).
Overall, there could be some short-term trading opportunities on Innospace related to this rights offering (especially due to the large cap on current price to the expected rights offering price).
There are continued concerns that post this round of capital raise, the company may need to raise more external capital that could result in further dilution of the existing shareholders.
🇰🇷 Creation of Hanwha Machinery & Service Holdings, Impact on Galleria and Vision, & NAV of Hanwha Corp (Douglas Research Insights) $
Hanwha Group plans to create a new holding company called Hanwha Machinery & Service Holdings which will be headed by Kim Dong-Sun (third son of Hanwha Group Chairman Kim Seung-Yeon).
The newly established entity will be incorporated on 1 August (the spin-off date). The listing date for Hanwha Machinery & Service Holdings is 25 August.
My NAV valuation of Hanwha Corporation (KRX: 000880 / 00088K) is 238,189 won which is 81% higher than current price.
🇰🇷 Cosmo Robotics IPO Bookbuilding Results Analysis (Douglas Research Insights) $
Cosmo Robotics finalized its IPO price at 6,000 won (high end of IPO price range). The IPO offered shares are 4.17 million and the offering amount is 25 billion won.
A total of 2,257 institutions participated in the bookbuilding process with a competition ratio of 1,140 to 1.
My base case valuation of Cosmo Robotics is implied market cap of 350 billion won or target price of 10,708 won per share (78% higher than the IPO price).
🇮🇩 PT Bank Rakyat Indonesia (Persero) Tbk 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇮🇩 PT Bank Negara Indonesia (Persero) Tbk 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇵🇭 Philippine business sentiment turns negative, might dampen consumer spending (GGRAsia)
Business confidence in the Philippines fell sharply in March, as companies cited the impact of higher fuel prices linked to the Middle East conflict, according to the nation’s central bank, the Bangko Sentral ng Pilipinas (BSP).
The central bank’s monthly Business Expectations Survey showed the confidence index dropped to minus 24.3 percent in March, from a positive 8.2 percent in February. A negative reading indicates pessimists outnumber optimists. It was the weakest reading in more than 25 years, according to official data.
The BSP said firms expected fuel-driven price pressures to curb consumer spending and lift the cost of basic goods and services. The survey covered 515 firms and was conducted from March 5 to 31.
The Philippines is one of the few countries in Asia to have not only a licensed casino industry open to locals but also a licensed online gaming sector.
🇵🇭 PhilWeb eyes online-led growth, B2B expansion, says president (GGRAsia)
Philippines-listed PhilWeb Corp (PSE: WEB) is repositioning its business towards an online-led, business-to-business (B2B) model, as the group seeks to capitalise on growing demand for digital gaming services, says the firm’s president, Brian Ng (pictured).
“The push that we’re doing now in the online segment is something that was already on the cards… and we’re starting to see a lot more value as we begin working with large institutional customers,” Mr Ng said in an interview with GGRAsia.
The company, historically known for its network of electronic gaming (eGames) venues in the Philippines, is increasingly focused on providing online-related services to third parties, including casino operators in the Philippines
Belle reports 1Q gaming share of US$8mln from CoD Manila, up 12pct y-o-y (GGRAsia)
Belle Corp (PSE: BEL)’s gaming revenue generated from its share of the casino business at City of Dreams (CoD) Manila rose 12.3 percent year-on-year in the first quarter of 2026, reaching PHP485.7 million (US$8.0 million), it said in a filing to the Philippine Stock Exchange.
Belle is entitled to a share of revenues or earnings from gaming operations at City of Dreams Manila (pictured), in the Philippine capital, through an operating agreement between Belle’s subsidiary Premium Leisure Corp and a unit of casino group Melco Resorts & Entertainment Ltd.
Belle said its overall revenues from leasing City of Dreams Manila to the Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) stood at PHP588 million in the three months to March 31, “stable” from a year earlier.
🇵🇭 Monde Nissin Corporation 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇵🇭 Manila Electric Company 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇵🇭 SM Investments Corporation 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇵🇭 International Container Terminal Services, Inc. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇵🇭 SM Prime Holdings, Inc. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇵🇭 Ayala Land, Inc. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇸🇬 City Developments Limited (CDEVY) Shareholder/Analyst Call – Slideshow (Seeking Alpha)
🇸🇬 City Developments Limited (CDEVY) Shareholder/Analyst Call – Slideshow (Seeking Alpha)
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🌐 City Developments Limited (SGX: C09 / FRA: CDE / OTCMKTS: CDEVY) – Global real estate company. 143 locations in 28 countries & regions. Residences, offices, hotels, serviced apartments, student accommodation, retail malls & integrated developments. 🇼 🏷️
🇸🇬 Mapletree Logistics Trust 2026 Q4 – Results – Earnings Call Presentation (Seeking Alpha)
🇸🇬 Mapletree Industrial Trust 2026 Q4 – Results – Earnings Call Presentation (Seeking Alpha)
🇸🇬 CLI, MLT, FLCT and PLife REIT Earnings: What Investors Should Know Now (The Smart Investor)
The latest earnings from CLI, MLT, FLCT and PLife REIT show how Singapore property groups are adapting through divestments, acquisitions, and recurring fee income.
🇸🇬 Ahead of UOB Results: Four Watchpoints for the 5% Dividend (The Smart Investor)
With United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF)’s 1Q2026 business update landing on 7 May, here are the four numbers that will tell investors whether the 5% yield is tracking as promised – or quietly coming under pressure.
Here is what fellow investors should track.
1. The net interest margin print
2. The pace of provisioning
3. The fee income engine
4. Loan growth at the franchise level
Get Smart: Anchor on the ordinary stream
🇸🇬 REIT Showdown: Is CapitaLand Ascendas Still Better Than Mapletree Industrial? (The Smart Investor)
CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF) and Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF) are two of Singapore’s most popular industrial REITs, but which offers the better mix of income and growth today?
Business Overview: How Do They Differ?
CLAR has a geographically diversified portfolio, with 200 properties in Singapore, Australia, Europe, and the US.
Meanwhile, MIT’s 136 properties, which have an overall value of S$8.3 billion as of 31 March 2026, are spread across North America (46.5% of portfolio value) and Singapore (46.3%). Japan accounts for the rest.
Financial Snapshot
Growth Drivers: Where Future Upside May Come From
Dividend Strength: Stability vs Growth
Key Risks Investors Should Watch
Valuation: Which REIT Looks More Attractive?
Get Smart: Scaling Through Diversity or Specialising for the Future
🇸🇬 Buying Opportunity? 3 Blue-Chip Stocks That Underwhelmed in April 2026 (The Smart Investor)
The STI slipped around 2% in April 2026, with three familiar names at the bottom of the pile. All three reported underlying profit growth. So what is the market really watching?
Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF), or Singtel, led the laggards with a total return of around -8.4%, followed closely by Jardine Matheson (SGX: J36 / FRA: H4W / OTCMKTS: JARLF), or JMH, at -7.9% and Jardine Cycle & Carriage (SGX: C07 / FRA: CYC), or JC&C, at -7.8%.
What’s curious is that all three reported underlying profit growth in their most recent results.
Singtel: Strong Associates, Weak Domestic Core
Jardine Matheson: Profits Up, Outlook Flat
Jardine Cycle & Carriage: Reading Beneath the Headline
Get Smart: Underperformance Isn’t Always a Verdict
🇸🇬 Beyond STI: 3 Stocks Outpacing the STI by 13% or More in April 2026 (The Smart Investor)
When the index falls but a handful of small-caps surged by double digits, the market is telling us something — here’s what investors saw in April that the headlines may have missed.
Three small and mid-cap names quietly outpaced the index by more than 13 percentage points.
Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF) led the field with a stunning total return of 45.2%, followed by Valuetronics Holdings (SGX: BN2 / FRA: GJ7) at 15.3% and Civmec Ltd (SGX: P9D / ASX: CVL / FRA: 1CV) at 11.2%.
Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF) – A Cash-Rich Proxy for the Semiconductor Boom
A Singapore-listed engineering specialist, which designs and manufactures consumable tools and parts for critical semiconductor processing applications, Micro-Mechanics saw its share price rally in April following a stellar third-quarter report.
Valuetronics Holdings (SGX: BN2 / FRA: GJ7) – A Quiet Pivot Leading to Loud Gains
The integrated electronics manufacturer saw its revenue for the first half of fiscal year 2026 (1HFY2026) dip slightly by 3% to HK$836.6 million, but its underlying performance tells a far more compelling tale.
In a classic example of quality over quantity, net profit attributable to owners rose to HK$93 million.
Civmec Ltd (SGX: P9D / ASX: CVL / FRA: 1CV) – Looking Towards a Growing Order Book
Civmec is the most counterintuitive performer of the three.
The Western Australia-based engineering specialist reported a quieter 1HFY2026, with revenue softening by 24.3% YoY to A$380.4 million, and net profit attributable to owners dipping 19.0% to A$21.4 million.
However, the real excitement lies in what is building on the horizon.
Get Smart: Looking Forward, Not Back
🇸🇬 3 Blue-Chip Stocks Outpacing the STI by 10% or More in April 2026 (The Smart Investor)
🇸🇬 3 Blue Chip Singapore Stocks Rewarding Investors This Week (The Smart Investor)
OCBC, UOB and Keppel are rewarding investors this week with dividends, giving shareholders a timely chance to assess payouts against recent earnings.
Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), OCBC
OCBC arrives at payday in arguably the strongest shape of the three.
The bank reported record total income of S$14.6 billion for FY2025, up 1% year on year (YoY) despite a declining interest rate environment.
United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF), UOB
UOB presents a more nuanced case.
The headline reads as a dividend cut – total FY2025 distributions of S$1.56 per share compared with S$1.80 a year earlier.
But FY2024 included a S$0.50 special; strip that out and ordinary payouts actually grew from S$1.30 to S$1.56.
Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF)
Keppel Ltd offers the most nuanced sustainability read.
The group proposed a total FY2025 dividend of approximately S$0.47 per share, up 38% from S$0.34 a year ago.
But composition matters: ordinary cash dividends of S$0.34 were flat YoY, with the uplift coming entirely from a special dividend of roughly S$0.13 – largely paid in-specie as one Keppel REIT (SGX: K71U / OTCMKTS: KREVF) unit for every nine Keppel shares held.
Get Smart: Payday Is the Easy Part
🇸🇬 Top Stock Market Highlights of the Week: US Federal Reserve, Boustead Singapore, Nanofilm Technologies and CapitaLand Integrated Commercial Trust (The Smart Investor)
We look at a historic Fed vote that keeps rates on hold, a record public-sector contract win, a deep-tech earnings surprise, and a major Orchard Road retail revamp.
Boustead Singapore (SGX: F9D / OTCMKTS: BSTGF) Lands Record S$400 Million Public-Sector Contract
Boustead Singapore has secured its largest-ever contract, with its engineering and construction arm Boustead Projects E&C awarded a public-sector project worth more than S$400 million to construct an office complex in Singapore.
The three-year contract lifts the order backlog of Boustead’s real estate solutions division to S$837 million and that of its broader engineering segment to S$1 billion.
Nanofilm Technologies (SGX: MZH / OTCMKTS: NNFTF) Posts Strong G1 Results as Margins Recover
Shares of Nanofilm surged 40.2% on 23 April 2026, closing at S$1.43 after the deep-tech company reported a robust set of first-quarter (1Q2026) results.
Revenue rose 24% year on year (YoY) to S$55 million, driven primarily by its advanced materials business unit, which accounted for 89% of total revenue.
CICT Unveils S$160 Million Plaza Singapura Revamp
CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT, has announced a S$160 million upgrade of Plaza Singapura and The Atrium@Orchard along Orchard Road.
Works are scheduled to commence in the third quarter of 2026 (3Q2026) and complete in the fourth quarter of 2028 (4Q2028), carried out in phases with the mall remaining open throughout.
🇸🇬 DBS Reports Soon: 3 Key Developments to Watch This Earnings Season (The Smart Investor)
With DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) reporting its first quarter results on 30 April, here are three developments income investors should watch when Singapore’s largest bank opens the books.’
Here are three key developments dividend investors should watch when DBS reports on 30 April.
1. NIM: Has the bleeding stopped?
For FY2025, DBS’s group NIM narrowed 12 basis points year on year (YoY) to 2.01%, reflecting the decline in Singapore and Hong Kong benchmark rates.
2. Wealth management: Can the fee engine keep revving?
3. Capital return dividend: The first test of the three-year commitment
Get Smart: Three Legs of the Stool
🇸🇬 DBS Delivers Record Total Income in Q1 2026 as Wealth Management Powers Through Rate Headwinds (The Smart Investor)
DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) reported record total income in 1Q2026, with wealth management helping offset rate headwinds and support its diversified growth strategy.
Record Total Income Driven by Fee Strength
Wealth Management and Treasury Sales Reach New Peaks
Sustained Profitability and Improving Asset Quality
Enhanced Capital Returns for Shareholders
Get Smart: Franchise Resilience Shines Through
🇸🇬 10 Blue Chips Paying Dividends in May (The Smart Investor)
🇸🇬 3 Blue-Chip Dividend Stocks to Watch in May 2026 (The Smart Investor)
Three Singapore blue-chips report in May and each carries a different test for income investors. From record cargo volumes to a doubled fuel bill to a Singapore office turnaround, here is what to watch.
SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) – Reporting 25 May 2026
A global provider of gateway services and food solutions, operating across more than 225 stations in 27 countries, SATS is Asia’s leading airline caterer and one of the world’s largest air cargo handlers following its 2023 acquisition of Worldwide Flight Services.
Of the three names on this watchlist, SATS heads into May with the strongest earnings momentum.
Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF) – Reporting 14 May 2026
As Singapore’s flagship carrier, Singapore Airlines (SIA) operates full-service flights under the SIA brand and budget services through Scoot.
The group also held a 25.1% stake in Air India and operated 212 aircraft serving 134 destinations as at 31 December 2025.
Its 3QFY2025/2026 update was a story of operating strength.
Frasers Logistics & Commercial Trust (SGX: BUOU / OTCMKTS: FRLOF), or FLCT – Reporting 5 May 2026
With 113 logistics, industrial, and commercial properties worth S$6.9 billion across Australia, Germany, Singapore, the United Kingdom, and the Netherlands, FLCT saw FY2025’s DPU fall 12.5% YoY to S$0.05950.
The drag was mainly due to a 26.4% surge in finance costs even as revenue rose 5.6% to S$471.5 million and adjusted net property income climbed 1.9% to S$326.1 million.
Get Smart: Three Different Points on the Same Journey
🇸🇬 Beyond the STI: 3 Under-the-Radar Dividend Stocks to Watch This May (The Smart Investor)
Three companies, three different dividend sustainability stories — and a May reporting window that will test each one.
United Hampshire US REIT (SGX: ODBU / OTCMKTS: UNHRF) or UHREIT: Capital Recycling Does the Heavy Lifting
Kimly Ltd (SGX: 1D0): Net cash balance sheet underpins the payout
As one of Singapore’s largest traditional coffee shop operators, Kimly runs 89 food outlets, 180 food stalls, 11 restaurants, and four Tenderfresh kiosks, alongside central kitchens supplying its network.
United Overseas Insurance (SGX: U13 / FRA: IZB): Strong balance sheet, watch the underwriting
United Overseas Insurance (UOI), a member of the UOB Group, provides property and general insurance across Singapore and the ASEAN region through its two main insurance funds – Singapore Insurance Fund and Offshore Insurance Fund.
Get Smart: Three levers, one reporting window
🇸🇬 Beyond STI: 3 Singapore Dividends Stocks Rewarding Investors in May 2026 (The Smart Investor)
Three non-STI dividend stocks are rewarding investors in May 2026, but their payouts tell very different stories about sustainability.
HRNetGroup (SGX: CHZ): A Clean Balance Sheet Doing the Heavy Lifting
A major recruitment and staffing firm operating across Asian cities under brands such as HRnetOne, PeopleSearch and RecruitFirst, HRnetGroup saw its Flexible Staffing arm contribute 89.7% of revenue in FY2025, while Professional Recruitment – though just 9.6% of revenue – punched above its weight at 45.2% of gross profit.
Vicom Ltd (SGX: WJP): A Stellar Year, But How Much of It Repeats?
Singapore’s dominant vehicle inspection player showed eye-catching headline FY2025 numbers: revenue surged 40.1% YoY to S$167.4 million, and profit attributable to shareholders jumped 45.1% to S$42.5 million.
Delfi Limited (SGX: P34 / OTCMKTS: PEFDF): A Dividend Cut, But A Stronger Company
Delfi, the Indonesia-focused chocolate confectionery group behind SilverQueen, Ceres and Delfi, presents the counterintuitive case.
The board cut total FY2025 dividends to S$0.0343, down from S$0.0429 a year ago.
On the surface, that’s the kind of move income investors instinctively dislike.
Look at the cash flow statement, though, and the picture flips.
Get Smart: Read the Cash, Not Just the Cheque
🇸🇬 3 Solid Singapore Blue-Chip Stocks That are Too Cheap to Ignore (The Smart Investor)
Here are three blue-chip stocks that are trading at attractive valuations.
We believe that these three blue-chip stocks are too cheap to ignore.
Hongkong Land Holdings (SGX: H78 / LON: HKLJ / FRA: HLH / OTCMKTS: HKHGF / HNGKY)
Hongkong Land Holdings, or HKL, is a property development, management, and investment group.
With over US$50 billion in assets under management (AUM) at the end of February 2026 and prime luxury retail and commercial properties in Singapore, Hong Kong, Beijing, and Jakarta, HKL’s net asset value (NAV) stood at US$14.30 per share as of 31 December 2025.
Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY)
Genting Singapore owns and operates the integrated resort (IR) at Resorts World Sentosa (RWS).
The IR features six unique hotels with 1,375 hotel rooms, a casino, one of the world’s largest aquariums (Singapore Oceanarium), Southeast Asia’s only Universal Studios theme park (Universal Studios Singapore), and a wide range of dining, retail, and entertainment options.
For the full year ended 31 December 2025 (FY2025), the group reported a 3% decrease in revenue to S$2.45 billion.
City Developments Limited (SGX: C09 / FRA: CDE / OTCMKTS: CDEVY)
City Developments Limited, or CDL, is a global real estate firm with a network spanning 168 locations in 29 countries and regions.
The group’s diverse portfolio includes residence, offices, hotels, serviced apartments, retail malls, and integrated developments.
For the full year ended 31 December 2025 (FY2025), CDL delivered a powerhouse performance, with revenue climbing 9.7% YoY to S$3.6 billion.
Get Smart: Focus on the Business’s Value
🇸🇬 Singapore REITs Report Earnings: What Investors Should Know About CLAR, CLAS, MPACT and MIT (The Smart Investor)
These four Singapore REITs highlight key trends in earnings, portfolio strategy, and income resilience that investors should watch closely.
CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF): A Pivot Toward High-Growth Sectors
CapitaLand Ascendas REIT, popularly known as CLAR, remains Singapore’s oldest and largest industrial REIT.
While the trust reports full financials on a half-yearly basis, its first quarter of 2026 (1Q2026) operational update highlighted a robust rental reversion of +10.6%, proving that demand for its industrial and life sciences spaces remains high.
CapitaLand Ascott Trust (SGX: HMN / OTCMKTS: ATTRF): Riding the Global Travel Wave
Mapletree Pan Asia Commercial Trust (SGX: N2IU / OTCMKTS: MPCMF): Singapore Strength vs Overseas Headwinds
Mapletree Pan Asia Commercial Trust, or MPACT, reported its full-year 2025/2026 (FY2025/2026) results, showing a slight 0.6% dip in distribution per unit (DPU) to S$0.0797.
Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF): Modernising the Industrial Core
Mapletree Industrial Trust, or MIT, faced a challenging fourth quarter of the financial year ending 31 March 2026 (4QFY2026), with DPU declining 8% YoY to S$0.0309.
This was largely due to the loss of income from divested properties and currency fluctuations affecting its North American and Japanese assets.
Get Smart: The Value of Active Management
🇸🇬 Singapore REITs 1Q 2026 Results: Key Takeaways for Income Investors (The Smart Investor)
Singapore REITs showed resilience in 1Q 2026, with CICT, FCT, Suntec REIT and First REIT navigating volatility through rental growth and active asset management.
CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), CICT
CICT kicked off the year with a robust top-line performance.
The REIT is currently undergoing a massive portfolio transformation.
Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF), FCT
FCT delivered a standout first half of the fiscal year ending 30 September 2026 (1HFY2026) performance, with gross revenue surging 20.3% to S$221.9 million.
Suntec Real Estate Investment Trust (SGX: T82U / OTCMKTS: SURVF)
Suntec REIT surprised investors with a massive 23.9% jump in DPU to S$0.01936.
Singapore’s first composite REIT, owning 10 properties across Singapore, Australia and the UK, comprising high-quality office assets complemented by retail and convention components, the REIT saw revenue growth at a modest 1.9%.
First Real Estate Investment Trust (SGX: AW9U / OTCMKTS: FESNF)
It was a tougher quarter for First REIT, Singapore’s first healthcare REIT, holding a portfolio of 31 properties worth S$1.02 billion across Indonesia, Japan, and Singapore, comprising hospitals, nursing homes, and integrated developments.
Get Smart: The Bottom Line for Investors
🇹🇭 PTT Global Chemical Public Company Limited (PCHUY) Shareholder/Analyst Call – Slideshow (Seeking Alpha)
🇹🇭 PTT Global Chemical Public Company Limited (PCHUY) Shareholder/Analyst Call – Slideshow (Seeking Alpha)
🇹🇭 The Siam Cement Public Company Limited 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇹🇭 PTT Exploration and Production Public Company Limited 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇮🇳 How the Iran War Disrupted India’s Summer Drinks Supply? (Smartkarma) $
The Iran-Israel conflict has crippled Gulf aluminium smelters, blocked 5.14 mn tonnes of annual exports through the Strait of Hormuz & sent LME aluminium to a 4-year high above $3,665/tonne
India’s domestic can capacity runs 20%+ below demand and beverage majors face potential shortfall, when 120 –130 mn units went unmet state governments faced 1,300 crore in lost excise revenue.
This is simultaneously a near-term supply crunch and structural inflection: India’s beverage packaging industry must accelerate domestic capacity investment or it will remain hostage to geopolitical shocks every peak season
🇮🇳 Larsen & Toubro Limited 2026 Q4 – Results – Earnings Call Presentation (Seeking Alpha)
🇮🇳 ICICI Life (IPRU IN) Vs ICICI GIC (ICICIGI IN): Life Vs General Insurance Spread Signals Trade (Smartkarma) $
🇮🇳 Amara Raja: From Lead-Acid Legacy to Lithium-Ion Future! (Smartkarma) $
Amara Raja Energy & Mobility Ltd (NSE: ARE&M / BOM: 500008) has confirmed bulk lithium-ion cell productionwill begin in FY27, with initial 2 GWh NMC capacity at its Mahbubnagar Giga Corridor.
Domestic cells will carry a minimum 15% price premium over Chinese imports near-term, but ARE&M’s Rs 10,000 crore commitment and dual-chemistry approach position it as India’s most advanced cell play.
Scale economics, not technology, will determine winner-takes-most. The 8-10 GWh threshold for cost parity deserves close monitoring as a key inflection for the stock.
🇮🇳 Welspun Corp: From Pipes to Powering Global Infrastructure Growth (Smartkarma) $
Welspun Corp Ltd (NSE: WELCORP / BOM: 532144), a global pipe and infrastructure player, reported an order book of INR 24,700 crore, with ROCE at 24.4%, already above guidance.
Strong execution and a “local-in-market” strategy across the US and Saudi Arabia reduce tariff risks while capturing demand from LNG, AI data centers, and water infrastructure cycles.
With INR 1,831 crore EBITDA achieved (83% of FY26 guidance) and major capex commissioning by end-CY2026, earnings visibility is strong, though execution and demand recovery remain key factors to watch.
🇮🇳 KPIT: Q4FY26 Earnings Preview – Growth Is Reviving | AI Impact Overdone in the Stock Price (Smartkarma) $
KPIT Technologies (NSE: KPITTECH / BOM: 542651)‘s competitors like Tata Elxsi and L&T Technology (LTTS) have reported improving demand in the automotive segment which suggests that KPIT’s Q4FY26 earnings could come out strong.
Both Tata Elxsi and LTTS reported positive growth in their automotive vertical after a streak of negative growth for the past few quarters.
Even the impact of AI is going to be limited in the automotive segment, as solutions in automotive vertical are mission-critical and highly regulated; however, KPIT’s stock has declined significantly.
🇮🇳 Varun Beverages: Africa Bets, Volume Surge, and a Summer Built for Growth (Smartkarma) $
Varun Beverages (NSE: VBL / BOM: 540180), a leading PepsiCo bottler, delivered 16.3% volume growth, completed the Twizza acquisition, signed the Crickley Dairy deal and declared Rs. 0.50 dividend.
With India capacity stabilized, capex reducing to Rs. 500-600 crore, and a stronger summer outlook, operating leverage is improving, supporting sustained double-digit volume growth visibility over the medium term.
A volume-first strategy in India and faster-than-expected Africa scale-up, with ~Rs. 1,000 crore incremental revenues, positions VBL for stronger earnings growth and diversification beyond seasonal dependence.
🇮🇳 How the Arms License Changes Apollo Micro Systems’ Business Model? (Smartkarma) $
[Apollo Micro Systems Ltd (NSE: APOLLO / BOM: 540879)]
On 17 April 2026, AMS received a lifetime government license to manufacture missiles, torpedoes, loitering munitions, and aerial bombs.
AMS shifts from billing per subsystem to billing per complete weapon, a structural revenue architecture change with IDL Explosives providing energetics backbone.
Althrough, working capital above 450 days, negative historic operating cash flows, and zero weapon-system order wins mean execution remains entirely unproven.
🇮🇱 Teva Pharmaceutical Industries Limited 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇹🇷 Türkiye Is Bankasi A.S. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇹🇷 Türk Hava Yollari Anonim Ortakligi 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇹🇷 Turkiye Garanti Bankasi A.S. ADR 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇹🇷 Eregli Demir ve Çelik Fabrikalari T.A.S. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇨🇿 Komercní banka, a.s. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
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🇨🇿 🇸🇰 Komercni banka (PSE: KOMB / FRA: KONN / OTCMKTS: KMERF) – Parent company of KB Group, a member of the Société Générale international financial group. Universal bank. 🇼 🏷️
🇬🇷 Piraeus Financial Holdings S.A. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇬🇷 Jumbo S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)
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🇬🇷 🇨🇾 🇧🇬 🇷🇴 Jumbo Anonymi Etairia (ASE: BABr / FRA: 5JB / 5JB1 / OTCMKTS: JUMSF) – Big-box destination-shopping for toys, baby items, seasonal items, decoration items, books & stationery in Greece, Cyprus, Bulgaria & Romania. 🇼 🏷️
🇵🇱 mBank S.A. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
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🇵🇱 mBank SA (WSE: MBK / FRA: BRU / OTCMKTS: MBAKF) – First Internet bank in Poland. Retail, corporate & investment banking + other financial services. 🇼 🏷️
🇵🇱 KRUK Spólka Akcyjna 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇵🇱 Bank Polska Kasa Opieki 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇵🇱 Cyfrowy Polsat S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)
🌎 A subjective political capital ranking for presidents in Latin America – April 2026
Where the region’s leaders actually stand based on polls plus gut feeling
In various recent interviews, including on Bloomberg’s Odd Lots, I’ve been asked where presidents stand in terms of popularity and political capital and why some are up or down. Here is my current ranking, a mixture of objective polling (which there is not enough of in most countries) and subjective analytical judgment about how they’re doing. I write these sorts of posts as a starting point for debate. They are meant to encourage discussion and disagreement, especially because they are largely subjective rankings.
🌎 First Quantum Minerals Ltd. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
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🌐 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. 🇼
🇦🇷 Loma Negra Compañía Industrial Argentina Sociedad Anónima 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇦🇷 Central Puerto: Expanding Beyond Power Generation (Seeking Alpha) $ 🗃️
🇧🇲 The Bank of N.T. Butterfield & Son Limited 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇧🇷 XP Inc.: Growth Is Improving, But Retail Flows Are Still Missing (Seeking Alpha) $ 🗃️
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🌎 XP Inc (NASDAQ: XP) – Wealth management & other financial services (fixed income, equities, investment funds & private pension products). 🇼
🇧🇷 TIM S.A. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇧🇷 Ambev S.A. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇧🇷 BB Seguridade Participações S.A. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇧🇷 Why Sigma Lithium Remains The One Stock I’m Most Confident In (Seeking Alpha) $ 🗃️
🇧🇷 Multiplan Empreendimentos Imobiliários S.A. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇧🇷 Hypera S.A. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
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🇧🇷 Hypera SA (BVMF: HYPE3 / OTCMKTS: HYPMY) – Pharmaceuticals, consumer healthcare, cosmetics & biotechnology products. 🇼
🇧🇷 WEG S.A. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
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🇧🇷 WEG SA (BVMF: WEGE3) – Operates worldwide in the electric engineering, power & automation technology areas. Electric motors, generators, transformers, drives & coatings. 🇼 🏷️
🇧🇷 Iochpe-Maxion S.A. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
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🌐 Iochpe Maxion Sa (BVMF: MYPK3 / OTCMKTS: IOCJY) – World leader in the production of automotive wheels + railway wheels & a leading producer of automotive structural components in the Americas. 🇼 🏷️
🇧🇷 Suzano S.A. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇧🇷 Vale S.A. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
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🌐 Vale (NYSE: VALE) – Iron Solutions & Energy Transition Materials segments. Produces & sells iron ore, iron ore pellets, nickel, copper etc + related logistic service. 🇼 🏷️
🇧🇷 Banco Santander (Brasil) S.A. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇧🇷 Sendas Distribuidora S.A. (ASAIY) Shareholder/Analyst Call – Slideshow (Seeking Alpha)
🇨🇱 LATAM Airlines Group S.A. 2026 Q1 – Results – Earnings Call Presentation
🇨🇱 LATAM Airlines: The Fuel Shock Looks Scary, But Margins May Hold Better Than Expected (Seeking Alpha) $ 🗃️
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🌎 LATAM Airlines Group (NYSE: LTM) – Chile based. Largest airline company in Latin America. Subs. in Brazil, Colombia, Ecuador, Paraguay & Peru. 🇼
🇨🇱 Enel Chile S.A. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
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🇨🇱 Enel Chile (NYSE: ENIC) – Develops, operates, generates, distributes, transforms and/or sells energy. 🇼
🇨🇴 Colombian Oil and Gas Play: Pay $3.7/bbl EV/2P and Get >100% Upside Potential (TheOldEconomy Substack) $
Asymmetric Bet on “LatAm Oil” and “Long Colombia” Themes
Three features make the region’s barrels undoubtedly attractive.
Before I deep-dive into today’s company, I will address one of the popular arguments against Colombian crude: the return of Venezuelan oil.
🇨🇴 Grupo Cibest S.A. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
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🌎🅿️ 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. 🇼 🏷️
🇲🇽 El Puerto de Liverpool, S.A.B. de C.V. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇽 Becle, S.A.B. de C.V. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇽 Orbia Advance Corporation, S.A.B. de C.V. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇽 FEMSA’s Active Management Is Driving Improved Growth And Margins (Seeking Alpha) $ 🗃️
🇲🇽 Grupo Televisa, S.A.B. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇽 Fibra UNO 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇽 Vista Energy, S.A.B. de C.V. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
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🇦🇷 🇲🇽 Vista Energy (NYSE: VIST / FRA: 1CIA / BMV: VISTAA)’s – Mexico HQ’d. Main asset in Argentina is the largest shale oil & shale gas play under development outside North America. 🏷️
🇲🇽 Grupo Bimbo, S.A.B. de C.V. 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇽 Megacable Holdings, S. A. B. de C. V. CPOs 2026 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🌐 Solactive Global Lithium Index Rebalance: Capping Changes in April (Smartkarma) $
🌐 Nebius Q1: One Number May Settle The CapEx Funding Debate (Seeking Alpha) $ 🗃️
🌐 Nebius Q1 Earnings Preview: A Compounding AI Story Still Early (Seeking Alpha) $ 🗃️
🌐 Nebius Group: The AI Bottleneck Play The Market Still Underestimates (Seeking Alpha) $ 🗃️
🌐 Nebius: Very Close To Breaking Out And Silencing The AI Bears (Seeking Alpha) $ 🗃️
🌐 Nebius Earnings Preview: Why Nebius Spent $643M On Eigen And What It Means (Seeking Alpha) $ 🗃️
🌐 Nebius: The Market Misreads The Setup (Seeking Alpha) $ 🗃️
🌐 Nebius: At The Forefront Of The Data Center Revolution (Seeking Alpha) $🗃️
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🌐 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. 🇼 🏷️
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):
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).
Frontier and emerging market highlights (from IFES’s Election Guide calendar):
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):
Vernal Capital Acquisition Corp. VECAU D. Boral Capital (ex-EF Hutton), 10.0M Shares, $10.00-10.00, $100.0 mil, 5/6/2026 Wednesday
(Incorporated in the Cayman Islands)
We are a newly organized blank check company., also known as a SPAC. We intend to focus our search for a target company on businesses in China, including Hong Kong and Macau.
Jun Du, the founder and CEO of Vernal Capital, is our CEO and chairman of the board of directors. He is the co-founder of Chainup Technic.
Binghan Yi is our CFO. He was formerly the head of existing portfolio management at Munich Re.
(Note: Vernal Capital Acquisition Corp. upsized its SPAC IPO to 10 million units – up from 6 million units originally – and kept the price at $10.00 per unit – to raise $100 million, according to its F-1/A filing dated March 11, 2026. Vernal Capital Acquisition also changed the right’s portion of its unit to better terms – the right to receive one-fifth (1/5th) of a share – up from one-tenth (1/10th) of a share – upon the completion of an initial business combination, according to its F-1/A filing on March 11, 2026. Each unit now consists of one share of stock and the right to receive one-fifth (1/5th) of a share upon consummation of the initial business combination.)
(Background: Vernal Capital Acquisition filed its F-1 for its SPAC IPO on Sept. 30, 2025, and disclosed the terms: 6 million units at $10 each to raise $60 million. Each unit consists of one share of stock and one right to receive one-tenth (1/10th) of a share upon the completion of an initial business combination.)
HawkEye 360, Inc. HAWK Goldman Sachs/Morgan Stanley/RBC Capital Markets/Jefferies/BofA Securities/Baird/Raymond James/William Blair, 16.0M Shares, $24.00-26.00, $400.0 mil, 5/7/2026 Thursday
(Incorporated in Delaware)
We are a defense technology company that offers a satellite signal-processing platform. Our customers are U.S. government agencies and our allies, including Japan.
With over 30 satellites in orbit and additional clusters in development, we maintain a robust global operational footprint. We are committed to expanding our reach, improving our revisit rate and latency, and accelerating product delivery to our customers. We are a key provider to the U.S. government of signal processing algorithms, customized hardware, and commercial SIGINT data and information. We operate across classified and unclassified data, leveraging relationships with the U.S. Department of War (the “DoW”) and the U.S. intelligence community and the international equivalents of our allies around the globe.
HawkEye 360 was founded in 2015 by a team of military veterans, engineers and national security technologists. From our beginning, we have disrupted the SIGINT market that had historically been served by traditional defense providers. We identified a critical gap in unclassified RF (radio frequency) signals intelligence across the U.S. Government and allied nations. We then developed advanced processing capabilities and an extensive space-based RF database to deliver actionable SIGINT insights to address this gap. RF signals intelligence had historically been limited to state actors until we built upon the structural tailwinds of more accessible satellite launch, satellite miniaturization, and cloud computing power to create an end-to-end unclassified analytics capability. We created a proprietary data collection system leveraging small-satellite technology to provide unprecedented commercial access to RF signal data from on-orbit sensors, delivering a new form of unclassified intelligence that was previously unavailable. In parallel, we built a signals processing platform with proprietary algorithms using our unclassified collected data to power our differentiated processing and analytics capabilities. We are continuously evolving and adding disruptive newcapabilities – through launching additional satellites, developing new and increasingly sophisticated sensors, expanding our RF emitter database, optimizing our analytics and insights, and perfecting increasingly mission-specific algorithms in our constant effort to provide the most possible value to our customers.
ISA Acquisition
In December 2025, we completed our acquisition of Innovative Signal Analysis, Inc. (“ISA”). This acquisition enhances our existing offerings by providing critical signal processing technologies, including detection and classification across multiple domains, such as air, land, and maritime domains, while gaining access to classified architecture, thereby strengthening our relationship with the U.S. Government and the U.S. intelligence community. This acquisition allows us to combine our unclassified satellite collectors with highly trusted classified algorithms, unlocking a larger national security augmentation market. Additionally, unclassified ISA algorithms and expertise enhance our signal processing platform, allowing us to offer improved, automated capabilities to an expanded set of U.S. Government and international customers.
HawkEye 360 Today
We are disrupting the defense technology industry through our transformational strategy focused on new on-orbit capabilities, signal processing enhancements, and optimization of our artificial intelligence/machine learning (“AI/ML”) analytics algorithms using our expansive RF emitter database. Our algorithms are designed, improved, and validated on over one billion data points from our proprietary signals archive, uniquely collected by our sensor network.
Note: Net income and revenue are for the 12 months that ended Dec. 31, 2025.
(Note: HawkEye 360, Inc. disclosed the terms for its IPO in an S-1/A filing on Monday, April 27, 2026: The company is offering 16 million shares at a price range of $24.00 to $26.00 to raise $400 million, if priced at the $25.00 mid-point of its range. Background: HawkEye 360, Inc. filed its S-1 for its IPO on April 10, 2026, without disclosing the terms. Estimated proceeds are $100 million, a placeholder figure.)
Rare Earths Americas REA Cantor/Stifel, 2.8M Shares, $17.00-19.00, $50.0 mil, 5/7/2026 Thursday
(Incorporated in Texas)
We are an exploration-stage company involved in the mining of critical minerals – rare earth elements. We have the Alpha and Constellation projects in Brazil and the Shiloh Project in the state of Georgia. Our projects are focused on heavy rare earth elements such as neodymium-praseodymium, dysprosium and terbium, which are used in permanent magnets.
Note: Net loss is for the year that ended Dec. 31, 2025. We have not yet generated any revenue.
(Note: Rare Earths Americas is offering 2.78 million shares at a price range of $17.00 to $19.00 to raise $50.04 million, if priced at the $18.00 mid-point of its range, according to its S-1/A filing dated April 28, 2026. Background: Rare Earths Americas filed its S-1 for its IPO on April 14, 2026, without disclosing the terms. Estimated initial proceeds are $75 million.)
Riku Dining Group RIKU Eddid Securities USA, 5.0M Shares, $4.00-6.00, $25.0 mil, 5/13/2026 Week of
(Incorporated in the Cayman Islands)
We operate and franchise Japanese-style restaurants in Canada and Hong Kong:
In Canada – Ajisen Ramen is our franchise. We run four restaurants and we franchise nine more restaurants across Ontario.
In Hong Kong – We have seven restaurants under three franchised brands – Yakiniku Kakura, Yakiniku 802 and Ufufu Cafe.
Note: Net income and revenue are in U.S. dollars for the 12 months that ended March 31, 2025.
(Note: Riku Dining Group more than doubled its IPO’s size – to $25 million – up from $11.25 million – in an F-1/A filing on March 16, 2026: The company now plans to offer 5.0 million shares – up from 2.25 million shares previously – at a price range of $4.00 to $6.00 – the same as before – to raise $25 million, according to its March 16, 2026, F-1/A filing. Earlier today, the company withdrew its previous IPO filing. Background: Riku Dining Group disclosed the terms for its IPO in an Oct. 8, 2025, filing with the SEC: The company is offering 2.25 million shares at a price range of $4.00 to $6.00 to raise $11.25 million. Background: Riku Dining Group filed its F-1 for its IPO in September 2025 without disclosing the terms. Estimated IPO proceeds are $16 million.)
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:
Frontier and emerging market highlights:
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.
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Emerging Market Links + The Week Ahead (May 4, 2026) was also published on our website under the Newsletter category.
