There is an old market saying: “Sell in May and go away, come back on St. Leger’s Day [second Saturday of September]” or more appropriately (given the now outsized influenced of US markets over London), after Labor Day (as this weekend is Labor Day weekend with Monday being the holiday). Its also after Labor Day when Americans start focusing on any upcoming elections plus the war with Iran is once again flaring up as the war in the Ukraine continues to escalate.
For a good update (aside from The Duran geopolitical podcast) on the shipping situation (FreightWaves is also a good source of info and the founder has done interviews with Michael Farris (Coffee and a Mike)), I just listened to this hour long talk:
Sal Mercogliano is associate professor of history at Campbell University, Maritime Historian, and the host of the YouTube channel “What’s Going on With Shipping.” He talks AI images coming out of the Middle East, Strait of Hormuz, the seas becoming contested, and much more.
I am traveling into early next week and next week’s post will clear out most of my inbox…
$ = 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
All five ADDs fell in the ten days before the announcement. Historically, ADDs with that pattern opened higher at the post-announcement open and then lost ground into implementation.
Alibaba (NYSE: BABA) is making one of the largest AI financing bets in China, raising roughly $10.2 billion through a new share placement just as its artificial intelligence business begins showing meaningful commercial traction.
The deal involves 710 million new shares, representing roughly 3.7% of Alibaba’s existing issued share capital, and comes after a quarter in which heavy technology investment pushed GAAP net income down about 75% and free cash flow deeply negative.
The recruitment app operator’s revenue has slowed steadily over the last three years as it solidifies its dominant position in China
Kanzhun Ltd (NASDAQ: BZ)’s revenue grew 14.1% in the second quarter, similar to last year’s growth rate but slower than its 24% growth in 2024
The Boss Zhipin recruitment app operator is using AI and deeper penetration of China’s smaller markets to expand at home, while also looking for opportunities abroad
Changxin Memory Technologies (CXMT) (SHA: 688825)’s H1-2026 results beat IPO guidance by roughly 25–36%, with R&D up 87% YoY and four DRAM process nodes now in mass production — the growth story remains fully intact.
Spot at RMB58.60 implies 23x FY26E and 20x FY27E EPS — a scarcity premium the STAR Market’s thin free float can sustain longer than fundamentals justify.
We maintain our BEARISH stance but raise our fair value to RMB31.40, based on an 12x China-specific multiple band applied to upgraded FY26E/FY27E EPS.
Unitree Robotics[Yushu Technology Co Ltd (SHA: 688836)] still trades at 3.9x its IPO price after a strong post-listing move, so we estimate the index ADD timeline below.
Unitree’s since-listing average total market cap has fallen to 7th on the STAR Market, missing fast-entry thresholds by 8% to 9%.
Earliest windows are Dec 2026 for STAR50, Aug 2027 for SSE A Share, Dec 2027 for CSI 300, and Jan 2028 for Connect.
The producer of battery materials posted higher first-half earnings, helped by a rebound in nickel prices, as it expands into new technologies for energy storage
To keep pace with changing demand, CNGR Advanced Material Co Ltd (SHE: 300919 / HKG: 2579 / FRA: 469) has been investing in producing lithium iron phosphate batteries for premium EVs and renewable energy systems
It announced plans to reallocate the remaining proceeds from its Hong Kong IPO from a South Korean nickel project into a Chinese phosphorus facility
China’s ‘first smart parking stock’ reported double-digit revenue and profit declines in the first half of 2026, blaming project delays
Keytop Parking Inc (HKG: 2272 / FRA: E4F) reported its revenue fell 11.9% in the first half of this year, with its core smart parking systems and management services down by nearly 18%
The smart parking lot builder and manager’s net profit fell by 12% during the six-month period, and was down 40% on an adjusted basis
The robotaxi operator has even achieved single-vehicle profitability in Guangzhou and Shenzhen, but high R&D and depreciation costs are undermining its high valuation
Pony AI Inc (NASDAQ: PONY)’s robotaxi revenue surged more than sixfold in the first half of the year, as it races towards a year-end target of more than 3,500 vehicles.
Despite achieving single-vehicle profitability in some markets, the company’s net loss continues to widen
The company’s flat second-quarter deliveries outperformed a shrinking home market, while overseas expansion and a major robotics initiative offer new paths to growth
XPeng (NYSE: XPEV)’s EV deliveries held steady in the second quarter despite fierce competition in China, but forex and investment losses pushed its net loss sharply higher
The EV maker is looking overseas and beyond cars for growth, using its technology in Volkswagen projects and humanoid robots
The fitness company’s online paid revenue plummeted in the first half of this year, as it increasingly relies on growing sales of branded fitness products
Keep Inc.’s(HKG: 3650)’s revenue grew slightly in the first half of the year, as its loss narrowed by two-thirds
The fitness company’s fledgling AI concepts have yet to make a significant contribution to its business
The plan would mark the third time as a public company for the resort operator, following previous listings in Paris, and later in Hong Kong as Fosun Tourism
Fosun International (HKG: 0656 / FRA: FNI / OTCMKTS: FOSUF / FOSUY) has applied to list its Club Med asset in Hong Kong, aiming to expand the company’s global resort operation to 85 properties from the current 69
The IPO candidate doesn’t contain any vacation home element, distinguishing it from the previously listed Fosun Tourism, which privatized in early 2025,
The operator of the Domino’s Pizza chain in China reported 20.8% revenue growth in the first half of the year, driven by rapid store expansion and rising transaction volumes
DPC Dash (HKG: 1405 / FRA: X12 / OTCMKTS: DPCDF)’s revenue rose 20.8% in the first half of 2026 to 3.13 billion yuan, as it opened 235 new Domino’s Pizza stores, bringing its total to 1,550
Strong transaction growth, new-market demand and a growing national supply-chain network are supporting DPC’s continued expansion across China
The credit-tech platform reinforced its China business with improved risk metrics in the second quarter, while turning its overseas business into a more meaningful profit source
FinVolution (NYSE: FINV)’s risk performance was relatively steady in the face of industry turbulence in the second quarter, as it enhanced its anti-fraud capabilities with 60 system upgrades
Overseas markets made a growing profit contribution for the fintech lender as it expands into more geographies and broadens its product lineups
The fintech loan facilitator’s second-quarter profit plunged as a funding squeeze in the wake of two major sector scandals forced it to scale back its business
Qifu Technology(NASDAQ: QFIN)’s net revenue dropped 32% year-on-year in the second quarter, with its net profit plunging 77% as its new loan originations shrank
Banks are pulling back from providing funding for online loan facilitators like Qfin after back-to-back scandals involving the sector in May and June
The recycling specialist’s revenue grew 32.4% in the second quarter, easily beating its earlier guidance, as its core product sales rose nearly 36%
ATRenew (NYSE: RERE)’s revenue rose 32.4% in the second quarter, as its focus on higher margin direct-to-consumer business lifted its profit at more than twice that growth rate
The recycler detailed a plan to take its business global using a recently launched B2B marketplace and its ReRe consumer brand
The firm made more money from precision oncology treatments than from licensing deals in the first half, after gaining insurance coverage for its core drugs in China
The company’s flagship drug has also delivered encouraging results for patient survival in a global trial led by multinational partner Merck
BeOne Medicines(NASDAQ: ONC) reported strong financial and operational results for the second quarter of 2026, demonstrating growth across its commercial portfolio alongside significant pipeline advancements.
Total revenues increased by 30% year-over-year to $1.7 billion, driven primarily by BRUKINSA, their flagship BTK inhibitor, which achieved over $1.2 billion in global sales—a 31% increase compared to the prior year.
Notably, BRUKINSA maintained market leadership in both the U.S. and globally and expanded its use across five approved B-cell malignancy indications.
Ingenic Semiconductor, a fabless memory and computing IC designer, raised HKD 3,054.6m (USD 389.6m) from its global offering and will list on the HKEX on Tuesday, 25 Aug 2026.
In our previous notes, we looked at the company’s fundamentals and the deal terms.
In this note, we provide an update for the IPO before its trading debut.
Hong Kong-listed Shin Hwa World Ltd (HKG: 0582), promoter of Jeju Shinhwa World (pictured), a resort with a foreigner-only casino on the South Korean holiday island of Jeju, narrowed its net loss by 72.1 percent year-on-year in the first half of 2026.
Shin Hwa World Ltd said the narrowing of its net loss was mainly attributable to the increase in revenue, particularly from its integrated resort business, as well as an increase in the fair value of investment properties and a tax recovery relating to tax paid in prior years.
The company had said earlier this month that it expected its first-half net loss to narrow by between 60 percent and 75 percent year-on-year.
Macau’s casino premium-mass segment continued to show resilience in August, with average wager per player observed by Citigroup rising 27 percent year-on-year, according to the institution’s latest monthly table survey.
The brokerage said in its August survey that total premium-mass wager observed reached HKD14.3 million (US$1.8 million), up 7 percent from a year earlier, despite the number of players seen by Citi declining by 16 percent year-on-year, to 525.
That implied average wager per player of HKD27,284, versus HKD21,543 in August 2025. The latest figure was 8 percent below the HKD29,625 recorded in February this year, during the Chinese New Year period, wrote Citi analysts George Choi and Timothy Chau.
Moody’s Ratings expects casino operator Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) to post a 4.5-percent year-on-year increase in revenue for 2026, to US$5.4 billion, followed by further growth next year. Such improvement will be supported by expansion in Macau’s gaming market and a stable market share for the firm, the ratings agency stated in a Wednesday memo.
The institution forecasts Melco Resorts’ revenue will rise by another 4 percent in 2027, to US$5.6 billion.
Macau casino operator Wynn Macau Ltd (HKG: 1128 / FRA: 8WY / OTCMKTS: WYNMY / WYNMF) announced on Thursday an interim dividend of HKD0.223 (US$0.028) per share. The firm said it expects to pay the dividend on September 24, according to a filing to the Hong Kong Stock Exchange.
That was up from HKD0.185 per share in respect of the six months to June 30, 2025.
Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) and Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) – two Macau casino operators with extensive retail operations at their Cotai resorts – each recorded year-on-year improvement in key mall indicators in the second quarter, reinforcing the positive outlook for 2026 they had outlined earlier this year.
Galaxy Macau, Galaxy Entertainment’s flagship casino resort, saw second-quarter mall net revenue rise 15.6 percent year-on-year to HKD379 million (US$48.3 million). Judged sequentially, mall net revenue declined 5.3 percent, according to the firm’s results for the three months to June 30.
Jefferies analysts Anne Ling and Jingjue Pei said in a recent memo that Galaxy Entertainment’s retail performance was “resilient” despite disruption linked to the FIFA World Cup football tournament.
“Key growth categories included gold jewellery and luxury watches, supported by Galaxy Entertainment’s high-value customer base, favourable renminbi-Hong Kong dollar exchange rate dynamics, and some luxury spending being redirected from Japan back to Hong Kong and Macau,” the analysts stated.
Hong Kong-listed Asia Pioneer Entertainment Holdings Ltd (HKG: 8400) reported a profit of approximately HKD2.3 million (US$284,370) for the first half of 2026, compared with just HKD24,959 in the prior-year period.
The Macau-based electronic gaming equipment supplier said in a Friday filing that revenue rose 47.3 percent year-on-year, to nearly HKD33.9 million in the six months to June 30.
Asia Pioneer had flagged earlier this month that it expected first-half profit and total comprehensive income to be between HKD2.2 million and HKD2.4 million, amid stronger demand for electronic gaming equipment.
Hong Kong-listed casino equipment maker Paradise Entertainment Ltd (HKG: 1180 / FRA: LIL3 / OTCMKTS: PDSSF) reported a loss of HKD82.6 million (US$10.5 million) for the first half of 2026, compared with a profit of HKD177.8 million in the prior-year period.
The company’s loss attributable to shareholders was HKD71.8 million, versus a HKD172.5-million profit a year earlier. The group declared no interim dividend for the latest reporting period.
Management believes Data Center revenue could exceed 20% of total company revenue in 2027.
The discussion around Smart Power Stage (SPS) products was one of the most encouraging aspects of the call.
Automotive Business Entering a New Growth Phase: Growth is being supported by a combination of new customers, new product categories, and geographic expansion.
Two executives from foreigner-only casino businesses in South Korea have respectively referred to government plans to increase the sector’s financial commitments to public funds as “arbitrary” and risking a “crushing burden”.
The comments were made at a round-table discussion on Wednesday organised by the Korea Times newspaper.
Why are all four people that are featured in the South Korean banknotes from the 15th/16th centuries? (Why is there no one from the past 300 years)?
The real reason why no modern person is included in the South Korean banknote is due to concerns about fracturing the political divide of the country even further.
Lee Jae-Myung administration is expected to pass a huge 800+ trillion won budget next year which is likely to pressure the government bond yields even higher.
I believe this will have a negative impact on SK Innovation and a neutral impact on SK IET.
The biggest concern is the fact that SK IET has been generating continued net losses in the past several years and this could negatively impact SK Innovations’ financial structure.
In this insight, I discuss about SK Innovation (KRX: 096770 / 096775) and four other stocks in KOSPI that could experience additional selling with end of mandatory lock-up periods in September.
The end of these lock-up periods could potentially result in additional selling by insiders which could negatively impact the share prices of these companies (on average) in the coming weeks.
SK Innovation recently announced its merger plans with SK IE Technology Co Ltd (KRX: 361610) which I viewed negatively due to negative impact on SK Innovation’s financials.
Seers Co Ltd (KOSDAQ: 458870) is a digital healthcare firm in Korea that specializes in wearable medical biosensors, artificial intelligence (AI)-driven clinical data analysis, and remote patient monitoring (RPM) platforms.
Given the company’s surging sales and profit growth, I believe it deserves to trade at 20x P/E.
Assuming consensus net profit estimate of 86.8 billion won, a 20X P/E suggests market cap of 1.7 trillion won, representing 110% upside from current levels (about 44,000 won per share).
Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF) announced a major share cancellation involving 2.51 million treasury shares [1.29 million common shares (0.6% of common shares) and 1.21 million preferred shares (2% of preferred shares)].
Overall, I think there were some disappointment with the level of cancellations for common shares but not for preferred shares.
In my view, Hyundai Motor’s preferred shares are likely to outperform the common shares in the next 6-12 months amid this treasury shares cancellation announced today.
On 27 August, Flashlight Capital (a private equity firm in Singapore) announced that it is offering to buy Samsung Group’s entire 20.6% stake in S-1 Corp (KRX: 012750).
Flashlight Capital has offered to acquire the entire 20.6% stake in S-1 Corp held by five Samsung Group affiliates for 906.6 billion won.
Although Flashlight Capital’s bid for the 20.6% stake held by Samsung affiliates is laudable, it is somewhat disappointing since it leaves out other minority shareholders.
On 27 August, SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA) officially launched SK Horizon, the AI data center (AIDC) arm.
SK Telecom will partner with KKR, IMM Investment, and Stonebridge consortium that will provide 3.1 trillion won ($2.2 billion) in total capital. SK Horizon is targeting 318MW of capacity.
Overall, I am positive on SK Telecom’s establishment of SK Horizon (AIDC). By establishing SK Horizon, SK Telecom has killed two birds with one stone.
On 28 August, Samsung Biologics (KRX: 207940) announced a rights offering capital raise worth nearly 3 trillion won.
Samsung Biologics has shifted its funding strategy for the acquisition of the Swiss CDMO firm PolyPeptide from relying on existing cash reserves and borrowing to prioritizing a capital increase.
Final pricing of this rights offering will be confirmed on 4 November. Despite some near term negative outlook, I think there could be some trading opportunity on this rights offering.
On 28 August, it was reported that Lee Jang-han (Chairman of Chong Kun Dang Pharmaceutical Corp (KRX: 185750)) plans to gift his entire stake in Chong Kun Dang to his three children.
Once the gifting process is completed as planned, Chairman Lee’s stake in Chong Kun Dang will drop from 9.55% to 0%.
Sometimes, major family controlling chairman of Korean companies try to gift his shares to his children when the share prices are low to MINIMIZE INHERITANCE TAXES that are extremely high.
Cambodian casino operator NagaCorp (HKG: 3918 / FRA: N9J / OTCMKTS: NGCRF) reported a net profit of US$144.0 million for the first half of 2026, down 3.2 percent from a year earlier.
Group revenue for the first six months of 2026 declined 8.4 percent year-on-year, to about US$313.2 million, according to a Monday filing to the Hong Kong Stock Exchange. Gross gaming revenue (GGR) fell 8.6 percent, to nearly US$303.7 million.
NagaCorp said combined mass-market business volumes increased by 6.2 percent year-on-year, reflecting “sustained player engagement and visitation”.
The casino operator noted however that it had observed “a moderation in business momentum” during the second quarter. It said the slowdown was believed to be “primarily attributable” to the FIFA World Cup football tournament, as match schedules coincided with the casino’s peak operating hours and likely diverted customer attention from its gaming floors.
Gaming equipment supplier and distributor RGB International Bhd (KLSE: RGB) reported a 26.3-percent year-on-year decline in second-quarter profit attributable to shareholders, despite an increase in revenue for the period.
Such profit for the three months to June 30 was MYR10.3 million (US$2.6 million), compared with MYR14.0 million in the prior-year quarter. Revenue in the second quarter of 2026 rose 15.5 percent year-on-year, to MYR109.6 million.
RGB said it remained “cautiously optimistic” about its prospects for full-year 2026, while noting that regional gaming performance would be influenced by regulatory developments, macroeconomic conditions, consumer spending and tourism trends in its principal markets, including the Philippines, Cambodia and Vietnam.
🌐 Hibiscus Petroleum Berhad (KLSE: HIBISCS) – Malaysia’s first listed independent oil & gas exploration & production company focused on enhancing production from mature assets. UK, Malaysia, Australia, & Vietnam. 🏷️
We look at a privatisation bid for a regional healthcare group, a near-record single-day market cap surge by an AI chipmaker, and key developments across the semiconductor and fintech spaces.
Privatisation bid offers premium for regional healthcare group
OUE has proposed the privatisation of its Catalist-listed subsidiary OUE Healthcare (SGX: 5WA), or OUEH, via a scheme of arrangement at S$0.05 per share in cash.
The offer represents a 28.2% premium over OUEH’s last transacted price of S$0.039 on 21 August and a 2.5% premium over its latest unaudited net asset value per share of S$0.0488.
AI chipmaker’s forecast sparks near-record market cap surge
Technology solutions provider’s shares slide after equity placement
Shares of Frencken Group Ltd (SGX: E28) fell as much as 8.3% on 28 August after the technology solutions provider announced plans to raise S$100 million through a proposed placement of 44.1 million shares at S$2.2687 each.
Buyout consortium walks away from fintech pioneer
South Korean memory maker breaks ground on first US factory
SK Hynix (KRX: 000660 / NASDAQ: SKHY) held a groundbreaking ceremony for its first US facility in West Lafayette, Indiana, on 27 August.
The US$4 billion factory will serve as an advanced packaging plant for high-bandwidth memory (HBM), with CEO Kwak Noh-Jung declaring that Indiana will become a key HBM production base in America by 2030.
DBS, OCBC and UOB are among Singapore’s favourite dividend-paying blue chips. But if you invested S$10,000 in each bank, which one would generate the most dividend income today?
DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) shares have climbed to record highs, leaving investors with a difficult choice: buy now, hold existing positions, or wait for a cheaper entry. Here’s what long-term investors should consider beyond the share price.
Three SGX small-cap stocks are paying bonus dividends in September 2026, but investors should examine what funded each payout and whether it can repeat.
Shareholders will receive S$0.0075 per share on 18 September 2026, a sharp contrast to the zero payout at this time last year.
This payout is backed by solid growth.
Why is APAC Realty paying more than double despite declining results?
APAC Realty Ltd (SGX: CLN), the entity behind the ERA Real Estate franchise in Asia Pacific, declared a combined payout of S$0.055 per share – comprising an interim dividend of S$0.019 and a special dividend of S$0.036.
Here is the twist: the actual business results went in the opposite direction.
What is behind Boustead’s record profit?
Boustead Singapore (SGX: F9D / OTCMKTS: BSTGF), founded in 1828 as Singapore’s oldest continuous business organisation, reported headline numbers that deserve a closer look.
Revenue for the full year ending 31 March 2026 (FY2026) grew 18% to S$624.4 million, while net profit soared 145% to S$232.6 million.
That surge prompted the board to propose a final dividend of S$0.040 and a special dividend of S$0.045.
Get Smart: How do you judge whether an extra dividend can last?
Singapore stocks have enjoyed a powerful rally, pushing many blue chips to higher valuations. But a rising share price does not automatically mean a stock is too expensive.
Look, SGX had a fantastic rally, up almost 50% this year so far.
The exchange operator is the closest thing to a toll booth on Singapore’s financial markets: whether share prices rise or fall, people trade, and SGX clips a fee, providing defensive, stable cash flows regardless of market conditions.
The Temasek-backed defence and aerospace giant runs three segments: Commercial Aerospace, Defence & Public Security, and Urban Solutions & Satcom.
Wilmar International: Can the biggest increase hold?
Wilmar is delivering the largest percentage hike with a 25% boost to S$0.05 per share, but its cash story requires a closer look.
The group runs an integrated agribusiness; its four segments cover edible oils, sugar, flour, animal feeds, oleochemicals, biodiesel, plantations and port services.
Sembcorp Industries: What backs a 22% increase?
Sembcorp Industries presents a similar dynamic following its aggressive expansion.
Majority-owned by Temasek Holdings, the group supplies energy and develops renewable, urban, and water infrastructure across Asia, the Middle East, the UK, and Australia.
FCT could act as a decent backbone: nine suburban Singapore malls anchored by supermarkets and everyday services, the kind of shopping that happens no matter how the economy is doing.
For stability in bad times, few REITs match Parkway Life.
It owns hospitals and nursing homes across Singapore, Japan, and France – healthcare demand barely flinches in a recession – on very long leases with built-in rent escalations, providing exceptional income visibility.
Rather than chasing today’s highest yields, these three Singapore REITs should be selected for the qualities that could keep their distributions resilient and growing well into the next decade.
In the second quarter of 2026 (2Q2026), Grab’s revenue climbed 22% year on year (YoY) to US$997 million, driven by broad-based contributions from all its segments: Deliveries, Mobility, and Financial Services.
Sea Limited (NYSE: SE) – Smallest Revenue Segment Driving the Largest Profit
SpaceX – Flying High but with Only One of Three Boosters
Three SGX dividend stocks outside the STI are rewarding investors this week, but free cash flow reveals whether their payouts can last.
Can VICOM keep paying at this rate after December?
Vicom Ltd (SGX: WJP) is treating its shareholders to S$0.0395 per share on 26 August, which beats last year’s S$0.031 by 27.4%.
Beyond its core vehicle inspection business, the company also handles testing across sectors including construction, manufacturing, and biological and chemical testing.
Is Credit Bureau Asia’s dividend outgrowing its profit?
Credit Bureau Asia Ltd (SGX: TCU), or CBA, is handing out S$0.022 per share to its shareholders on 28 August – a 10% increase from last year’s S$0.020.
The group, which provides credit and risk data to financial institutions and corporate clients across Singapore, Malaysia, Cambodia, and Myanmar, delivered a 2.7% YoY rise in 1H2026 revenue to S$31.0 million.
Why did Old Chang Kee lift its payout when profit fell?
Old Chang Kee (SGX: 5ML), or OCK, the curry puff maker which also sells spring rolls and chicken wings, pays shareholders on 28 August.
Some companies reward investors through rising dividends, while others prefer aggressive share buybacks. Here’s how Alphabet and Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel demonstrate two very different approaches to creating shareholder value.
Why Alphabet Prefers Buybacks
Why Singtel Prioritises Dividends
In contrast, Singtel’s telecommunications business is more mature, enabling it to generate stable operating cash flows, and to pay out regular, progressively increasing dividends.
Three Singapore stocks are declaring additional dividends in September 2026, with free cash flow separating sustainable payouts from one-off distributions.
Can UltraGreen.ai keep paying?
UltraGreen.ai Ltd (SGX: ULG / FRA: U5T) sells indocyanine green (ICG) dye along with related products that surgeons rely on during fluorescence-guided surgery.
The company listed back in December 2025 and reports its numbers in US dollars.
Where did AEM’s free cash flow go?
AEM Holdings (SGX: AWX) designs and manufactures semiconductor assembly and testing equipment.
Revenue for 1H2026 rose 29.9% YoY to S$247.2 million, pushing net profit attributable to owners up more than ninefold to S$31.0 million from S$3.1 million.
Can Boustead repeat this dividend?
Boustead Singapore (SGX: F9D / OTCMKTS: BSTGF) operates four core engineering and technology divisions and carries a history stretching back to 1828.
One major windfall explains most of that profit jump: Boustead booked a S$140.8 million gain from unloading assets into UI Boustead REIT (SGX: UIBU), which listed on 12 March 2026.
Mazagon Dock Shipbuilders Ltd (NSE: MAZDOCK / BOM: 543237) has completed a strong execution phase with successful delivery of destroyers, frigates and submarines while maintaining a zero-debt balance sheet.
The company’s existing order book provides near-term visibility, but long-term growth will depend on converting the large defence opportunity pipeline into new orders.
Future programmes in submarines, naval combat vessels, Coast Guard platforms and international maritime opportunities can become the next growth drivers.
MV Electrosystems Ltd (NSE: MVELECTRO / BOM: 544851) has moved from railway electrical products into indigenous IGBT-based propulsion systems after completing validation and receiving commercial clearance.
The company has a large executable propulsion order book and is entering a segment where technology qualification creates entry barriers.
The near-term focus shifts from technology development to execution — manufacturing ramp-up, working capital management and delivery of existing orders.
Ather Energy Ltd (NSE: ATHERENERG / BOM: 544397) launched Konarc on the new EL platform at INR 99,999, with up to 200 km IDC range, quicker home charging and a 10-year battery warranty.
Konarc takes Ather below Rizta’s mass-premium positioning and gives its fast-expanded retail network a product aimed at India’s broad commuter market.
The growth runway improves, but the stock already prices in strong execution. Investors now need evidence on mix, contribution margin and delivery scale.
The semiconductor pipeline has expanded to 15+ products and 10+ customers; Jubilant Ingrevia Ltd (NSE: JUBLINGREA / BOM: 543271) has also agreed to acquire 40% of Zettaone for INR 189.2 crore.
Electronic chemicals can offer higher purity-led value addition, stickier qualifications and lower exposure to commodity chemical cycles.
The semiconductor optionality is more tangible, but remains too early to underwrite as a major earnings driver without disclosed revenue or commercial volumes.
Augmont Enterprises opened its INR 825 crore IPO on August 21, 2026, at a INR 750–INR 788 price band, valuing the bullion platform near INR 7,200 crore.
It is India’s first listing of an integrated gold-and-silver B2B trading and refining platform, offering rare public exposure to bullion flow rather than jewellery retail.
Explosive top-line growth and a debt-free balance sheet compete against wafer-thin margins, heavy customer concentration and idle refining capacity, detailed below.
Hy-Tech Engineers has launched its INR 135.73 crores IPO to raise capital through a fresh issue and offer for sale. The company manufactures hydraulic fittings used across industrial applications.
The company operates in a niche engineering segment where reliability, customization capabilities and long-standing customer relationships are important competitive factors.
The IPO provides an opportunity to evaluate a specialized manufacturing business, while investors need to balance growth potential with customer concentration, cyclicality and valuation considerations.
🇿🇦 Exxaro Resources(JSE: EXX / FRA: LCQ / OTCMKTS: EXXAF) – Diversified resources company with a coal business & acquisitive growth prospects in minerals & energy. Exxaro is among the top 5 coal producers in South Africa. 🇼🏷️
🌐 Gold Fields (JSE: GFI / NYSE: GFI) – One of the world’s largest gold mining firms. 9 operating mines in Australia, Peru, South Africa & Ghana (including the Asanko JV) & 2 projects in Canada & Chile. 🇼🏷️
🌎 Millicom (NASDAQ: TIGO) – Fixed & mobile, telecommunications services, cable & satellite TV, mobile financial services & local content such as music & sports in Latin America. 🇼🏷️
🌐 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):
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):
Web3Labs Global Inc.MDAT Eddid Securities USA, 6.3M Shares, $4.00-5.00, $28.1 mil, 8/28/2026 Week of
(Incorporated in the Cayman Islands)
We are a Hong Kong-based company that provides Web3-related business services to support blockchain companies and decentralized tech enterprises, including start-ups.
We aim to create a Web3 entrepreneurial platform through diverse services, investment acceleration, and technical collaboration.
We are an innovative Hong Kong-based Web3 service provider dedicated to empowering enterprises including start-ups in the blockchain space through comprehensive, tailored support. Web3 ecosystem refers to industries focused on the decentralized evolution of the internet, powered by blockchain technology, enabling user-owned data, peer-to-peer transactions, and trustless systems without intermediaries. We seek to promote the adoption of and commercialization of decentralized solutions by facilitating a robust ecosystem of resources, expertise, and opportunities. Since our inception, we have supported many enterprises in Web3 including many start-ups with incubation, consultation and operational services, and are working to establish an active presence through regional hubs in Asia. By fostering innovation, collaboration, and compliance, we seek to serve as a catalyst for the growth of the blockchain industry in Asia, helping enterprises transform forward-thinking ideas into scalable realities.
Our comprehensive service offerings in the Web3 ecosystem primarily include (i) strategic consulting services (such as producing feasibility reports and consultation regarding business models in the Web3 industry), (ii) acceleration program management services, where we bridge early-stage companies to blockchain infrastructures, bolstering the companies’ development in their applications including decentralized solutions and their commercialization through token generation events and market integration, and (iii) general business services including marketing, market research and other business consulting services provided to third-party startup entities (such as market trend analysis and marketing strategy support, coordination of collaboration opportunities, which serve to facilitate such early-stage companies in accessing infrastructure, industry resources, and applicable policies). We provide companies with services from the formation of a start-up through later stages of corporate development, and we are dedicated to helping companies establish their presence in Hong Kong.
As of the date of this prospectus, we have established relationships with eight public blockchains (a decentralized and open network that allows anyone to participate, read, and write data without requiring permission from a central authority) and an affiliate of another public blockchain in the Web3 ecosystem, including Neo, Zetrix, Ton, Mango, and Plume.
In addition, we aim to create a dynamic ecosystem that connects enterprises, investors, and regulators through venues including policy forums (such as the co-hosted real-world assets (“RWA”) policy forum) and advisory reports, aiming to promote the integration of decentralized technologies with traditional industries. This vision drives our efforts to foster sustainable growth and global connectivity for Web3 enterprises.
In the face of global technological competition in the cryptocurrency ecosystem, we strive to stay at the forefront of the market and have a deep understanding of the needs and challenges of entrepreneurs in the Web3 ecosystem. We are dedicated to facilitating a legitimate, comprehensive, professional, and in-depth entrepreneurial environment in the Web3 economy.
Note: Net income and revenue are in U.S. dollars for the 12 months that ended Dec. 31, 2025.
(Note: Web3Labs Global Inc. filed its F-1 on May 13, 2026, for its IPO and disclosed the terms: 6.25 million shares at a price range of $4.00 to $5.00 to raise $28.13 million, if priced at the $4.50 mid-point of its range.)
MetaOptics (Uplisting)MOT Roth Capital Partners/The Benchmark Company, 3.0M Shares, $5.00-7.00, $18.0 mil, 8/31/2026 Week of
Note: This is NOT an IPO. This is a NASDAQ Uplisting – a public offering – from the Singapore Stock Exchange, where MetaOptics’ ordinary shares have been listed on the Catalist of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) since Sept. 9, 2025, under the ticker symbol “9MT” – according to the prospectus.
(Incorporated in the Cayman Islands)
We are a Singapore-based company that designs and manufactures metalenses – ultra-thin flat optical lenses that are smaller, lighter and more power efficient than traditional curved lenses.
Making Miniaturization Possible is our mission.
Note: MetaOptics says its metalens technology accommodates the demand for smaller and lighter lenses in smartphones, automotive technology and other uses.
From the prospectus:
We are a vertically integrated metalens technology company, combining core competencies across metalens equipment, foundry, products, and metaoptics artificial intelligence (“AI”). We conduct our operations through our wholly-owned subsidiaries in Singapore and the United States.
Metalenses are ultra-thin flat-surface lenses which are smaller, lighter, consume less power, and offer a wider field of view, compared to conventional optical lenses. The unique flatness of metalenses enables the correction of optical defects, delivering reasonable quality color images. Leveraging our AI-based algorithm and processing software, which incorporates several advanced algorithms to enhance the optical design and image processing, our metalens technology can further sharpen the images to achieve higher resolution and enhanced image quality, and allow users to manipulate the individual red, green and blue (“RGB”) channels to edit the color images through computational reconstruction. We believe that our innovations have transformative potential in shaping next-generation optical systems.
Our operations are centered on the design and manufacture of metalenses and metalens prototypes, and to demonstrate the viability, efficacy, applications and use cases of our metalenses, we have expanded our operations to include the development of metalens camera modules and metalens Internet of Things (“IoT”) products, such as infrared metalens cameras, pico projectors, and IoT metalens color cameras. Our metalenses have also been integrated into a wide range of applications by our customers, including fifth generation (“5G”) smartphones, contactless three-dimensional (“3D”) biometric modules, projectors, and for industrial applications such as IoT devices, light detection and ranging (“LiDAR”) devices and heads-up displays (“HUDs”) for planes and self-driving cars, and augmented reality/virtual reality (“AR/VR”) devices. To date, although we have achieved mass production capabilities for our metalens prototypes (“mass production” in our perspective refers to the shipment of one million metalens units per year), we have not yet received a critical mass of purchase orders from our customers necessitating mass production of our metalenses.
To facilitate small-scale production of our metalenses to fulfil purchase orders, reduce concentration risk and diversify our supply chain, and to demonstrate the manufacturing capabilities for our metalenses, we also design and produce equipment for the manufacture of metalenses, in particular 4-inch direct laser writers (“DLWs”). Our 4-inch DLWs enable our customers to revise specifications and design of metalenses directly, reducing the lead time and providing for a shorter turnaround time from prototyping to testing and deployment into end products. In addition, our metalens equipment offerings have grown to include the design and production of metalens automatic testers, for use by our customers to ensure quality control of metalenses prior to shipment. These capabilities enable us to serve as a one-stop provider of metalens and metalens IoT products, offer customers comprehensive end-to-end services, and preserve and grow our competitive advantage in the industry.
We offer our products to manufacturers of automotives, AR/VR devices, consumer electronic appliances, end-customers, and traders for the distribution of such products. While we offer our products worldwide, our existing customers for metalens equipment, metalenses and IoT products are mainly located in Singapore, Japan, South Korea, China, Taiwan, the United States, and several countries in Europe.
We intend to use the net proceeds from this offering primarily to support our expansion plans in the United States. See “Use of Proceeds.”
Note: Net loss and revenue are in U.S. dollars (converted from Singapore dollars) for the year that ended Dec. 31, 2025.
(Note: MetaOptics cut its NASDAQ Uplisting deal’s size to 3 million American Depositary Shares (ADS) – down from 4 million ADS – and disclosed a price range of $5.00 to $7.00 – a change from the assumed price of $8.15 per share – to raise $18 million, according to an F-1/A filing dated June 10, 2026. Each ADS equals 12 ordinary shares.)
(Background: MetaOptics disclosed the terms for its NASDAQ Uplisting – a small public offering – on May 18, 2026, in an F-1/A filing: 4 million ADS at an assumed price of $8.15 to raise $32.6 million. The price – $8.15 – is the as-converted last price of MetaOptics’ shares on May 15, 2026, on the Singapore Exchange. Initial Filing: MetaOptics filed its F-1 for its uplisting to the NASDAQ – an offering that MetaOptics calls its IPO – on May, 4, 2026, without disclosing the terms. MetaOptics’ stock is listed on the Singapore Stock Exchange under the ticker “9MT” – according to the prospectus. Estimated proceeds for the NASDAQ uplisting – public offering – were up to $23 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:
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 (August 31-Sept 4, 2026) was also published on our website under the Newsletter category.
