Emerging Market Links + The Week Ahead (Week of August 10-14, 2026)

As mentioned earlier, this post beginning of the week post is a little late since I was in the middle of an earlier than usual almond harvest in California. The crop was bigger this year since the trees are still growing (but almond farmers will probably be told the meats are smaller this year 🤷…) and prices as well as shipments (according to the latest Blue Diamond reports) are up despite what is going on in the Black-Red Seas/Strait of Hormuz plus trade wars/tariffs that the media talks about.

Otherwise, this post contains plenty of Q2/H2 earnings report presentations that have been posted and will start getting caught up on other regular posts over the coming month…

$ = 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

🇨🇳 Chinese asset managers expand in overseas markets (The Asset) 🗃️

• Corporates, family offices and HNWIs are their major targets

• Hong Kong, in particular, is one of the fierce battlegrounds. “Global capital, such as international sovereign funds, Middle Eastern capital, European and American pension funds, and multinational corporate treasury centres, looks for managers familiar with the China market. Hong Kong-based mainland fund managers are their preferred partners,” says Liao Tao, founding partner and fund manager at Southlake Fund Management ( Hong Kong ).

• The Asset has observed that both small and large Chinese asset managers are setting up dedicated teams in Hong Kong. They mostly focus on three distinct client groups: corporate clients, family offices and HNWIs.

🇨🇳 Caixin Explains: How China’s New Offshore Trust Rules Close Tax Loopholes (Caixin) $

• China’s wealth management industry is scrambling to assess the impact of new regulations that target longstanding loopholes for offshore trusts.

• The rules impose a 20% personal income tax across the establishment, duration and liquidation phases of these vehicles, marking a significant escalation in Beijing’s crackdown on tax avoidance and evasion.

• Caixin has learned from trust companies, cross-border wealth planners and tax professionals that they are busy helping clients navigate the changes.

🇨🇳 China Tax on Offshore Insurance Returns Triggers Prudential, HSBC Selloff (Caixin) $

• Shares of London-listed financial giants including Prudential PLC (NYSE: PUK / LON: PRU) and HSBC Holdings plc (NYSE: HSBC) plunged after Chinese authorities began taxing some residents’ returns from offshore insurance policies.

• Prudential shares fell as much as 13% in London trading on Aug. 5 before closing down 6.4%. HSBC dropped as much as 6% and ended 4.7% lower, while Standard Chartered PLC (LON: STAN / HKG: 2888 / FRA: STD / OTCMKTS: SCBFF / SCBFY) declined 1.6%.

• The selloff followed a Caixin report that tax authorities in Beijing and Hangzhou had collected individual income tax on returns from some Hong Kong insurance policies. The cases involved policy dividends and interest earned on prepaid premiums, with a tax rate of 20%, according to tax lawyers, commercial banks and Hong Kong insurance industry insiders.

🇨🇳 High-tech manufacturers multiply among China’s top listed firms (The Asset) 🗃️

• H1 sees 27 new tech-related entrants to top 100 list due to AI boom, upstream value chains, ecosystem vitality

• The number of high-tech manufacturers on China’s list of the largest 100 nationally listed companies ( in terms of market capitalization ) surged 270% in the first six months of the year, up from 10 at end-2025 to 37 at mid-2026, amid the artificial intelligence ( AI ) boom, according to a recent study.

• The market value of the 37 high-tech manufacturers amounted to US$2,242 billion, which accounted for 27.5% of the 100 companies’ aggregate value, in contrast with the original 10 manufacturers that accounted for only 7.5% of the list’s aggregate value six months ago, finds the study published on July 30 by the Peterson Institute for International Economics ( PIIE ).

🇨🇳 Alibaba: The Hub Of China’s AI Ecosystem (Seeking Alpha) $ 🗃️

🇨🇳 Alibaba Will Remain Structurally Undervalued Until China Reduces Geopolitical Friction (Seeking Alpha) $ 🗃️

🇨🇳 Alibaba (9988 HK / BABA US): Earnings Date Announced; Options Set to Reprice (Smartkarma) $

• Alibaba (NYSE: BABA) will report its June Quarter 2026 results on 20 August and hold its conference call at 7:30 p.m. Hong Kong time.

• Implied volatility comparisons show U.S.-listed options are already repricing for the event, while HK-listed prices have yet to reflect the expected event-related volatility.

• The new HK weekly contract expiring on 21 August, together with later weekly and monthly expiries, should drive active Hong Kong trading, with potential spillover into the next U.S. session.

🇨🇳 Shares in Chinese AI darlings slide on US ban fears (FT) $ 🗃️

🇨🇳 Digital China’s AI reboot gets stuck in its low-margin past (Bamboo Works)

• The former Lenovo sibling is betting on AI and data platforms to escape its traditional systems-integration business

• Digital China Holdings Ltd (HKG: 0861 / FRA: DIN / OTCMKTS: DCHIY) expects to report a first-half loss after its DCITS subsidiary made a 333.6 million yuan provision linked to a contract dispute

• The company has spent decades trying to move beyond hardware-heavy IT services, but its latest AI push has yet to deliver higher margins and stabler profits

🇨🇳 High Templar Tech: Why Cash-Secured Puts Are The Best Strategy Under Expected Privatization (Seeking Alpha) $ 🗃️

🇨🇳 Ingdan bets on ‘token factory’ in its latest attempt to harness AI (Bamboo Works)

• The former e-commerce company wants to become a high-tech infrastructure operator, adding new momentum to its current core chip distribution business

• Ingdan Inc (HKG: 0400 / FRA: 7C3) has unveiled an “AI token factory” offering computing capacity for high-tech companies

• The chip distributor is already benefiting nicely from its expansion into AI chips, estimating its revenue potentially doubled in the first half of 2026

🇨🇳 Linklogis swings back to the black amid pivot away from property (Bamboo Works)

• The company returned to profitability in the first half of 2026 after three years of annual losses, but whether it can sustain that momentum remains to be seen

• Linklogis (HKG: 9959 / FRA: 0NY / OTCMKTS: LNKLF) expects to post a modest net profit for the first half of this year, reversing a massive loss a year earlier due to write-downs related to its legacy property assets

• A key driver of this swing is AI-driven efficiency gains and the absence of large impairment charges, which raises questions about the rebound‘s sustainability

🇨🇳 Creality’s 3D-printing dream faces first post-IPO test (Bamboo Works)

• The Shenzhen printer maker built a global consumer hardware business, but a shifting tide away from low-cost models towards greater ease of use is forcing it to go upmarket

• Shenzhen Creality 3D Technology Co Ltd (HKG: 3388) expects to report a loss for the first half of 2026, as higher marketing, R&D, product upgrade and inventory costs pressure its margins

• The company’s challenge reflects a broader shift in consumer 3D printing, where competition is moving beyond cheaper hardware toward easier-to-use products

🇨🇳 Analysis: As Trade-In Subsidies Fade, China Bets on Services to Keep Consumers Spending (Caixin) $

• A sweeping national trade-in subsidy program has been a vital engine driving consumption in China. Now, as the policy enters its third year and begins to scale back, the government is searching for new ways to sustain growth momentum.

• Over the three years of the trade-in incentives, consumer demand has charted a curve of initial growth followed by decline. While the policy initially provided a massive boost to sales, the pace of subsidy distribution slowed in the second half of 2025, causing severe sales fluctuations before a mild recovery. In 2026, although the speed of subsidy handout became faster, the policy’s stimulus effect has shown signs of waning due to a reduction in subsidy intensity.

🇨🇳 Niu Technologies 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 Niu Technologies (NASDAQ: NIU) – smart urban mobility solutions. Designs, manufactures & sells high-performance electric motorcycles, mopeds, bicycles & kick-scooters. 🇼

🇨🇳 New Oriental Education & Technology Group’s $500 Million Capital Return Signals A Bold Reset! (Smartkarma) $

• New Oriental Education (NYSE: EDU) reported its fourth quarter and full fiscal year 2026 results demonstrating revenue growth across several core and new business segments amid a challenging economic and regulatory environment.

• The company’s total net revenue increased by 23% year-over-year to $1.53 billion in Q4, driven by progress in its core education business, overseas test preparation, adult and university student programs, and new initiatives such as non-academic tutoring and intelligent learning systems.

• Non-GAAP operating income rose 34.7% to $110 million, reflecting improved operational efficiency and margin expansion despite some one-off restructuring costs.

🇨🇳 China’s biggest online travel agency grapples with watchdog’s reservations (FT) $ 🗃️

🇨🇳 Theoria Weekly #3 (Theoria Research)

• Youran Diary, Luckin Coffee and Pizza Hut

• On July 28, China Youran Dairy Group Ltd (HKG: 9858 / OTCMKTS: CYODF) issued a positive profit alert, expecting to make a profit in H1 2026—its first profit since 2022. The turnaround comes as China’s raw-milk market is finally showing signs of recovery.

• Luckin Coffee (OTCMKTS: LKNCY) reported its Q2 2026 results on August 3. Revenue rose 28.5% year over year to RMB15.9 billion, as the result of the company’s rapid store expansion. It added 2,714 net new stores during the quarter, bringing the total surpassed 36,000—nearly 17% higher than it had at the end of 2025. The market appeared pleased with the results, sending the shares up 5.7% that day. And on a static basis, the stock looks extremely cheap, trading at around 6x EV/EBIT if I simply annualize Q2 operating income.

• On August 7, YUM China (NYSE: YUMC) completed its $1.2 billion acquisition of the Pizza Hut brand in mainland China from Yum! Brands, giving it full ownership of the brand rather than simply the exclusive right to operate it. The deal was part of Yum! Brands’ broader divestiture of Pizza Hut, with the rest of the global business being sold to private-equity firm LongRange Capital.

🇨🇳 Luckin Coffee: Spamming Store Openings Without Improving Unit Performance (Seeking Alpha) $ 🗃️

🇨🇳 Luckin Coffee: Clear Softness Beneath Ambitious Growth (Seeking Alpha) $ 🗃️

🇨🇳 Luckin Coffee: Downgrading To A Hold On Insider Selling (Seeking Alpha) $ 🗃️

🇨🇳 Luckin Coffee Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 Auntea Jenny brews up bigger profits with focus on smaller cities (Bamboo Works)

• The operator of bubble tea franchises has accelerated its expansion into urban areas beyond China’s main cities, driving a 42% jump in first-half revenue

• Auntea Jenny (Shanghai) Industril Co Ltd (HKG: 2589 / FRA: 8AN) added nearly 1,700 outlets on a net basis in the first half, with the store count in third- and lower-tier cities growing nearly 46%

• Core margins held steady and the next test will be whether the store ramp-up can deliver a greater profit boost

🇨🇳 Uni-President profit rises 9% in first half, as hidden worries linger (Bamboo Works)

• The food and drink maker’s bottom line growth in an increasingly competitive environment spotlights the company’s durability

• Uni-President China (HKG: 0220 / FRA: 58U) reported its profit for the first half of the year rose by 9% to 1.4 billion yuan, though its revenue rose just 1.4%

• Revenue from the company’s flagship beverage business declined slightly during the six-month period

🇨🇳 Guotai Junan (1788 HK): Get Involved Here (Hong Kong/China M&A/Events) $

• After broker/investment bank Guotai Junan International Holdings Ltd (HKG: 1788 / FRA: GUE) (GJI) was suspended last month pursuant to the Takeover’s Code, an Offer from its state-backed parent Guotai Junan Securities Co Ltd (SHA: 601211 / HKG: 2611 / FRA: 153A / OTCMKTS: GUOSF) (GHS) was expected.

• That unfolded last Friday evening (7th July), with GHS pitching a pre-conditional (SASAC/NDRC) Scheme at HK$3/share, a 44.2% premium to last close, bang in-line with my estimate. Terms are final.

• The pre-con long stop date is the 31st October. That’s uncommonly quick. This could (should) be wrapped up before year-end. Plus there are some quirky Scheme vote-blocking %s.

🇨🇳 UP Fintech: Mixed Takeaways From Policy Developments And Investor Events (Downgrade) (Seeking Alpha) $ 🗃️

🇨🇳 FinVolution: Consider Regulatory Pressures And Overseas Potential (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇨🇳 Noah Holdings ($NOAH): A Chinese Wealth Manager Trading at Its Cash Pile (Substack von Philipp)

• There are stocks you buy for the story, and there are stocks you buy for the arithmetic. Noah Holdings Limited (NYSE: NOAH / HKEX: 6686) is one of the rare cases where the arithmetic is the story — and where the story the market is telling itself has drifted so far from the numbers that I find it hard to look away.

• Noah is the pioneer and one of the clear leaders in wealth and asset management for wealthy Chinese families — a structurally growing client base that is slowly migrating out of property and into professionally managed financial assets, increasingly across borders. The company earns money in two ways: cyclical distribution fees on the products it sells, and higher-quality recurring management fees on the roughly RMB 140 billion it manages in-house. It is founder-led, carries zero interest-bearing debt, and sits on cash and short-term investments of around RMB 5.1 billion — which, at today’s price near $10.40 and a market cap of roughly $680 million, is worth about as much as the entire company. You are, in effect, being handed the operating business for close to nothing. The stock trades at roughly 8x earnings and pays out 100% of its non-GAAP profit to shareholders. My subjective fair multiple is 16x, and on that basis I see an annualized return potential of around 55% over my holding horizon. The catch — and there is always a catch — is that this is a China ADR, with everything that entails.

• That is the whole thesis. Now let me walk through why I think it holds up.

🇨🇳 Waterdrop: A Good Time To Be Accumulating Shares (Seeking Alpha) $ 🗃️

🇨🇳 Angelalign finds new smile in central procurement era (Bamboo Works)

• Despite swallowing lower prices under a government procurement program, the leading ‘invisible’ dental braces maker posted strong profit and revenue gains in the first half of 2026

• Angelalign Technology Inc (HKG: 6699)’s revenue rose over 40% in the first half of this year, while its profit jumped more than 69%

• The “invisible” dental braces maker’s global sales volume exceeded its domestic sales just three years after going abroad

🇨🇳 Zai Lab Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇨🇳 Zai Lab Limited (NASDAQ: ZLAB) 🇰🇾 – Commercial-stage biopharmaceutical company (oncology, immunology, neuroscience & infectious diseases).

🇨🇳 BeOne Medicines AG 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 Deye chases Hong Kong IPO in face of draining new energy valuations (Bamboo Works)

• Energy storage stocks are undergoing a major correction, including a plunge of more than half for Deye’s Shanghai-listed shares from a peak in May

• Ningbo Deye Technology Co Ltd (SHA: 605117) has applied for a second listing in Hong Kong, reporting its profit surged 75% in the first four months of this year

• The new energy inverter maker gets 80% of its revenue from overseas markets, subjecting it to risks from trade policies and foreign exchange rate fluctuations

🇨🇳 Zhejiang Energy Marine steams ahead on green shipping boom (Bamboo Works)

• Revenue nearly doubled this year for the leading provider of green shipping equipment and systems, as it renews its attempt at a Hong Kong IPO

• Zhejiang Energy Marine has renewed its Hong Kong listing application, aiming for a first-to-market premium in the booming field of green shipping equipment

• The company’s revenue nearly doubled in the first five months of this year, as two of its newer businesses overtook its original exhaust gas emission control systems

🇨🇳 Shein IPO Preview (Douglas Research Insights) $

• Shein is actively preparing for an IPO on the Hong Kong Stock Exchange, tentatively scheduled for the second half of 2026.

• The company is targeting a listing valuation of US$40 billion to US$50 billion, representing a significant haircut from its historical peak valuations.

• I think the company is likely to face tough challenges in in reaching valuation at even lower end of its target valuation range.

🇨🇳 Shein IPO Valuation Analysis (Douglas Research Insights) $

• My base case valuation of Shein is market cap of US$26 billion, lower than the target IPO valuation range of US$30 billion to US$40 billion that the company is seeking.

• Given the lack of upside, I have a Negative View of the Shein IPO.

• I estimate Shein to generate net revenue of US$42.8 billion (up 2.3% YoY) in 2026, US$44.4 billion (up 3.7% YoY), and US$47.5 billion (up 6.9% YoY) in 2028.

🇨🇳 Unitree Robotics IPO Preview (Douglas Research Insights) $

• Unitree Robotics is getting ready to complete its IPO on the STAR market of this Shanghai Stock Exchange this month.

• Unitree would become the first major producer of humanoid robots to be listed on the Chinese mainland.

• Target valuation is about 42 billion yuan (US$5.7 billion). Subscription date is 10 August. The company is looking to raise 4.2 billion yuan (US$618 million).

🇨🇳 Unitree Robotics IPO Valuation Analysis (Douglas Research Insights) $

• My base case valuation of Unitree Robotics IPO is implied market cap of 106.9 billion RMB, which is 155% higher than the company’s target valuation of 42 billion RMB.

• My base case valuation is based on P/E of 81.9x (30% premium to the comps) using my estimated net profit of 1.3 billion RMB for the company in 2028.

• Unitree Robotics is one of the major leaders in the humanoid and quadruped robotics industry in China.

🇨🇳 Unitree IPO Opens With Bids Implying Up to 55 Billion Yuan Valuation (Caixin) $

• China’s Unitree Robotics opened investor book-building for its Shanghai initial public offering on Wednesday, setting up a crucial market test for one of the country’s hottest embodied AI bets as some institutional indications pointed to a valuation well above its target.

• The Hangzhou-based company said in its latest prospectus on July 30 that it plans to raise 4.2 billion yuan ($620 million) by selling at least 10% of its shares, implying a valuation of about 42 billion yuan. A mutual fund manager told Caixin some bids in the Wednesday inquiry process suggested a valuation closer to 55 billion yuan.

🇨🇳 Amos Food (阿麦斯食品) Pre-IPO: Early Thoughts (Smartkarma) $

• Amos Food, a Chinese sugar confectionery maker, has filed its prospectus with the HKEX. BOA, CMS, and JPM are the joint sponsors.

• We look at the company’s core segments: Amos, Biobor and third-party brands.

• We think the deal is not interesting. Revenue growth and margin expansion prospects are outweighed by large concentration risk, geopolitical risk and weak consumer-sector sentiment.

🇨🇳 Moonshot shake-up seeks to win Beijing nod for stock market debut (FT) $ 🗃️

🇨🇳 🇭🇰 China Backs Hong Kong Firms for Mainland Listings (Caixin) $

• China’s top securities regulator will support Hong Kong-listed companies seeking to sell shares and issue bonds on the Chinese mainland, marking a shift toward two-way cross-border financing.

• The initiative, outlined Monday by China Securities Regulatory Commission (CSRC) Chairman Wu Qing, builds on a 2024 policy package that helped revive Hong Kong’s IPO market.

🇨🇳 🇭🇰 Hong Kong Debuts World’s First Offshore Chinese Sovereign Bond Futures (Caixin) $

• Hong Kong Exchanges & Clearing (HKG: 0388 / 80388 / FRA: D9I / OTCMKTS: HKXCF) officially rolled out the world’s first offshore Chinese government bond futures contract Monday, offering global investors a crucial tool to hedge interest rate risks.

• The cash-settled, five-year contract arrives as foreign holdings of Chinese interbank bonds have quadrupled since 2017, reaching about 3.2 trillion yuan ($474 billion) by mid-2026.

🇭🇰 Maxnerva Tech (1037 HK): Foxconn’s MGO (Hong Kong/China M&A/Events) $

• On the 27th July 2026, IT integrator Maxnerva Technology Services (HKG: 1037) announced its two top shareholders – FSK and FDG – had entered into SPA’s with Foxconn at HK$0.6374/share.

• Assuming the SPAs complete (primarily requiring Vietnam Competition Commission approval), Foxconn’s stake increases from 6.61% (indirect) to 40.46%, triggering a conditional mandatory general offer (50% tendering condition) also at HK$0.6374/share.

• Arguably this is a Hon Hai/Foxconn internal restructuring exercise. It’s a decent premium though; enough to (likely) clear the 50% tendering condition. Listing status maintained, hence a decent back-end proposition

• Maxnerva Technology Services (1037 HK) is illiquid. Look away now if this is not your bag.

🇭🇰 Wharf Real Estate Investment Company Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇰 Pacific Basin Shipping Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇰 The Hongkong and Shanghai Hotels, Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇰 Swire Pacific Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇰 Swire Properties Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇰 On Swire (19 HK)’s 2026 Interim Results. Still Inexpensive (Hong Kong/China M&A/Events) $

• Swire Pacific (HKG: 0019 / 0087 / OTCMKTS: SWRAY / SWRAF)‘s 1H26 reported profit was HK$6.8bn versus HK$815mn in 1H25.

• 83%-Held Swire Properties (HKG: 1972 / FRA: SW9 / OTCMKTS: SWPFF) reported profit of HK$3.6bn vs. a loss of HK$1.2bn in 1H25. 45.12%-held Cathay Pacific (293 HK) reported a 71% increase in underlying profit of HK$6.2bn.

• Note: short interest in Cathay, one the best performing global airlines over the past year (in terms of share price), has picked up since the end of May.

🇭🇰 Jardine Matheson Holdings Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 Jardine Matheson (SGX: J36 / FRA: H4W / OTCMKTS: JARLF) 🇧🇲 – Subs. include Jardine Pacific, Jardine Motors, Hongkong Land, Jardine Strategic Holdings, DFI Retail Group, Mandarin Oriental Hotel Group, Jardine Cycle & Carriage & Astra International. 🇼

🇭🇰 Hongkong Land Holdings Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇰 CLP Holdings Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇰 Techtronic Industries Company Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇰 Techtronic tools up 18-year streak of gross margin gains (Bamboo Works)

• The power tool maker’s first-half profit beat market expectations, sending its stock soaring as its market capitalization passed $33 billion

• Techtronic Industries (HKG: 0669 / FRA: TIB1 / OTCMKTS: TTNDY / OTCMKTS: TTNDF) reported its gross profit margin rose to a historic high of 42.9% in the first half of the year, extending an 18-year streak of gains

• The power tool maker’s free cash flow surged 61% to $753 million during the six-month period

🇲🇴 MGM China declares lower interim dividend, to spend US$121mln (GGRAsia)

• The board of Macau-based casino operator MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY) has declared the payment of an interim dividend of HKD0.250 per share to the company’s shareholders. That compares with a dividend of HKD0.313 apiece in the prior-year period.

• The Hong Kong-listed company said in a filing on Thursday it expected to spend just under HKD950 million (US$121.1 million) on the dividend, which is due to be paid on September 3.

🇹🇼 Himax Technologies, Inc. 2026 Q2 – Investor Presentation (Seeking Alpha)

🇹🇼 Chunghwa Telecom Co., Ltd. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇹🇼 Chunghwa Telecom (TPE: 2412 / NYSE: CHT) – Largest integrated telecom service provider in Taiwan. Incumbent local exchange carrier of PSTN, Mobile, & broadband services. 🇼 🏷️

🇰🇷 South Korea bets on industrial policy – this time, AI-focused (The Asset) 🗃️

• With industrial policy back in fashion worldwide, the question is not whether governments should intervene (they already do), but how they should proceed when they do not know in advance what will work. The answer lies in directed improvisation: creating the conditions for experimentation where it counts

🇰🇷 Why leveraged ETFs worsened crisis in Korea but didn’t in Hong Kong (The Asset) 🗃️

🇰🇷 Miri Capital (A US Based Investment Firm) Buys 13 KOSDAQ Listed Companies – What Are They and Why? (Douglas Research Insights) $

• On 10 August, it was reported that Miri Capital, a U.S. based investment firm has invested in 15 Korean companies, of which 13 of them are listed in KOSDAQ.

• Some of the KOSDAQ listed companies invested by Miri include Gabia Inc (KOSDAQ: 079940) (24.2%), KINX (KOSDAQ: 093320) or The Korea Internet Neutral Exchange (17%), Genians Inc (KOSDAQ: 263860) (15.1%), korea Alcohol Industrial (KOSDAQ: 017890) (12.9%), MiCo Ltd (KOSDAQ: 059090) (11.1%), GaeaSoft (KOSDAQ: 051160) (10.2%), and Makus Inc (KOSDAQ: 093520) (9.9%).

• Increased foreign investors such as Miri Capital that are interested in investing in high quality, overlooked small and mid cap stocks in KOSDAQ could positively impact the KOSDAQ exchange.

🇰🇷 SK Securities sees limited impact on Lotte Tour from proposed casino reforms in S.Korea (GGRAsia)

• South Korea’s SK Securities says proposed amendments to the country’s casino regulatory framework are unlikely to have a significant impact on Lotte Tour Development (KRX: 032350), operator of the Jeju Dream Tower Casino, a property with a foreigner-only casino on the holiday island of Jeju.

• The brokerage said investor concerns over the proposed measures are overstated, and noted that the recent weakness in the company’s share price has become disconnected from its fundamentals.

• The Ministry of Culture, Sports and Tourism said it was considering introducing a five-year licence renewal system for foreigner-only casinos, as well as requiring prior approval for changes in controlling shareholders.

🇰🇷 Kangwon Land Inc 2Q profit jumps 60pct on special items but operating profit dips amid resort revamp (GGRAsia)

• Kangwon Land (KRX: 035250), operator of a resort (pictured) with South Korea’s only casino allowing betting by locals, reported a 59.8-percent year-on-year increase in its second-quarter net profit, to approximately KRW100.35 billion (US$70.0 million). That was driven by “non-operating” items including “gains from financial assets”.

• Its unaudited financial results were lodged with the Korea Exchange on Tuesday, along with supplementary material on the firm’s website.

🇰🇷 Coupang Q2 Update (Coughlin Cap)

[Coupang, Inc. (NYSE: CPNG)]

• A few weeks ago I wrote that Q2 was probably going to be ugly for Coupang.

• Well, it was.

• The margin recovery will take longer than I expected. But the customer behavior looks much healthier than the headline numbers suggest, and I can live with the first if the second keeps holding.

• So yeah, there’s plenty here to complain about.

• But I actually came away from the quarter feeling better about the part of the thesis I care about most.

🇰🇷 HD Hyundai: Chung Ki-Sung To Receive Additional 3.5% Stake from Dad + Updated NAV Valuation Analysis (Douglas Research Insights) $

• Chung Mong-Joon is gifting a 3.54% stake in HD Hyundai Co Ltd (KRX: 267250) to his eldest son HD Hyundai Chairman Chung Ki-Sung which will raise his stake in HD Hyundai to 9.67%.

• A 3.54% stake is worth 584 billion won. The gift tax payable by Chairman Chung is estimated to be around 350 billion won.

• My base case NAV valuation of HD Hyundai is market cap of 22.6 trillion won or target price of 285,557 won per share which represents 37% higher than current price.

🇰🇷 SK D&D: Destroying Value or Preventing a Bankruptcy? [Capital Raise of 240% of Issued Shares] (Douglas Research Insights) $

• Some of the minority shareholders are fiercely protesting SK D&D Co Ltd (KRX: 210980)’s decision to launch a massive capital increase amounting to 240% of its outstanding shares.

• The projected rights offering price of 3,060 won is 33% discount to current price of 4,575 won.

• I am Negative on this rights offering and on SK D&D. Issuing shares at significant discount to current price that are 240% of outstanding shares is negative to minority shareholders.

🇰🇷 SK Square: An Updated NAV Analysis + A Key Beneficiary of Higher Shareholder Returns by SK Hynix (Douglas Research Insights) $

• My updated NAV analysis of SK Square (KRX: 402340) suggests a target price of 1,378,127 won (42% upside). SK Square’s stake in SK Hynix (KRX: 000660) is 172% of its market cap.

• Assuming SK Hynix provides 65.2 trillion won in 2026 shareholder returns split equally between dividends and buybacks, each portion would total 32.6 trillion won.

• SK Square’s shareholder return policy is a bit vague. The company needs to better communicate its shareholder return policy.

🇰🇷 SK Hynix: The Flagship at Half Price (Crack The Market)

[SK Hynix (KRX: 000660)]

• The memory singularity’s flagship just printed a W60.5tn quarter into a 53% drawdown. The most contracted, most leading-edge book in the industry now trades at 4 times forward earnings

• Join me as I dissect the flagship of the memory singularity, the number one supplier to Nvidia, a company that has led every HBM generation since it invented the category, that just delivered a 76% operating margin on W79.3tn of revenue, and that the market has repriced to 4 times forward earnings in the middle of the most violent AI drawdown of the cycle, along with the risks that come with the most operationally levered claim on AI capex that exists.

🇰🇷 Posco Holdings – To Sell 2.5 Trillion Won Worth of POSCO International and POSCO DX (Douglas Research Insights) $

• On 7 August, POSCO Holdings (NYSE: PKX) announced that it plans to sell 2.5 trillion won worth of Posco International Corp (KRX: 047050) and Posco DX Co Ltd (KRX: 022100).

• According to Posco Holdings, the main purpose of this sale is to secure strategic investment funds aimed at resolving the “holding company discount” and enhancing corporate value.

• I have a Positive View of Posco Holdings’ partial sales of Posco International and Posco DX.

🇰🇷 LX Holdings – President Koo Hyung-Mo Becomes Largest Shareholder After a Gift of 8% from His Dad (Douglas Research Insights) $

• On 10 August, it was reported that Koo Hyung-mo, President of LX MDI, has become the largest shareholder of LX Holdings Corp (KRX: 383800).

• President Koo Hyung-mo’s stake in LX Holdings increased from 12.15% previously to 20.15%. Chairman Koo Bon-joon’s stake decreased from 20.37% to 12.38% following the gift.

• My NAV valuation suggests an implied market cap of 848 billion won or target price of 11,107 won per share, which represents a 39% upside from current levels.

🇰🇷 Golfzon Holdings: Results of the Tender Offer – What’s Next? (Douglas Research Insights) $

• Golfzon Holdings Co Ltd (KOSDAQ: 121440) announced that SJ Investment Holdings acquired 9,742,319 shares following a tender offer. SJ Investment Holdings secured 62.9% of the target volume (15,485,020 shares) in the tender offer.

• This Golfzon Holdings tender offer shows that once again, the corporate governance of many Korean companies are so horrendous.

• In this insight, I provide four main scenarios that could happen next.

🇰🇷 Initial Thoughts on Golfzon County IPO: Impact on Golfzon Newdin Holdings (Douglas Research Insights) $

• This is a free article to everyone. I published this article back in January 2023. Back then, Golfzon County was considering an IPO. Golfzon Newdin is now called Golfzon Holdings.

• In this insight, we discuss our initial thoughts on the Golfzon County IPO which is likely in 1H 2023.

• As of September 2022, Golfzon County owned and operated 18 golf courses and 387 holes, the largest in Korea.

• Golfzon Newdin owns a 43.2% in Golfzon County. We estimate Golfzon Newdin’s market cap to be 273 billion won or 6,369 won per share, representing a 44% upside.

🇮🇩 One of world’s biggest coal producers battles to keep lights on (FT) $ 🗃️

🇮🇩 PT Bank Negara Indonesia (Persero) Tbk 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇾 Bursa Malaysia Berhad 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇭 DigiPlus 2Q revenue down 37pct y-o-y, eyes New Zealand online licence bid (GGRAsia)

• DigiPlus Interactive (PSE: PLUS), a Philippines-based online gaming provider, reported revenue of nearly PHP15.61 billion (US$255.0 million) for the second quarter this year, down 36.8 percent from the prior-year period.

• “The decline was primarily attributable to lower retail gaming revenues following reduced customer acquisition, engagement, and transaction activity across the group’s digital gaming platforms,” the firm said in a Tuesday filing to the Philippine Stock Exchange.

🇵🇭 DigiPlus 2Q earnings missed expectations on weaker gaming revenue: Maybank (GGRAsia)

• DigiPlus Interactive (PSE: PLUS)’s second-quarter earnings came in below expectations, with Maybank Investment Bank Bhd saying weaker-than-anticipated gross gaming revenue (GGR) weighed on the Philippines-based online gaming firm’s profitability.

• In a note following DigiPlus’ quarterly results, Maybank said the company generated second-quarter core net income of PHP2.35 billion (US$38.6 million), up 8 percent quarter-on-quarter but down 44 percent from a year earlier.

• DigiPlus said in its own earnings announcement that it remained focused on international expansion. The company confirmed it plans to submit an application for an online gaming permit in New Zealand after the country formally opened its licensing process in July.

• The firm also continues to pursue other overseas opportunities, following the relaunch in July of its BingoPlus platform in Brazil, and after being granted online gaming licences in South Africa.

🇵🇭 Globe Telecom, Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇭 DMCI Holdings, Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇵🇭 DMCI Holdings (PSE: DMC / OTCMKTS: DMCHY) – 8 segments: Construction & others, coal mining, nickel mining, real estate, on-grid Power, off-grid power, water & cement manufacturing. 🇼

🇵🇭 D&L Industries, Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 D&L Industries (PSE: DNL / OTCMKTS: DLNDY) – Product customization & specialization (food ingredients, chemicals for personal/home care use, raw materials for plastic & aerosol products).

🇵🇭 BDO Unibank, Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇭 Nickel Asia Corporation 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇭 International Container Terminal Services, Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 Top Stock Market Highlights of the Week: Grab Holdings, UOB, SpaceX and CapitaLand Ascott Trust (The Smart Investor)

🇸🇬 China Yuchai: I Underestimated This Company (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇸🇬 51Talk Online Education Group: Too Early To Conclude The Rally Has The Legs Needed (Seeking Alpha) $ 🗃️

🇸🇬 CapitaLand China Trust 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇨🇳 CapitaLand China Trust (SGX: AU8U / OTCMKTS: CLDHF) – Singapore’s largest China-focused REIT. Retail, office & industrial (business parks, logistics facilities, data centres & integrated developments). 🇼 🏷️

🇸🇬 United Overseas Bank Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 DBS Group Holdings Ltd 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 DBS Group Holdings Ltd 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 DBS Reports Record S$6 Billion Income: 4 Key Takeaways for Investors (The Smart Investor)

• DBS crossed S$6 billion in quarterly income for the first time, revealing four key takeaways for investors from its latest results.

• DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) provided a definitive answer today, 6 August 2026, when it reported its second-quarter 2026 (2Q2026) financial results.

• Here are four key takeaways from DBS’s standout second-quarter performance.

  • 1. Wealth Management Powers Non-Interest Income

  • 2. Strong Loan Growth and Resilient Credit

  • 3. A Rewarding Dividend Payout for Shareholders

  • 4. Upgraded Full-Year 2026 Guidance

  • Get Smart: Built for All Seasons

🇸🇬 DBS Share Price at Almost $75: Here’s What to Watch Next (The Smart Investor)

• DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) set a record income quarter and lifted its dividend 8%. Both numbers hide something. Here is what income investors should check when the bank reports on 6 August.

  • Can fee income keep outrunning the margin squeeze?

  • Is loan growth still doing the heavy lifting?

  • What should you read first in the dividend line?

  • Where could the cost line turn?

  • Get Smart: Read the Second Line First

🇸🇬 The Gen Z Wealth Formula: Why Owning BOTH NVIDIA and DBS is the Ultimate Portfolio Flex (The Smart Investor)

🇸🇬 Oversea-Chinese Banking Corporation Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 DBS vs OCBC vs UOB: Which Bank Delivered the Best Results and Dividend? The Smart Investor)

• Singapore’s three major banks continue to dominate the STI and attract income investors. We compare DBS, OCBC, and UOB on earnings, dividends, and long-term growth prospects.

• There are thirty stocks in the Straits Times Index (SGX: STI).

• Yet, the banking trio, DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF), Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), and United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF), together with the Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), reportedly contributed 95% of the STI’s advance this year – exerting an outsized influence on how the STI performs.

  • Profitability: Which Bank Uses Capital Most Efficiently?

  • Dividend Showdown: Show Me the Money

  • Fortress Banks: How Secure Are Their Balance Sheets?

  • Growth Drivers: Who Could Be Next on the Podium?

  • Get Smart: The Best Bank Depends on What You Value

🇸🇬 Can OCBC and UOB Top DBS’s Earnings Report? (The Smart Investor)

• After DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF)’s results, OCBC and UOB earnings take centre stage as investors examine growth, fees and dividend potential.

• Both Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), or OCBC, and United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF), or UOB, release results tomorrow morning, 7 August 2026.

• Neither bank declared a dividend for the first quarter of 2026 (1Q2026).

• Both run semi-annual payment schedules.

  • Will OCBC’s fee engine keep running?

  • Can UOB reverse its fee decline?

  • Are both banks tracking their own guidance?

  • Can both banks hold credit costs inside guidance?

  • Get Smart: Test the guidance, not the headline

🇸🇬 Singapore Exchange Ltd. ADR 2026 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 CapitaLand Ascendas REIT 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 Bitdeer Technologies Group (BTDR) Discusses Tydal Campus Lease and Entry Into AI Infrastructure Colocation Market – Slideshow (Seeking Alpha)

🇸🇬 Grab’s Breakout May Occur Sooner Than Expected, Resilient Superapp Growth Prospects (Seeking Alpha) $ 🗃️

🇸🇬 Grab: Sturdy GMV Acceleration Keeps Shares A ‘Buy’ (Seeking Alpha) $ 🗃️

🇸🇬 Grab Q2: The Super App Is Just Getting Started (Seeking Alpha) $ 🗃️

🇸🇬 Grab Holdings Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 Grab Q2 2026 Earnings Review (GabGrowth)

• Record numbers again, acquisitions are starting to take shape

• Grab Holdings Limited (NASDAQ: GRAB) reported Q2 2026 Earnings after the market close on 4th Aug 2026.

• What stands out most from these numbers is probably the GAAP profit of $235M v $20M last year. However, it must be said that this is largely an accounting abnormality and not a 10x in earnings growth.

🇸🇬 First Ship Lease Trust 2026 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 XP Power Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 5 Stocks I’d Hold Even if the Market Closed for a Decade (The Smart Investor)

• Imagine you could not sell a stock for the next 10 years. Which businesses would you be happy to own? These five Singapore stocks pass that test.

• Warren Buffett once said investors should buy businesses they are happy to own for years, not days.

🇸🇬 CICT, CLI and Wilmar on the Hot Seat: What You Should Expect Next (The Smart Investor)

• CICT, CLI and Wilmar report this week, with results set to answer key questions on income, earnings and recovery prospects.

• CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT, reports on 12 August 2026, with Wilmar International (SGX: F34 / FRA: RTHA / RTH / OTCMKTS: WLMIF / WLMIY) reporting after trading hours on the same day.

• CapitaLand Investment Limited (SGX: 9CI), or CLI, follows on 13 August 2026.

  • Will CICT’s first distribution of 2026 follow its property income higher?

    • CICT owns retail, office and integrated development properties across Singapore, Germany and Australia.

  • What will CLI disclose that its quarterly update did not?

    • CLI manages real assets and runs two pillars.

    • Its fee income-related business (FRB) covers listed funds, private funds, commercial and lodging management.

    • Its real estate investment business (REIB) holds fund stakes and balance sheet investments

  • Did Wilmar’s hedging losses reverse as management expected?

  • Get Smart: Not all that can be counted counts; not all that counts can be counted

🇸🇬 S$50,000 to Invest: 5 Singapore Stocks I Would Consider (The Smart Investor)

• S$50,000 is a meaningful amount of capital that can form the foundation of a long-term portfolio. These are the five Singapore stocks to consider for a balanced mix of growth, dividends, and resilience.

• If I had S$50,000 ready today, these five Singapore counters are where I would start.

🇸🇬 3 Singapore Blue-Chip Stocks You Can Buy With a Small Budget (The Smart Investor)

• Lower board lot sizes have opened blue-chip investing to more Singapore investors, but not every quality stock is worth owning.

  • DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) – The Banking and Wealth Titan

  • Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) – The Asset-Light Transformer

    • From its beginnings as a rig builder, it divested its offshore and marine operating business in 2023 and continues to wind down the remaining legacy assets.

    • Today, it’s a global asset manager and operator focused on energy transition, urbanisation, and digital connectivity.

  • Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX – The “Picks and Shovels” Monopoly

  • Get Smart: Smaller Lot Sizes, Bigger Doors Opened

🇸🇬 3 Hidden Gem Stocks Outperforming the STI YTD (The Smart Investor)

• These three Singapore small-cap stocks beat the STI in 2026, but their results reveal what drove the gains.

• Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF) returned 67.5% over the same period.

• Civmec Ltd (SGX: P9D / ASX: CVL / FRA: 1CV) returned 35%.

• Info-Tech Systems (SGX: ITS) returned 23.7%, a margin of just 0.4 percentage points over the index.

• Each reported an acceleration investors could measure, and each pointed to a forward book that suggested the acceleration might continue.

  • Why did a tool maker beat the index by more than 40 percentage points?

    • Micro-Mechanics makes consumable tools for semiconductor assembly and testing.

    • It also supplies parts for wafer fabrication equipment to customers in the US and Singapore.

  • Can a bigger order book carry Civmec’s dividend?

    • Civmec provides construction and engineering services to the energy, resources, infrastructure, and marine and defence sectors.

    • It runs its operations from Henderson in Western Australia and reports in Australian dollars.

  • What did Info-Tech’s 29% revenue growth buy shareholders?

  • Get Smart: What Did the Market Pay For?

🇸🇬 Buy, Hold, or Sell? 3 Blue-Chip Stocks that Trailed the Market in July 2026 (The Smart Investor)

• These three Singapore blue-chip stocks underperformed the STI in July 2026, but their latest results may look better beneath the headlines.

• Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF) delivered negative 11.4% in total returns over the same period.

• Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF) and Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering total returns came in at minus 7.8% and minus 4.5%, respectively.

  • Can Sembcorp raise its dividend on falling revenue?

    • Sembcorp Industries provides energy and urban solutions across Singapore, India, China, the United Kingdom, Vietnam and the Middle East.

  • What did Venture’s headline growth leave out?

  • Why did STE trail the index after 11% growth?

    • Singapore Technologies Engineering (STE) is a global technology, defence and engineering group operating across three segments: Defence & Public Security, Commercial Aerospace, and Urban Solutions & Satcom.

    • It serves customers in more than 100 countries.

  • Get Smart: Focusing on the Right Things

🇸🇬 From Silicon Valley to Serangoon: 3 Semiconductor Stocks Riding the US Tech Wave (The Smart Investor)

• The AI boom may be led by America’s tech giants, but its ripple effects are reaching Singapore. These three semiconductor stocks are benefiting from rising global chip demand and deserve a closer look.

  • Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF) – The Precision Engineering Specialist

    • Micro-Mechanics has two main businesses.

    • First, it designs and manufactures tools for semiconductor packaging, assembly and testing processes.

    • Second, it manufactures precision components for critical production processes in wafer-fabrication equipment.

    • As such, rising wafer-fabrication activity should increase demand for products in both of Micro-Mechanics’ businesses.

  • UMS Integration Ltd (SGX: 558 / OTCMKTS: UMSSF) or UMS Holdings – The Semiconductor Equipment Provider

    • UMS’s semiconductor business is focused on providing equipment manufacturing and engineering services to original equipment manufacturers of semiconductors, focusing on the initial stages of the wafer fabrication process, including areas such as photolithography, etching and deposition.

    • With its revenue down by 19% in 2024, UMS returned to top-line growth of 4% in 2025.

  • AEM Holdings (SGX: AWX) – The Testing and Manufacturing Solutions Provider

    • AEM provides the semiconductor and electronics sectors with test solutions.

    • AI chips are getting more complex, consuming more power, and have increasing application specificity.

    • These trends mean AI chips require new and more extensive testing methods.

    • To address these challenges, AEM’s technology enables customers to test a significantly larger number of devices simultaneously while maintaining precise and stable test conditions.

  • Risks Investors Should Watch

  • Get Smart: You Don’t Need to Own Silicon Valley to Benefit from AI

🇸🇬 Top 3 Blue-Chip Stocks That Beat the Market in July 2026 (The Smart Investor)

• Three blue-chip stocks outpaced the Singapore market in July 2026, as falling rate expectations reshaped the outlook for banks and property.

• Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) delivered a total returns of 18.1% over the same month.

• Meanwhile, Hongkong Land Holdings (SGX: H78 / LON: HKLJ / FRA: HLH / OTCMKTS: HKHGF / HNGKY), or HKLand, returned 14.7% and DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) returned 13.1%.

• Of the trio, only HKLand published fresh financials in July.

• DBS reports next on 6 August 2026 and OCBC on 7 August 2026.

  • Can DBS Grow When Rates Fall?

  • Where Is OCBC’s Income Coming From Now?

  • Does Hongkong Land’s Profit Rise Come With Cash?

    • HKLand develops and manages premium mixed-use property in Asian gateway cities, with over US$50 billion of assets under management.

    • The company reports in US dollars, so its return to a Singapore-based investor carries a currency element on top of the share price move.

  • Get Smart: Test the Income That Replaced the Margin

🇸🇬 Beyond Blue Chips: 3 SGX Stocks to Watch in August 2026 (The Smart Investor)

• Three SGX counters report within a week of each other in August, and for each it is the first payout decision of 2026. Here is what to watch in the numbers behind the numbers.

• Elite UK REIT (SGX: MXNU) reports on 7 August.

• United Overseas Insurance (SGX: U13 / FRA: IZB), or UOI, follows on 11 August.

• United Hampshire US REIT (SGX: ODBU / OTCMKTS: UNHRF) closes the run on 13 August.

  • Will Lower Borrowing Costs Keep Doing the Heavy Lifting at Elite UK REIT?

    • Elite UK REIT owns 147 commercial assets across the UK with a portfolio valuation of £460.2 million as at 31 March 2026.

    • The UK government leases most of them on triple-net terms.

  • Can United Hampshire US REIT Grow Without Buying?

  • Will UOI’s Interim Dividend Absorb the Investment Hit?

  • Get Smart: Watch the Engine, Not the Headline

🇹🇭 True Corporation Public Company Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇭 True Corporation Public Company Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇭 Advanced Info Service Public Company Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇭 Thai Union Group Public Company Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇭 Home Product Center Public Company Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇭 PTT Exploration and Production Public Company Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇭 PTT Exploration and Production Public Company Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇮🇳 MakeMyTrip Limited 2027 Q1 – Results – Earnings Call Presentation (Seeking Alpha)

🇮🇳 Genpact Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇮🇳 MTAR Technologies: Bloom’s AI Power Boom Moves the Debate from Demand to Delivery (Smartkarma) $

• Q1FY27 revenue rose 130% YoY to INR 360.7 crore, EBITDA nearly tripled to INR 85.1 crore and PAT increased 365% to INR 50.2 crore.

• MTAR Technologies Ltd (NSE: MTARTECH / BOM: 543270)’s post-quarter order visibility reached INR 5,943 crore, about 3.8x the revenue implied by its FY27 growth guidance shifting the bottleneck from demand to execution.

• Bloom’s record Q2 and higher 2026 outlook validate MTAR’s fuel-cell expansion, but customer concentration and a INR 500 crore capex programme keep the thesis execution-sensitive.

🇮🇳 Syrma SGS Technology: The Making of an Integrated Electronics Platform (Smartkarma) $

• Q1 FY27 revenue jumped 67% YoY to Rs.1,604 crore and PAT more than doubled to Rs.105.7 crore, alongside new CEO, a KAGA Electronics JV and a proposed Rs.1,000 crore QIP.

• Syrma SGS Technology (NSE: SYRMA / BOM: 543573) is shifting from a low-margin contract assembler toward defence, medtech and PCB/component manufacturing, a mix shift that could structurally re-rate its earnings quality

• The growth is real and broad-based, but execution risk across six simultaneous JVs, a large capex program and a rich valuation warrant a closer look at what could go wrong.

🇮🇳 CemIndia Projects: Adani Acquisition Opens a New Growth Phase (Smartkarma) $

• Cemindia Projects Ltd (NSE: CEMPRO / BOM: 509496) , a specialist infrastructure EPC contractor, expanded its order book 71% to INR 31,307 croreafter Adani’s takeover, led by data-centre, water and Q1 FY27 wins.

• The acquisition broadens CemIndia from marine and metro execution into a diversified EPC platform, improving revenue visibility, private-sector exposure, credit access and participation in Adani-linked infrastructure opportunities.

• The business outlook is constructive, but valuation is demanding, revenue conversion, sustainable 10–11% margins, working-capital control and disciplined deployment of the INR 5,000 crore fundraise will decide returns.

🇮🇳 TTK Healthcare: The Deep Value Business (Smartkarma) $

• FY26 revenue rose 7% to INR 857 crore; TTK Healthcare Ltd (NSE: TTKHLTCARE / BOM: 507747) has also agreed to divest its EVA and Good Home brands to Wipro for INR 256 crore.

• Operating margin has slid toward 5%, with other income now funding 60% of quarterly pre-tax profit, a structural earnings-quality question.

• The future thesis increasingly depends on Medical Devices, Foods, Animal Welfare and recovery in Protective Devices not the old diversified consumer-pharma identity.

🇮🇳 Prime Focus: The Company Behind Movie Ramayana! (Smartkarma) $

• Prime Focus Limited (NSE: PFOCUS / BOM: 532748), through DNEG, is a global VFX and animation company. FY26 revenue grew 30% to INR 4,676 crore, EBITDA rose 81%, and PAT reached INR 301 crore.

• The recovery reflects stronger production volumes, operating leverage and India-led delivery economics. A roughly USD 1 billion FY27-plus pipeline also improves revenue visibility.

• Operational outlook is stronger, but valuation remains balanced at about 19.4x FY26 EV/EBITDA, with net debt near 2.9x EBITDA requiring better cash conversion and deleveraging.

🇮🇳 Kennametal India: Proxy of Growing CNC Market in India

• Kennametal India Ltd (NSE: KENNAMET / BOM: 505890), a precision tooling and machine-tools company, reported 22% revenue growth and nearly 50% PAT growth in 9M FY26, led by Hard Metals margin expansion to 19.4%.

• The earnings upgrade is operating-led, supported by pricing, volume growth and net cash, while Machining Solutions remains loss-making and a proposed INR 68 crore greenfield project raises return concerns.

• Kennametal remains a high-quality consumables franchise, but a 46.2x trailing P/E already prices strong margins, future upside depends on Hard Metals durability and WIDMA’s profitable turnaround.

🇮🇳 Dhoot Transmission – IPO Review – Can It Be the Next Motherson Sumi? (Smartkarma) $

• DTL leads the 2W/3W wiring harness segment (~41% overall share) and commands ~70% in EVs, structurally benefiting from 1.5–2.5x higher wiring content in electric platforms.

• Bain Capital’s backing and strategic global acquisitions enable expansion into higher-margin battery packs, sensors, and USB chargers, driving higher total content per vehicle.

• Outperforming peers across growth, margins, and ROCE with a net cash balance sheet, DTL warrants a premium valuation, can it deliver more than just a listing pop?

🇮🇳 Shiprocket IPO: Backbone of India’s E-Commerce Infrastructure (Smartkarma) $

• Shiprocket, an API-led e-commerce enablement platform, is launching a INR 1,617 crore IPO at INR 92-97, comprising an INR 885.5 crore fresh issue and INR 732 crore OFS.

• FY26 revenue reached INR 2,024 crore after a 24% FY24-FY26 CAGR, but INR 169 crore emerging-business losses restricted consolidated adjusted EBITDA margin to 0.87%.

• At the INR 7,057 crore upper-band valuation, returns depend on protecting core profitability, narrowing emerging-business losses and converting merchant scale into sustainable cash flows and reported profits.

🇬🇪 TBC Bank Group PLC 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇬🇪 Georgia Capital PLC 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇰🇿 Kaspi.kz: Betting On A Proven Playbook In A Much Larger Market (Seeking Alpha) $ 🗃️

🇰🇿 Joint Stock Company Kaspi.kz 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇰🇿 KASPI (NASDAQ: KSPI / LON: 80TE / FRA: KKS) – Payments Platform, Marketplace Platform & Fintech Platform. 🇼

🇮🇱 Teva Pharmaceuticals: Continuing To Execute On Its ‘Pivot To Growth’ Plan (Seeking Alpha) $ 🗃️

🇮🇱 Teva’s Re-Rating Still Has Room To Run (Seeking Alpha) $ 🗃️

🇮🇱 Tower Semiconductor: Excellent Fundamentals, Demanding Expectations (Seeking Alpha) $ 🗃️

🇮🇱 Tower Semiconductor Ltd. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇯🇴 International General Insurance Holdings Ltd. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇷 Ford Otomotiv Sanayi A.S. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇷 Koç Holding A.S. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇷 Türk Hava Yollari Anonim Ortakligi 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇷 Eregli Demir ve Çelik Fabrikalari T.A.S. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇷 Türk Telekomünikasyon Anonim Sirketi 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇹🇷🏛️ Turk Telekomunikasyon AS (IST: TTKOM) – Integrated telecom operator (mobile, broadband, data, TV & fixed voice services + convergence technologies). 🇼

🇦🇪 Wynn Resorts likely to triple its UAE capex for 2027 amid rise in project cost, scope: JP Morgan (GGRAsia)

• Wynn Resorts Ltd (NASDAQ: WYNN) is likely to triple the base-case amount of capital expenditure (capex) allocated to its Wynn Al Marjan Island commitments in the United Arab Emirates (UAE) for financial-year 2027, amid a US$600-million increase in the project’s overall cost.

• That is according to a Tuesday note from banking group JP Morgan, citing its own estimates in light of management guidance provided alongside the casino group’s second-quarter earnings published that day.

🌍 Helios Towers: Stronger Outlook Means Higher Upside (Seeking Alpha) $ 🗃️

🇿🇦 Sappi Limited 2026 Q3 – Results – Earnings Call Presentation (Seeking Alpha)

🇿🇦 Nedbank Group Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌍 Nedbank (JSE: NED / FRA: NCO / OTCMKTS: NDBKY / NDBKF) – Wholesale & retail banking services & a growing insurance, asset management & wealth management offering. 🇼 🏷️

🇿🇦 Harmony Gold: Diversifying Intelligently, And Effectively (Seeking Alpha) $ 🗃️

🇿🇦 JSE Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇿🇦 Gold Fields Limited (GFI) Presents at Diggers & Dealers Mining Forum – Slideshow (Seeking Alpha)

• 🌐 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. 🇼 🏷️

🇿🇼 Caledonia Mining Corporation Plc 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇬🇷 Public Power Corporation S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇬🇷 Metlen Energy & Metals PLC 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇺 MOL Magyar Olaj- és Gázipari Nyilvánosan Muködo Részvénytársaság 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇺 OTP Bank Nyrt. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇱 Bank Polska Kasa Opieki 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇱 Alior Bank S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🌎 Millicom International Cellular S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

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

🌎 Ternium S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌎 Ternium S.A. (NYSE: TX) 🇱🇺 – Manufactures & processes steel products (including for oil & gas) with 18 production centers in Argentina, Brazil, Colombia, United States, Guatemala & Mexico. Subs. of Argentine-Italian conglomerate Techint. 🇼 🏷️

🌎 DLocal: Early Innings Of Its Growth Story (Seeking Alpha) $ 🗃️

🌎 Liberty Latin America Ltd. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🌎 MercadoLibre Q2: That’s Why The Company Is Sacrificing Its Margins (Seeking Alpha) $ 🗃️

🌎 MercadoLibre: More Good Signs Are Shown In Q2 Results (Seeking Alpha) $ 🗃️

🌎 MercadoLibre Q2: This Is Your Last Chance To Buy The Dip (Seeking Alpha) $ 🗃️

🌎 MercadoLibre: Buyer Loyalty Is Ramping Up, Margin Pains Are Merely Temporary (Seeking Alpha) $ 🗃️

🌎 MercadoLibre Q2: The Latin American Flywheel Is Getting Stronger (Seeking Alpha) $ 🗃️

🌎 MercadoLibre, Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🌎 MercadoLibre Moat Analysis (TheCatalyst)

• Is MercadoLibre (NASDAQ: MELI)’s margin decline a sign of a weakening moat? I believe that their moat is as strong as ever and will continue to strengthen based on the reasons I will discuss in this article.

• Verdict

🇦🇷 Investing in Argentina is Back in Vogue: Chart Pack for Adventurous Investors (TheOldEconomy Substack)

• The Chart Porn Edition, Part 1

• Welcome to the chart porn edition. In this publication, I examine the most attractive charts that I found among Argentine equities.

🇦🇷 Pampa Energia: Rincon De Aranda And Fertilizers Add New Legs To The Bull Case (Seeking Alpha) $ 🗃️

🇦🇷 Pampa Energía S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇦🇷 Loma Negra’s Volumes Keep Falling, And Yet Its Products Get More Expensive (Seeking Alpha) $ 🗃️

🇦🇷 Loma Negra Compañía Industrial Argentina Sociedad Anónima 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇦🇷 Cresud: Still Cheap After Argentina’s Reforms (Seeking Alpha) $ 🗃️

🇧🇷 Magazine Luiza S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Engie Brasil Energia S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Embraer S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Petrobras: Profits And Dividends Soar 100%+ (Seeking Alpha) $ 🗃️

🇧🇷 Petróleo Brasileiro S.A. – Petrobras 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Inter & Co: 30% EPS Growth At A 7x P/E Ratio (Seeking Alpha) $ 🗃️

🇧🇷 Inter & Co Q2: The Real Story Isn’t Just Customer Growth (Seeking Alpha) $ 🗃️

🇧🇷 Inter & Co, Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇧🇷 Inter & Co Inc (BVMF: INBR32 / NASDAQ: INTR) – Holding company of Inter Group & indirectly holds all of Banco Inter’s shares.  Inter is a Super App providing financial & digital commerce services. 🏷️

🇧🇷 Patria Investments: Record AUM, Dividend Raise As Latin America’s Pink Tide Recedes (Seeking Alpha) $ 🗃️

🇧🇷 Patria Investments: Still Too Cheap After Another Outstanding Quarter (Seeking Alpha) $ 🗃️

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

🇧🇷 XP: Revenue Diversification And Attractive Valuation Support A Buy Rating (Seeking Alpha) $ 🗃️

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

🇧🇷 Itaú Unibanco Holding S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Itaú Unibanco Holding S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Iochpe-Maxion S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 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. 🇼 🏷️

🇧🇷 Localiza Rent a Car S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Nu Holdings Q2 Earnings Preview: Take Advantage Of A Clear Catalyst And A Compelling Valuation (Seeking Alpha) $ 🗃️

🇧🇷 Sendas Distribuidora S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Smartfit Escola de Ginástica e Dança S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Hypera S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇧🇷 Hypera SA (BVMF: HYPE3 / OTCMKTS: HYPMY) – Pharmaceuticals, consumer healthcare, cosmetics & biotechnology products. 🇼

🇧🇷 Copel: Brazil’s Utility Sector Has A Standout With Clear Price Momentum (Seeking Alpha) $ 🗃️

🇧🇷 Companhia Paranaense de Energia – COPEL 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Prio S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 AXIA Energia SA 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇧🇷🅿️ AXIA Energia SA (NYSE: AXIA) – Formerly Centrais Elétricas Brasileiras SA (NYSE: EBR / EBR.B / BVMF: ELET3 / ELET5 / ELET6) or Eletrobras. Electric power holding company. Largest generation & transmission company in Brazil. 🇼

🇧🇷 TOTVS S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Banco Bradesco S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Braskem: 3-Year Update, But I Am Dubious (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇧🇷 Raia Drogasil S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Gerdau S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 BB Seguridade Participações S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇱 Banco de Chile 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇱 Banco Santander-Chile 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇱 LATAM Airlines Group S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇨🇴 Colombia – Petro’s final week and the insurrection threat (Latin America Risk Report)

🇨🇴 Mineros S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇴 Ecopetrol S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇨🇴🏛️ Ecopetrol SA (NYSE: EC) – Organized under the form of a public limited company, of the national order, linked to the Ministry of Mines & Energy. Mixed economy company of an integrated commercial nature in the oil & gas sector. 🇼 🏷️

🇲🇽 Cemex: A Strong Rally Leaves Shares Overvalued, Facing Margin Pressure Risks (Seeking Alpha) $ 🗃️

🇲🇽 Grupo Televisa’s Q2 Earnings: What May Matter Most Is Not In The Report (Seeking Alpha) $ 🗃️

🇲🇽 Fresnillo: The Production Decline Is Masking A Balance Sheet Reinvention (Seeking Alpha) $ 🗃️

🇲🇽 Fresnillo plc 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇦 Copa Holdings: Q2 Turbulence Is Transitory, Second Half May Be Record-Setting. (Seeking Alpha) $ 🗃️

🇵🇦 Copa Holdings – A Superb Short-Term RoR (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇵🇪 Cementos Pacasmayo Public History Might Be Reaching Its End (Seeking Alpha) $ 🗃️

🌐 Rio Tinto’s $14.8 Billion Surge: Can Copper & Aluminum Sustain The Momentum? (Smartkarma) $

• Rio Tinto plc (NYSE: RIO) delivered a strong financial performance in the first half of 2026, underpinned by robust operational results, ongoing growth projects, and a continued focus on productivity improvements.

• The company reported a 28% increase in underlying EBITDA to $14.8 billion, driven primarily by higher commodity prices—especially copper and aluminum—and a 75% rise in free cash flow.

• These enhancements supported a 43% increase in the interim dividend to $3.4 billion, reflecting a commitment to shareholder returns amid rising earnings.

🌐 Nebius: Strong Buy Before Q2 Earnings (Seeking Alpha) $ 🗃️

🌐 Nebius: The $34 Billion Execution Test Starts Now (Seeking Alpha) $ 🗃️

🌐 Nebius: Too Cheap To Ignore (Seeking Alpha) $ 🗃️

• 🌐 Nebius Group NV (NASDAQ: NBIS) – AI-centric cloud platform built for intensive AI workloads. Sold Yandex to a consortium of Russian investors. Retains several businesses outside of Russia. 🇼 🏷️

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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):

Londian Wason New Energy Tech FOIL Cantor/Huatai Securities/CMB International/US Tiger Securities/Fortune (HK) Securities, 3.6M Shares, $20.00-22.00, $75.0 mil, 8/12/2026 Wednesday

(Incorporated in the Cayman Islands)

We produce electrolytic copper foil, a major material used to make lithium-ion EV batteries, as well as electric energy meters and energy storage systems. We also make flexible copper-clad laminates, which are used in EV batteries as well as in 5G communications, consumer electronics and energy storage.

We are one of the world’s largest producers of lithium battery copper foil in terms of both capacity and market share. We are based in Shenzhen, China. We have numerous factories across China and one under construction in Malaysia.

Our clientele includes big battery makers such as CATL, BYD, LG Energy Solution, Samsung SDI and Panasonic.

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

(Note: Londian Wason New Energy Tech disclosed the terms for its IPO on Aug. 3, 2026, in an F-1/A filing: 3.57 million American Depositary Shares (ADS) at a price range of $20.00 to $22.00 to raise $75 million, if priced at the $21.00 mid-point of its range. Each ADS represents five ordinary shares. Background: Londian Wason New Energy Tech filed its F-1 for its IPO – an offering of American Depositary Securities (ADS) – on July 2, 2026, without disclosing the terms. Estimated proceeds are $100 million, a placeholder figure. Some IPO pros, however, think that Londian Wason New Energy’s IPO could raise between $250 million and $350 million.)

Southern Cross Acquisition II Corp. SCATU D. Boral Capital (ex-EF Hutton), 10.0M Shares, $10.00-10.00, $100.0 mil, 8/12/2026 Wednesday

(Incorporated in the Cayman Islands)

We are a newly organized blank check company. Our efforts to identify a prospective target business will not be limited to a particular industry or geographic region. Because of our significant ties to China, we may pursue opportunities in China (including Hong Kong and Macau).

(Note: Southern Cross Acquisition II Corp. filed its S-1 on July 8, 2026, and disclosed the terms for its SPAC IPO: 10 million shares at $10.00 each to raise $100 million. Each unit consists of one ordinary share, one redeemable warrant, and one right to receive one-fourth (1/4) of one ordinary share upon the consummation of its initial business combination.)

MetaOptics (Uplisting) MOT Roth Capital Partners/The Benchmark Company, 3.0M Shares, $5.00-7.00, $18.0 mil, 8/14/2026 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.)

Web3Labs Global Inc. MDAT Eddid Securities USA, 6.3M Shares, $4.00-5.00, $28.1 mil, 8/14/2026 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.)

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.

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 (Week of August 10-14, 2026) was also published on our website under the Newsletter category.

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