Emerging Market Links + The Week Ahead (October 12, 2026)
Asian Century Stocks recently did a report on elevator stocks that’s worth noting:
💻 Toll roads in the sky (Asian Century Stocks) $
Clients then typically enter into long-term contracts of, say, 5 years, where the OEM provides recurring maintenance, routine inspections, emergency dispatch, repairs, etc.
Elevators tend to be sold at razor-thin margins, with most profits coming later through these maintenance contracts. The Big Four have extensive safety track records, and property managers often err on the side of caution. Nobody ever got fired for hiring IBM. And if I had to guess, nobody probably got fired for hiring the Big Four, either.
Its my understanding that elevators (depending on usage) need a major refurbishment within 15-25 years of being installed depending on their usage – meaning all the high rises you see in pictures of Asian cities will need to spend money doing this at some point.
Recently when the elevators in my condo complex (in the city center with a close to 100% occupancy rate due to location) got close to the 20 year mark, they started breaking down regularly and could no longer be serviced properly by Jardine Schindler due to lack of new replacement parts (gee, this sounds like the business model for many companies these days e.g. just stop making replacement parts for everything from mobile phones to elevators and force you to buy a more complicated replacement product).
Luckily, my building was presumably built by a reputable developer and the sinking fund has been well managed (meaning no special assessment needed to replace the elevators). For some reason, my building went with a Korean group for the new elevators which then kept breaking down just like the old ones (leading to lawsuits or threats of legal action by my building…).
When I asked a long time expat resident who has been involved in the management committee what was going on, he told me that when the contract was negotiated, the Koreans “took them to the cleaners!” He explained that he had experience negotiating contracts for large projects and that you need to get adversarial in the negotiation process to iron out all the details to avoid future problems or disputes. I assume he was out of the country when this happened (as he otherwise should have or been asked to get involved in the negotiations – especially with any Korean firm…),
The elevators seem to be working better now (with the disputes settled) and its a good thing that each tower has three as large garbage cans also need to be removed daily by hand from each floor. After the first high rises got built in Kuala Lumpur, garbage chutes apparently got banned (not sure if they are still banned in new or high-end construction) due to lit cigarettes and ash tray ashes getting dumped down them and causing raging fires in ground floor refuse areas.
As you can imagine (and aside from cleanliness issues), moving big plastic garbage cans in and out of each tower’s service elevator (along with near constant condo unit remodelling taking place – especially whenever a unit is sold as Chinese buyers ALWAYS remodel I think in part due to superstition) adds to the wear and tear on them. I also have to wonder how well elevators will be maintained in the future in many high rises in Asia and China – especially in any ghost cities or half empty towers or in complexes where the developers did not leave enough money behind in the sinking fund…
Finally, Emerging Market ETF Launches and Emerging Market ETF Closures/Liquidations sections at the bottom of this post have been updated. There have been a surprising number of international or emerging market ETF launches in the last few months versus closures or liquidations.
$ = 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
🌏 Toll roads in the sky (Asian Century Stocks) $
Elevator service companies in Asia
In this post, I’ll discuss the companies benefiting from Asia’s elevator boom.
Elevators are typically installed by one of the Big Four OEMs: US-based Otis, Switzerland’s Schindler, Finland’s KONE, or ThyssenKrupp Elevator (soon to be acquired by KONE). Clients then typically enter into long-term contracts of, say, 5 years, where the OEM provides recurring maintenance, routine inspections, emergency dispatch, repairs, etc.
Elevators tend to be sold at razor-thin margins, with most profits coming later through these maintenance contracts. The Big Four have extensive safety track records, and property managers often err on the side of caution. Nobody ever got fired for hiring IBM. And if I had to guess, nobody probably got fired for hiring the Big Four, either.
🌏 World Bank Warns Asia Is Running Out Of Money To Fight Energy Shock
Asian countries have responded more aggressively than others to the energy supply crunch caused by the U.S. and Israeli war on Iran and now they are running out of resources to continue their response, the World Bank warned in a new report.
The report [East Asia and Pacific Sees Steady Growth Amid Global Uncertainty] actually focuses on the potential of artificial intelligence to help Asian economies grow but names energy import vulnerability as one major headwind to that growth.
“Subsidies have been by far the most common policy response [to the crisis] among emerging and developing economies,” the World Bank said, adding that “Countries with substantial subsidies in place generally have had smaller increases in retail gasoline prices than non-subsidizers, but this relationship weakened considerably for headline inflation.”
🇨🇳 AI boom drives China’s 215.7 billion yuan A-share bonanza (The Asset) 🗃️
Electronic technology names dominate top listings in January-September 2026
China’s initial public offering ( IPO ) market was riding high in the first nine months of 2026, with 215.7 billion yuan ( US$32 billion ) of capital raised from IPO deals, up 2.8 times from the same period last year, according to public information data from the Shanghai Stock Exchange ( SSE ), Shenzhen Stock Exchanges ( SZSE ) and Beijing Stock Exchange ( BSE ).
As of September 2026, a total of 123 companies completed their IPOs across the three exchanges, a 38% increase from 89 last year. This includes 12 companies on the SSE main board, 19 on the SSE STAR board, 10 on the SZSE main board, 20 on the SZSE ChiNext board, and 62 from the BSE.
Both the SSE STAR and SZSE ChiNext boards are China’s premier listing and trading venues for innovative and high-tech enterprises, which are subject to a ±20% daily price limit, wider than the main boards’ ±10% price limit. BSE, on the other hand, is dedicated to the listing of innovative small- and medium-sized enterprises, with a ±30% daily price limit.
🇨🇳 The taxman comes for China’s offshore riches (FT) $ 🗃️
🇨🇳 U.S. Firms Move to Drop Insider Trading Case Over China Brokerages (Caixin) $
About three months after Susquehanna International filed an insider trading lawsuit and Citadel Securities joined as a plaintiff, the two U.S. options market makers told a New York federal court Monday that they would withdraw their claims, effectively ending the case.
The lawsuit stemmed from the China Securities Regulatory Commission’s May 22 announcement that it was investigating Futu Holdings Ltd (NASDAQ: FUTU) and UP Fintech Holding (NASDAQ: TIGR) over illegal cross-border securities business. Their Nasdaq-listed stocks fell about 35% and 31%, respectively, that day.
🇨🇳 Alibaba: The Bulls Are Trapped (Seeking Alpha) $ 🗃️
🇨🇳 Alibaba Is Down 27% Even As Cloud Growth Hits 45%—What Is The Market Missing? (Smartkarma) $
Alibaba (NYSE: BABA) has found itself caught in a selloff that has little to do with a sudden collapse in its underlying business.
The company’s U.S.-listed shares had fallen roughly 27% year-to-date entering the October 2 session, while its Hong Kong-listed shares dropped about 2.1% on Friday as the Hang Seng Index sank 2.6%, marking its worst one-day performance in more than six months.
The immediate culprit was a sharp surge in U.S. Treasury yields, with the benchmark 10-year yield climbing from around 4.6% in late August to above 5.3% by the end of September, its highest level in 24 years.
🇨🇳 Bilibili: The Market Is Missing The Profit Transformation (Seeking Alpha) $ 🗃️
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🇨🇳 Bilibili (NASDAQ: BILI) 🇰🇾 – Video sharing website (animation, comics & games) + streaming platforms serving videos on demand. 🇼 🏷️
🇨🇳 So-Young: Strong Revenue Growth Doesn’t Equate To Profitability (Seeking Alpha) $ 🗃️
🇨🇳 What Investors Should Do After Lenovo Shares Dipped (Seeking Alpha) $ 🗃️
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🌐 Lenovo Group (HKG: 0992 / FRA: LHL / LHL1 / OTCMKTS: LNVGY / LNVGF) 🇭🇰 – Designing, manufacturing & marketing consumer electronics, PCs, software, servers, converged & hyperconverged infrastructure solutions, etc. 🇼 🏷️
🇨🇳 Chinese robotics listings face market revaluation (The Asset) 🗃️
🇨🇳 Fortior navigates choppy geopolitical waters with Dutch chip acquisition (Bamboo Works)
China’s leading maker of brushless DC motor chips has announced a plan to buy Sciosense, a Chinese-Dutch joint venture, for $118 million
Fortior Technology (Shenzhen) Co Ltd (SHA: 688279 / HKG: 1304) plans to acquire Sciosense, a fabless designer of sensor chips whose customers include Mercedes, BMW and Tesla
Sciosense is a Sino-Dutch joint venture set up in 2019, at a time when Chinese investors were buying European high-tech assets at bargain prices
🇨🇳 Deep Source’s data center foray gets yawn from investors (Bamboo Works)
The commodities trader is moving ahead with construction of a $221 million, 67 MW data center project in Malaysia
Deep Source Holdings Ltd (HKG: 0990 / FRA: TM4C) is building a 67 MW data center in Malaysia, following government approval and its signing of customer for the facility
The company’s core commodities-trading business operates on notoriously thin gross margins, compared to much higher figures for data center operation
🇨🇳 Orbbec motors into rapidly cooling robotics IPO market (Bamboo Works)
Stumbling sentiment towards robotics may force the company to discount its planned Hong Kong share sale to attract investors
Orbbec Inc (SHA: 688322) has filed for a Hong Kong IPO, reporting its profit fell by more than 30% in the first half of this year
The company said revenue for its sensors that enable robots to “see” surged by 50% during the six-month period
🇨🇳 Chinese Firms Are Gutting Middle-Management as AI Reshapes Work, Execs Say (Caixin) $
Chinese companies are beginning to strip out layers of middle management and redesign jobs around smaller teams as AI reshapes the workplace, executives and labor-market experts said at the Asia New Vision Forum 2026 in Singapore.
Evan Guo, chairman of recruitment platform Zhaopin Ltd., said standardized jobs and middle-management positions are already coming under pressure as AI takes over more routine coordination and information-processing work.
🇨🇳 CXMT Shares Suffer Biggest Drop Since July IPO (Caixin) $
Shares of Changxin Memory Technologies (CXMT) (SHA: 688825), a leading producer of dynamic random-access memory (DRAM), suffered their largest single-day drop on Thursday since the company went public on Shanghai’s STAR Market in July amid concerns that memory chip prices may be nearing a peak.
The company’s stock closed down 7.79% at 50.52 yuan ($7.53) on the first trading day after the seven-day National Day holiday, wiping out about 290 billion yuan in market value. The stock continued its decline on Friday, falling 4.51% as of noon.
🇨🇳 MINIMAX-W: Stealth Model, Placement and the Short (Smartkarma) $
We noted Space Bunny Alpha, a stealth model which is likely MiniMax Group (HKG: 0100 / FRA: E5A)’s M3.1-Flash, and compared its available benchmarking with Chinese and US models.
We analysed the sequence of model launches and placements at MiniMax and its competitor Zhipu [🇨🇳 Z.AI Co Ltd (HKG: 2513 / OTCMKTS: KATJF)], and the release cadence of Chinese labs.
We think the M3.1 launch is imminent and could be followed by a placement, and we review how the stock traded in past launches for MiniMax and its comparable.
🇨🇳 MiniMax-W: Beware the Throat-Cutting Competing Model From Anthropic (Smartkarma) $
Anthropic released Haiku 5.5 on 7 Oct at an OpenRouter list price of USD0.10 per 1M input tokens and USD0.50 per 1M output tokens.
We analysed Haiku 5.5’s competitiveness against five Chinese models, including MiniMax-M3, on intelligence scores and OpenRouter list prices.
We reiterate our short view on MiniMax Group (HKG: 0100 / FRA: E5A), as M3.1 is unlikely to match Haiku 5.5 and MiniMax faces a placement overhang.
🇨🇳 Z.AI (2513 HK): Models Ranking Among Top Revenue Earners (Smartkarma) $
We believe dollar market share is the most direct approach to exam AI models.
Z.AI Co Ltd (HKG: 2513 / OTCMKTS: KATJF)’s two models, GLM-5.3 and GLM-5.3 Flash, are ranked top 8 in typical AI functions.
The primary risk lies in the lifting of the lock-up period for restricted shares.
🇨🇳 Orbbec (奥比中光) A+H Pre-IPO: Early Thoughts (Smartkarma) $
Orbbec Inc (SHA: 688322), a maker of 3D vision sensors and devices for robots and connected machines, is seeking an A+H listing. GS and Haitong are the joint sponsors.
We look at the company’s core segments: system-level devices and solutions, and sensors.
We discuss our preliminary thoughts on the company’s valuation based on the A-H premium.
🇨🇳 Let’s Make a Case for a BYD (1211 HK) Rally (Tactical View) (Smartkarma) $
Our quantitative models last week indicated BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) had reached oversold territory. The stock could rally back towards 90 from here, and possibly change long-term trend.
Valuation multiples have de-rated significantly, pricing in worst-case domestic price-war scenarios while underappreciating higher-margin overseas export growth and AI-driven smart driving adoption.
A tactical LONG position from current price levels, targeting a mean-reversion move toward 90-100 (near our model + consensus target) could offer more reward potential than downside risk (good asymmetry).
🇨🇳 NIO Inc.: China Consumer Market Weakness Deepens (Rating Downgrade) (Seeking Alpha) $ 🗃️
🇨🇳 NIO: Q3 Surge, Delivery Boom Signals Big Earnings Win (Seeking Alpha) $ 🗃️
🇨🇳 Qingling switches gears with leasing deals to boost NEV sales (Bamboo Works)
The loss-making Chinese truck maker is partnering with a finance provider and a dealership to offer vehicle installment plans, but the strategy comes with a catch
Under the leasing terms, Qingling Motors Co Ltd (HKG: 1122 / FRA: QIN / OTCMKTS: QGLHF) is obliged to buy back vehicles if the repayments fall into arrears
Rising orders for new energy vehicles have yet to drive an earnings turnaround at the automaker, whose shares have fallen nearly 50% this year
🇨🇳 Uxin drives deeper into the red as used car prices tumble (Bamboo Works)
The company’s gross margin turned negative in the second quarter, as an intensifying price war among new car sellers spilled into used cars
Uxin Ltd (NASDAQ: UXIN)’s revenue and transaction volume rose by around 80% in the second quarter, as it rushed to unload inventory amid tumbling used car prices
The company aims to operate more than 50 used car superstores with annual retail transaction volume of more than 1 million units by 2030
🇨🇳 China’s Holiday Box Office Plummets Despite Cheaper Tickets (Caixin) $
China’s National Day holiday ended with its weakest box office showings in recent years, reflecting weak domestic consumption as moviegoers tightened their purse strings despite cheaper tickets.
The major holiday between Oct. 1 and Oct. 7 brought in about 1.17 billion yuan ($174 million), down 36% from a year earlier, according to the China Movie Database under the Communist Party’s publicity department.
🇨🇳 Stilted growth: Goodbaby bids adieu to investors with privatization bid (Bamboo Works)
The company has proposed a buyout at a nearly 40% premium to its stock price, after investors abandoned its story of flatlining revenue
Goodbaby International Holdings Ltd (HKG: 1086 / FRA: GBH / OTCMKTS: GBBYF)’s founder has proposed taking the company private at HK$1.50 per share, representing a premium of 39% over its pre-offer levels
The buyout price represents a roughly 61.7% discount to the baby stroller maker’s net asset value of HK$3.92 per share at the end of June
🇨🇳 Ridge Outdoor nets British company in first post-IPO acquisition (Bamboo Works)
The world’s leading maker of fishing gear will pay an undisclosed sum for the Harrison brand, whose fishing rods captured a recent British record for carp fishing
Ridge Outdoor International Ltd (HKG: 2720) will pay an undisclosed sum for Britain’s Harrison fishing rod brand, whose annual revenue is less than 1 million pounds
The acquisition is part of Ridge’s efforts to build up its own-brand business, which grew 59% in the first half of this year, even as its overall revenue fell 10%
🇨🇳 Noah Holdings: Downgrade To Hold Where 17% Yield Could Offer Some Protection (Seeking Alpha) $ 🗃️
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🇨🇳 Noah Holdings Limited (NYSE: NOAH / HKEX: 6686) 🇰🇾 – Wealth management service provider. One-stop advisory services on global investment & asset allocation for high net worth investors. 🇼 🏷️
🇨🇳 Hansoh’s overseas ambitions tested as EU stalls cancer drug sales (Bamboo Works)
The Chinese firm has lost its regulatory approval to sell a lung cancer drug in Europe over a data-protection error, and must reset the clock on the launch process
Hansoh Pharmaceutical Group Company (HKG: 3692 / FRA: 3KY / OTCMKTS: HNSPF)’s marketing permission was revoked after its application was found to include data-protected references to a rival AstraZeneca drug
Despite the setback, Hansoh’s valuation is supported by rising domestic revenue from innovative drugs, out-licensing deals and new weight-loss treatments
🇨🇳 ESWIN Computing (奕斯伟计算) IPO Trading (Smartkarma) $
Beijing ESWIN Computing Technology Co Ltd (HKG: 1256), a RISC-V oriented chip product provider, raised HKD 2,386m (USD 304m) from its global offering and will list on HKEX on Friday, October 9, 2026.
In our previous note, we looked at the deal terms and the company’s valuation.
In this note, we provide an update for the IPO before its trading debut.
🇨🇳 Yudo (柳道) Pre-IPO: Tearsheet (Smartkarma) $
Yudo, a hot runner system maker for plastic injection molding, has filed its prospectus with the HKEX. CICC and CITIC are the joint sponsors.
We look at the company’s core product types: hot runner system (HRS) sets and HRS parts.
We then look at the company’s financial profile, stable gross margin and FY2025 reported loss, pre-IPO valuation and investor backing.
🇭🇰 HS TECH Consultation Conclusions: Retained and Refined Rules (Smartkarma) $
[Sigenergy Technology Co Ltd (HKG: 6656)]
HSIL adopted all six proposed HS TECH [Hang Seng TECH Index] changes, five unchanged and one with modifications, and the new rules take effect on 7 Dec 2026.
Selection by market value and sales growth was adopted with modifications, adding a turnover floor for non-constituents and a minimum sales test for sales growth candidates.
The velocity test, innovation screening, weighting, caps and quarterly review are retained from the current rules.
Xin Yuan is/was illiquid. Look away now if this is not your bag.
🇭🇰 Xin Yuan Enterprises (1748 HK)’s Possible Hobson Choice (Hong Kong/China M&A/Events) $
After 18 months of suspension, Xin Yuan Enterprises Group Ltd (HKG: 1748), a maritime logistics and vessel chartering operator, has announced a voluntary pre-conditional Offer.
Liu Jichun, holding 20.71%, is offering HK$2.21/share. The price is final. The offer is conditional on a 50% acceptance hurdle. Presumably, founder Chen Maochun (26.36%) will not tender.
The pre-con is that shares resume trading on the 30th October. This may be waived. It’s a shrewd move by Liu.
🇭🇰 Changhong Jiahua (3991 HK): Time To Buy (Hong Kong/China M&A/Events) $
Following a slow moving car crash, the takeover for Changhong Jiahua Holdings Ltd (HKG: 3991) finally busted on the 20th September 2026 after failing to secure provincial DRC and DoC approvals.
At the time, Changhong was trading at HK$0.57/share versus the undisturbed price of HK$0.92/share. That in and of itself appeared attractive.
The board has now resumed paying interim dividends. Sitting on a 10% yield – 18th December payment. That yield jumps to 19% should a final dividend be paid next June.
Changhong is illiquid – look away now if this is not your thing.
🇲🇴 Macau average daily arrivals at 184k in first 5 days of October Golden Week (GGRAsia)
Separate information provided by the Macao Government Tourism Office (MGTO) indicated that of the 750,825 arrivals logged in the first four days of the holiday break, 650,313 were from mainland China. Another 70,184 visitors in the October 1 to 4 period came from Hong Kong, showed the MGTO data.
🇲🇴 Macau visitor tally tops 1.05mln in first 6 days of October Golden Week (GGRAsia)
Macau’s visitor tally in the first six days of this year’s October Golden Week reached just above 1.05 million, according to data published by Macau’s Public Security Police.
The daily average for the reporting period was about 175,315 arrivals, still trending higher than last year’s average of 143,090, which set a record for this holiday break.
🇲🇴 Macau visitor tally hits 1.14mln for this year’s October Golden Week (GGRAsia)
Macau’s visitor tally for this year’s October Golden Week stood at just above 1.14 million, showed data published by Macau’s Public Security Police.
The daily average for the reporting period was above 163,320 arrivals, higher than last year’s average of 143,090, which itself had been an October Golden Week record.
🇲🇴 Macau October Golden Week hotel occupancy at 91.3pct, room rates ease (GGRAsia)
Macau’s hotel establishments recorded an average occupancy rate of 91.3 percent during this year’s October Golden Week, up 3.1 percentage points from the corresponding holiday period in 2025, according to the Macao Government Tourism Office (MGTO).
The average room rate, however, declined by 1.7 percent year-on-year, to MOP1,677.3 (US$207.5), showed industry figures cited by the tourism office in a Thursday release. The rate covered hotels, apartment hotels and budget accommodation establishments.
🇲🇴 October key to Macau meeting 2026’s US$29bln gaming revenue forecast: Chief Executive (GGRAsia)
October could prove crucial regarding whether Macau casino gross gaming revenue (GGR) would be able to meet the government’s 2026 target figure of MOP236 billion (US$29.20 billion), said on Saturday the city’s leader, Chief Executive Sam Hou Fai (pictured).
Mr Sam noted Macau’s monthly GGR had experienced four consecutive months of year-on-year decline up to September.
He added the government would be monitoring carefully its public spending as the GGR monthly numbers came in over the final quarter.
🇹🇼 TSMC Is Likely To Beat Q3 Earnings And Rise (Preview) (Seeking Alpha) $ 🗃️
🇹🇼 TSMC: Global Chip Demand Shows No Signs Of Slowing (Seeking Alpha) $ 🗃️
🇹🇼 TSMC Q3 Preview: The Margin Guide Matters More Than The Print (Seeking Alpha) $ 🗃️
🇹🇼 TSMC is Coming to Texas? (Asianomery)
Over the past few weeks, I have been hearing constant rumblings about Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) in Texas. Recently, the smoke has been getting hotter. Earlier this week, Tim Culpan – friend and podcasting partner – published on his newsletter Culpium that TSMC may get Elon’s Terafab as the anchor client for a future Texas fab. Elon was asked about the report on X and he posted, “Just discussions, but something may come of it”. I have no inside info on what’s going on. But we can speculate! In today’s video, I try to make sense of this latest potential investment from TSMC.
🇹🇼 United Microelectronics: Strong Momentum, But I See 25% Downside (Seeking Alpha) $ 🗃️
🇹🇼 ChipMOS: There’s Still A Lot Of Potential To Outperform In The Long Run (Seeking Alpha) $ 🗃️
🇰🇷 Top 10 Performing Stocks In KOSDAQ YTD – What Can We Learn From This? (Douglas Research Insights) $
In this insight, I provide a list of top 10 performing stocks in KOSDAQ YTD (those with market caps of at least 100 billion won).
These 10 stocks are up on average 521% YTD. All of these 10 companies could be considered turnarounds with their sales and profits improving much more in 2026 versus 2025.
This is a clear example that shows that small cap turnarounds listed in KOSDAQ that are in the value-chain of Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) and SK Hynix (KRX: 000660 / NASDAQ: SKHY) could pay off handsomely.
🇰🇷 Kangwon Land Inc to review K-HIT project feasibility under new CEO (GGRAsia)
South Korean casino operator Kangwon Land (KRX: 035250) has established a committee to review major strategic initiatives, including the feasibility of its K-HIT resort redevelopment project, as new chief executive Kim Do-gyun pursues organisational reform.
The company said in a press release that the committee held its inaugural meeting on October 2, agreeing on three priority areas and a work programme running until year-end.
Those areas comprise improvements to organisational structure and personnel systems; assessment and feasibility reviews of major strategic initiatives, including K-HIT; and improvements to organisational culture and working practices.
🇰🇷 Kangwon Land Inc slot machine business racks up US$11mln loss in six years: report (GGRAsia)
The slot machine manufacturing business of South Korean casino operator Kangwon Land (KRX: 035250) accumulated losses of KRW14.81 billion (US$11.0 million) over the six years to 2025, according to data submitted to the country’s National Assembly.
The business, operated under the KL Saberi brand, has recorded a loss every year since 2020, reported the Seoul Economic Daily, citing information provided by Kangwon Land Inc to a lawmaker of South Korea’s People Power Party.
The annual loss stood at KRW1.40 billion in 2020, and widened to approximately KRW3.4 billion last year, according to separate South Korean media reports.
🇰🇷 Kangwon Land Inc’s US$60mln mining museum marks official opening (GGRAsia)
South Korea’s Kangwon Land (KRX: 035250), operator of the country’s only casino open to local players, is to hold an official opening ceremony today (Wednesday, October 7) for its M650 coal-mining museum (pictured in a rendering), developed at a cost of approximately KRW80 billion (US$59.8 million).
Kangwon Land Inc employees have often described the area’s abandoned coal mines as part of the company’s “identity” in conversations with GGRAsia.
🇰🇷 Shinhan Financial: Spotlight On Overseas And Non-Banking Growth (Seeking Alpha) $ 🗃️
🇰🇷 LG Display Q3 Preview: The Profitable Season Is Coming, But It Changes Nothing (Seeking Alpha) $ 🗃️
🇰🇷 A temporary glitch? (Asian Century Stocks) $
Deep-dive: Coupang (CPNG US)
South Korean e-commerce operator Coupang, Inc. (NYSE: CPNG) (CPNG US – US$26 billion) is a test of that idea. The stock sold off after its cybersecurity breach in November 2025.
In this post, I’ll try to figure out whether that was a glitch or a lasting change to the business.
The company was founded by Harvard Business School dropout Bom Kim, who initially pictured it as a Korean version of Groupon.
That Bom Kim is a brilliant businessman is important, because he’s firmly in control of the business. He controls 100% of the B-shares, which carry 29x the voting rights as Coupang’s A-shares. So betting on Coupang is very much a bet on him and his long-term ambitions.
🇰🇷 LS Electric (010120): Still Juicy (Smartkarma) $
LS Electric Co Ltd (KRX: 010120) has morphed from a domestic electric component player into a global powerhouse thanks to the demand-supply imbalances mainly in the US.
Share price and valuation have gone up, but the earnings growth rate has also increased that made the PEG ratio hover between 1 and 1.2x, relatively undemanding for growth sector.
It is no longer a utility and power play but now it is part of the AI and Data center ecosystem.
🇰🇷 Shinsegae Group: $1 Billion Investment in the Warners Bros Discovery (WBD) Acquisition (Douglas Research Insights) $
On 6 October, the Shinsegae Group [Shinsegae Inc (KRX: 004170)] announced that its property development affiliate, Shinsegae Property, will invest $1 billion (approximately 1.4 trillion won) into the Warners Bros Discovery (WBD) acquisition.
E-Mart (KRX: 139480) currently owns an 100% stake in Shinsegae Property. E Mart continues to face difficulties on meaningfully improving its retail and e-commerce local businesses in Korea.
In the near-term (1-2 years), this investment is more likely to have a negative impact on E mart mainly due to additional burdens on its balance sheet.
🇰🇷 Samsung Electronics 3Q 2026 Earnings Preview (Douglas Research Insights) $
Consensus estimates Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) to generate sales of 200.6 trillion won (up 133.1% YoY) and operating profit of 106.6 trillion won (up 776.3% YoY) in 3Q 2026.
Operating margin is expected to rise to 53.1% in 3Q 2026, up from 14.1% in 3Q 2025 and 52.2% in 2Q 2026.
It is estimated that about 60 to 80 trillion won is left for shareholder returns by Samsung Electronics in 2026.
🇰🇷 Samsung Electronics: 3 Major Negative Surprises in QoQ Growth in Operating Profit in the Past 16 Years, Next Negative Surprise Will be a Big Hurt (Douglas Research Insights) $
In this insight, I revisit the growth in the quarterly operating profit/operating margins of Samsung Electronics in the past 16 years and compare them against their actual share price performances.
I remain moderately Bullish on Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) since the first two pros (super cheap valuations and huge shareholder returns) outweighs the cons, in my view over the next 3-6 months.
Certainly, we are not in the 2nd/3rd round of the super AI semiconductor cycle. We are probably closer to the 7th/8th inning. Nonetheless, time seems to be running out.
🇰🇷 Korea Small Cap Gem #73: Dongkook Pharmaceutical (Douglas Research Insights) $
There are three key investment highlights of Dongkook Pharmaceutical (KOSDAQ: 086450). First, the company has successfully expanded its cosmetics/health care business. Healthcare/cosmetics accounted for nearly 40% of total sales in 1H 2026.
Second, the company has highly consistent growth in sales and profits backed by solid sales of its core pharmaceutical/cosmetics brands including Madecassol, Insadol, Centellian24, and Madeca Cream.
Third, it has cheap valuations. It is trading at P/E of 10.5x and P/B of 1.2x based on 2027 consensus earnings estimates.
🇰🇷 Korea Small Cap Gem #72: SAMG Entertainment (Douglas Research Insights) $
On 7 October, it was reported that SAMG Entertainment Co Ltd (KOSDAQ: 419530) will supply its Catch! Teenieping products to about 2,000 Target stores in the United States.
In my view, this deal with Target could add additional 11 billion won+ sales in 2026 and 28 billion won+ in 2027 for SAMG Entertainment.
So this deal with Target could result in additional 6.7% and 15.9% sales for SAMG Entertainment, respectively in 2026 and 2027.
🇰🇷 A Tender Offer of 19% Stake in Hanwha Machinery & Service Holdings By Kim Dong-Seon (Douglas Research Insights) $
Kim Dong-seon (third son of Hanwha Group Chairman Kim Seung-youn) has launched a tender offer of a 19% stake in Hanwha Machinery & Service Holdings (KRX: 0220W0) (HMSH).
The tender offer is for 16.06 million common shares at 8,000 won per share, running from 12 October to 2 November.
I have a positive view on this tender offer and on HMSH whose share price fell excessively post split and Kim Dong-seon is trying to capitalize on this price decline.
🇰🇷 SAMG Entertainment IPO Preview (Douglas Research Insights) $
This is an insight I published back in October 2022 prior to the IPO of SAMG Entertainment Co Ltd (KOSDAQ: 419530). It is free to read and should provide further background on SAMG Entertainment.
Established in 2000, SAMG has one of the largest 3D animation production companies in Korea. It is a co-producer of Miraculous: Tales of Ladybug & Catnoir, which has been very popular in Europe and Latin America. The company’s own children animation related IPs such as Mini Force, Catch!Teenieping, and Super Dino which have been popular as well.
The company operates 42 Youtube channels including 15 domestic channels and 27 overseas channels. The total number of subscribers for these 42 Youtube channels exceeds 39 million. There are more than 28 billion combined views on video streaming services such as China’s Tencent, Youku and iQIYI.
🇰🇷 KMF IPO Preview (Douglas Research Insights) $
KMF is getting ready to complete its IPO on the KOSDAQ market in November. The indicative IPO price range is 15,000 to 17,800 won per share.
Since its establishment in 2002, KMF has developed and produced functional food and bio-materials based on fermentation and enzyme technologies.
Total revenue and net income increased by 259% and 1,018%, respectively from 2023 to 2025. KMF’s operating margins are extremely high at 55.8% in 2025 and 51.9% in 1H 2026.
🇰🇷 Elice Group IPO Bookbuilding Results Analysis (Douglas Research Insights) $
A total of 2,367 institutions participated in the Elice Group IPO survey. The total demand ratio was 388.8 to 1. IPO price was finalized at 90,500 won.
My base case valuation of Elice Group is a target price of 62,353 won per share which is 31% lower than the IPO price of 90,500 won.
Given the lack of upside, I have a Negative View of this IPO. Bankers used eight overseas companies as comps for Elice Group. I used four Korean companies as comps.
🇰🇷 DTS IPO Valuation Analysis (Douglas Research Insights) $
My base case valuation of DTS is a target price of 29,360 won per share, which is 59% higher than the high end of the IPO price range (18,500 won).
For my base case valuation, I used a P/E multiple of 12.3x based on my estimated net profit of 35.6 billion won in 2027.
DTS designs and manufactures air-cooled heat exchangers used in power generation, LNG, and petrochemical plants. DTS is expanding into AI data centers and sustainable industrial waste-heat recovery systems.
🇰🇷 Sungho Electronics – Significantly Undervalued Vs RoboTechnik’s Recent IPO in Hong Kong (Douglas Research Insights) $
Sungho Electronics Corp (KOSDAQ: 043260) is trading at 49% and 39% discount to RoboTechnik Intelligent Technology Co Ltd (SHE: 300757 / HKG: 3757) in terms of their 2027 and 2028 consensus earnings estimates, respectively.
Sungho Electronics is trading at 94% and 93% discount to Robotechnik based on P/B valuation multiples in 2027 and 2028, respectively.
Consensus estimates Sungho Electronics’ operating profit to increase from 7.6 billion won in 2025 to 41 billion won in 2026 and 108.1 billion won in 2027.
🇮🇩 PT Medco Energi Internasional Tbk 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇾 Top Glove Corporation Bhd. 2026 Q4 – Results – Earnings Call Presentation (Seeking Alpha)
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🌐 Top Glove Corporation (KLSE: TOPGLOV / SGX: BVA / OTCMKTS: TPGVF) – World’s largest manufacturer of gloves. Manufacturing operations in Malaysia, Thailand, Vietnam & China + marketing offices in these countries, USA, Germany & Brazil. 🇼 🏷️
🇲🇾 Two major issues Malaysia must solve: Food import dependence and population decline (Murray Hunter)
These are the heavy dependence on food imports and a rapidly falling fertility rate. Both threaten long-term economic resilience, national security, and social stability.
🇲🇾 GEN Bhd downgraded by Maybank as casino group flags US$306mln rights issuance (GGRAsia)
Global casino operator and plantations business Malaysia’s Genting Berhad (KLSE: GENTING / OTCMKTS: GEBHY) is proposing a renounceable rights issue of new ordinary shares in the group to raise gross proceeds of approximately MYR1.25 billion (US$306.1 million), according to a Friday filing to Bursa Malaysia.
The group said the issue price of the rights shares, entitlement basis and entitlement date “will only be determined and announced by the board… closer to the implementation” period in order to provide the board with flexibility.
Maybank Investment Bank Bhd stated in a Sunday memo it had decided to “downgrade to ‘sell’” the casino group’s stock, “with a lower target price to MYR1.49” per unit.
🇵🇭 DigiPlus recovery hinges on player spend, earnings forecasts cut: Maybank (GGRAsia)
Philippines-listed online gaming operator DigiPlus Interactive (PSE: PLUS) faces a “difficult second half” of 2026 as pressure on household spending weighs on its domestic business, although its fundamentals remain “intact”, says Maybank Securities Inc.
The brokerage expects a gradual earnings recovery in 2027, with stronger spending per player, customer retention and returns from expansion investments identified as potential drivers of improvement.
In a Monday report, analyst Raffy Mendoza cut forecasts for DigiPlus’ core net income for 2026 and 2027 by 43 percent and 48 percent respectively, to approximately PHP7.8 billion (US$124.3 million) and PHP8.6 billion.
🇵🇭 Philippines-based Bloomberry expanding online offer with OnlyFun.PH platform (GGRAsia)
Philippines-listed casino operator Bloomberry Resorts Corp (PSE: BLOOM / OTCMKTS: BLBRF) says it is expanding its digital gaming business with the launch of OnlyFun.PH.
The company describes OnlyFun.PH as the Philippines’ “first regulated live interactive entertainment platform combining gaming, livestreaming, and creator-led content”
🇸🇬 Top Stock Market Highlights of the Week: Far East Orchard, Investment Banking Fees, SGX Board Lots and One Raffles Place (The Smart Investor)
We look at a hospitality group taking control of its REIT’s managers, a five-year high in Singapore’s investment banking fees, and how investors took to smaller board lots on their debut.
Far East Orchard Becomes Main Sponsor of Hospitality REIT
Singapore’s Investment Banking Fees Hit Five-Year High
Singapore’s investment banking fees rose 9% year on year to US$693.8 million in the first nine months of 2026.
That is the highest nine-month total since 2021, according to LSEG Deals Intelligence’s review released on 5 October 2026.
The Republic accounted for 69.3% of Southeast Asia’s fee pool.
Smaller Board Lots See Strong Uptake on Debut
One Raffles Place Sale Edges Closer
🇸🇬 SGX Board Lot Reduction: 8 Stocks Set to Benefit in October 2026 (The Smart Investor)
SGX is reducing board lots from 100 shares to 10 for 11 securities, making eight Singapore stocks more accessible to investors from 5 October 2026.
🇸🇬 Singapore locals visiting city’s casinos down 3pct in 2025, 3rd consecutive year of post-Covid decline: regulator (GGRAsia)
Singapore recorded in 2025 a 3.2-percent year-on-year decline in the number of its citizens and permanent residents visiting the city-state’s casinos. It also marked the third consecutive year of decline recorded in the number of locals visiting the two casinos in period since the Covid 19 pandemic.
That is according to the 2025-26 annual report of Singapore’s Gambling Regulatory Authority (GRA). Singapore has a casino duopoly consisting of Marina Bay Sands, run by a unit of Las Vegas Sands (NYSE: LVS), and Resorts World Sentosa, run by Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY).
🇸🇬 Marina Bay Sands sees near-full hotel occupancy for F1 weekend (GGRAsia)
The Marina Bay Sands casino complex [Las Vegas Sands (NYSE: LVS)] says its hotel is operating close to full occupancy during Singapore’s Formula 1 race period, while a SGD100,000 (US$78,185) hospitality package linked to its partnership with Scuderia Ferrari HP has sold out.
“The Formula 1 season remains one of the most anticipated periods of the year for Marina Bay Sands, drawing guests who want to experience the excitement of race week both on and off the track,” a spokesperson for the Singapore casino resort told GGRAsia.
🇸🇬 Grab: Atome, GrabFin, And A $1.7 Billion EBITDA Target (Seeking Alpha) $ 🗃️
🇸🇬 Adlai Nortye Group: Only For The Risk-Tolerant After A Massive Rally (Seeking Alpha) $ 🗃️
🇸🇬 3 Singapore Blue-Chip Stocks Hitting 52-Week Highs: Are They Still Buys? (The Smart Investor)
A stock hitting a 52-week high can signal strong momentum, but it can also make investors wonder whether the easy gains are already behind them.
🇸🇬 Top 4 Temasek-Linked Stocks Aggressively Buying Back Their Shares (The Smart Investor)
Four Temasek-linked SGX stocks drove S$1.56 billion of share buybacks in 9M2026, accounting for roughly two-thirds of Singapore’s record repurchases.
How much has Singtel spent, and what does it get shareholders?
Why would Keppel buy back shares it plans to reuse?
Can ST Engineering afford buybacks and a rising dividend?
How does SGX’s buyback sit alongside its dividend?
Get Smart: What should you check before you cheer a buyback?
🇸🇬 4 Dependable Singapore Stocks That Paid Dividends for 20 Years or More (The Smart Investor)
🇸🇬 3 Cash-Rich SGX Blue Chips Rewarding Shareholders with Dividends (The Smart Investor)
Three cash-rich SGX blue chips hold more cash than debt and pay dividends, giving investors a closer look at their financial strength.
Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), Venture Corporation (SGX: V03 / FRA: VEM / OTCMKTS: VEMLF) and Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY) all hold net cash.
However, each business puts its cash pile to work in distinctly different ways.
Can SGX keep raising its dividend?
Why did Venture raise its ordinary dividend when free cash flow turned negative?
What is Genting Singapore’s S$2.9 billion paying for?
Get Smart: Ask what the net cash is doing
🇸🇬 Singapore’s Hidden Cash Kings: Top 3 Debt-Free Stocks for Reliable (The Smart Investor)Dividends
VICOM, HRnetGroup and Credit Bureau Asia raised dividends despite lower interest income. See how cash flow and net cash support their dividend payouts.
HRNetGroup (SGX: CHZ), Credit Bureau Asia Ltd (SGX: TCU) and Vicom Ltd (SGX: WJP) all reported lower interest income for the first half of 2026 (1H2026).
Yet, all three still managed to raise their interim dividends.
How? None of them carry bank borrowings, excluding lease liabilities.
Can VICOM keep raising its dividend as its ERP 2.0 work winds down?
How far can HRnetGroup’s cash carry its dividend through a hiring slowdown?
Why is Credit Bureau Asia’s dividend growing faster than its profit?
Credit Bureau Asia (CBA) supplies credit and risk information in Singapore, Malaysia, Cambodia and Myanmar.
Get Smart: Check what the cash is worth to you
🇸🇬 3 Temasek-Backed Blue-Chips Raising Quarterly Dividends by Up to 25% (The Smart Investor)
Three Temasek-backed blue chips are in focus after recent results, with quarterly dividends rising by up to 25% and DBS adding a capital return.
As at 31 March 2026, Temasek owned 28% of DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) and 51% of Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF).
Through SEL Holdings, it also held 23.3% of Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) as at 19 August 2025.
Can SGX keep raising its dividend?
Is STE’s cash flow keeping up with its dividend?
How is DBS paying out as interest margins shrink?
Get Smart: Split the payout before you judge it
🇸🇬 3 Dividend Blue Chips Powering the STI’s 2026 Rally (The Smart Investor)
OCBC, Yangzijiang Shipbuilding and DBS beat the STI by up to 41.6 percentage points so far in 2026, driven by strong earnings and growth prospects.
Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), or OCBC, returned 67.9%, 41.6 percentage points ahead of the index ETF.
Yangzijiang Shipbuilding Holdings (SGX: BS6 / FRA: B8O / OTCMKTS: YSHLF), or YZJ, and DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) returned 56.2% and 43.4%, beating the ETF by 29.9 and 17.1 percentage points respectively.
All figures include dividends.
Why did OCBC’s profit rise when its margins fell?
Is DBS following the same playbook?
What gives YZJ’s earnings their visibility?
Get Smart: Ask what profit grows through
🇸🇬 6 Dividend Blue Chips Powering the STI’s 2026 Rally (The Smart Investor)
Three more dividend blue chips outperformed the STI in 2026, with SGX, ST Engineering and UOB combining faster profit growth with clear dividend visibility.
Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) topped the trio with a 34.9% total return.
Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering came next at 32.1%, while United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF) made it over the line at 26.8%, just half a percentage point ahead.
So what might investors have liked?
Can SGX keep raising its dividend if trading cools?
Can a record order book carry ST Engineering’s dividend higher?
Can UOB keep raising its dividend while its margin shrinks?
Get Smart: Ask where the extra profit came from
🇸🇬 Forget the Blue Chips: 4 SGX Stocks Quietly Outperforming the STI (The Smart Investor)
Four SGX small-cap stocks outperformed the STI in 2026, delivering returns of up to 70.5% as faster profit growth helped drive their gains.
MoneyMax Financial Services (SGX: 5WJ) returned 70.5% over the same period, including dividends, while Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF) returned 67.5%.
Civmec Ltd (SGX: P9D / ASX: CVL / FRA: 1CV) and Union Gas Holdings Ltd (SGX: 1F2) also beat the index with returns of 34.1% and 30.4%, respectively.
What do these four have in common?
Can Micro-Mechanics pay for its own growth?
What’s driving Union Gas?
Why did Civmec’s cash flow turn negative?
How is MoneyMax funding its expansion?
Get Smart: Who pays for the growth?
🇸🇬 Singapore Next 50: 4 Mid-Cap Stocks Outperforming the STI in 3Q 2026 (The Smart Investor)
Four mid-cap SGX stocks outperformed the STI in 3Q2026, but their cash flows reveal important differences beneath the strong headline returns.
First Resources Ltd (SGX: EB5 / FRA: 5F1 / OTCMKTS: FTROF) topped the list with a 46.4% total return.
Pan-United Corporation Ltd (SGX: P52) followed at 27.9%, while Golden Agri-Resources (SGX: E5H / FRA: 4G3 / 4G3A / OTCMKTS: GARPF / GARPY), or GAR, and PC Partner Group Ltd (SGX: PCT / OTCMKTS: PCPPF) returned 18.5% and 15.9%, respectively.
These figures include dividends.
What might investors see in First Resources?
Can Pan-United’s cash flow keep pace with its profit?
Pan-United, Singapore’s largest ready-mix concrete supplier, grew its 1H2026 revenue by 37% YoY to S$549.6 million.
Why does GAR deserve a closer look?
GAR is the most complicated of the four.
The Indonesia-centred palm oil company grew revenue 7.3% YoY to US$6.6 billion as the average international crude palm oil (CPO) price rose 8.1% to US$1,178 per tonne.
Will PC Partner’s margins hold?
PC Partner’s story is about margins, not volume.
Video graphics cards make up 92% of the electronics maker’s revenue.
Get Smart: Does the cash agree with the profit?
🇸🇬 Get Smart: Interest Rates Hiked, Are S-REITs Doomed to Mediocrity? (The Smart Investor)
The Fed’s latest rate hike puts S-REITs back under the spotlight, but the pace of future increases may matter more than the final rate.
Did REITs cope with the last round of gradual hikes?
Why did the 2022-2023 cycle catch REITs off guard?
Where do rates sit today?
Get Smart: It’s about pacing
🇸🇬 Singapore Bank Shares Have Fallen. Are They Cheap Enough Yet? (The Smart Investor)
Singapore’s bank shares gave back over two months of gains in just three days.
The sell-off began last Wednesday (7 October), and coincided with Citi downgrading Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), or OCBC, from neutral to sell.
OCBC shares fell by over 5% that day.
DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) and United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF), or UOB, fell 1.4% and 2.9% respectively.
By Friday’s close, OCBC shares sat around 11% below their 52-week high. UOB was down by close to 11% and DBS by 7.2%.
As bad as it gets?
Was Citi right to call OCBC a sell?
Has anything changed inside the banks?
What should you watch when the banks report?
Get Smart: Think in years, not quarters
🇸🇬 Seatrium Launches a S$200 Million Share Buyback: Is the Stock Worth a Look? (The Smart Investor)
Seatrium Ltd (SGX: SE2 / FRA: S8N / OTCMKTS: SMBMF) has launched a S$200 million share buyback, doubling its previous programme. Here’s what the move and improving fundamentals could mean for investors.
What Exactly Has Seatrium Announced?
Why Do Companies Buy Back Their Own Shares?
What Has Been Happening at Seatrium?
Is the S$200 Million Buyback Material?
The Biggest Question: Can Seatrium Generate Enough Cash?
How Does Seatrium’s Stock Move From Here?
What Could Go Wrong?
Is Seatrium’s Stock Cheap After the Buyback Announcement?
Get Smart: A Buyback Is a Signal, Not the Investment Case
🇸🇬 Yangzijiang Has a US$22.4 Billion Order Book: Is the Stock Still a Buy? (The Smart Investor)
🇮🇳 India’s motorbike billionaire steering the tussle at Tata (FT) $ 🗃️
🇮🇳 NSE: From Nifty 500 to Nifty 50 (Smartkarma) $
National Stock Exchange Of India Ltd (BOM: 544937) listed on BSE on 24 Sep 2026. It would rank 11th by full market cap among the Nifty 50 members.
In this note, we analyze its path into the Nifty 50 under the NIFTY methodology.
We cover its IWF and FF estimates, F&O entry, the timeline to Nifty 50 entry, and the SEBI permission NSE needs to trade on NSE.
🇮🇳 Hyundai Motor India: From a Disrupted Q1 to Record Q2 Volumes — Can the 2030 Roadmap Rebuild Growth? (Smartkarma) $
After a difficult Q1 FY27, Hyundai Motor India (NSE: HYUNDAI / BOM: 544274) delivered 219,072 wholesale units in July–September 2026, up 23.0% sequentially, including a company-record 77,916 units in September.
The rebound reflects normalized production and healthier domestic momentum after supplier fire caused a loss of approximately 13,900 units of June production. Nevertheless, Q2 sales disclosures establish volumes, not profitability.
Short-Term execution risk has diminished, but investment conviction depends on margins recovering toward FY27 guidance and on tangible delivery against the company’s FY2030 SUV, alternative-powertrain, localisation and revenue targets.
🇮🇳 Tonbo Imaging IPO: A Full-Stack Global Defence Electronics Platform (Smartkarma) $
Tonbo Imaging (TONBO IN) is building a Global Defence Electronics Business around electro-optics, thermal imaging, embedded computing and AI, with more than 28,000 systems deployed across 24 countries.
FY26 revenue stood at INR 362.6 crore, with EBITDA of INR 104.6 crore and a healthy 28.9% EBITDA margin
The bigger opportunity is the shift from individual thermal and tactical products towards integrated platform systems, backed by INR 314.1 crore of firm orders as of June 30, 2026
🇰🇿 Freedom Holding: Preferring Kaspi Which Also Offers Growth In Similar Market (Seeking Alpha) $ 🗃️
🇮🇱 Teva: ‘Hold’ On FDA Approval Of Weltruza And Pivot To Growth Strategy (Seeking Alpha) $ 🗃️
🇮🇱 Teva Pharmaceutical Industries Limited (TEVA) Discusses FDA Approval of Weltruza and Strategic Growth Initiatives – Slideshow (Seeking Alpha)
🇿🇦 Vukile Property Fund Limited (VKPPF) Shareholder/Analyst Call – Slideshow (Seeking Alpha)
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🇿🇦 🇪🇸 Vukile Property Fund Ltd (JSE: VKE) – Retail REIT (urban, commuter, township & rural malls) operating in South Africa & Spain.
🇿🇦 Sanlam Limited (SLLDY) Shareholder/Analyst Call – Slideshow (Seeking Alpha)
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🌍🌏 Sanlam (JSE: SLM / FRA: LA6A / LA6S / OTCMKTS: SLLDY) – Diversified financial services company with a strong presence in more than 30 countries on the African continent, India, Malaysia & selected developed markets. 🇼 🏷️
🇵🇱 LIvechat Software SA 2027 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
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🇵🇱 Text SA (WSE: TXT / LON: 0QTE / FRA: 886 / OTCMKTS: LCHTF) – Develops & distributes communication software for businesses worldwide. It offers LiveChat, ChatBot, KnowledgeBase & HelpDesk. 🇼 🏷️
🌎 DLocal: Margin Compression Is A Feature Of Scale, Not A Defect (Seeking Alpha) $ 🗃️
🇦🇷 Pampa Energia: One Of The Greatest Argentine Bargains (Seeking Alpha) $ 🗃️
🇦🇷 Central Puerto S.A.: ‘Powering Up’ The NAV/SOTP (Seeking Alpha) $ 🗃️
🇧🇷 In Brazil, Absolutely Nothing Changes (Persuasion)
Corruption. Anger. A man called Lula and a man called Bolsonaro.
Despite being a country where citizens say they are angry at the status quo and want change, Brazil just voted in favor of… rerunning essentially the same political fight it saw in both 2018 and 2022. The country’s politics, in other words, is stagnant.
🇧🇷 Brazil betting ban could push 21.6mln people to gamble offshore: Blask (GGRAsia)
Brazil’s decision to ban licensed online gambling could result in approximately 21.6 million bettors shifting to offshore platforms, according to a report by gaming market intelligence firm Blask.
The report, published on Tuesday, draws on the consumer behaviour patterns that were seen after India’s ban on real-money online gaming in August 2025, as well as initial data from Brazil subsequent to its own restrictions.
Brazil’s government introduced a provisional measure on September 25 banning fixed-odds sports betting and online casino gaming. Licensed operators were required to stop accepting deposits immediately, with websites and applications going offline on October 6.
🇧🇷 Sabesp: Political Euphoria Has Pulled Returns Forward (Seeking Alpha) $ 🗃️
🇧🇷 PagSeguro Could Finally Get The Macro Tailwind It Needs (Seeking Alpha) $ 🗃️
🇧🇷 Petrobras: An Election Catalyst, With Risks On Both Sides (Seeking Alpha) $ 🗃️
🇧🇷 Petrobras: High Yield Plus Buybacks Still Look Cheap (Seeking Alpha) $ 🗃️
🇧🇷 Bradesco Is No Longer Just A Turnaround Story After The Election Rally (Downgrade) (Seeking Alpha) $ 🗃️
🇧🇷 Suzano: Substantial Upside If Pulp Prices Normalize (Seeking Alpha) $ 🗃️
🇧🇷 WEG S.A. (WEGZY) Analyst/Investor Day – Slideshow (Seeking Alpha)
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🇧🇷 WEG SA (BVMF: WEGE3) – Operates worldwide in the electric engineering, power & automation technology areas. Electric motors, generators, transformers, drives & coatings. 🇼 🏷️
🇧🇷 StoneCo: The Election Catalyst Amplifies My Bull Thesis (Seeking Alpha) $ 🗃️
🇲🇽 Grupo Aeroportuario: Expanding The Portfolio Coverage Into Mexican Airports (Seeking Alpha) $ 🗃️
🇲🇽 Grupo Mexico Is Primed For A Downward Reset (Seeking Alpha) $ 🗃️
🇵🇪 Bladex: A Capital-Light Shift With More Room To Run (Seeking Alpha) $ 🗃️
🇵🇪 Bladex: Earnings Are Growing, But Credit Risk Is Catching Up (Seeking Alpha) $ 🗃️
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🌎 Banco Latinoamericano (NYSE: BLX) or the Foreign Trade Bank of Latin America or Bladex – Founding shareholders were the Central Banks & government entities of 23 countries in the region. Specialized in addressing trade finance needs. 🇼 🏷️
🇵🇪 Buenaventura: The Transition Is Finally Delivering (Seeking Alpha) $ 🗃️
🌐 3 litigation stocks to watch now (Undervalued Shares)
On 13 February 2026, I published “Litigation investing – a route to riches (sometimes)“. One of the stocks discussed was Zenith Energy Ltd (LON: ZEN / FRA: ZCL / OTCMKTS: ZENAF) (ISIN CA98936C8584, UK:ZEN), which was pursuing a USD 570m claim relating to expropriated Tunisian oil assets. At the time, a court hearing was scheduled for April 2026.
Venezuela litigation is an entire investment sector rather than a single stock. There are several publicly traded securities that give investors exposure to claims against Venezuela, including defaulted bonds and shares in companies pursuing compensation for expropriated assets.
One of the companies I highlighted at the time was micro-cap Rusoro Mining (CVE: RML / FRA: PKJ2 / OTCMKTS: RMLFF) (ISIN CA7822271028, CA:RML), a former gold miner whose Venezuelan assets were expropriated. Many readers bought small positions, reasoning that even a modest investment could produce a tidy return if the claim was ultimately successful. They were right. Within two years, the stock had risen 22-fold (!). The legal situation subsequently became much more complicated, but early investors had already made spectacular returns.
Another company involved in the Citgo saga is Gold Reserve Inc. (CVE: GRZ / FRA: GODA / OTCMKTS: GDRZF) (ISIN BMG4R86G1074, CA:GRZ). In March 2023, I published an in-depth 38-page research report on Gold Reserve for Undervalued-Shares.com Lifetime Members. The stock has better trading liquidity and a stronger cash position than Rusoro Mining, and rallied from CAD 1.49 to CAD 5.60.
GreenX Metals Ltd (LON: GRX / ASX: GRX / FRA: 5PMA / OTCMKTS: GRXNF) (ISIN AU0000198939, UK:GRX) is an Australia-domiciled, London-listed company formerly known as Prairie Mining. It sued the Polish government over blocked coking coal projects, filing claims under both the Australia-Poland Bilateral Investment Treaty (BIT) and the Energy Charter Treaty (ECT). In essence, the company found two potential legal routes to compensation and pursued both, hoping that at least one would produce a result.
Besides Gold Reserve, London-listed Panthera Resources PLC (LON: PAT / OTCQB: PATRF) (ISIN GB00BD2B4L05, UK:PAT) is the litigation play I have reported on most extensively (check here, here, here and here).
The company has filed an international arbitration case for expropriated gold assets in India. The stock was trading at 10 pence when I first reported on it in early 2025. It has since traded as high as 26 pence. Trading volumes started picking up noticeably in late August 2026, and the stock appeared to be gearing up for another move higher.
Then, during the past two weeks, the share price has come back down to 22.5 pence. The reason was concern about Litigation Capital Management Ltd (LON: LIT) (ISIN AU000000LCA6, UK:LIT), the litigation financier that funded Panthera Resources’ legal claim to the tune of USD 13.6m in exchange for 15% of the winnings. LCM was effectively seized by its creditors and is now being wound down. As I noticed from emails received from readers, this immediately raised the question of whether Panthera Resources would still be able to fund the remainder of its case.
🌐 Why Nebius Is Getting The Better End Of The Deal From Palantir (Seeking Alpha) $ 🗃️
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🌐 Nebius Group NV (NASDAQ: NBIS) – AI-centric cloud platform built for intensive AI workloads. Sold Yandex to a consortium of Russian investors. Retains several businesses outside of Russia. 🇼 🏷️
Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):
Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).
Frontier and emerging market highlights (from IFES’s Election Guide calendar):
Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):
Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:
Frontier and emerging market highlights:
Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).
I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.
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Emerging Market Links + The Week Ahead (October 12, 2026) was also published on our website under the Newsletter category.
