Emerging Market Links + The Week Ahead (October 26, 2026)
After yet another week of bad haze, it finally cleared on Saturday – at least in Kuala Lumpur where we had blue skies over the weekend:
Legendkiddo@mohd_escobar
SEMENTARA itu sekitar pemandangan sebentar tadi di Bandaraya Kuala Lumpur di Persekutuan Malaysia, yang kembali jernih selepas 2 bulan terkena fenomena jerebu negara tertangga
2:24 AM · Oct 25, 2026 · 63.4K Views
17 Replies · 799 Reposts · 2.86K Likes
Ooi Beng Cheang@luxentX
Winds have changed. Haze leaving klang valley. Air is very clear up north in Peninsular Malaysia. Negeri Sembilan, Johor and Southern Sarawak still unhealthy.
2:05 AM · Oct 25, 2026 · 4.97K Views
2 Replies · 18 Reposts · 112 Likes
Nevertheless, the political games continue:
However, this response to the above tweet is worth noting:
Meanwhile in Brazil, the Bolsonaro trade is imploding as “they” got the results “they” wanted with ZeroHedge not mincing words:
💻 Lula Leads After Last-Minute Voting Extension As “Bolsonaro Trade” Implodes; Trader Warns Of “Circuit Breaker” Chaos (ZeroHedge)
At least “they” don’t do the humiliate ritual of taking months to count the ballots to get the results “they” want – like “they” do in every California election lately…
Finally, I am almost done with a Korea trip report (which has taken much longer than I expected) which I will send out this week…
$ = 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
🌏 Asian corporate zombies forestall debt deleveraging (The Asset) 🗃️
Borrowings increasingly concentrated in firms that cannot service debt
Asia’s corporate zombies are likely to weaken the future earnings and balance sheets of exposed banks, warns a recent International Monetary Fund ( IMF ) report.
The region’s private sector debt has ballooned from an average of 81% of GDP in 2007 to 107% at the end of last year, notes the IMF in its latest Global Financial Stability Report, a percentage that compares with 99% in emerging market economies and 93% worldwide.
“This rising share of corporate debt is increasingly concentrated in firms that cannot service it,” says the report released on October 13, the second day of the IMF’s weeklong annual meeting in Bangkok.
The IMF in the report examined the economies of China, Hong Kong, India, Indonesia, South Korea, Malaysia, the Philippines, Singapore, Taiwan and Thailand.
🇨🇳 China Clarifies Offshore Trust Tax Rules Ahead of Oct. 22 Deadline (Caixin) $
China’s top tax authority has clarified enforcement rules for the new tax on offshore trusts, defining the threshold for extended retroactive collection and exempting employee stock incentive trusts from the tax.
The State Taxation Administration (STA) on Monday reminded taxpayers with existing offshore trusts to declare and pay back taxes by Oct. 22 to avoid late fees.
🇨🇳 The Illusion of Wealth Preservation in China (Desmond Shum)
The recent bloodbath in Hong Kong’s stock market has an all-too-familiar suspected culprit: the Chinese government.
To me, this is much more than another tax crackdown. It illustrates a fundamental truth about wealth in China: no matter how much you accumulate, how carefully you structure it, or how far into the future you plan, no wealth is truly safe under CCP rule.
Watching these cascading events reminded me of a personal journey I embarked on many years ago.
When I became a father, as a first-generation wealth creator, I wanted to understand how to raise my son. How could I give him the opportunities and comforts wealth provides without depriving him of ambition, purpose and an appreciation of life’s struggles?
Many wealthy Chinese believed that acquiring foreign citizenship, moving assets offshore and placing them in trusts would protect their fortunes from the CCP. Now they are discovering that none of these measures offers reliable protection if the Chinese state can still exert power over the owners or their assets.
The real question was never simply how or where the wealth was held. It was whether the CCP could still reach the owner or the assets.
🇨🇳 China’s Top Court Vows Tougher Action on Financial Crimes (Caixin) $
China’s top court pledged zero tolerance for financial crimes, from market manipulation to illegal fundraising, as it emphasized efforts to punish corporate fraud and protect investors.
The warning, delivered at a major financial forum, comes as Beijing seeks to restore market confidence through closer regulatory coordination and stricter enforcement. Courts are also handling increasingly complex disputes involving cross-border transactions and new technologies.
🇨🇳 Beijing Stock Exchange Plans IPO Allotment Changes and BSE 50 ETF (Caixin) $
The Beijing Stock Exchange plans to tie initial public offering share allocations to investors’ existing holdings and launch an exchange-traded fund tracking its benchmark index, in a bid to attract more long-term capital.
The planned changes, announced as the bourse marks its fifth anniversary, are intended to better balance investment and financing while boosting liquidity in a market focused on China’s innovative small and midsize enterprises.
🇨🇳 Hong Kong Buybacks Weekly (Oct 23rd): Xiaomi, J&T Express, China Dongxiang (Smartkarma) $
We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Oct 23rd based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Xiaomi (HKG: 1810 / SGX: HXXD / FRA: 3CP / OTCMKTS: XIACF), J&T Global Express Ltd (HKG: 1519 / SWB: J92), China Dongxiang (Group) Co Ltd (HKG: 3818).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY), Xiaomi (1810 HK), J&T Express (1519 HK).
🇨🇳 Theoria Weekly #12 (Theoria Research)
🇨🇳 Tencent: Transitioning From Social Super App To AI Super App (Seeking Alpha) $ 🗃️
🇨🇳 JD.com: China’s Sluggish Domestic Consumption May Render It A Value Trap (Seeking Alpha) $ 🗃️
🇨🇳 Gogox dumps China dream that failed to deliver (Bamboo Works)
The Hong Kong-based delivery company is selling its Mainland Chinese business for a token 1 yuan, and is changing its name as it chases other global markets
GOGOX Holdings Ltd (HKG: 2246 / FRA: A1F0) announced it is selling its Mainland China business for a token 1 yuan, exiting a market that once turbocharged its stock
The Hong Kong-based provider of delivery services will change its Chinese name from Kuaigou Dache to Gogox Keji to better unify its Chinese and English names
🇨🇳 CATL (300750 CH) DAILY Tactical View: How Much Lower After the Q3 Miss? (Smartkarma) $
Contemporary Amperex Technology Co Ltd (CATL) (SHE: 300750 / HKG: 3750 / SGX: HCCD / OTCMKTS: CYATY / CTATF)’s valuation has collapsed -44% from its peak in early May 2026.
Headwinds: share dilution, expanding global trade restrictions and tariffs, softening domestic EV demand, weakening market dominance, net profit growth slowed to multi-year lows.
Negative news and sentiment abound for CATL, until recently a favorite of many investors. Our model shows the stock has fallen to extreme levels, and a rebound looks likely soon.
🇨🇳 CATL Shares Tumble as Profit Growth Lags Surging Revenue (Caixin) $
Shares of Contemporary Amperex Technology Co Ltd (CATL) (SHE: 300750 / HKG: 3750 / SGX: HCCD / OTCMKTS: CYATY / CTATF) plunged on Wednesday after the battery giant reported quarterly profit growth that lagged a surge in revenue, as lower-margin energy-storage deliveries and new policy costs weighed on profitability.
CATL said third-quarter revenue jumped 58.6% from a year earlier to 165.2 billion yuan ($24.7 billion), while net profit rose 14.5% year-on-year to 21.2 billion yuan. Profit fell 5.8% from the previous quarter.
🇨🇳 VGT: Lock-Up Expiry Analysis (Smartkarma) $
We examine Victory Giant Technology (HuiZhou) Co Ltd (SHE: 300476)’s six-month lock-up expiry and analyze the cornerstone tranche by investor type to quantify the potential overhang.
We evaluate 1H26 fundamentals, consensus revisions, southbound holdings, short interest and the A-H premium.
We compare VGT with A+H precedents on H-share performance in the week after six-month lock-up expiry.
🇨🇳 Senior Material’s quarterly profit surges, but investors unimpressed (Bamboo Works)
Lithium ion battery separator manufacturer Shenzhen Senior Technology Material Co Ltd (SHE: 300568 / HKG: 6067 / FRA: 7SB) on Thursday reported its revenue surged 73.6% year-over-year to 1.84 billion yuan ($276 million) in the third quarter, while its profit for the period rose nearly tenfold to 150 million yuan.
The company’s revenue in the first three quarters of the year climbed 51.9% year-over-year to 4.49 billion yuan, while its profit tripled to 354 million yuan.
The company said that a substantial increase in orders drove its revenue growth in the latest quarter. But its inventory also spiked 54.6% from a year earlier, which the company attributed to expansion of its production and sales, as well as investments in new capacity.
🇨🇳 Gon Tech taps high-grade industrial gases to accelerate growth (Bamboo Works)
The producer of modified plastics has flagged up rising earnings from its core business and is also betting on specialty gases as a new source of income
Qingdao Gon Technology Co Ltd (SHE: 002768 / HKG: 2768 / FRA: 72J) has forecast a profit rise of 54% to 79% for the first three quarters after a pick-up in its modified materials business
The company is broadening its reach with the $224 million acquisition of a firm that makes high-purity gases used in the chip and power sectors
🇨🇳 Dongshan Precision targets AI optics with Hong Kong listing (Bamboo Works)
The maker of printed circuit boards is raising fresh cash from capital markets to fund an acquisition-led push into optical transceivers and chips for AI data centers
Suzhou Dongshan Precision Manufacturing Co Ltd (SHE: 002384) is aiming to raise around $1.35 billion to scale up its new business after buying an optical module maker last year
In its consolidated first-half earnings, revenue rose around 64% and net profit jumped 290%
🇨🇳 Huaqin: Lock-Up Expiry Analysis (Smartkarma) $
We examine Huaqin Technology Co Ltd (SHA: 603296 / HKG: 3296)’s six-month lock-up expiry and analyze the cornerstone tranche by investor type to quantify the potential overhang.
We evaluate 1H26 fundamentals, consensus revisions, southbound holdings, short interest and the A-H premium.
We compare Huaqin with A+H precedents on H-share performance in the week after six-month lock-up expiry.
🇨🇳 In Depth: China’s Smartphones Get Pricier as AI Strains Chip Supply (Caixin) $
Apple Inc., Huawei Technologies Co. Ltd., Xiaomi (HKG: 1810 / SGX: HXXD / FRA: 3CP / OTCMKTS: XIACF) and other leading smartphone-makers unveiled new flagship models ahead of China’s National Day holiday — but this year’s launches brought an unusual twist: instead of offering more powerful devices at broadly stable prices, manufacturers raised prices across much of their lineups.
Xiaomi’s 18 Pro started at 5,999 yuan ($896), up 1,000 yuan, while Huawei’s Mate 90 standard model was nearly 28% more expensive than the previous generation. The 2-terabyte version of the iPhone 18 Pro Max cost 3,500 yuan more than its predecessor.
Local manufacturers including Huawei, Honor Device Co. Ltd. and Xiaomi increasingly emphasized premium versions of their new launches and offered fewer options at the lower end. They also raised prices on existing phones, contrasting with previous years when older models were often discounted.
🇨🇳 MINIMAX-W: What Is Next After M3.1-Flash/Space Bunny? We Stay Short (Smartkarma) $
MiniMax Group (HKG: 0100 / FRA: E5A) officially released its new Flash model on 19 Oct, confirming our earlier view that the anonymous model Space Bunny Alpha was MiniMax’s.
We compared MiniMax’s new Flash model with Chinese and US models on Artificial Analysis intelligence scores and cost per task.
We analyzed the usage growth that consensus implies and updated the possible placement timing after the oM3.1-Flash release, with MiniMax now trading below its IPO price.
🇨🇳 Z.AI (2513 HK) – Valuation Has Not Truly Bottomed Out Yet (Smartkarma) $
[Z.AI Co Ltd (HKG: 2513 / OTCMKTS: KATJF)]
The surface trigger for shares decline is the unlocking of restricted shares on July 8th, but deeper reason is the shift in valuation logic from “technical pricing” to “commercial pricing”
Based on 12x P/ARR and US$3 billion ARR target in 2026, market value is US$36 billion. The current valuation is attractive, and investors can consider betting on a short-term rebound
However, we do not recommend a bottom-fishing strategy. If the cloud-based deployment gross margin can exceed 35% by 2027, it will be the core trigger condition for increasing the investment
🇨🇳 Pzena Investment Management Q3 2026 Highlighted Holdings: Haier Smart Home (Seeking Alpha) $ 🗃️
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🌐 Haier Smart Home (SHA: 600690 / HKG: 6690 / OTCMKTS: HSHCY / OTCMKTS: HRSHF) 🇨🇳 – Smart home appliances (refrigerators/freezers, washing machines, air conditioners, water heaters, kitchen appliances, small home appliances & smart home scene solutions). 🇼 🏷️
🇨🇳 Hisense catches chill from cooling Chinese economy (Bamboo Works)
The air conditioner and refrigerator maker’s revenue fell 8.8% in the third quarter, accelerating from a 5.2% decline in the first half of the year
Hisense Home Appliances Group (SHE: 000921 / SHA: 600060 / HKG: 0921)’s revenue fell 8.8% in the third quarter, while its profit excluding non-recurring items plunged 96.7%
The home appliance maker’s receivables jumped 63% over the three months to September, indicating a growing number of customers weren’t paying their bills
🇨🇳 Yunji bills itself as China’s ‘Tesla of robotics.’ But investors need convincing (Bamboo Works)
Known for its hotel-use robots, the company compares its new pay-for-use revenue model to the model used by Tesla and robotaxi operators
Beijing Yunji Technology Co Ltd (HKG: 2670)’s business model is shifting to AI-driven subscription and fee-based services away from hardware sales
The company’s shares have dropped nearly 90% from a peak in late June, as it reported revenue from its core hotel-use robots fell 17% in the first half of this year
🇨🇳 China’s EV Exports Double in September Ahead of Tax Rebate Cut (Caixin) $
China’s exports of electric vehicles (EVs) doubled in both volume and value in September as automakers ramped up shipments ahead of an upcoming tax rebate cut.
Exports of the “new three” green technologies — EVs, lithium batteries and solar cells — jumped nearly 70% year-on-year to $28 billion last month, according to customs data released Sunday.
EV exports alone reached about 705,000 units worth $13.2 billion, marking the highest growth rate this year.
🇨🇳 In Depth: Huawei’s Auto Ambitions Face a Reckoning After Seres Rift (Caixin) $
On Oct. 1, Chinese automaker Seres Group Co Ltd (SHA: 601127 / HKG: 9927 / FRA: 9JB0) and Huawei Technologies Co. Ltd. announced a five-year agreement to form a dedicated team and deepen their partnership around their flagship electric vehicle (EV) brand, Aito.
Just two weeks earlier, the two appeared headed for a messy divorce.
On Sept. 15, Huawei and Seres abruptly overhauled their five-year partnership on the Aito brand. The carmaker moved to reclaim operational control of Aito’s product planning, design, marketing, retail sales, and customer service — areas long managed by Huawei’s consumer business group. Under that separation plan, Huawei was to step back from unveiling new Aito models, the vehicles were slated to exit Huawei’s smartphone storefronts within months, and dedicated support personnel were being reassigned.
🇨🇳 China’s luxury brands are ready to elbow western rivals aside (FT) $⛔🗃️
🇨🇳 Xtep’s Saucony bright spot loses momentum as downward slide continues (Bamboo Works)
The company reported that retail sell-through volume for its core namesake sport shoe brand fell by a mid-single-digit percentage in the third quarter
Sales for Xtep (HKG: 1368 / FRA: 4QI / OTCMKTS: XTEPY / XTPEF)’s namesake brand continued to fall in the third quarter, while growth slowed for the Saucony brand that it operates in China
The company’s revenue contracted in the first half of the year, as it looks to the Saucony brand and overseas expansion to jumpstart its growth
🇨🇳 Got change? Lexin’s penny-stock plunge reflects sinking fortunes for China fintechs (Bamboo Works)
The online loan facilitator faces a potential delisting after its American depositary shares traded below $1 for 30 consecutive business days
LexinFintech Holdings Ltd (NASDAQ: LX)’s American depositary shares could be delisted from the Nasdaq after trading below $1 for 30 consecutive trading days
The company’s woes reflect a broader reckoning for a sector reeling from a sudden liquidity squeeze following a high-profile scandal
🇨🇳 AcroBiosystems leans on overseas sales in renewed Hong Kong listing bid (Bamboo Works)
The company leads the field for recombinant proteins among its domestic peers, but overseas companies dominate the international market
Acrobiosystems Co Ltd (SHE: 301080) has applied to list in Hong Kong, reporting its revenue grew nearly 30% in 2025, even as its net margin fell about 7 percentage points from 2023
The company has relatively large cash reserves, and plans to use funds from the new listing to support overseas expansion and industry chain investment
🇭🇰 Hong Kong ETF boom loses momentum (The Asset) 🗃️
Equity ETFs shed HK$14.7 billion during Q3, 60% more than in previous three months
Hong Kong’s exchange-traded fund ( ETF ) market, one of Asia’s most vibrant asset management hubs, hit a snag in the third quarter of 2026. After attracting HK$26.3 billion ( US$3.35 billion ) in net inflows in the second quarter of this year, investors pulled HK$8.3 billion out of Hong Kong-listed ETFs in the third quarter – a reversal that was driven mostly by equities, according to a recent report.
Equity ETFs shed HK$14.7 billion during Q3, 60% more than in the previous three months, finds the report by Morningstar. The outflows were broad-based. China equity funds continued to see record outflows, while Asia ex-Japan and Hong Kong equity products suddenly flipped to outflows.
🇭🇰 Update: Link REIT (823 HK) (Asian Century Stocks) $
REIT Connect + share buybacks
Hong Kong’s Securities & Futures Commission (SFC) has finally set a target date to include REITs in Southbound Connect. Once they’ve been included, eligible Mainland Chinese will be able to buy them through the so-called Connect program.
One stock likely to be included is Hong Kong shopping mall owner Link REIT (HKG: 0823 / OTCMKTS: LKREF): Asia’s largest real estate investment trust. In this post, I’ll update you on Link REIT’s business and the implications of the new REIT Connect program.
Table of contents:
1. A quick background
2. My 2026 update
3. The future outlook
4. The new REIT Connect
5. What this means for the valuation
6. Conclusion🇭🇰 Haitong Unitrust (1905 HK): SIG’s Partial As Guotai Haitong Cleans House (Hong Kong/China M&A/Events)
🇭🇰 Fameglow (3774 HK): Expect (Another) Takeunder (Hong Kong/China M&A/Events)
Hong Kong is in the midst of a clutch of massively ramped up stocks; only for massive takeunders to unfold as controlling shareholders exit.
Despite repeated messages to the HKEx, its responses have consistently been: “the subject matter is outside our power and scope of regulation. Therefore we will not take any further action“.
Non-Surgical medical aesthetic treatment play Fameglow Holdings Ltd (HKG: 3774) is currently suspended pursuant to the Takeovers Code. Fameglow is up 17x/116x (!) in the past one/five years. Expect another takeunder.
🇲🇴 No clear inflection point for Macau GGR and profitability amid subdued demand: CICC (GGRAsia)
There is “no clear near-term inflection point” in either Macau casino gross gaming revenue (GGR) or sector profitability, and investors might have underestimated the weakness in gaming demand. So suggested brokerage China International Capital Corporation Hong Kong Securities Ltd (CICC), in a research note.
The institution noted a divergence in Macau between rising visitor volume and actual performance of casino gross gaming revenue.
CICC said it had a “cautious” stance on the Macau gaming sector, highlighting the institution’s downward revision of forecasts on Macau sector-wide GGR and adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) for 2026 and 2027.
🇲🇴 Texas Capital downgrades Melco Resorts on Macau GGR outlook, competition (GGRAsia)
Brokerage Texas Capital Securities has downgraded casino operator Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) to a “hold” rating from “buy”, citing weaker visibility on the outlook for Macau gross gaming revenue (GGR). The institution also mentioned heightened competition for premium-mass players, and concerns over the company’s near-term earnings performance.
In a report issued on Friday, analyst David Bain said the brokerage’s forecasts for Melco Resorts’ reported earnings in the third and fourth quarters of 2026 were “significantly” below market consensus.
🇲🇴 LVS 3Q net income dips 27pct y-o-y, board ups 2027 dividend by 20pct (GGRAsia)
Third-quarter net income attributable to casino group Las Vegas Sands (NYSE: LVS) fell 27.4 percent year-on-year, to US$304 million from US$419 million, according to a Wednesday company filing in the United States.
The company said in a Wednesday press release that its board had announced a 20-percent increase in Las Vegas Sands’ recurring common stock dividend for the 2027 calendar year, raising the annual dividend to US$1.44 per share, i.e., US$0.36 per share per quarter.
🇲🇴 LVS chairman Dumont calls 3Q ‘aberrational’ amid soft high-end play, upbeat on outlook (GGRAsia)
Las Vegas Sands (NYSE: LVS), parent of Macau casino concessionaire Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) and owner of Singapore’s Marina Bay Sands complex, says its third-quarter performance in both markets was “aberrational”, affected by “softness” in high-end play.
That is according to Patrick Dumont (pictured in a file photo), chairman and chief executive of Las Vegas Sands, during a conference call on Wednesday to discuss the firm’s third-quarter earnings.
“A quarter like this… I believe this was aberrational. We had people who didn’t show up, but the good news is, they’re out there,” he said.
🇲🇴 JP Morgan cuts LVS 4Q forecasts, flags uncertainty over high-end recovery (GGRAsia)
JP Morgan Securities LLC has lowered its earnings forecasts for Las Vegas Sands (NYSE: LVS) following the casino group’s third-quarter results, saying it remains unclear how quickly high-end gamblers will return to its properties in Macau and Singapore.
The institution said the Marina Bay Sands complex in Singapore provided the larger negative earnings surprise, although an unusually low mass-market table hold rate also weighed on the property’s performance.
🇹🇼 TSMC Debunks Irrational AI Fears As Pricing Power Expands (Rating Upgrade) (Seeking Alpha) $ 🗃️
🇹🇼 TSMC: Q3 Earnings Reveal The Coiled Spring For 2027 Profits (Seeking Alpha) $ 🗃️
🇹🇼 TSMC Stock: AI Demand Drives Strong Q3 Results (Seeking Alpha) $ 🗃️
🇹🇼 Taiwan Semiconductor: The Margin Peak That Isn’t (Seeking Alpha) $ 🗃️
🇹🇼 The AI Conundrum: Massive AI Panic While TSMC’s Profits Soar 69% (Seeking Alpha) $ 🗃️
🇹🇼 TSMC: Irrational Fears Don’t Make Much Sense (Seeking Alpha) $ 🗃️
🇹🇼 Taiwan Semiconductor’s $64 Billion AI Expansion — Can Its 66.4% Margins Hold? (Smartkarma) $
Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) reported third-quarter 2026 revenue of $46.7 billion, increasing 17.6% sequentially in New Taiwan Dollars (TWD) and 16.2% in U.S. dollars, exceeding guidance.
Growth reflected leading-edge demand, particularly the 2-nanometer (nm) ramp, contributing 8% of wafer revenue.
Technologies at 7 nm and below represented 79% of wafer revenue.
🇹🇼 ASE Technology: More Value In The Package, More Earnings For The Assembler (Seeking Alpha) $ 🗃️
🇹🇼 Silicon Motion: New Ramps Broaden The Growth Base (Seeking Alpha) $ 🗃️
🇹🇼 Silicon Motion: A Steep Pullback, But 2026 Expectations Look Too Low (Seeking Alpha) $ 🗃️
🇰🇷 Extra 4Q flights to Jeju from Hong Kong and elsewhere could boost Jeju Dream Tower earnings: analyst (GGRAsia)
Additional flights during the fourth quarter, to the South Korean holiday island Jeju from Hong Kong and possibly places on the Chinese mainland, could support further growth in casino drop at the Jeju Dream Tower resort’s foreigner-only casino (pictured in a file photo). That is according to brokerage Meritz Securities Co Ltd.
In a Monday memo, Meritz analyst Kim Min-young said that for Lotte Tour Development (KRX: 032350)’s Jeju Dream Tower casino, higher customer drop – the amount paid by customers for chips at gaming tables – and a recovery in hold rate could significantly boost gaming revenue and operating profit.
🇰🇷 SK Hynix (000660 KS) Tactical Outlook Ahead of Q3 Earnings: Trend Changed (Smartkarma) $
SK Hynix (KRX: 000660 / NASDAQ: SKHY) enters the week after a sharp de-rating. The recent 3 weeks down crash wiped away 36% of the stock value. -57% down from June peak.
On Oct 23 SK Hynix filed to drop its Solidigm IPO review, easing dual-listing and dilution concerns; the stock closed the week modestly up. Q3 results are the next catalyst.
Our model sees limited downside risk at this point, but the key point is that the stock’s trend is changing, the details of this analysis are discussed in the insight.
🇰🇷 SK HYNIX (000660 KS / SKHY US): Solidigm (Smartkarma) $
SK Hynix (KRX: 000660 / NASDAQ: SKHY) suspended Solidigm’s US IPO, citing its share price, and finished its ₩40tn buyback. Solidigm’s US fab still needs funding: SK Hynix’s credit, not its cash.
Share price +4.4% on Friday and so did the ADR. Might see some follow up momentum on Monday open, but ultimately investors will wait for the results on 28 Oct.
Maintain BULLISH with unchanged FV ₩2,700,000 (pegged to 10x 2026 PE). We advocate buying ahead of the results release.
🇰🇷 Solidigm – Selling 3.1% Stake Held By Existing Shareholders (A Sign of IPO Postponement?) (Douglas Research Insights) $
On 21 October, it was reported that Solidigm has begun the process of selling a 3.1% stake held by Solidigm’s employees.
One of the main reasons for this sale is that some of the employees and other investors in Solidigm may be trying to cash out of their shares early.
Minority shareholders of Myoung Shin Industrial Co Ltd (KRX: 009900) have blocked the potential NASDAQ listing of its grandchild company Simwon America. Myoung Shin Industrial’s share price surged afterwards.
🇰🇷 Is Kim Jong Un Dead or in a Coma? (Douglas Research Insights) $
One of the biggest stories coming out of North Korea yesterday was the speculation that Kim Jong Un (born in 1984, age 42) may be dead or in a coma.
The North Korean government released a photo of KJU with his daughter at a footwear exhibition in Pyongyang that looked more like a body double than the real KJU.
Meanwhile, one of the short-term punt ideas amid all these uncertainties regarding KJU is to overweight the Korean construction companies.
🇰🇷 Align Partners Takes 1.5% Stake in SK Inc (Timely Comparison Between SK Inc & SK Square) (Douglas Research Insights) $
On 20 October, Align Partners (an activist Korean investor) presented its investment thesis onSK Inc (KRX: 034730 / 03473K) to a group of investors in New York.
SK Inc’s shareholder return plans fall far short of SK Square (KRX: 402340)’s plans. However, there is an increasing probability SK Inc will provide an enhanced shareholder return plan in coming weeks.
My updated sum-of-the parts (SoTP) analysis of SK Inc suggests implied NAV per share of 768,869 won per share which represents a 60% upside from current levels.
🇰🇷 Hanwha Machinery & Service Holdings (Tender Offer Amount Raised by 63%) (Douglas Research Insights) $
On 22 October, it was announced that Kim Dong-seon is raising the tender offer amount for Hanwha Machinery & Service Holdings (KRX: 0220W0) by 63% to about 210 billion won.
This tender offer will involve 31% of outstanding shares, up from 19% previously. I believe this increased tender offer amount is positive on Hanwha Machinery & Service Holdings.
This also means that Kim Dong-seon is more confident about the company’s outlook and he is getting a bargain in trying to get a controlling ownership at this price.
🇰🇷 Seasonality of Hyundai Motor and Kia Corp’s Share Prices & Increasing Importance of CES (Douglas Research Insights) $
There has been a significant outperformance of Hyundai Motor (KRX: 005380 / FRA: HYU / OTCMKTS: HYMTF) in 1H versus 2H in the past 10 years.
Strong corporate guidance, growing CES relevance, and KOSPI’s first-half outperformance are driving higher share price gains for Hyundai Motor and Kia Corp (KRX: 000270 / OTCMKTS: KIMTF) during the first half of each calendar year.
Overall, seasonality is one of the important factors to consider when considering on whether and when to invest in Hyundai Motor and Kia Corp, in my view.
🇰🇷 Tender Offer of a 28% Stake in IFamilySC Co by Marubeni (Douglas Research Insights) $
Marubeni Corp (TYO: 8002 / FRA: MARA / OTCMKTS: MARUF) announced that it will conduct a tender offer of 28% stake in IFamilySC Co Ltd (KOSDAQ: 114840) in Korea.
Tender offer price is 12,000 won (42.5% premium over the closing price of 8,420 won on 22 October).
Marubeni and iFamilySC have also entered into a strategic business partnership. Marubeni will be responsible for supporting iFamilySC’s overseas expansion and identifying global investment opportunities.
🇰🇷 A “Pre-Tender Offer Of JYP Entertainment Announcement” By Japan’s NEXROC Group and SVCV – Too Fishy?
The “pre-tender offer announcement” of JYP Entertainment Corp (KOSDAQ: 035900) by NEXROC and SVCV is not typical and could be made illegal by the Korean financial authorities.
Although the share price of JYP Entertainment rose by 14% today based on this news, this deal is way “too fishy.”
According to YTN, the NEXROC Group and SVCV plan to acquire between a 25% and 50% stake in JYP Entertainment through a tender offer.
🇰🇷 AL Robot IPO Valuation Analysis (Douglas Research Insights) $
The book building for the institutional investors regarding the IPO of AL Robot on KOSDAQ will be held from 28 October to 3 November.
My base case valuation suggests implied price of 20,703 won per share, which is 24% higher than the mid-point of the IPO price range.
AL Robot specializes in robot components. The company develops and supplies various components including sensors that detect a robot’s force and contact data to control units that precisely manage movement.
🇲🇾 DKSH Holding AG (DKSHF) NewBridge Pharmaceuticals Ltd. – M&A Call – Slideshow (Seeking Alpha)
🇸🇬 Top Stock Market Highlights of the Week: Haze Probe on Plantation Stocks, EQDP, Keppel REIT, iFAST and Getty Images (The Smart Investor)
This week’s top Singapore stock market developments include a haze probe, Keppel REIT’s major office acquisition, iFAST’s ETF launch and Getty Images’ debt restructuring.
Government turns up the pressure on plantation stocks linked to haze
Public dollars draw private money into Singapore equities
Keppel REIT doubles down on CBD offices with sponsor deal
iFAST enters ETF issuance with four SGX listings
iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF) listed its first four exchange-traded funds (ETFs) on SGX on 22 October 2026, in partnership with DWS Group’s Xtrackers brand.
The suite comprises:
Getty Images files for Chapter 11 to go private
🇸🇬 Top 3 Temasek-Linked Blue-Chip Stocks to Watch This Week (The Smart Investor)
MIT, MLT and Keppel are in focus this week after a series of asset sales. Here’s what income investors should watch for in their latest results.
Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF), or MIT, goes first on 27 October 2026.
Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF), or MLT, follows right after on Wednesday, 28 October 2026.
Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) wraps up the trio on 29 October 2026.
Can MIT stop the slide in North America?
However, lease non-renewals in North America and a weaker US dollar added to the drag.
North America remains the sore spot.
Will MLT’s asset sales lift its DPU?
Can Keppel’s asset-light engine outrun its legacy losses?
For the first half of 2026 (1H2026), Keppel grew revenue 24.6% YoY to S$3.8 billion.
However, net profit attributable to shareholders went in the opposite direction, dropping 59.0% to S$154.7 million.
Get Smart: Follow the money one step further
🇸🇬 SGX Just Got 4 New Xtrackers ETFs: Which One Should Investors Choose? (The Smart Investor)
DWS Group has cross-listed four tax-efficient, SGD-denominated Xtrackers UCITS ETFs on SGX. Here’s how to choose the right one for your portfolio and investment strategy.
The “Set-and-Forget” Global Core: Xtrackers MSCI World UCITS ETF (SGX: XWR)
You are looking for global diversification but can’t stand the hassle of having to monitor your portfolio allocations frequently.
If this sounds like you, XWR could be for you.
The Ultra-Low-Cost Bet on US Equities: Xtrackers S&P 500 UCITS ETF (SGX: XUS)
The Concentration Antidote: Xtrackers S&P 500 Equal Weight UCITS ETF (SGX: EUS)
If XUS’s heavy concentration in a few tech giants keeps you up at night, perhaps EUS, which tracks the equal-weight version of the S&P 500 Index, could offer an antidote for a TER of 0.15%.
The High-Octane Growth Satellite: Xtrackers Nasdaq 100 UCITS ETF (SGX: XND)
Since generative AI went mainstream in 2023, technology companies have become an ever-larger part of global stock markets.
Will this tech-driven bull run last?
If you think it will, then XND is for you.
Get Smart: Selecting The Right Fund for the Right Strategy
🇸🇬 Top 3 SGX Next 50 Stocks to Watch in the Coming Week (The Smart Investor)
Three SGX Next 50 stocks are in focus next week. iFAST, CapitaLand India Trust and CapitaLand Ascott Trust will reveal whether they are keeping their latest promises to investors.
iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF): Can the dividend keep up with the new guidance?
The group runs a wealth management platform across Asia and the UK, and owns a UK digital bank.
The business is growing fast.
CapitaLand India Trust: Will data centre income outpace the rupee?
CapitaLand India Trust (SGX: CY6U / OTCMKTS: ACNDF), or CLINT, reports on 28 October 2026.
The business trust owns IT parks, industrial facilities, a logistics park and data centres across five Indian cities.
CapitaLand Ascott Trust: When will the sale proceeds go back to work?
CapitaLand Ascott Trust (SGX: HMN / OTCMKTS: ATTRF), or CLAS, reports on 27 October 2026.
It is the largest lodging trust in Asia Pacific, with 106 properties across 16 countries.
On paper, CLAS had a steady half.
Get Smart: Where does the payout come from?
🇸🇬 Top 6 Best-Performing iEdge Singapore Next 50 Stocks in 2026 (The Smart Investor)
Three iEdge Singapore Next 50 stocks delivered total returns of 50.9% to 125% in 2026, but what drove their market-beating performance?
Have First Resources’ earnings kept pace?
Why would investors pay more for Frencken when its profit fell?
Frencken Group Ltd (SGX: E28) builds electro-mechanical assemblies and plastic components for clients across the semiconductor, healthcare, automotive and industrial sectors.
At first glance, its 1H2026 results do not immediately look like those of an 87.8% winner.
How much of the building boom has Pan-United Corporation Ltd (SGX: P52) captured?
Pan-United is Singapore’s largest supplier of ready-mix concrete, which puts it in the path of the country’s building activity.
Construction activity picked up across Singapore, Malaysia and Vietnam in the first half.
Get Smart: Separate what’s delivered from what’s promised
🇸🇬 Top 3 Best-Performing iEdge Singapore Next 50 Stocks in 2026 (The Smart Investor)
Three iEdge Singapore Next 50 stocks delivered triple-digit returns in 2026, led by AEM Holdings at 462.7%, as semiconductor and AI demand drove gains.
As at 30 September 2026, AEM Holdings (SGX: AWX) had delivered a year-to-date total return of 462.7%, dividends included.
PC Partner Group Ltd (SGX: PCT / OTCMKTS: PCPPF) came in second at 274.9%, and UMS Integration Ltd (SGX: 558 / OTCMKTS: UMSSF) third at 131.2%.
What turned AEM’s sales growth into a tenfold rise in profit?
AEM makes semiconductor test equipment and provides contract manufacturing.
For the six months ended 30 June 2026 (1H2026), revenue rose 29.9% year on year (YoY) to S$247.2 million, while profit attributable to owners climbed roughly tenfold to S$31.0 million, up from S$3.1 million.
The Test Cell Solutions (TCS) segment drove that growth.
How did PC Partner double its profit on almost flat sales?
PC Partner makes PC parts, and video graphics cards (VGA Cards) bring in 92% of its revenue.
In 1H2026, revenue rose just 1.5% YoY to HK$6.5 billion, but profit attributable to owners grew 117.9% to HK$545.5 million.
Pricing made the difference.
Where is UMS’s growth coming from?
UMS makes precision components and equipment modules for semiconductor equipment makers.
For context, these figures cover only the three months to 30 June 2026 (2Q2026).
Revenue rose 29% YoY to S$87.1 million, and net profit attributable to shareholders climbed 89% to S$19.4 million.
Get Smart: Ask where the margin came from
🇸🇬 Frasers Centrepoint Trust 2026 Q4 – Results – Earnings Call Presentation (Seeking Alpha)
🇸🇬 Karooooo Ltd. 2027 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
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🇸🇬 🇿🇦 Karooooo (NASDAQ: KARO / JSE: KRO) – Leading provider of an on-the-ground operations cloud that maximizes the value of data. The Cartrack SaaS platform provides insightful real-time data analytics & business intelligence reports. 🏷️
🇸🇬 UP Fintech: Regulatory Risk And Likely 3Q26 Weakness Leads To A Sell Rating (Seeking Alpha) $ 🗃️
🇸🇬 Genting Singapore may raise up to US$1.6bln debt from 2027: CreditSights (GGRAsia)
Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY) could raise up to SGD2 billion (US$1.56 billion) in debt from 2027 to help fund the expansion of the Resorts World Sentosa casino resort (pictured) in Singapore, while also maintaining cash reserves, says CreditSights. The institution had a cautious view on the potential returns from the investment in the ongoing expansion of the complex.
🇸🇬 DBS, OCBC and UOB: Which Singapore Bank Stock Is the Best Buy Now? (The Smart Investor)
DBS, OCBC and UOB are among Singapore’s most popular dividend stocks, but which offers the best investment opportunity today?
DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF), 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, are off their recent highs.
Which Bank Has the Strongest Business Fundamentals?
Which Bank Offers the Most Attractive Dividends?
Which Bank Has the Strongest Balance Sheet?
DBS vs OCBC vs UOB: Which Offers the Best Valuation?
What Could Drive Their Performance Going Forward?
Get Smart: Which Singapore Bank Stock Is the Best Buy Today?
🇸🇬 DBS, ST Engineering, SGX: 3 Temasek-Backed Blue Chips to Watch as the STI Dips (The Smart Investor)
🇸🇬 Beyond Blue Chips: 3 SGX Dividend Stocks Paying More than Your CPF (The Smart Investor)
Three SGX dividend stocks offer yields above the CPF Special Account rate, but investors should assess whether their higher payouts can be sustained.
Does Info-Tech have the cash to back its dividend?
Info-Tech Systems (SGX: ITS) sells cloud-based human resource, accounting and customer relationship software.
It listed on the SGX Mainboard in July 2025.
Can VICOM’s bigger dividend outlast ERP 2.0?
Can QAF’s balance sheet carry the dividend through a restructuring?
Get Smart: Ask where the dividend comes from
🇸🇬 Beyond Blue Chips: 3 SGX Dividend Stocks Offering 6%+ Yields (The Smart Investor)
With the STI more than 7% below its peak, three SGX stocks now offer 6%+ dividend yields. Here’s what is funding their payouts.
Can Valuetronics Holdings (SGX: BN2 / FRA: GJ7) afford to pay out more as profit falls?
Valuetronics is an electronics manufacturing services provider with factories in China and Vietnam.
For its financial year ended 31 March 2026 (FY2026), revenue slipped 4.0% year on year (YoY) to HK$1.66 billion.
The Industrial and Commercial Electronics division expanded 6.2% to HK$1.45 billion, but Consumer Electronics revenue dropped 41.7% as management actively phased out low-margin legacy products.
Net profit took a bigger hit, falling 33.1% to HK$111.4 million.
What keeps HRNetGroup (SGX: CHZ)’s dividend rising when hiring slows?
HRnetGroup is a pan-Asian recruitment and staffing firm, specialising in permanent placement and contract staffing.
HRnet squeezed more profit out of its revenue.
Is United Hampshire US REIT (SGX: ODBU / OTCMKTS: UNHRF)’s 10.5% yield a bargain or a warning?
Get Smart: Find what pays for the yield
🇸🇬 5 Best Blue-Chip Stocks Offering a Safe Haven for Income Seekers (The Smart Investor)
These five Singapore blue-chip stocks stand out for their established businesses and reliable dividends, offering income investors potential shelter when markets turn volatile.
🇸🇬 STI Downturn: 3 Temasek-Linked S-REITs to Watch (The Smart Investor)
The STI is 7% below its 52-week high, putting three Temasek-linked S-REITs in focus as investors assess whether their underlying distributions remain resilient.
Is CICT’s DPU growth keeping pace with its larger unit base?
CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF) is Singapore’s largest REIT by market capitalisation.
It owns retail, office and integrated development properties, with total assets of S$28.2 billion as at 30 June 2026.
Why did CLAR’s DPU barely move when income grew 8.6%?
CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF) owns 234 properties across Singapore, Australia, the US, the UK/Europe and Japan, with a portfolio valued at S$20.1 billion as at 30 June 2026.
Can MLT grow its DPU through currency and China headwinds?
Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF) owns 175 logistics properties across nine Asia-Pacific markets, with assets under management of S$13.1 billion as at 30 June 2026.
Keep in mind that MLT’s financial year ends in March, so its latest set of figures covers 1QFY2027 and does not line up directly with the half-year figures above.
Get Smart: Watch the payout, not just the price
🇸🇬 Sea Limited Stock: Is the Southeast Asian Tech Giant Making a Comeback? (The Smart Investor)
Sea Limited has staged an earnings turnaround after years of losses and restructuring. Can the Southeast Asian tech giant turn that progress into a lasting stock recovery?
Sea Limited (NYSE: SE) – often perceived as one of the crown jewels of the Southeast Asian tech space – was propelled to dizzying heights as lockdown-fuelled demand for online gaming and e-commerce peaked during the pandemic.
Eventually, reality set in, as rising global interest rates, the unexpected ban on its flagship game Free Fire in India, and costly international missteps in markets like Argentina threw a spanner in the works for its premium valuations.
Sea’s share price fell as much as 90% from its peak, as investors who bought near the top rushed to exit with brutal losses.
After aggressive belt-tightening and a series of operational restructuring that swung its bottom line into the green, is the comeback underway for Sea Limited?
Staging A Comeback with Three Profit Engines
What Can Go Wrong with Its Comeback
Get Smart: Anchoring Your Investment Expectations
🇸🇬 Is Mapletree Logistics Trust’s 6.8% Distribution Yield Safe? (The Smart Investor)
MLT just posted its first year-on-year DPU rise since 3Q FY2024. With a 6.8% yield, can the REIT’s distribution hold up?
Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF), or MLT, owns logistics properties across Singapore, Hong Kong SAR, China, Japan, South Korea, Australia, Malaysia, Vietnam, and India.
At a unit price of S$1.07 as of 16 October 2026, MLT offers a trailing 12-month distribution yield of around 6.8%.
That is an eye-catching number for income investors.
But a high yield is only worth having if the distribution behind it holds up.
The latest results: a small but meaningful rise
Is the DPU sustainable? Start with leasing
Why lease expiries matter for distributions
A new exit route out of China
Get Smart: a solid yield, but growth is still missing
🇸🇬 Wilmar International: Can This Singapore Blue Chip Make a Comeback? (The Smart Investor)
Wilmar International (SGX: F34 / FRA: RTHA / RTH / OTCMKTS: WLMIF / WLMIY) has faced challenges despite its position as one of Asia’s largest agribusiness groups. Could improving margins, stronger earnings, and an attractive valuation set the stage for a recovery?
Wilmar International Stock Summary & Metrics
What Has Been Holding Wilmar Back?
China is a worry.
Yihai Kerry Arawana Holdings Co Ltd (SZSE: 300999), or YKA, is Wilmar’s 89.99%-owned China business.
Its 1H2026 net profit jumped 30.7% on a reported basis, but underlying growth was only 6.6% once one-off gains were stripped out.
A YKA subsidiary is also appealing a fraud ruling that orders it to bear 1.88 billion yuan (about S$345 million) of losses.
Indonesia has been a bigger blow.
India is brighter.
AWL Agri Business Limited (NSE: AWL / BOM: 543458), formerly Adani Wilmar, grew revenue 24% year on year (YoY) in its July to September quarter.
What Could Drive Wilmar’s Comeback?
Is Wilmar’s Balance Sheet Strong Enough to Support a Recovery?
Can Investors Still Count on Wilmar’s Dividends?
Is Wilmar Undervalued Today?
Get Smart: Is Wilmar Ready for a Turnaround?
🇸🇬 Singapore’s Aviation Boom: Should You Buy SATS or SIA? (The Smart Investor)
Singapore’s aviation recovery is gaining momentum, with Changi Airport expansion creating growth opportunities for SATS and Singapore Airlines. But which stock is the better buy?
SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) vs Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF): Two Different Ways to Invest in Aviation
SATS provides ancillary services around a plane; think services such as ground and cargo handling, and the provision of food on board flights.
SIA operates aircraft itself through the Singapore Airlines and Scoot brands
Which Company Is Benefiting More from the Aviation Boom?
Financial Performance: Which Business Is More Profitable?
Balance Sheet Strength: Which Company Is Financially Healthier?
Dividends: Which Stock Is Better for Income Investors?
Valuation: Is SATS or SIA the Better Buy Today?
Get Smart: Which Aviation Stock Would I Buy?
🇹🇭 TMBThanachart Bank Public Company Limited 2026 Q3 – Results – Earnings Call Presentation (Seeking Alpha)
🇹🇭 Kasikornbank Public Company Limited 2026 Q3 – Results – Earnings Call Presentation (Seeking Alpha)
🇹🇭 Rising Threat of Scam-Related Kidnappings Reshapes Safety Concerns for Travelers in Southeast Asia (Murray Hunter)
In a stark reminder of evolving security risks across Southeast Asia, China’s embassy in Thailand issued a fresh travel alert in mid-October 2026, warning Chinese nationals about a string of high-profile kidnappings and job scams. This advisory urges travelers to carefully plan itineraries, use only licensed transport, refuse free rides from strangers or acquaintances, and avoid sudden changes to routes, particularly those leading toward the Thai-Myanmar border. Influencers, artists, and performers received special caution against high-paying job or performance offers that have repeatedly served as bait.
The implications for tourism are significant. Thailand, heavily reliant on foreign visitors, especially Chinese tourists who once formed a major share of arrivals, has already felt the effects. Earlier high-profile cases, such as the 2025 abduction of Chinese actor Wang Xing, contributed to sharp drops in Chinese arrivals, where reports have indicated declines exceeding 30 percent in some periods, as travelers diverted to destinations perceived as safer, including Vietnam. Similar concerns have affected Korean visitor numbers, with some operators noting slowed bookings and shifts toward alternative markets.
🇻🇳 VinFast Auto: Impressive Sales, Terrible Economics (Seeking Alpha) $ 🗃️
🇻🇳 The Insider Buying Report | October 2026 (Value in Vietnam)
The last time I wrote you, I mentioned that Phu Nhuan Jewelry JSC (HOSE: PNJ) was trading at around 50% of its previous high, and here it is having been cut in half again.
No, I’m still not buying any of it.
But that’s because a lot of good companies are down, down big off their highs, and down so much despite having grown revenues and earnings.
In fact, I just bought back shares of an old favorite, FPT, at less than half of what I sold them for a couple years ago.
Insiders didn’t buy any shares of it this past month, however, so let’s talk about a few companies where insiders did step up and purchase some.
🇮🇳 Dr. Reddy’s Laboratories Limited 2027 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇮🇳 HDFC Bank: Neutral View Is Justified By In-Line Results And Leadership Transition (Seeking Alpha) $ 🗃️
🇮🇳 ICICI Bank: Solid Performance And Favorable Prospects (Seeking Alpha)
🇮🇳 Urban Company: Core Profitability Improves, but InstaHelp Tests the Investment Thesis (Smartkarma) $
[Urban Company Ltd (NSE: URBANCO / BOM: 544515)]
Q2 revenue grew 41% YoY to Rs. 537 crore, while reported losses tripled to Rs. 182 crore as InstaHelp expanded.
Established operations delivered Rs. 30 crore adjusted EBITDA, but InstaHelp absorbed Rs. 174 crore, overwhelming gains elsewhere.
The investment thesis increasingly depends on full-price customer retention, cash-burn discipline and returns on prospective fresh equity.
🇮🇳 Infosys (INFO IN / INFY US) Earnings on 23 Oct: Implied Move Diverges from Historical Pattern (Smartkarma) $
Infosys (NYSE: INFY) reports 1H 27 results on Friday, 23 October 2026 in the afternoon; earnings days historically triggered outsized price moves.
In contrast to history, options imply a subdued earnings reaction.
Gain insight into Infosys’ earnings-day price history, options pricing and volatility setup ahead of the upcoming announcement.
🇮🇳 Syngene: What Went Wrong, and Can Kiran Mazumdar-Shaw Engineer a Turnaround? (Smartkarma) $
Q1 FY27 revenue fell 16%, operating EBITDA fell 56%, and Syngene International (NSE: SYNGENE / BOM: 539268) reported a loss as Zoetis offtake and discovery clients weakened.
Kiran Mazumdar-Shaw’s return as Executive Chairperson follows acknowledged strategic drift, concentrated biologics exposure and weak capacity utilisation.
FY27 is now a reset year; the FY28 recovery thesis depends on customer conversion, differentiated services and operating leverage.
🇮🇳 International Gemological Institute: Whether Diamond Certification became Obsolete? (Smartkarma) $
[International Gemological Institute Ltd (NSE: IGIL / BOM: 544311)]
Lab-Grown diamond certifications, supposedly threatened by commoditisation, are IGI’s fastest-growing mainstream categories rather than a shrinking business.
Q2 FY27 revenue rose 31%, EBITDA 39% and PAT 43% year-on-year, alongside 26% growth in certification reports.
Volume-Led growth and operating leverage challenge the obsolescence narrative, but certificate pricing, low-value stones and competition remain genuine risks.
🇮🇳 Sterlite Technologies: AI Fibre Demand, Hyperscaler Backlog And The Path To 30% Margins (Smartkarma) $
Sterlite Technologies Ltd (NSE: STLTECH / BOM: 532374) reported Q2 FY27 revenue of ₹2,529 crore, EBITDA of ₹846 crore and profit after tax of ₹517 crore. Reported order book stood at ₹35,274 crore.
AI infrastructure, hyperscaler data centres and high-density optical connectivity are increasingly important drivers alongside traditional broadband deployment.
A US tariff-refund benefit inflated reported margins. The underlying expansion looks substantial, but needs confirmation through subsequent quarters and cash generation.
🇺🇿 National Investment Fund of the Republic of Uzbekistan (TheOldEconomy Substack)
[Uzbekistan National Investment Fund (UzNIF) (LSE: UZNF)]
The Silk Road, Bottled and Listed in London
This was the Uzbekistan 101 intro. But to understand why I am excited, we must look at the country’s fundamentals: natural resources, demographics, and the economy.
🇮🇱 Tower Semiconductor: The Silicon Photonics Opportunity Is Taking Shape (Seeking Alpha) $ 🗃️
🇮🇱 Mobileye: A Worthwhile Bet At This Price (Earnings Preview) (Seeking Alpha) $ 🗃️
🇹🇷 Eregli Demir ve Çelik Fabrikalari T.A.S. 2026 Q3 – Results – Earnings Call Presentation (Seeking Alpha)
🇿🇦 Clicks Group Limited 2026 Q4 – Results – Earnings Call Presentation (Seeking Alpha)
🇿🇦 Famous Brands Limited 2027 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
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🌍 Famous Brands Ltd (JSE: FBR) – Africa’s leading quick-service & casual dining restaurant franchisor operating franchised, master license & Company-owned restaurants. Vertically integrated business model & supply chain consisting of Manufacturing, Logistics & Retail operations. 🇼 🏷️
🇿🇦 Calgro M3 Holdings Limited 2027 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
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🇿🇦 Calgro M3 Holdings (JSE: CGR / FRA: 5C2 / OTCMKTS: CLMHF) – Property & related investment company that specialises in the development of Integrated Residential Developments & Memorial Parks. 🏷️
🇿🇦 Gold Fields: The Northern Star Bid Puts Its Own Share Price On Trial (Seeking Alpha) $ 🗃️
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🌐 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. 🇼 🏷️
🇿🇦 Anglo American: Q3 Brings No Major Surprises, Valuation Keeps Us Neutral (Seeking Alpha) $ 🗃️
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🌐 Anglo American Plc (LON: AAL / JSE: AGL / OTCMKTS: NGLOY) – World’s largest primary producer of platinum metals (platinum, palladium, rhodium, iridium, ruthenium & osmium; base metals as in copper, nickel, cobalt sulphate, sodium sulphate & chrome; & precious metals as in gold). 🇼 🏷️
🌍 Hermès hit by ‘challenging’ economic backdrop in China and Middle East (FT) $⛔🗃️
🇷🇺 Russia Three Years On – Macro Musings (Part 1) (Pyramids and Pagodas)
Tracing the discount on Russian capital through venture exits, golden shares, and asset transfers
In 2023, we published a four-part trip report documenting Russia’s post-sanctions adjustments, and found aviation fleet cannibalization, Dobry Kola taking 34% of the cola market within a year of Coca Cola HBC AG (LON: CCH / FRA: C0Q / OTCMKTS: CCHBF) leaving, and 161 million Mir cards in issue.
Three years on after our trip notes, investing conditions have not improved and the market got cheaper anyway. Mispricing is no longer the interesting part. The key question to answer now is what is a claim on a Russian business worth to the people who can still legally hold one?
This two-part series is built on conversations coming out of a summer of work and travel across Russia, Central Asia and the UAE.
🌎 El Niño Notes – October 2026 Latin America Risk Report (Latin America Risk Report)
🇦🇷 Telecom Argentina: A Buy In The Making (Seeking Alpha) $ 🗃️
🇧🇷 Lula fast-tracks Brazil welfare payments days before run-off vote (FT) $⛔🗃️
🇧🇷 Lula Leads After Last-Minute Voting Extension As “Bolsonaro Trade” Implodes; Trader Warns Of “Circuit Breaker” Chaos (ZeroHedge)
🇧🇷 Brazil Markets Crater After Socialist Lula’s Shock Victory; Bolsonaro Seeks To Annul Runoff (ZeroHedge)
UBS analyst Justin Wensek told clients, “Flavio’s annulment request is unlikely to hold water given his campaign also asked for additional time in specific states that were impacted by adverse weather.”
The focus now shifts to Brazilian markets, where the “Bolsonaro trade” has reversed and shares of companies across the banking, steel and metals, and oil and gas sectors have plunged:
🇧🇷 Brazil’s 2020-2021 IPO Class. Part 3 (LATAM Stocks)
🇧🇷 Vinci Compass Investments Ltd. (VINP) Vinci Compass Investments Ltd. – M&A Call – Slideshow (Seeking Alpha)
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🇧🇷 Vinci Partners Investments Ltd (NASDAQ: VINP) – Alternative investments platform. Specialized asset management, wealth management & financial advisory services to retail + institutional clients in Brazil. 🏷️
🇧🇷 WEG Q3: Stock Plummeted After Results And Created An Excellent Opportunity (Seeking Alpha) $ 🗃️
🇧🇷 WEG S.A. 2026 Q3 – Results – Earnings Call Presentation (Seeking Alpha)
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🇧🇷 WEG SA (BVMF: WEGE3) – Operates worldwide in the electric engineering, power & automation technology areas. Electric motors, generators, transformers, drives & coatings. 🇼 🏷️
🇧🇷 Banco Bradesco S.A. 2026 Q3 – Results – Earnings Call Presentation (Seeking Alpha)
🇧🇷 Companhia Siderúrgica Nacional: A Successful Asset Sale Still Leaves Little Upside (Seeking Alpha) $ 🗃️
🇧🇷 Patria Investments: Pink Tide, Red Chart, Surging Yields (Seeking Alpha) $ 🗃️
🇧🇷 Patria Investments: Strong AUM Growth, But Is The Expansion Creating Shareholder Value? (Seeking Alpha) $ 🗃️
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🌎🇰🇾 Patria Investments Limited (NASDAQ: PAX) – Asset management services to investors focusing on private equity, infrastructure development, co-investments, constructivist equity & real estate & credit funds. 🏷️
🇲🇽 Gruma, S.A.B. de C.V. 2026 Q3 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇽 América Móvil, S.A.B. de C.V. 2026 Q3 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇽 Grupo Bimbo, S.A.B. de C.V. 2026 Q3 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇽 Bolsa Mexicana de Valores, S.A.B. de C.V. 2026 Q3 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇽 Grupo Aeroportuario Del Pacifico: Decent Q3 Results Despite Macro Headwinds (Seeking Alpha) $ 🗃️
🇲🇽 AT&T was doing well in Mexico, so why is it leaving? (The Mexico Political Economist) $
What its departure means for the future of mobile.
AT&T had become the only company properly able to stand up to the unquestioned titan of cellular networks in Mexico, Carlos Slim’s America Movil SAB de CV (NYSE: AMX), and its main mobile branch, Telcel.
🇵🇦 Copa: A Best-In-Class LatAm Airline, But Shares Are Fully Valued (Seeking Alpha) $ 🗃️
🌐 Nebius: Deferred Revenue And Non-Cash Items Distort The Leverage Ratio And Key Financials (Seeking Alpha) $ 🗃️
🌐 Nebius: The Neocloud Window Is Ending (Seeking Alpha) $ 🗃️
🌐 Nebius: Next Chip To Fall As The AI Infrastructure Bubble Is Starting To Burst (Rating Downgrade) (Seeking Alpha) $ 🗃️
🌐 Nebius Is Poised To Feast On The CoreWeave Rout (Seeking Alpha) $ 🗃️
🌐 Nebius: The Pullback Strengthens The Case For An AI Infrastructure Champion (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):
OPay Limited OPAY Citigroup/Deutsche Bank Securities/Standard Bank/CICC, 16.0M Shares, $19.00-21.00, $320.0 mil, 10/26/2026 Week of
Note: This is an IPO that consists of an offering of American Depositary Shares (ADS). Each ADS represents 10 ordinary shares.
(Incorporated in the Cayman Islands)
We are a Singapore-based holding company. We operate OPay, Nigeria’s No. 1 digital banking platform and its No. 2 app in all categories based on daily active users as of July 31, 2026.
We are the No. 1 finance app in Africa and the Middle East with a 9.9 percent market share based on monthly active users in the six months that ended on June 30, 2026, according to Frost & Sullivan. We also serve customers in Indonesia, mostly by providing loan facilitation as well as in Egypt, where we provide merchant acquisition services, and in Pakistan, where we provide merchant acquisition and consumer wallet services.
For many Nigerians, earning money is not easy. People work hard for every Naira. In cities like Lagos, long commutes, unreliable cash access, and the pressure to move quickly make everyday payments harder than they should be.
Eric Chigozie Anyim, a Lagos-based accountant, describes how simple tasks like paying for transport or settling expenses can slow down his day: “OPay simplifies these everyday moments. Instead of relying on cash or juggling multiple ways to pay, I pay for services, send money, and receive payments through one app. My job depends on accuracy and organization. Being able to track transactions and manage expenses in real time helps me stay focused.”
Over the coming decades, we aspire to become a leading national payment app in more countries across Africa, serving billions of users and millions of merchants, while creating jobs and economic opportunity.
Note: Net income and revenue are in U.S. dollars for the 12 months that ended on June 30, 2026.
(Note: OPay Ltd. filed its F-1/A on Oct. 23, 2026, and disclosed the terms for its IPO: 16 million American Depositary Shares (ADS) at a price range of $19.00 to $21.00 to raise $320 million, if priced at the $20.00 mid-point of its range. Each ADS represents 10 ordinary shares. Background: OPay filed its F-1 for its IPO on Oct. 9, 2026, without disclosing the terms. Estimated proceeds were $100 million, a placeholder figure. Some IPO pros estimated at the time that OPay’s IPO could raise about $450 million to $500 million.)
Primagrove YNTE Eddid Securities, 6.3M Shares, $4.00-6.00, $30.5 mil, 11/9/2026 Week of
(Incorporated in the Cayman Islands)
We conduct our business through our subsidiary, Oceanic Bounty Limited., a tech-focused company based in Hong Kong.
We specialize in the design and development of customized software and tech-enabled workspace solutions with embedded software. We provide digital and operational solutions that support the improvement of business processes as well as providing operational efficiency, internal controls and data analysis. We work with our customers across different stages of their operations and system development.
Our business is primarily project-based, with revenue generated from: (i) system development and maintenance services, (ii) website design and development services, and (iii) workspace solutions with embedded software. We develop customized applications that support core business functions, including data management, workflow automation, document processing and communication. Our system development engagements typically cover system design, development, deployment and maintenance. We also provide workspace solutions with embedded software, including smart office hardware such as smart lockers and silent booths, which complement our digital offerings and support workplace operations.
We serve customers across a broad range of industries, including consulting, real estate, logistics, retail, financial services and other commercial sectors. Our customers include small and medium-sized enterprises and larger organizations.
We are considering expansion into Southeast Asia and the Asia-Pacific region.
Note: Net income and revenue are in U.S. dollars for the 12 months that ended on Dec. 31, 2025.
(Note: Primagrove filed its F-1 on Sept. 30, 2026, for its IPO and disclosed the terms: 6.25 million shares at a price range of $4.00 to $6.00 to raise $30.5 million.)
Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:
Frontier and emerging market highlights:
Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).
I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.
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 (October 26, 2026) was also published on our website under the Newsletter category.
