Emerging Market Links + The Week Ahead (August 17-21, 2026)

Undervalued Shares has an interesting piece worth reading by emerging market investors entitled: Geopolitics in investing – valuable edge or useless voodoo? I would say it depends on where or who you get your geopolitical info from…

In the alt-geopolitics space, I do like listening to The Duran and their latest episode is worth noting as we enter an El Nino cycle with fertilizer and energy further disrupted either by war or sanctions against Russia/Belarus/Iran, etc.:

They also mention the theory that all of this is being done intentionally by the USA government (“the empire” as they refer to it as) in order to create chaos in BRICs countries as that’s who will be hit the hardest (not that Americans aren’t feeling pain at the pump or the grocery store).

I should comment that I recently finished an almond harvest (that came 2 weeks earlier) and while the crop was bigger based on trailers taken out, the final huller report was a bit of a disappointment as the crop was only slightly bigger than last year (probably due to less moisture in the nut meats due to heat meaning less meat weight). However, there is a silver lining as this likely state-wide harvest trend will support and probably lead to higher prices for farmers (to offset the diesel fuel surcharges I am being hit with) as we enter a wet California El Nino (which will also hit next year’s harvest…). As you can see, the current geopolitical and weather situation is not all doom and gloom for farmers or investors – you can get a valuable edge having the “right” geopolitical info and using it correctly…

Meanwhile, the Financial Times had reported that Malaysia profits from data centre boom (🗃️); but a Says piece that showed up in my Facebook feed (Malaysia Turns Palm Oil Into Water-Free Cooling Liquid For Data Centres) is worth looking into given how controversial data centers are becoming:

• This Malaysian pioneering tech can change how data centres operate on a global scale.

• The Malaysian Palm Oil Board (MPOB) has developed a new cooling liquid for data centres called Sawit EcoTherm

• Made from local palm oil, the liquid reduces water consumption and cuts power use in tech hubs, as reported by Bernama. The breakthrough helps lower the environmental cost of Malaysia’s rapidly expanding data centre industry.

• Conventional water-cooling systems across local data centres are projected to consume 876 million litres of water every day, an amount equal to the daily domestic needs of nearly four million people.

Otherwise and once again, this post is a little late again but contains plenty of Q2/H2 earnings report presentations or articles – I will need to get caught up on other regular posts in September when back in Malaysia…

$ = 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

🌏 Asia wealth boom demands new insurance playbook (The Asset) 🗃️

• HNWIs seek bespoke asset structuring solutions and institutional-grade expertise

• Only 15-20% of high-net-worth individuals ( HNWIs ) in Asia have integrated life insurance into their wealth planning, highlighting a significant untapped opportunity for insurers, a new report finds.

• With HNWI new-business premiums projected to reach US$100 billion to US$140 billion by 2030, the potential prize is substantial. However, the report from McKinsey [The untapped prize: Asia’s high-net-worth insurance market] says capturing it will require considerably more than adapting products designed for the mass affluent and adding a premium service wrapper.

🇨🇳 Analysis: China’s Offshore Trust Tax Overhaul Puts Tycoons on Notice (Caixin) $

• China’s newly issued tax framework for offshore trusts ends an era of vague oversight, explicitly targeting structures long used by high-net-worth individuals to shelter global assets.

• The sweeping rules, introducing a 20% personal income tax across a trust’s lifecycle, have left tech founders and their wealth planners scrambling to parse the implications for existing portfolios.

🇨🇳 New tax on offshore assets rattles Chinese HNWIs (The Asset) 🗃️

• Insurance policyholders starting to weigh whether the diminished yield is worth the hassle and expense

• For years, mainland Chinese long-term savers, especially the mass affluent and high-net-worth individuals ( HNWIs ), have been buying Hong Kong insurance policies to chase fatter yields. However, amid tighter supervision of offshore assets, Chinese authorities have reportedly begun imposing a 20% personal income tax on the investment returns of offshore insurance policies.

• In 2025, Hong Kong’s insurers wrote a record HK$330.9 billion ( US$42.4 billion ) in new individual premiums, a 51% surge from the previous year, as mainland savers desperate for yield poured money across the border, according to data from the Insurance Authority ( IA )

🇨🇳 MSCI Adds Zhipu, Semiconductor Firms to China Index, Drops Solar Names (Caixin) $

• MSCI Inc. is adding 33 companies to its MSCI China Index, including a cluster of semiconductor-related firms and AI developer Zhipu AI, while deleting 32 stocks including China Vanke Co Ltd (SHE: 000002 / HKG: 2202 / FRA: 18V / OTCMKTS: CHVKF / CHVKY).

• The latest reshuffle reflects a broader reordering of valuations in China’s capital market, with investor interest shifting toward AI and semiconductor supply chains and away from pressured clean-energy names and some autonomous-driving plays.

🇨🇳 Alibaba Remains Too Cheap To Ignore (Earnings Preview) (Seeking Alpha) $ 🗃️

🇨🇳 Alibaba: Why Q1 FY27 Earnings Can’t Stop Price Correction (Seeking Alpha) $ 🗃️

🇨🇳 Tencent: The Market Is Underestimating This AI Giant (Seeking Alpha) $ 🗃️

🇨🇳 Tencent Holdings Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 Tencent (700 HK) Tactical Outlook Ahead of Earnings: Possible Sell-Off, Buy the Dip (Smartkarma) $

• Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) will report earnings on August 12th. This tactical view updates the Tencent’s analysis presented on July 17th with new support and targets calculated ahead of the earnings.

• The Market expectation is framed as solid core operational delivery under margin pressure. Any minimal disappointment could lead to a (continuation of the) sell-off.

• At the end of last week our model flagged the stock as overbought. Although a continuation of the rally is possible for a third week or more, it appears unlikely.

🇨🇳 Tencent (700 HK): 2Q26, Revenue Growth Back to Double Digits. (Smartkarma) $

• Game revenue returned to double digits due to the new game “Roco Kingdom: World”.

• AI accelerated the advertising revenue growth to two years high.

• But AI research and development raised general and admin expenses.

🇨🇳 Tencent Shares Fall as AI Spending Squeezes Profit (Caixin) $

• Hong Kong-listed shares of Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) fell more than 5% in Thursday morning trading after the company released its latest financial report showing that aggressive spending on AI compressed its second-quarter profit growth.

• The stock price drop underscores growing investor anxiety over the steep costs of the global AI arms race as the Chinese internet giant saw its free cash flow turn negative for the first time since 2019.

🇨🇳 Tencent Music: Organic Deceleration And Competition Weigh On Outlook (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇨🇳 Tencent Music (1698 HK) 2Q26: Growth Intact, Balance Sheet Reshaped by Ximalaya. Still Deep Value (Smartkarma) $

• 2Q26 revenue +5.8% to RMB8.93bn; music services +11%, membership accelerated to +8.1%, IP/concert engine +16%. Non-IFRS net profit +4.4%. Clean quarter, decelerating social entertainment drag notwithstanding.

• Ximalaya (closed 18 May) added RMB407mn revenue but reshapes the balance sheet: RMB13.1bn new borrowings, goodwill RMB29.8bn. Meanwhile, management repurchased US$400mn of stock at US$9.2/ADS average.

• BULLISH. ACCUMULATE maintained; FV trimmed to HKD60/USD15.40 (from HKD64), pegged to 17x FY26 PE (-1SD below mean) on ~RMB10.0bn non-IFRS earnings. ~56% UPSIDE potential.

🇨🇳 After nine lost years, China Literature opens new chapter with AI-IP combo (Bamboo Works)

• Once embraced by investors, the Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY–backed online literature company’s shares now trade at just one-fifth of their peak

• China Literature Ltd (HKG: 0772 / FRA: C2X) reported its revenue rose 11% in the first half of this year, but tax-related expenses dragged down its profit by more than 80%

• The company’s intellectual property business grew by over 40% during the six-month period, as seeks to better cultivate the area with help from AI

🇨🇳 Baidu: Still Cheap, But Bull Case Is Getting Harder To Defend (Rating Downgrade) (Seeking Alpha) $ 🗃️

• 🇨🇳 Baidu (NASDAQ: BIDU) 🇰🇾 – Internet-related services, products & AI. Chinese search engine, Baidu Maps, etc. 🇼 🏷️

🇨🇳 HUYA: Game-Related Services Drive Q2 2026 Beat (Seeking Alpha) $ 🗃️

🇨🇳 JD.Com: Major Profitability Inflection, Strong Free Cash Flow, 6.9x P/E (Seeking Alpha) $ 🗃️

🇨🇳 JD.com: Same Narrative, Concerning Sentiment; Remain Neutral (Seeking Alpha) $ 🗃️

🇨🇳 JD.com, Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 JD.com slows its bleeding, but investors want growth (Bamboo Works)

• The e-commerce giant has reduced the pain from its entry to food delivery, but weak retail sales and crowded new battlefields show its next growth engine remains elusive

• JD.com (NASDAQ: JD / SGX: HJDD) beat expectations and improved its profit in the second quarter, but investors focused on its first quarterly revenue decline since its 2014 Nasdaq listing

• Losses from the company’s young food-delivery business are narrowing, but weaker retail sales and fierce competition show it needs a more convincing growth story

🇨🇳 Xunlei Limited: What Needs To Happen If The Stock Is To Get Going(Seeking Alpha) $ 🗃️

🇨🇳 Agora, Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 What To Do After Lenovo Posted Q1 Earnings And Jumped By Nearly 20% (Seeking Alpha) $ 🗃️

🇨🇳 Lenovo Group Limited 2027 Q1 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 Lenovo Group (HKG: 0992 / FRA: LHL / LHL1 / OTCMKTS: LNVGY / LNVGF) 🇭🇰 – Designing, manufacturing & marketing consumer electronics, PCs, software, servers, converged & hyperconverged infrastructure solutions, etc. 🇼 🏷️

🇨🇳 A U.S.-Listed Chinese Microcap Sat at the Center of a $110 Million Pump-and-Dump Scheme (Caixin) $

• A global pump-and-dump scheme driven by AI-generated deepfakes of prominent market and business figures cost retail investors more than $110 million, according to U.S. prosecutors, in a fraud centered on Ostin Technology Group (NASDAQ: OST), a Cayman-registered, Nanjing-based display-screen maker listed on Nasdaq.

• Victims across North America, Europe and the Middle East were drawn in through fabricated videos and ads impersonating figures including Elon Musk, Bill Ackman, Kevin O’Leary and market commentator Tom Lee. Users who clicked Facebook and Instagram ads were redirected to WhatsApp groups posing as private investment clubs, where “advisers” promised several short-term stock picks each month, with expected returns of 20% to 30% per trade.

🇨🇳 CATL’s Yichun Lithium Mine Remains Shut as Restart Awaits Permits (Caixin) $

• Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750 / HKG: 3750 / SGX: HCCD / OTCMKTS: CYATY / CTATF)’s key lithium mine in Yichun, Jiangxi province, remains shut for maintenance as the company works to secure the permits needed to restart operations.

• The local environmental bureau in Yichun confirmed on Friday that the site remains idle with no active ore processing or transport. Operations at the facility have been halted since its initial mining license expired in August 2025.

🇨🇳 Hua Hong Grace Semiconductor Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 GDS Holdings Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 GDS lifts EBITDA outlook as AI-driven bookings hit record (Bamboo Works)

• China’s largest third-party data center operator reported a 838 million yuan second-quarter profit, as it doubled its 2026 sales target and raised its full-year guidance

• GDS Holdings Ltd (NASDAQ: GDS) posted net income of 837.6 million yuan in the second quarter, with its net margin rising to 27.1%

• The data center operator’s new bookings hit 470 MW in the first half of 2026, exceeding all of 2025, prompting management to double its full-year sales target to 1 GW

🇨🇳 Hesai eyes next big thing with robotics initiatives (Bamboo Works)

• The LiDAR technology specialist is jumping on the fast-moving humanoid robot bandwagon with its latest strategic growth initiative

• Hesai Group (NASDAQ: HSAI) has begun generating revenue from robotic actuation modules, while its Kosmo spatial intelligence platform is expected to contribute revenue next quarter

• The company reported a fifth consecutive quarter of profitability in the second quarter, and expects its strategic growth initiative business to break even in 2027

🇨🇳 Energized by strong profit growth, Zenergy Battery eyes Shenzhen IPO (Bamboo Works)

• The mid-tier EV battery maker is targeting domestic Chinese investors with its new listing plan, as it aggressively expands its capacity

• Jiangsu Zenergy Battery Technologies Group (HKG: 3677) expects to report its net profit rose between 45.5% and 81.8% during the first six months of 2026

• 15 months after its Hong Kong IPO, the new energy battery maker is seeking a second listing in Shenzhen to help bankroll an aggressive expansion

🇨🇳 Didi Q226: More of the Same, as China Shines, International Struggles | Pressure to Relist Rising (Smartkarma) $

• China segment firm in Q2, but its strength was overwhelmed by weakness in International

• International segment continued to bleed cash in Q2, mostly offsetting China gains

• As uneven performence continues, DiDi Global (OTCMKTS: DIDIY) may start to feel pressure to relist shares

🇨🇳 Losses, losses and more losses. How far down the road is WeRide’s profitability? (Bamboo Works)

• The robotaxi leader’s latest financial report shows its losses remained stubbornly high in the first half of this year, despite a substantial revenue increase

• WeRide Inc (NASDAQ: WRD) reported its revenue surged by 73% to 346 million yuan in the first half of 2026, while it lost 790 million yuan

• The company’s fleet of autonomous robotaxis reached 1,800 vehicles by the end of June

🇨🇳 WeRide Targets Break-Even by 2029 With Driver-Assistance Sales, Asset-Light Overseas Push (Caixin) $

• Autonomous driving technology company WeRide Inc (NASDAQ: WRD) said it is targeting full-year break-even in 2029, betting that rapid growth in driver-assistance system sales and an asset-light overseas expansion strategy will accelerate revenue.

• The target would mark an important milestone for the capital-intensive autonomous driving sector, which has struggled to demonstrate commercial viability amid high research costs, regulatory barriers and heavy operating expenses.

🇨🇳 Geely 1H26 Preview: Solid Operational Execution Amid Macro Headwinds; Maintaining Neutral (Seeking Alpha) $ 🗃️

🇨🇳 Geely Automobile Holdings Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 NIO: Still Far From A Buy (Seeking Alpha) $ 🗃️

🇨🇳 H World rolls out red carpet for shareholders with new $2.5 billion return plan (Bamboo Works)

• China’s leading hotel group raised its full-year outlook after posting stronger-than-expected second-quarter results, as it added two new brands to its domestic portfolio

• H World Group (NASDAQ: HTHT)’s revenue rose 10.8% in the second quarter, topping analyst forecasts, as it raised its full-year guidance for the second straight quarter

• The hotel operator unveiled a new three-year, $2.5 billion shareholder return plan, after largely completing its previous $2 billion program ahead of schedule

🇨🇳 Yum China’s Pizza Hut Deal — 800+ New Stores A Year Could Change The Math! (Smartkarma) $

• YUM China (NYSE: YUMC) reported solid financial results for the second quarter of 2026, continuing a consistent trajectory of growth across key operational metrics.

• The company achieved a 13% year-over-year increase in revenue, with operating profit rising 14%, and diluted earnings per share expanding 21%, partially aided by favorable foreign exchange effects.

• Excluding these currency benefits, system sales grew by 6%, an acceleration from the 4% growth seen in the previous quarter.

🇨🇳 Chinese Developer Midea Real Estate’s Asset Pivot Pays Off (Caixin) $

• Chinese developer Midea Real Estate Holding Ltd.’s asset-operations business became its biggest profit contributor in the first half, driven by the delivery of industrial park facilities following the spinoff of its traditional property development arm.

• The developer arm of Chinese appliance giant Midea Group (SHE: 000333 / HKG: 0300 / FRA: 1520 / OTCMKTS: MGCOF) said Monday that revenue from asset operations more than doubled to 559 million yuan ($82.8 million) in the six months ended June. The segment generated 226 million yuan in operating profit, accounting for more than half of the company’s total, surpassing both property management and development services.

🇨🇳 RLX Technology Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 RLX casts smoke screen with new European acquisition, overseas revenue blip (Bamboo Works)

• The vaping company announced its recent purchase of 51% of a leading European distributor of smoke-free products and fast-moving consumer goods

• RLX Technology (NYSE: RLX) said its revenue rose 14.8% year-on-year in the second quarter, but its international sales for the period plunged 40% sequentially

• The vaping company announced a new acquisition in Europe, following a similar purchase in the market last year, as it aggressively expands beyond its home China market

🇨🇳 Genscript Biotech Corporation 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 Alphamab seals $2.2 billion licensing deal with AI biotech (Bamboo Works)

• The Chinese drug firm has chosen to partner with an AI specialist rather than Big Pharma on a dual-target cancer therapy, netting an upfront payment of $125 million

• Alphamab Oncology (HKG: 9966 / FRA: 3NK) retains Chinese rights to the candidate drug while Pathos AI is responsible for developing the product in the rest of the world

• The deal promises to ease the financial strain for Alphamab after its R&D spending jumped last year, pushing the company into the red

🇨🇳 Hunt for rare earths gets harder as JL MAG quits Australia deal (Bamboo Works)

• The Chinese producer of magnetic materials has dropped plans to invest in an Australian minerals firm after the target pivoted towards North American partners

• The plan was meant to diversify Jl Mag Rare-Earth Co Ltd (SHE: 300748 / HKG: 6680 / FRA: 3KLA)’s supply chain but changes in ownership of the mining assets diluted the deal benefits and amplified geopolitical risks

• China’s tighter controls on overseas investment and cross-border technology transfers are also complicating the quest for rare-earth resources

🇨🇳 Shein IPO pitched to investors at sub-$30bn valuation (FT) $ 🗃️

🇨🇳 Retail Investors Face Slim Odds at Slice of Unitree IPO (Caixin) $

• Unitree Robotics opened subscriptions for its highly anticipated Shanghai listing on Monday, with retail investors facing exceptionally slim odds of securing an allocation.

• Brokerages estimate the chance of winning shares in the offering at just 0.02% to 0.05%, underscoring both intense investor interest in humanoid robotics and the relatively small portion of shares reserved for online retail subscriptions.

🇨🇳 Beyond the Backflips: Unitree Robotics Faces High Expectations Ahead of Shanghai Debut (Caixin) $

• Unitree Robotics is on the cusp of a landmark stock market debut.

• On Thursday, the Chinese robotics startup priced its Shanghai initial public offering at 150.8 yuan a share ($22.3), valuing the company at 61 billion yuan and securing a strategic investment from a star-studded roster of tech heavyweights and state funds, including AI model developer DeepSeek, the investment arm of China National Petroleum Corp. and a Tencent Holdings Ltd. subsidiary.

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

• 🌐 CK Asset Holdings (HKG: 1113 / FRA: 1CK / OTCMKTS: CHKGF) 🇰🇾 – Property development & investment, hotel & serviced suite ops, property & project management, pub operation & investment in infrastructure & utility asset operation. 🇼 🏷️

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

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

🇲🇴 Macau GGR daily run rate for first 9 days of August up 12pct versus July: Citi (GGRAsia)

• Banking group Citi says it is “encouraged” to see that the daily run-rate in Macau casino gross gaming revenue (GGR) showed “sequential… recovery” in the first nine days of August, versus the July daily rate.

• The institution said in a flash note: “Based on industry sources, Macau GGR for the first nine days of August is likely to have reached circa MOP6.6 billion [US$816.8-million].”

• That was equal to a daily run-rate of circa MOP733 million, which was “approximately 12 percent higher than the GGR run-rate in July,” when it stood at about MOP654 million per day, observed the institution.

🇲🇴 Macau gaming tax revenue at US$7.2bln in first seven months of 2026 (GGRAsia)

• The Macau government collected just over MOP58.34 billion (US$7.22 billion) in fiscal revenue from gaming in the first seven months of 2026, according to the latest data released by the city’s Financial Services Bureau. The figure was up 9.3 percent from the prior-year period.

• The July figure from gaming tax was just above MOP7.15 billion, down 17.5 percent month-on-month, the data showed.

• Under Macau’s 10-year gaming concession system, which came into effect on January 1, 2023, the effective tax on casino gross gaming revenue (GGR) is 40 percent.

🇲🇴 Melco Resorts & Entertainment Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇴 CoD’s REM hotel ‘grand opening’ after Oct Golden Week, dividends comeback only in 2027: Melco Resorts (GGRAsia)

• REM (pictured), a newly-rebranded and refurbished luxury hotel tower at the City of Dreams (CoD) casino resort in Macau, has had a soft opening in the third quarter, but will only have a “grand opening” after October Golden Week, said on Thursday Lawrence Ho Yau Lung, chairman and chief executive of Melco Resorts & Entertainment Ltd (NASDAQ: MLCO).

• October Golden Week is a Chinese-mainland holiday period encompassing China’s National Day on October 1.

🇲🇴 Melco Resorts’ 2Q net income jumps 32pct from a year ago but revenue, EBITDA dip (GGRAsia)

• Net income attributable to the owners of global casino operator Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) rose 31.8 percent year-on-year in the second quarter, to just under US$22.7 million, the firm said in a Thursday announcement.

• Group-wide operating revenues fell 5.7 percent year-on-year, to circa US$1.25 billion for the three months to June 30.

• “The decrease in total operating revenues was primarily attributable to softer performance in rolling chip and mass market table games as well as overall non-gaming operations,” the firm stated.

🇲🇴 Gaming tech distributor Asia Pioneer flags huge jump in 1H profit amid boosted demand (GGRAsia)

• Asia Pioneer Entertainment Holdings Ltd (HKG: 8400), a Macau-based electronic gaming equipment supplier listed on the Hong Kong Stock Exchange, has issued a positive profit alert regarding its expected first-half 2026 performance.

• It anticipates profit and total comprehensive income for the six months to June 30 to have “surged” to a level between approximately HKD2.2 million (US$280,423) and HKD2.4 million, compared to approximately HKD24,959 in the corresponding period of 2025. The firm said such improvement would be a “nearly 90-fold” increase year-on-year.

• The update said the firm’s board expected the improvements will have been “primarily driven by an uptick in customer demand in electronic gaming equipment”.

🇲🇴 Galaxy Entertainment’s 1H profit flat at US$673mln, declares interim dividend (GGRAsia)

• Macau casino operator Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) reported a first-half profit attributable to shareholders of HKD5.28 billion (US$672.9 million), up by just 0.8 percent from the prior-year period. The firm also announced an interim dividend of HKD0.9 per share, compared with a dividend of HKD0.7 apiece a year earlier.

• Francis Lui Yiu Tung, chairman of Galaxy Entertainment, was quoted in Wednesday’s announcement as saying that the company reported a “solid performance” during the second quarter and first half of 2026.

• “Despite external macroeconomic headwinds, including geopolitical tensions in the Middle East, Macau remained resilient during the quarter, underpinned by robust visitation, healthy hotel occupancy and sustained demand across both gaming and non-gaming offerings,” Mr Lui stated.

🇲🇴 Galaxy Entertainment’s latest-dividend scale, timing a positive surprise: analysts (GGRAsia)

• The decision of Macau casino operator Galaxy Entertainment (HKG: 0027 / OTCMKTS: GXYEF) to issue an interim dividend that is 12.5 percent higher than the final dividend for 2025 is “well above expectations,” and “a positive surprise,” says Seaport Research Partners.

• Brokerage Jefferies said the move, announced at the time of the casino group’s first-half earnings statement on Wednesday, was “reflecting confidence in the group’s cash flow generation”.

🇲🇴 Sands China doubles interim dividend to US$0.06 (GGRAsia)

• Macau casino concessionaire Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) announced on Friday an interim dividend of HKD0.50 (US$0.06) per share, double the amount in the prior-year period.

• The interim dividend, amounting in aggregate to HKD4.05 billion, is due to be paid on October 9, 2026, stated the Hong Kong-listed firm

🇹🇼 🇰🇷 The Unsung Kings of AI: Why NVIDIA Can’t Build GPUs Without TSMC and SK Hynix (The Smart Investor)

• NVIDIA may dominate AI headlines, but its GPUs wouldn’t exist without two critical partners. Here’s why Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) and SK Hynix (KRX: 000660) are the unsung winners of the AI boom.

  • NVIDIA – No Fab? No Problem

  • TSMC – Complex GPU Designs? No Problem

  • SK Hynix – Breaking the “Memory Wall”

  • Risks and Opportunities: Expect Potential Growth but Don’t Forget the Downsides

  • Get Smart: Winning the Team Sport of AI Supremacy

🇹🇼 TSMC: A Bargain For The AI Skeleton (Seeking Alpha) $ 🗃️

🇹🇼 How TSMC Uses Old Fabs to Make New Chips (Asianometry)

• Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) is working hard to build new fabs. In Taiwan, there are simultaneous builds in three cities: Fab 20 in Baoshan, Hsinchu with four phases. One is now done. Fab 22 in Nanzih, Kaohsiung has five phases planned, one done. Two with shells up and moving in equipment. And then there is Fab 25 in Taichung. This site is just dirt right now. TSMC has allocated over $60 billion of capital expenditure in 2026 to build these fabs. Yet AI demand has been insatiable and customers like Nvidia want their chips now. But the hard truth – one mentioned by top management like CC Wei – is that capital expenditure spent in 2026 will not hit the market until 2028. Maybe a bit earlier. Does that mean that the AI Boom is now on pause? Not quite! TSMC has a trick up its sleeve: Cross-node utilization. In today’s rather meandering video, what a fleet of little trucks has to do with the AI Boom.

🇹🇼 ASE Technology Surging As AI Demand Grows By LEAPs And Bounds (Seeking Alpha) $ 🗃️

🇹🇼 ASE Technology Holding: Rising Earnings, Improving Margins, And Robust Demand Fuel Upside (Seeking Alpha) $ 🗃️

🇹🇼 Hon Hai Precision Industry Co., Ltd. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇼 Why ChipMOS Is A Buy After Posting Second-Quarter Results (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇹🇼 ASUSTeK Computer Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇰🇷 Chart of the Week: South Korea’s inverse correlation (FT) $ 🗃️

🇰🇷 Back to school for South Korean ‘ant’ investors (FT) $ 🗃️

🇰🇷 An Early Look at the Potential KOSPI200 Rebalance Candidates in December 2026 (Douglas Research Insights) $

• I provide an update of the potential KOSPI200 rebalance candidates in December 2026.

• The bottom 5% market caps in KOSPI200 could be excluded from the KOSPI200 rebalance in December 2026. These 10 stocks are down on average 24.5% YTD vs KOSPI (up 56.1%).

• I also provide five potential inclusion candidates which are up on average 57.6% YTD.

🇰🇷 Korea Exchange Designates 36 Companies As Administrative Issues for Potential Delisting (Douglas Research Insights) $

• On 12 August, the KRX designated 36 companies as administrative issues for potential delisting for failing to meet share price and market capitalization standards.

• They could potentially be delisted. There are potential trading opportunities among these 36 stocks.

• The key is to be on the lookout for companies with decent balance sheets that are willing to improve their corporate governance.

🇰🇷 Interview: Ryan Albert (Asian Century Stocks)

• A hedge fund manager view on South Korea’s corporate governance reforms

• Today, I’m speaking with Ryan Albert, the founder of Asia-focused hedge fund Terton Capital.

• In this discussion, Ryan talks about his background, what he learned from Todd Combs, how he identifies new ideas, shareholder activism in South Korea and his recent engagement with Golfzon Holdings.

• Here’s a quick summary of the video:

🇰🇷 SK hynix and the HBM Revolution (Asianometry)

• In July 2026, SK Hynix (KRX: 000660 / NASDAQ: SKHY) raised a record $26.5 billion by listing its ADRs on the NASDAQ, the second-largest offering in US history. The company had always been well-known inside Korea. But now, they are taking a momentous step into the world spotlight. In today’s video, how a company long seen as South Korea’s semiconductor basket case clawed back from the brink to become an AI memory titan.

🇰🇷 Paradise Co may only see a 9pct hit to operating profit under tourism fund proposals: brokerage (GGRAsia)

• A “worst-case scenario” of casino operator Paradise Co Ltd (KOSDAQ: 034230) suffering a 22-percent reduction in operating profit, under possible changes to the contribution rules relating to South Korea’s Tourism Promotion and Development Fund, seems unlikely, says brokerage Hana Securities Co Ltd.

• Instead, the institution thinks it is more feasible that annual operating profit for Paradise Co – which runs foreigner-only casinos in South Korea – would decline by 9 percent were changes to be made to tourism-fund contribution rules.

🇰🇷 S.Korea’s Paradise Co sees 2Q net income fall 24.4pct y-o-y (GGRAsia)

• Paradise Co Ltd (KOSDAQ: 034230), an operator of foreigner-only casinos in South Korea, saw its net income attributable to shareholders fall 24.4 percent year-on-year in the second quarter, to just under KRW15.79 billion (US$11.2 million).

• Judged sequentially, second-quarter net income was down 4.1 percent, according to a Wednesday filing.

🇰🇷 Paradise Ent expects loss of US$11mln for 1H 2026 on Casino Kam Pek closure, decline in LMG sales (GGRAsia)

• Hong Kong-listed gaming technology group Paradise Co Ltd (KOSDAQ: 034230) says it expects to record a loss of HKD82.6 million (US$10.5 million) for the first half of 2026. That was due to the closure of its satellite casino in Macau in late 2025 and a decrease in casino equipment sales, the firm said in a filing on Friday.

• Paradise Entertainment expects to publish its first-half 2026 results by the end of this month, it stated in its latest filing.

🇰🇷 GKL flags interim dividend, increase in 2Q net income, as firm renews Gangnam casino lease (GGRAsia)

• Foreigner-casino operator Grand Korea Leisure Co Ltd (KRX: 114090) saw its net income rise 6.2 percent year-on-year in the second quarter, to nearly KRW18.02 billion (US$12.7 million). Judged sequentially, net income was up 19.4 percent.

• The South Korean business – which operates gaming venues in that country under the Seven Luck brand – declared an interim dividend of KRW60.00 per unit of common stock, to a total value of KRW3.71 billion. The payment date is September 10.

🇰🇷 Korea Electric Power: Turning Bearish After Q2 Shortfall (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇰🇷 Korea Electric Power Corporation 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇰🇷 KEPCO (NYSE: KEP / KRX: 015760 / FRA: KOP) or Korea Electric Power Corporation – Integrated electric utility company. Generation, transmission & distribution of electricity in Korea where it’s the largest electric utility. 🇼 🏷️

🇰🇷 DoubleDown Interactive: The Market Is Practically Giving Away This Name (Seeking Alpha) $ 🗃️

🇰🇷 Olive Young Partners With Sephora to Target 500+ Stores With 19 Curated Korean Cosmetic Brands (Douglas Research Insights) $

• Sephora recently announced that 19 OLIVE YOUNG curated Korean cosmetic brands will become available at 500+ Sephora stores in the U.S. and at Sephora.com.

• Unlike the semiconductor sector where the industry cyclicality is highly volatile, the global consumers’ preference for Korean cosmetics could well last much longer for the next 3-5 years.

• Korean cosmetics exports reached a record high of $7.0 billion in 1H 2026, up 27.3% YoY. The primary export destinations were the US at $1.45 billion (up 41.5% YoY).

🇰🇷 Korean Prefs Outperforming Common Shares Amid Recent Bear Market in Korea (Douglas Research Insights) $

• Amid the recent “bear market” in Korea in past two months, one of the noticeable trends has been the outperformance of many Korean preferred stocks relative to their common counterparts.

• More investors are seeking value-oriented stocks amid increased debate about how much longer the global semiconductor cycle could rally.

• The share prices of 15 major preferred stocks in Korea are down on average 6.5% in the past two months, outperforming their common shares counterparts (down on average 13.2%).

🇰🇷 Korea Small Cap Gem #67: Infovine (Douglas Research Insights) $

• INFOvine co Ltd (KOSDAQ: 115310) has one of the largest percentages of treasury shares as percentage of outstanding shares in Korea. Currently, it has 7.51 million treasury shares, representing 50.6% of outstanding shares.

• Due to the mandatory treasury shares cancellation under the amended Commercial Act, there is a high probability that Infovine will cancel a large percentage of remaining treasury shares in 2027.

• The company has consistent record of generating positive free cash flow, net cash as percentage of market cap is 55%, and operating margins is 20%+.

🇰🇷 Kakao Mobility – The BOD Approves An ADR Issue (Douglas Research Insights) $

• On 17 August, it was reported that Kakao Mobility’s BOD has approved a plan to issue ADRs.

• The primary reason for this is so that the TPG consortium (Kakao Mobility’s second largest shareholder) could sell some of its stake in the company.

• If Kakao Mobility achieves a high valuation on NASDAQ, this could actually positively impact both Kakao Mobility and Kakao Corp (KRX: 035720).

🇰🇷 FT States Anthropic Is Planning an IPO at $2T+ Valuation: Buy the Rumor, Sell the News & Market Top? (Douglas Research Insights) $

• According to Financial Times [Anthropic investors bet on $2tn valuation in record IPO], Anthropic is preparing to complete an IPO of $2 trillion or more in October 2026, which would be the largest IPO in history.

• This is likely to clearly benefit early investors in the company such as SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA) which had a 0.3% stake in Anthropic at the end of 2025.

• Given the fact that Anthropic is likely to complete its IPO sometime in October 2026, the further alpha on SK Telecom could take place in the next 1-2 months.

🇰🇷 Increasing Probability of Calling Off the Solidigm IPO on NASDAQ? (Douglas Research Insights) $

• In the past few weeks, there have been increased market chatters about the potential IPO of Solidigm, a U.S. subsidiary of SK Hynix (KRX: 000660 / NASDAQ: SKHY).

• I would put a 70-80% probability that SK Hynix CANCELS Solidigm IPO. I also think market is increasingly thinking that SK Hynix is not going to proceed with this IPO.

• What makes this decision so challenging for SK Hynix’s management team is the pressure from potential pre-IPO investors in Solidigm that may demand an IPO soon.

🌏 Digital infra mega deals turn Southeast Asia into PE hotspot (The Asset) 🗃️

• Private equity investment in Southeast Asia reached US$10 billion in the first six months of 2026, surpassing the total deal value for all of 2025. Singapore remained the top destination in the region, with the digital infrastructure sector accounting for much of the activity.

• The growth in deal value was heavily concentrated in mega transactions. Although overall deal volume dropped from 36 transactions in H1 2025 to 29 transactions in H1 2026, total deal value more than doubled from US$4.2 billion to US$10.1 billion over the period. By comparison, total private equity investment value for the entire year of 2025 stood at US$9.1 billion, according to the latest report from EY-Parthenon [Southeast Asia Private Equity Pulse: Q2 2026].

🇮🇩 PT Sarana Menara Nusantara Tbk. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇾 LMS Compliance (SGX: LMS): 1H26 In-Line, Execution on Track (Smartkarma) $

• LMS Compliance Ltd (SGX: LMS) saw record revenue growth of RM$18.19 mil, +40.5% yoy, in 1H FY26, significantly outpacing the 32.5% growth in FY25 and translating into a solid +23.9% yoy increase in Net Attributable Profit to RM$3.43 mil.

• This was in line with RHTC’s investment thesis for LMS of a doubling in revenues in the next couple of years driven by recent acquisitions and forays into new business streams.

• The robust top-line growth was largely driven by stronger contributions from certification and consultancy services of RM$5.44 mil, a phenomenal 1,833.7% yoy, supported by the integration of recently acquired business units (such as 75%-owned Anchor Technology).

🇲🇾 Malaysia profits from data centre boom (FT) $ 🗃️

• Southeast Asian country emerges as key AI hub in boost for its economy

• Yet under the radar, Malaysia has been an unassuming AI winner.

• The country’s role as a hub for lower-end microchip manufacturing and data centre development has positioned it to flourish at a time when many of its neighbours have been buffeted by US tariffs and rising energy prices from the war in the Middle East.

🇲🇾 Malaysia Turns Palm Oil Into Water-Free Cooling Liquid For Data Centres (Says)

• This Malaysian pioneering tech can change how data centres operate on a global scale.

• The Malaysian Palm Oil Board (MPOB) has developed a new cooling liquid for data centres called Sawit EcoTherm

• Made from local palm oil, the liquid reduces water consumption and cuts power use in tech hubs, as reported by Bernama. The breakthrough helps lower the environmental cost of Malaysia’s rapidly expanding data centre industry.

• Conventional water-cooling systems across local data centres are projected to consume 876 million litres of water every day, an amount equal to the daily domestic needs of nearly four million people.

🇵🇭 Philippines 2Q GGR at US$1.5bln, down 20pct from a year earlier (GGRAsia)

• The Philippine gaming sector – including non-casino operations – produced gross gaming revenue (GGR) of PHP88.14 billion (US$1.45 billion) in the second quarter of 2026, 20.3-percent lower than in the prior-year period.

• GGR was up 0.6 percent sequentially, according to a press release issued on Monday by the country’s gaming regulator, the Philippine Amusement and Gaming Corp (Pagcor).

• The decline was largely driven by “weaker revenues” in the electronic gaming sector, which saw revenue down 37.2 percent from a year ago, to PHP39.85 billion in the three months to June 30, the agency stated.

🇵🇭 PhilWeb 2Q revenue jumps 96pct, though expenses rise 60pct (GGRAsia)

• PhilWeb Corp (PSE: WEB), a provider of business-to-business (B2B) services for the Philippine online gaming sector, saw its second-quarter revenue jump 96.0 percent year-on-year, to PHP352.4 million (US$5.8 million).

• That coincided with quarterly net income amounting to PHP47.0 million, versus a loss of PHP16.3 million in the prior-year quarter, the firm said in a filing lodged on Tuesday with the Philippine Stock Exchange.

• PhilWeb president Brian Ng was cited as saying in Tuesday’s statement: “The rapid sequential growth and margin expansion in the second quarter validate the massive operating leverage of our digital gaming solutions segment.”

• In a recent interview with GGRAsia, Mr Ng said PhilWeb was repositioning its business towards an online-led, B2B model, as the group seeks to capitalise on growing demand for digital gaming services.

🇵🇭 Bloomberry posts US$5.6mln loss in 2Q but revenue, EBITDA up from a year earlier (GGRAsia)

• Philippine casino operator Bloomberry Resorts Corp (PSE: BLOOM / OTCMKTS: BLBRF) reported a net loss of PHP345.3 million (US$5.6 million) for the second quarter of 2026, compared with a PHP1.41-billion loss a year earlier. Judged sequentially, the firm’s loss widened by 176.3 percent, from PHP125.0 million in the opening quarter this year.

• “Higher hold rates across all gaming segments lifted GGR; however, the VIP and premium mass segments continued to experience weakness,” the firm stated.

🇵🇭 Alliance Global Group, Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇭 San Miguel Corporation 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇭 PLDT Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇭 D.M. Wenceslao & Associates, Incorporated 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

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

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

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

• 🌐 Ayala Corp (PSE: AC) – Diversified conglomerate (real estate; financial services; telecommunications; utilities, power & transport; Manufacturing; automotive, etc). 🇼

🇸🇬 GEN Singapore maintains dividend, 1H profit down 34pct y-o-y as revenue flat (GGRAsia)

• Casino operator Genting Singapore Ltd posted first-half net profit attributable to shareholders of nearly SGD156.1 million (US$121.9 million), down 33.5 percent from the prior-year period.

• Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY) is the operator of Resorts World Sentosa (pictured), one of Singapore’s two casino resorts. The firm is a subsidiary of Malaysian conglomerate Genting Berhad (KLSE: GENTING / OTCMKTS: GEBHY).

🇸🇬 Genting, Sembcorp, ST Engineering: Top Blue-Chip Stocks to Watch This Week (The Smart Investor)

• These three blue-chip Singapore stocks report earnings this week, offering fresh clues on whether their business momentum remains intact.

• Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering, Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF) and Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY) will release results on 13 August 2026.

• Each one left a different gap in its last update.

  • Can ST Engineering’s order book keep converting?

  • Will Sembcorp’s cash flow turn hold?

    • Sembcorp reported a mixed FY2025.

    • Lower electricity offtake and weaker pool and gas prices in Singapore weighed on the top line.

    • Reduced plant availability in the UK added to the drag.

    • The divested waste management business contributed nothing.

  • Can Genting convert momentum into profit?

    • Genting reported revenue of S$607.6 million for the first quarter of 2026.

    • That figure fell 3% YoY from S$626.2 million.

    • More visitors passed through Universal Studios Singapore and the Singapore Oceanarium.

  • Get Smart: Read the second half of the report

🇸🇬 STI 5,700: When Everything is Working, Check Your ego (The Smart Investor)

• When every number is a record, the hardest thing to check is yourself.

• DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) crossed S$6 billion in quarterly income for the first time, delivering a record net profit of nearly S$3.1 billion.

• Not to be outdone, Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), or OCBC, posted a record quarterly profit of over S$2.2 billion, up 22 per cent, while raising its interim dividend by 14.6 per cent.

• United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF), or UOB, reported a double-digit increase in second-quarter net profit and lifted its interim dividend to S$0.88 from S$0.85.

• Here’s the thing — together, the trio make up almost 58 per cent of the STI as of last Friday (7 August 2026).

🇸🇬 If Singapore Bank Stocks Crash, What Happens to the STI? (The Smart Investor)

• Singapore’s three local banks make up a significant portion of the Straits Times Index. If their share prices tumble, the impact could extend far beyond just the banking sector.

• The SPDR STI ETF (SGX: ES3), which tracks the STI, returned 13.1% in the first half of 2026 (1H2026).

• And the banks have done most of the heavy lifting.

• In the first half of 2026 alone, Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) returned 28%, while DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) and United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF) returned at 19% and 15%, respectively.

  • Why Singapore Banks Matter So Much to the STI

  • What Could Cause Bank Stocks to Crash?

  • How Would the STI Be Affected?

  • Would Dividend Investors Need to Panic?

  • What Long-Term Investors Should Focus On

  • Get Smart: The STI Is More Than Just the Banks—But the Banks Still Matter

🇸🇬 StarHub Ltd 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 Olam Group Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇸🇬 CapitaLand Investment Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 City Developments Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 City Developments Limited (SGX: C09 / FRA: CDE / OTCMKTS: CDEVY) – Global real estate company. 143 locations in 28 countries & regions. Residences, offices, hotels, serviced apartments, student accommodation, retail malls & integrated developments. 🇼 🏷️

🇸🇬 Singapore Technologies Engineering Ltd 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 Sembcorp Industries Ltd 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF) – Investment holding company. Renewables, integrated urban solutions, conventional energy & other businesses in Singapore, UK, China, India, rest of Asia, Middle East & internationally. 🇼 🏷️

🇸🇬 Wave Life Sciences: An Fairly Valued RNA Opportunity (Seeking Alpha) $ 🗃️

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

• 🌏 Sea Limited (NYSE: SE) – 3 core businesses: Garena (global online games developer & publisher), Shopee (largest pan-regional e-commerce platform in SE Asia & Taiwan), SeaMoney (leading digital payments & financial services provider in SE Asia). 🇼 🏷️

🇸🇬 Bitdeer: Bitcoin And AI Compute Tailwinds Are Real, But My Conviction Isn’t (Seeking Alpha) $ 🗃️

🇸🇬 Bitdeer: A 3-Layer Framework For Valuing Bitcoin Miners In The AI Era (Seeking Alpha) $ 🗃️

🇸🇬 Top Stock Market Highlights of the Week: Singapore’s Growth Upgrade, Digital Core REIT and CapitaLand Investment (The Smart Investor)

🇸🇬 5 High-Yield Singapore Stocks: Are Their Dividends Really Safe? (The Smart Investor)

🇸🇬 4 Temasek-Owned Blue-Chip Stocks Buying Back Their Own Shares (The Smart Investor)

🇸🇬 5 Best Singapore REITs Income Investors Can Watch for 2H (The Smart Investor)

• The second half of the year could present fresh opportunities for income investors. As interest rate expectations evolve and REIT fundamentals continue improving, these five Singapore REITs deserve a spot on your 2H watchlist.

• In this article, we spotlight five Singapore REITs income investors should keep their eyes on.

  • Why 2H Could Be a Better Environment for REITs

  • Starhill Global Real Estate Investment Trust (SGX: P40U / OTCMKTS: SGLMF) – The Defensive Retail REIT

    • Starhill Global anchors itself on two Orchard Road trophies, Wisma Atria and Ngee Ann City, with the bulk of Ngee Ann City’s retail space on a long master lease that delivers reliable income through the market cycle.

  • CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF), or CLAR – The Industrial Income Generator

  • First Real Estate Investment Trust (SGX: AW9U / OTCMKTS: FESNF) – The Healthcare REIT

    • If you’re looking to further solidify the defensiveness of your REIT portfolio, a healthcare REIT is a must!

    • With nursing homes and integrated hospitals across Indonesia, Japan and Singapore, First REIT generates stable recurring rental income.

  • Digital Core REIT (SGX: DCRU / OTCMKTS: DGTCF), or DCR – The Data Centre REIT

    • Introducing DCR, which offers investors exposure to the secular growth trends of AI and cloud computing with its 11 data centres spread across North America, Europe, and Asia.

  • Mapletree Pan Asia Commercial Trust (SGX: N2IU / OTCMKTS: MPCMF), or MPACT – The Diversified Commercial REIT

    • Finally, MPACT provides balanced exposure across multiple sectors including retail and office through its ownership of business parks and VivoCity.

    • Geographic diversification is also present with properties across Singapore, Hong Kong, China, Japan and South Korea.

  • What Income Investors Should Watch in 2H

  • How These REITs Can Fit into a Portfolio

  • Get Smart: Focus on Quality as the REIT Cycle Evolves

🇸🇬 3 Retail REITs That Are Actually Thriving Despite E-commerce (The Smart Investor)

• E-commerce has reshaped the retail landscape, but not every shopping mall has been negatively impacted. These three Singapore retail REITs continue to attract shoppers, grow their rents, and pay reliable distributions despite the increasing popularity of online shopping.

  • Why E-commerce Hasn’t Killed Every Shopping Mall

  • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT

    • CICT is Singapore’s largest REIT by market capitalisation, with a S$27.4 billion portfolio of 25 properties across Singapore, Germany, and Australia.

  • Starhill Global Real Estate Investment Trust (SGX: P40U / OTCMKTS: SGLMF)

    • Starhill Global REIT has a smaller, more concentrated portfolio of nine mid- to high-end properties across six Asia-Pacific cities, anchored by prime assets Wisma Atria and Ngee Ann City on Orchard Road.

  • Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF), or FCT

  • What Makes These Retail REITs Different?

    • CICT and FCT are defensive because essential services make up a meaningful share of both portfolios, keeping footfall resilient even when consumers cut back elsewhere.

    • Starhill Global’s occupancy is high partly by construction: master and anchor leases with periodic rent reviews made up 54.3% of gross rental income as at 31 March 2026.

  • The Risks Investors Should Still Consider

  • What Investors Should Watch Going Forward

  • Common Mistakes Investors Make

  • Get Smart: The Best Retail REITs Sell More Than Shopping

🇸🇬 This REIT Yields More Than 9%. Should You Buy It? (The Smart Investor)

• A distribution yield of more than 7% is certainly eye-catching, but is it sustainable? Before investing, check these key factors to assess to determine whether this REIT deserves a place in your income portfolio.

• Is ESR-REIT (SGX: 9A4U / OTCMKTS: CGIUF) delivering concrete value, or is the market signalling trouble ahead?

• Let’s break down the fundamentals behind the headline number.

  • Why a High Yield Doesn’t Tell the Whole Story

  • Understanding the REIT’s Portfolio

  • Is the Distribution Sustainable?

  • How Strong Is the Balance Sheet?

  • Growth Catalysts That Could Support Future DPU

  • What Are the Biggest Risks?

  • Should Income Investors Consider Buying?

  • Get Smart: Look Beyond the 9.5% Headline Yield

🇸🇬 Suntec REIT vs MPACT: Which Offers Better Value for Investors? (The Smart Investor)

• Both Suntec Real Estate Investment Trust (SGX: T82U / OTCMKTS: SURVF) and Mapletree Pan Asia Commercial Trust (SGX: N2IU / OTCMKTS: MPCMF) offer attractive distribution yields, but they differ in portfolio quality, growth prospects, and risk. Which REIT looks more compelling today?

• Let’s break down how these two stack up for anyone thinking long term.

  • Portfolio Overview and Quality

  • Yield, Sustainability, and Balance Sheet Strength

  • Growth Opportunities

  • Valuation Comparison

  • Financial Snapshot

  • Key Risks

  • Which Type of Investor Might Prefer Each REIT?

  • Get Smart: Look Beyond the Yield

🇸🇬 Top 3 Blue-Chip SGX Stocks With Aggressive Share Buybacks in 2026 (The Smart Investor)

• Singtel, Keppel and OCBC led Singapore’s 2026 share buybacks, showing how blue-chip companies are using capital to reward shareholders.

• Over the first seven months of 2026, more than 70 primary-listed companies repurchased S$1.9 billion of shares on the open market, up from around S$1.3 billion spent in the same period a year ago.

• Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel, led the seven-month table.

• Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) ranked second.

• Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), or OCBC, ranked third.

  • What does Singtel get for S$893 million?

  • What is Keppel buying back with?

  • Can profits sustain OCBC’s buybacks?

  • Get Smart: Read the mechanism, not the amount

🇸🇬 3 Debt-Free SGX Stocks Paying More than Your CPF OA (The Smart Investor)

• These three debt-free SGX stocks offer dividend yields above CPF OA rates, but investors should examine how sustainable each payout really is.

• Info-Tech Systems (SGX: ITS) and Credit Bureau Asia Ltd (SGX: TCU) reported full-year results for the year ended 31 December 2025.

• Vicom Ltd (SGX: WJP) reported results for the quarter ended 31 March 2026.

• The three sets of numbers do not compare like for like.

  • Can a first-year dividend be trusted?

  • What pays for a rising dividend when profit falls?

  • Does the highest yield have the strongest support?

  • Get Smart: What does the extra yield ask of you?

🇸🇬 When Yields Explode: 4 Red Flags in Massive Dividend Payouts (The Smart Investor)

🇸🇬 3 Singapore Blue-Chip Stocks That Recently Raised Dividends by 33% (And Much More!) (The Smart Investor)

• Three Singapore blue-chip stocks raised dividends by up to 77%, but the cash behind each increase reveals very different payout stories.

  • Has the business engine matched the dividend step-up?

    • Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) is Singapore’s sole stock market operator and a multi-asset exchange.

    • Proposed total FY2026 dividends reached S$0.570 per share, including a one-off additional dividend of S$0.125, up 52% from S$0.375 a year ago.

  • What is paying for the bigger cheque?

    • Hongkong Land Holdings (SGX: H78 / LON: HKLJ / FRA: HLH / OTCMKTS: HKHGF / HNGKY) develops and manages premium mixed-use property in Asian gateway cities. Its portfolio spans Hong Kong Central, Singapore Central and China.

    • The group lifted its interim dividend to US$0.08 per share from US$0.06, payable 14 October 2026.

  • Is a bigger interim dividend the whole story?

    • DFI Retail Group (SGX: D01 / FRA: DFA1 / OTCMKTS: DFIHY) operated 7,659 outlets across 12 markets as at 30 June 2026.

    • The group runs health and beauty, convenience, food, home furnishings and restaurant chains.

  • Get Smart: Size is the sizzle; the income source is the steak

🇸🇬 3 SGX Stocks Quietly Buying Back Their Own Shares Recently (The Smart Investor)

• These three SGX-listed companies are buying back shares, with free cash flow and balance sheets revealing the strength behind their decisions.

• Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel alone made up almost half that total.

• Further down July’s buyback table sit three smaller companies: Geo Energy Resources (SGX: RE4 / FRA: 7GE / OTCMKTS: GRYRF), Valuetronics Holdings (SGX: BN2 / FRA: GJ7) and Nanofilm Technologies (SGX: MZH / OTCMKTS: NNFTF).

  • Where does the money for a buyback come from?

  • Can Valuetronics fund a buyback and a rising dividend at once?

  • What can you verify at Nanofilm?

  • What happened to Geo Energy’s cash while it bought back shares?

  • Get Smart: Read the buyback against the cash flow

🇹🇭 PTT Global Chemical Public Company Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇭 PTT Global Chemical Public Company Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

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

• 🌏 Precious Shipping PCL (BKK: PSL / FRA: PZ9) – Pure dry cargo ship-owner. Handysize, Supramax & Ultramax sectors of the tramp freight market.

🇹🇭 Advanced Info Service Public Company Limited (AVIFY) Analyst/Investor Day – Slideshow (Seeking Alpha)

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

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

🇮🇳 Yatra Online, Inc. 2027 Q1 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 Yatra Online (NASDAQ: YTRA) – Corporate travel services provider. Airline tickets, hotel & holiday packages & other services. 🇼

🇮🇳 Polyplex: A Turnaround Quarter! (Smartkarma) $

• Revenue reached INR 2,254 crore and EBITDA INR 296 crore; PAT attributable to Polyplex Corp Ltd (NSE: POLYPLEX / BOM: 524051) shareholders turned to INR 91 crore from a INR 19 crore loss.

• The recovery is operational: EBIT swung by nearly INR 288 crore YoY even as other income declined, indicating a genuine improvement in core profitability.

• Turnaround is now visible, but 13% EBITDA margin should not yet be treated as normalized; spreads, utilization and cash conversion need another quarter of confirmation.

🇮🇳 Lloyds Metal’s New Growth Engine: Copper & Cobalt! (Smartkarma) $

[Lloyds Metals And Energy Ltd (NSE: LLOYDSME / BOM: 512455)]

• Q1FY27 delivered record earnings, while mining’s share of consolidated revenue fell to 44% as value-added products, MDO services and copper gained scale.

• Iron ore is increasingly becoming the cash engine funding downstream steel expansion and a much larger copper-cobalt platform across Surya Mines and Chemaf.

• Lloyds Metals should increasingly be evaluated as a diversified metals platform, though copper-cobalt remains an execution story until production scales and turns profitable.

🇮🇳 TD Power Systems: From Capacity Constraints to the Next Growth Phase (Smartkarma) $

[TD Power Systems Ltd (NSE: TDPOWERSYS / BOM: 533553)]

• Record Q1 sales and order inflow, 93% export mix in new orders, and FY27 revenue guidance raised to INR 2,600 crore.

• Order inflow exceeded quarterly revenue and the backlog rose to INR 2,207 crore, supporting visibility beyond the current year.

• The key debate is shifting from demand availability to execution, capacity additions, working-capital funding and valuation discipline.

🇮🇳 Shalimar Paints Restructuring: Infra.Market Reverse-Listing (Smartkarma) $

[Shalimar Paints Ltd (NSE: SHALPAINTS / BOM: 509874) ]

• Shalimar’s board approved a share-swap investment in Hella Infra Market, issuing up to 41.70 crore equity shares and 81.12 crore CCPS at 85, together worth ~10,439.9 crore in non-cash consideration.

• Hella/Infra.Market is vastly larger than Shalimar. Hella shareholders are reported to emerge with more than 77% of Shalimar, making the listed paints company the public-market vehicle for the enlarged platform.

• The stock is no longer an earnings-turnaround story alone. Valuation now depends on Hella stake actually acquired, swap ratio, CCPS conversion, cross-holding treatment, QIP dilution and the eventual legal “unification”.

🇮🇳 India: Defense Privatization | Yet Another Leap Forward (Smartkarma) $

• Reliance Industries Limited (NSE: RELIANCE / BOM: 500325) announced strategic intent to partner with Rolls-Royce to design, develop, and manufacture an indigenous combat engine for the Advanced Medium Combat Aircraft (AMCA) program.

• In our last note, we had highlighted how the AMCA program is slated to be won by private-player led consortiums involving heavyweights like L&T [Larsen & Toubro (L&T) (NSE: LT / BOM: 500510)], Tata and Kalyani Group (Bharat Forge).

• Now the heaviest and the biggest of all private players, Reliance Industries, has stepped in and is targeting combat engines which is among the most closely guarded technologies globally.

🇮🇳 Milky Mist Dairy Food IPO – Feedback From Ecosystem (Smartkarma) $

• Milky Mist is listing today. The issue saw very strong interest with overall subscription at 59 times. While the issue is optically expensive based on TTM financials, we expect strong performance driven by operating and financial leverage(driven by debt repayment from IPO proceeds) and most importantly strong governance practices as mentioned in our note. We expect a listing pop of 15-20%.

• We spoke to couple of players in the ecosystem of Milky Mist Dairy Food Ltd (1023949D IN) supply chain.

• This insight talks about the various softer aspects about the company culture, management, promoters and their business practices.

• Finally, we provide our view on company, valuation and conclusion.

🇮🇳 Dhoot Transmission IPO: India’s 2nd Larget Wiring Champion! (Smartkarma) $

• Dhoot Transmission opens its INR 3,066.89 crore IPO on August 10, 2026, priced at INR 829 to INR 871 a share, ahead of an August 17 listing.

• The offer tests investor appetite for a debt-heavy, Bain Capital-backed 2W/3W wiring harness leader riding India’s electrification wave.

• Strong OEM moat and EV tailwinds are real, but concentrated customers and a debt clean-up-heavy use of proceeds warrant a closer read before subscribing.

🇮🇳 Shiprocket IPO: Enabling E-Com Order Fulfilment for Indian Merchants (Smartkarma) $

• Shiprocket is India’s largest e-commerce enablement platform by FY26 revenue (35-45% market share in D2C), serving 215,000 active merchants with plug-and-play tools for shipping, checkout, payments, marketing, and fulfillment.

• The company operates two segments: a profitable, scaling Core Business (Domestic Shipping and Shipping Apps) alongside a fast-growing, loss-making Emerging Business (cross-border, checkout, marketing, hyperlocal delivery, and capital solutions).

• At 3x Price/sales, Shiprocket offers access to the structural growth of Indian merchants, whether through aggregators, D2C or global markets. Can the company become a unicorn again?

🌍 Don’t dismiss the mini-middle powers (FT) $ 🗃️

• Qatar, Oman, Azerbaijan, Kazakhstan and Uzbekistan hold leverage in crucial areas

• The writer is a non-resident fellow at the Carnegie Russia Eurasia Center

🇮🇱 Ituran Location And Control Remains A Buy After Strong Q2 Growth (Seeking Alpha) $ 🗃️

🇮🇱 Ituran Location and Control Ltd.: Strong Q2 Results Reveal The Data Opportunity Hidden Inside Its Telematics Network (Seeking Alpha) $ 🗃️

🇮🇱 Ituran: The Market Is Pricing In Too Much Of A Slowdown (Seeking Alpha) $ 🗃️

• 🌐 🇧🇷 Ituran Location And Control Ltd (NASDAQ: ITRN) – Leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. 🇼 🏷️

🇮🇱 Mobileye: The Autonomy Opportunity The Market Isn’t Pricing (Seeking Alpha) $ 🗃️

🇮🇱 Elbit Systems: Strong Q2 Results, Excellent Business, But Limited Upside (Seeking Alpha) $ 🗃️

🇮🇱 Elbit Systems: Record Backlog Makes The Pullback A Buy (Seeking Alpha) $ 🗃️

🇮🇱 Elbit Systems Ltd. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇷 Turkcell Iletisim Hizmetleri A.S. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇷 Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇷 Coca-Cola Içecek Anonim Sirketi 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌍 Coca Cola Icecek (IST: CCOLA) – Production, sales & distribution of sparkling & still beverages & Coca-Cola products. 🇼

🇿🇦 Businesses grow desperate in broke Johannesburg (FT) $ 🗃️

• Companies filling potholes and trucking in water themselves as Africa’s richest city ‘on the brink’

• The company was forced to “literally truck in water” to the “perpetually difficult site”, Charl de Villiers, chief executive of parent company Libstar Holdings (JSE: LBR)r, said recently. The disruptions contributed to a R17mn ($1mn) shortfall in expected profits in the first five months of 2026, he said.

• The company closed its Johannesburg plant, transferring production to the country’s Western Cape province as part of a planned restructuring.

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

🇿🇦 AECI Ltd 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 AECI Ltd (JSE: AFE) – 5 segments: AECI Mining, AECI Water, AECI Agri Health, AECI Chemicals & AECI Property Services & Corporate.

🇿🇼 Caledonia Mining: Q2 Helps, But The Risk Remains (Seeking Alpha) $ 🗃️

🇨🇿 CEZ, a. s. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇪🇺🏛️ CEZ as (PSE: CEZ / WSE: CEZ / FRA: CEZ / OTCMKTS: CZAVF) – Generation, distribution, trading & sale of electricity & heat; trading & sale of natural gas; provision of comprehensive energy services from the new energy sector & coal mining. One of the 10 largest energy companies in Europe. 🇼 🏷️

🌎 Arcos Dorados: The Quarter Being Reported Has Everything Going Its Way (Seeking Alpha) $ 🗃️

🌎 Arcos Dorados Holdings Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌎 Arcos Dorados Holdings Inc (NYSE: ARCO) – World’s largest independent McDonald’s franchisee. Exclusive right to own, operate & grant franchises of McDonald’s restaurants in 20 Latin American & Caribbean countries & territories. 🇼 🏷️

🌎 DLocal Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🌎 MercadoLibre: Great Business With The Wrong Price (Seeking Alpha) $ 🗃️

🌎 Globant: The Transition To AI As A Service Will Take Time (Seeking Alpha) $ 🗃️

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

🌎 Tenaris: Q2 Earnings Don’t Make The Upside Any Better, Maintain Hold (Seeking Alpha) $ 🗃️

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

• 🇦🇷 🇧🇷 🇺🇾 Adecoagro Sa (NYSE: AGRO) – Luxembourg HQ’s agro industrial company that produces & manufactures food & renewable energy. 3 segments: Farming; Sugar, Ethanol & Energy; & Land Transformation. 🏷️

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

• 🌎 Grupo Clarin SA (BCBA: GCLA / GCLAC) – Printed media, radio, broadcast and cable television, audiovisual production, the printing industry & Internet. 🇼

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

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

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

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

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

🇦🇷 Lithium Americas: A Pseudo-Cinematic ‘What-The-Heck’ Buy Case For The Stock (Seeking Alpha) $ 🗃️

🇦🇷 Lithium Argentina AG 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇴 Andean Precious Metals Corp. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇧🇴 🇺🇸 Andean Precious Metals Corp (TSE: APM / FRA: 6ZS / OTCMKTS: ANPMF) – Mid-tier precious metals producer. San Bartolomé processing facility in Potosí, Bolivia & Soledad Mountain mine in Kern County, California. 🇼

🇧🇷 MBRF Global Foods Company S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

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

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

🇧🇷 Embraer Q2: Strong Stock Momentum Likely To Persist, Reiterate Buy (Seeking Alpha) $ 🗃️

🇧🇷 Syn Prop & Tech S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇧🇷 SYN prop e tech SA (BVMF: SYNE3 / OTCMKTS: SYYNY) – Real estate acquisition, lease, sales, development & operation. Shopping malls & high-end corporate buildings.

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

🇧🇷 Vinci Compass: 7% Yield Isn’t Enough While Share Price Growth Lags (Seeking Alpha) $ 🗃️

• 🇧🇷 Vinci Partners Investments Ltd (NASDAQ: VINP) – Alternative investments platform. Specialized asset management, wealth management & financial advisory services to retail + institutional clients in Brazil. 🏷️

🇧🇷 Suzano: Hardwood Price Improvement A Little Capped (Seeking Alpha) $ 🗃️

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

🇧🇷 Companhia Energética de Minas Gerais – CEMIG 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Afya Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Companhia Siderúrgica Nacional 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

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

• 🇧🇷 Equatorial SA (BVMF: EQTL3 / OTCMKTS: EQUEY) – Electricity generation, distribution & transmission operations.

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

• 🇧🇷 SLC Agricola SA (BVMF: SLCE3 / FRA: GJ9 / OTCMKTS: SLCJY) – One of the world’s largest grain & fiber producers (cotton, soybean and corn + cattle raising, integrating crop-livestock). 🇼 🏷️

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

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

🇧🇷 Companhia de Saneamento Básico do Estado de São Paulo – SABESP 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 PagSeguro Digital Ltd. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 CI&T Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Cyrela Brazil Realty S.A. Empreendimentos e Participações 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 B3 S.A. – Brasil, Bolsa, Balcão 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Banco Do Brasil Q2: The Pain Is Not Over (Seeking Alpha) $ 🗃️

🇧🇷 Nu Holdings Q2: The First Billion-Dollar Quarter Deserves A Buy Rating (Seeking Alpha) $ 🗃️

🇧🇷 Nu Holdings Ltd. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 XP Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇧🇷 StoneCo Ltd. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇱 CompañíA CerveceríAs Unidas Lags Chilean Stocks Because Of Its Portfolio Challenges (Seeking Alpha) $ 🗃️

🇨🇱 Compañía Cervecerías Unidas S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇴 The political impacts of Colombia’s earthquake – August 2026 (Latin America Risk Report)

🇨🇴 Grupo Cibest: The Re-Rating May Be Done (Rating Downgrade) (Seeking Alpha) $ 🗃️

• 🌎🅿️ Grupo Cibest SA (NYSE: CIB / BVC: PFBCOLOM) fmr. Bancolombia – First Colombian financial institution listed on the NYSE. It provides banking products & services in Colombia, Panama, Puerto Rico, El Salvador, Bermuda & Guatemala. 🇼 🏷️

🇨🇴 Grupo Aval Acciones y Valores S.A. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇰🇾 Consolidated Water: The Q2 Beat Does Not Change My Thesis (Seeking Alpha) $ 🗃️

• 🇰🇾🌎 Consolidated Water Company Ltd (NASDAQ: CWCO) – Designs, builds, operates & in some cases finances seawater reverse osmosis (SWRO) desalination plants & water distribution systems in several Caribbean countries. 🏷️

🇲🇽 Grupo Aeroportuario del Sureste: Q2 Was Slow, But Earnings Should Take Off In 2027 (Seeking Alpha) $ 🗃️

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

🇵🇪 Credicorp Ltd. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌎 Credicorp (NYSE: BAP) – Universal banking, insurance & pension platform, microfinance, investment banking & wealth management. 🇼

🌐 Geopolitics in investing – valuable edge or useless voodoo? (Undervalued Shares)

• The headline for this article was inspired by a discussion in a chat group of global investors.

• A year ago, I asked the group whether there were any well-known investors who had built a verified long-term track record of getting major geopolitical calls right.

• “Geopolitics is pure entertainment with zero performance impact“, replied one.

• “It’s the equivalent of voodoo, and similar to reading tea leaves“, added another.

• One participant offered a more nuanced view: “It’s different for different investors.“

• With the summer recess upon us, I finally had the opportunity to tackle a question I had been meaning to investigate for some time: can investors actually gain an edge by analysing geopolitics, or is it largely a distraction?

🌐 Nebius: Potential Bull Trap – AI Growth Story With Strategic Financing (Seeking Alpha) $ 🗃️

🌐 Nebius Is Back In The Bull Zone (Rating Upgrade) (Seeking Alpha) $ 🗃️

🌐 Nebius: Why Its Post-Earnings Momentum Has Staying Power (Seeking Alpha) $ 🗃️

🌐 Nebius: Pricing Inflection Alters Narrative (Seeking Alpha) $ 🗃️

🌐 Nebius: Avoid Chasing, Even If You Missed The Ride (Rating Downgrade) (Seeking Alpha) $ 🗃️

🌐 Nebius: I’m Still Not Selling After 10x (Seeking Alpha) $ 🗃️

🌐 Nebius: Strong Momentum And Short Covering At Work (Seeking Alpha) $ 🗃️

🌐 Nebius: The AI Infrastructure Bottleneck Is Becoming A Profit Engine (Seeking Alpha) $ 🗃️

🌐 Nebius: A Strong Quarter But Still Overvalued (Seeking Alpha) $ 🗃️

🌐 Nebius’ Long-Term Prospects Are Nebulous Despite $40 Bln Backlog (Seeking Alpha) $ 🗃️

🌐 Nebius Has More Power, More Contracts, And More Upside Potential (Seeking Alpha) $ 🗃️

🌐 Nebius: The Q3 Auction Broke Its Own Price Ceiling (Rating Upgrade) (Seeking Alpha) $ 🗃️

🌐 Nebius Remains The King Of Compute (Seeking Alpha) $ 🗃️

🌐 Nebius: Why A 5.6x FWD Sales Multiple Is A Bargain (Seeking Alpha) $ 🗃️

🌐 Nebius: A Blowout Quarter Just Made Michael Burry’s Short More Interesting (Seeking Alpha) $ 🗃️

🌐 Nebius Q2 Earnings: Transitioning From Massive Backlog To Explosive Cash Flow (Seeking Alpha) $ 🗃️

🌐 Nebius: Why You Must Pick Your Spots (Seeking Alpha) $ 🗃️

🌐 Nebius’ Q2 Just Made The Bull Case Stronger (Seeking Alpha) $ 🗃️

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

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Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):

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Southern Cross Acquisition II Corp. SCATU D. Boral Capital (ex-EF Hutton), 10.0M Shares, $10.00-10.00, $100.0 mil, 8/17/2026 Week of

(Incorporated in the Cayman Islands)

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

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

MetaOptics (Uplisting) MOT Roth Capital Partners/The Benchmark Company, 3.0M Shares, $5.00-7.00, $18.0 mil, 8/24/2026 Week of

Note: This is NOT an IPO. This is a NASDAQ Uplisting – a public offering – from the Singapore Stock Exchange, where MetaOptics’ ordinary shares have been listed on the Catalist of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) since Sept. 9, 2025, under the ticker symbol “9MT” – according to the prospectus.

(Incorporated in the Cayman Islands)

We are a Singapore-based company that designs and manufactures metalenses – ultra-thin flat optical lenses that are smaller, lighter and more power efficient than traditional curved lenses.

Making Miniaturization Possible is our mission.

Note: MetaOptics says its metalens technology accommodates the demand for smaller and lighter lenses in smartphones, automotive technology and other uses.

From the prospectus:

We are a vertically integrated metalens technology company, combining core competencies across metalens equipment, foundry, products, and metaoptics artificial intelligence (“AI”). We conduct our operations through our wholly-owned subsidiaries in Singapore and the United States.

Metalenses are ultra-thin flat-surface lenses which are smaller, lighter, consume less power, and offer a wider field of view, compared to conventional optical lenses. The unique flatness of metalenses enables the correction of optical defects, delivering reasonable quality color images. Leveraging our AI-based algorithm and processing software, which incorporates several advanced algorithms to enhance the optical design and image processing, our metalens technology can further sharpen the images to achieve higher resolution and enhanced image quality, and allow users to manipulate the individual red, green and blue (“RGB”) channels to edit the color images through computational reconstruction. We believe that our innovations have transformative potential in shaping next-generation optical systems.

Our operations are centered on the design and manufacture of metalenses and metalens prototypes, and to demonstrate the viability, efficacy, applications and use cases of our metalenses, we have expanded our operations to include the development of metalens camera modules and metalens Internet of Things (“IoT”) products, such as infrared metalens cameras, pico projectors, and IoT metalens color cameras. Our metalenses have also been integrated into a wide range of applications by our customers, including fifth generation (“5G”) smartphones, contactless three-dimensional (“3D”) biometric modules, projectors, and for industrial applications such as IoT devices, light detection and ranging (“LiDAR”) devices and heads-up displays (“HUDs”) for planes and self-driving cars, and augmented reality/virtual reality (“AR/VR”) devices. To date, although we have achieved mass production capabilities for our metalens prototypes (“mass production” in our perspective refers to the shipment of one million metalens units per year), we have not yet received a critical mass of purchase orders from our customers necessitating mass production of our metalenses.

To facilitate small-scale production of our metalenses to fulfil purchase orders, reduce concentration risk and diversify our supply chain, and to demonstrate the manufacturing capabilities for our metalenses, we also design and produce equipment for the manufacture of metalenses, in particular 4-inch direct laser writers (“DLWs”). Our 4-inch DLWs enable our customers to revise specifications and design of metalenses directly, reducing the lead time and providing for a shorter turnaround time from prototyping to testing and deployment into end products. In addition, our metalens equipment offerings have grown to include the design and production of metalens automatic testers, for use by our customers to ensure quality control of metalenses prior to shipment. These capabilities enable us to serve as a one-stop provider of metalens and metalens IoT products, offer customers comprehensive end-to-end services, and preserve and grow our competitive advantage in the industry.

We offer our products to manufacturers of automotives, AR/VR devices, consumer electronic appliances, end-customers, and traders for the distribution of such products. While we offer our products worldwide, our existing customers for metalens equipment, metalenses and IoT products are mainly located in Singapore, Japan, South Korea, China, Taiwan, the United States, and several countries in Europe.

We intend to use the net proceeds from this offering primarily to support our expansion plans in the United States. See “Use of Proceeds.”

Note: Net loss and revenue are in U.S. dollars (converted from Singapore dollars) for the year that ended Dec. 31, 2025.

(Note: MetaOptics cut its NASDAQ Uplisting deal’s size to 3 million American Depositary Shares (ADS) – down from 4 million ADS – and disclosed a price range of $5.00 to $7.00 – a change from the assumed price of $8.15 per share – to raise $18 million, according to an F-1/A filing dated June 10, 2026. Each ADS equals 12 ordinary shares.)

(Background: MetaOptics disclosed the terms for its NASDAQ Uplisting – a small public offering – on May 18, 2026, in an F-1/A filing: 4 million ADS at an assumed price of $8.15 to raise $32.6 million. The price – $8.15 – is the as-converted last price of MetaOptics’ shares on May 15, 2026, on the Singapore Exchange. Initial Filing: MetaOptics filed its F-1 for its uplisting to the NASDAQ – an offering that MetaOptics calls its IPO – on May, 4, 2026, without disclosing the terms. MetaOptics’ stock is listed on the Singapore Stock Exchange under the ticker “9MT” – according to the prospectus. Estimated proceeds for the NASDAQ uplisting – public offering – were up to $23 million.)

Web3Labs Global Inc. MDAT Eddid Securities USA, 6.3M Shares, $4.00-5.00, $28.1 mil, 8/24/2026 Week of

(Incorporated in the Cayman Islands)

We are a Hong Kong-based company that provides Web3-related business services to support blockchain companies and decentralized tech enterprises, including start-ups.

We aim to create a Web3 entrepreneurial platform through diverse services, investment acceleration, and technical collaboration.

We are an innovative Hong Kong-based Web3 service provider dedicated to empowering enterprises including start-ups in the blockchain space through comprehensive, tailored support. Web3 ecosystem refers to industries focused on the decentralized evolution of the internet, powered by blockchain technology, enabling user-owned data, peer-to-peer transactions, and trustless systems without intermediaries. We seek to promote the adoption of and commercialization of decentralized solutions by facilitating a robust ecosystem of resources, expertise, and opportunities. Since our inception, we have supported many enterprises in Web3 including many start-ups with incubation, consultation and operational services, and are working to establish an active presence through regional hubs in Asia. By fostering innovation, collaboration, and compliance, we seek to serve as a catalyst for the growth of the blockchain industry in Asia, helping enterprises transform forward-thinking ideas into scalable realities.

Our comprehensive service offerings in the Web3 ecosystem primarily include (i) strategic consulting services (such as producing feasibility reports and consultation regarding business models in the Web3 industry), (ii) acceleration program management services, where we bridge early-stage companies to blockchain infrastructures, bolstering the companies’ development in their applications including decentralized solutions and their commercialization through token generation events and market integration, and (iii) general business services including marketing, market research and other business consulting services provided to third-party startup entities (such as market trend analysis and marketing strategy support, coordination of collaboration opportunities, which serve to facilitate such early-stage companies in accessing infrastructure, industry resources, and applicable policies). We provide companies with services from the formation of a start-up through later stages of corporate development, and we are dedicated to helping companies establish their presence in Hong Kong.

As of the date of this prospectus, we have established relationships with eight public blockchains (a decentralized and open network that allows anyone to participate, read, and write data without requiring permission from a central authority) and an affiliate of another public blockchain in the Web3 ecosystem, including Neo, Zetrix, Ton, Mango, and Plume.

In addition, we aim to create a dynamic ecosystem that connects enterprises, investors, and regulators through venues including policy forums (such as the co-hosted real-world assets (“RWA”) policy forum) and advisory reports, aiming to promote the integration of decentralized technologies with traditional industries. This vision drives our efforts to foster sustainable growth and global connectivity for Web3 enterprises.

In the face of global technological competition in the cryptocurrency ecosystem, we strive to stay at the forefront of the market and have a deep understanding of the needs and challenges of entrepreneurs in the Web3 ecosystem. We are dedicated to facilitating a legitimate, comprehensive, professional, and in-depth entrepreneurial environment in the Web3 economy.

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

(Note: Web3Labs Global Inc. filed its F-1 on May 13, 2026, for its IPO and disclosed the terms: 6.25 million shares at a price range of $4.00 to $5.00 to raise $28.13 million, if priced at the $4.50 mid-point of its range.)

Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:

Frontier and emerging market highlights:

Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).

I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.

Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.

Emerging Market Links + The Week Ahead (August 17, 2026) was also published on our website under the Newsletter category.

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