Emerging Market Links + The Week Ahead (July 27, 2026)
Despite the war in the Middle East, a recent survey finds that Asia-Pacific economic confidence rises in Q2 (🗃️)
Confidence among Asia-Pacific accountants and finance professionals rebounded sharply in the second quarter of 2026, reversing a sharp Q1 decline and pushing the region’s confidence and new orders indices meaningfully above their historical averages, according to a recent survey.
This is a stronger recovery than seen in North America and Western Europe, where confidence remains weak by historical standards, according to the latest Global Economic Conditions Survey by the Association of Chartered Certified Accountants ( ACCA ) and the Institute of Management Accountants ( IMA )
Last week, I mentioned the rather interesting Network School controversy in Malaysia (involving allegations of Zionist ties/allowing Israelis to enter on other passports) – it has ended with them being kicked out and the crypto-tech bro founder being blacklisted by the state of Johor. This week, crypto and tech bros are embroiled in a new Malaysia controversy with this tweet summing up the problem with them:
Adam Mashrique@sakak_musdom
Malaysia biggest Web3 event got backlash after featuring pornstar DJ at afterparty
TradFi bankers would never do this kind of thing
Cryptobros have money, but they will never have respect
Malaysia Digital Economy Corporation @mymdec
For the avoidance of doubt, the Ministry of Digital and MDEC have withdrawn our support for Malaysia Blockchain Week 2026. The reference in this post to the Ministry’s and MDEC’s “continued support” is therefore inaccurate.
2:16 AM · Jul 28, 2026 · 8.37K Views
13 Replies · 15 Reposts · 46 Likes
[Reminder: This Substack does not do crypto…]
Finally, there has long been a medium sized office building data center around the corner from me in Kuala Lumpur and more recently another one opened down the street from it (you can tell as the office buildings have guard houses/gates in front with few people coming or going).
However, the pushback against data centers (a big piece of the AI puzzle) has expanded beyond the USA with some in Malaysia starting to question the “benefits” of doling out investment incentives for an energy/water intensive industry that generates few jobs or other benefits for locals:
FreeMalaysian@FreeMsian
Very highly paid idiots acknowledging that they got conned. People are warning about how Data Centres produce little impact to local employment but they continued to diss out tax incentives amidst very cheap land, low property taxes and low energy and water costs!
1:43 AM · Jul 24, 2026 · 9.96K Views
12 Replies · 70 Reposts · 128 Likes
khalid karim STEMKITA@khalidkarim
ENOUGH IS ENOUGH.
Cukup cukup lah Zafrul
Malaysia must stop treating every Data Centre FDI announcement as an unquestionable economic victory.
1. A 1 GW data centre operating 24/7 consumes about 8.76 TWh of electricity annually.
2. To generate an equivalent amount from solar
9:24 PM · Jul 25, 2026 · 2.58K Views
5 Replies · 23 Reposts · 67 Likes
$ = 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-Pacific economic confidence rises in Q2 (The Asset) 🗃️
Despite AI boom, cautious outlook amid global soaring commodity prices, Middle East supply-chain disruptions
Confidence among Asia-Pacific accountants and finance professionals rebounded sharply in the second quarter of 2026, reversing a sharp Q1 decline and pushing the region’s confidence and new orders indices meaningfully above their historical averages, according to a recent survey.
This is a stronger recovery than seen in North America and Western Europe, where confidence remains weak by historical standards, according to the latest Global Economic Conditions Survey by the Association of Chartered Certified Accountants ( ACCA ) and the Institute of Management Accountants ( IMA )
🇯🇵 Okinawa Cellular Telephone (9436.T): The Cash-Printing Tropical Monopoly (KonichiValue Japan) $
I finally got around to reading the book Active Value Investing by Vitaliy Katsenelson the other day. The man is one of the greats, and I have learned more about pinning down a company’s intrinsic value from him than from Warren Buffett himself.
Okinawa Cellular Telephone Co (TYO: 9436) popped up on my quantitative screener last week with metrics that immediately reminded me of his brilliant thesis on Charter Communications (CHTR). I listened to an interview where he raved about Charter because it operated as a localized broadband monopoly that generated absurd, predictable cash flow while relentlessly cannibalizing its own share count to force per-share value higher.
Okinawa Cellular runs this exact same localized monopoly playbook in Japan, but they pair it with a pristine, unlevered balance sheet instead of the terrifying debt loads typically found in American cable companies. I had to dig deep into the valuation math to see if he, and I, would actually love this stock today.
🇨🇳 China’s ‘national team’ buys shares worth $9bn to prop up market (FT) $ 🗃️
🇨🇳 China Deploys ‘National Team’ in Multi-Pronged Stock Market Rescue (Caixin) $
China is orchestrating a coordinated rescue of its plunging stock market, mobilizing state-backed entities to inject billions of dollars to shore up investor confidence.
State-owned capital operators China Reform Holdings Corp. Ltd. and China Chengtong Holdings Group Ltd. said Sunday that they had deployed about 60 billion yuan ($8.9 billion) into domestic equities and exchange-traded funds (ETFs) to stabilize prices.
🇨🇳 Investors use crypto exchanges to avoid Chinese controls on AI stocks (FT) $ 🗃️
🇨🇳 🇭🇰 Affluent investors from China and Hong Kong reset return expectations (The Asset) 🗃️
Investors recalibrate expected returns to 8% and diversify across asset classes and global markets
DBS Hong Kong released the survey [DBS Treasures Affluent Investor Survey 2026] today, finding affluent investors in Hong Kong and China remain cautious about market prospects, but optimistic about long-term wealth creation opportunities despite an uncertain economic environment. DBS surveyed 1,617 affluent individuals across Hong Kong and mainland China, with a minimum of HK$ 1 million or 1 million yuan in assets in their respective markets.
Expected annual returns among Hong Kong investors eased to 7.9% from 8.4% in 2025, while expectations among mainland Chinese investors fell to 8.1% from 10.1%. At the same time, long-term wealth growth has become a more important objective for investors, with 66% of them naming it as their most important wealth goal, up from 57% a year ago.
Against an evolving market environment, affluent investors are increasingly broadening their portfolios.
🇨🇳 China Mutual Funds Swing to $287 Billion Profit on AI Stock Binge (Caixin) $
China’s mutual funds swung back to profitability in the second quarter, raking in 1.94 trillion yuan ($287 billion) in net profit as active managers dumped traditional staples for AI and tech stocks.
The massive gains snapped two consecutive quarters of losses, according to data from Wind Information Co. Ltd.
The rapid capital rotation underscores a highly polarized Chinese stock market, as growth-chasing managers boosted their exposure to the technology, media and telecommunications sector.
🇨🇳 China investigates former securities regulator Fang Xinghai (FT) $ 🗃️
🇨🇳 Analysis: Is Mega Chip IPO to Blame for China’s Tech Rout? (Caixin) $
A multibillion-dollar IPO by Chinese memory chipmaker Changxin Memory Technologies (CXMT) is taking the blame for a severe sell-off in domestic tech equities, spotlighting the market’s vulnerability to liquidity squeezes.
As retail investors were required to cough up 33.3 billion yuan ($4.9 billion) to settle CXMT’s IPO share allocations Monday, tech hardware sectors suffered more than 23 billion yuan in net outflows.
🇨🇳 CXMT Corp (688825 CH): Nothing Left to Sell, Everything Left to Re-Rate (Smartkarma) $
Capacity is booked through end-2027, with Dell, HP, Lenovo and Apple prioritised; FY25 utilisation already 95.73% — this is contracted revenue, not a forecast.
The industry stopped behaving like a commodity: Micron and SK Hynix now take prepayments and lock volume, pushing PC and handset makers toward Changxin Memory Technologies (CXMT), the largest uncontracted supplier left.
BULLISH, TP Rmb11.65 (+34.5%): 6.5x FY26E EPS, a deliberate discount to peers that prices zero HBM optionality and concedes the scarcity window closes around 2028.
🇨🇳 JD.com: Smart Money Doubles Down As Valuation Provides Deeper Value (Seeking Alpha) $ 🗃️
🇨🇳 Alibaba: Qwen Powering AI Transformation (Seeking Alpha) $ 🗃️
🇨🇳 Alibaba’s 2.4-Trillion-Parameter AI Bet Just Put Silicon Valley On Notice! (Smartkarma) $
Alibaba (NYSE: BABA) has pushed itself deeper into the global artificial intelligence race with the preview of Qwen3.8-Max-Preview.
The company says the new model is among the most capable systems available and ranks behind only Anthropic’s Fable 5.
That comparison comes from Alibaba, so independent testing will still matter.
🇨🇳 Bilibili Q2 2026 Preview: High-Engagement Community Driving Ad Monetization; Reiterate Buy (Seeking Alpha) $ 🗃️
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🇨🇳 Bilibili (NASDAQ: BILI) – Video sharing website (animation, comics & games) + streaming platforms serving videos on demand. 🇼 🏷️
🇨🇳 Deepexi unearths deep revenue growth in agentic AI wave (Bamboo Works)
The company posted triple-digit growth in the first half of 2026, with revenue for the six-month period already equal to 70% of its 2025 total
Deepexi Technology Co Ltd (HKG: 1384) said it expects to report its revenue grew by 101% to 120% year-over-year in the first half of 2026
The agentic AI company’s price-to-sales valuation is significantly lower than that for better-known peer Palantir
🇨🇳 FS.com rides high-speed AI networks to higher profits (Bamboo Works)
[FS.Com Ltd (HKG: 3355)]
The provider of network equipment and solutions has flagged up a jump in first-half earnings, driven by demand for high-density AI computing
The company expects its net profit for the first half of this year to surge between 60% and 70%, boosted by rising sales of high-performance network solutions
It is also spending around $49 million to acquire a Shanghai-based provider of network technology, aiming to strengthen its research and manufacturing capability
🇨🇳 AsiaInfo calls on AI, space communications to revive its flagging business (Bamboo Works)
The telecoms software company said its revenue fell up to 19.2% in the first half of 2026, implying contraction of up to nearly 30% in the second quarter
AsiaInfo Technologies Ltd (HKG: 1675 / FRA: 51N / OTCMKTS: ASNFF)’s revenue fell between 11.5% and 19.2% in the first half of 2026, as strong gains for its AI business failed to offset accelerating declines for its traditional telecoms business
The company is betting on AI infrastructure partnerships and space communications to revive its fortunes, though those two areas account for just 15% of its sales
🇨🇳 HK A+H IPO 2026: Supply Congestion, Stalled Premium Compression [Update 2] (Smartkarma) $
[Luxshare Precision Industry (SHE: 002475 / HKG: 2475)]
We update our HK A+H listing study with 13 deals since our April analysis, extending the study universe to 43 listings since 2025.
Aftermarket returns have rolled over. 3Q26 to date is the weakest quarter since 4Q25, with one positive deal in six.
The international cornerstone screen has lost selectivity. Deep pricing discounts and premium compression now explain more of the positive deals.
🇨🇳 Hesai: LiDAR Pays The Bills, Robotics Fixes The Margin (Seeking Alpha) $ 🗃️
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🌐 Hesai Group (NASDAQ: HSAI) – Lidar products for autonomous mobility, robots, etc. Three-dimensional light detection & ranging (lidar) solutions. 🏷️
🇨🇳 Autohome Q2 2026 Preview: High Dividend Floor Meets Structural Disintermediation Headwinds (Seeking Alpha) $ 🗃️
🇨🇳 Sinotruk Hong Kong (3808 HK): Synthetic Expert Call Transcript (21 Jul 2026) (Smartkarma) $
TRATON SE’s 2.1% secondary selldown in January 2026 (reducing its holding to 23.2%) is a balance sheet optimization move to pay down TRATON’s own debt and fund Scania’s localized Rugao plant, rather than a reflection of operational or technical friction.
Sinotruk Hong Kong Ltd (HKG: 3808 / FRA: 4SK / OTCMKTS: SHKLY / SHKLF)’s technical partnership with MAN has fully matured over 17 years; the technology is completely localized (MC-series engines), and any incremental dependency is being mitigated by the rapid integration of Weichai Power engines under the parent Shandong Heavy Industry Group (SHIG) ecosystem, marked by the RMB 11 billion 2026 Weichai Parts Purchase Agreement.
Sustainability of the record RMB 109.54 billion revenue and RMB 7.02 billion net profit in 2025 relies heavily on high-margin export markets (153,368 units in 2025) offsetting domestic price compression, where intense competition in the LNG segment and dilutive electric heavy-duty truck (HDT) lines are dragging on overall gross margin, which slid to 15.1% in 2025.
🇨🇳 Aequitas: Sinotruk Placement – Third Selldown in Seven Months After Strong Run-Up (Smartkarma) $
German truckmaker, MAN SE (via MAN Finance and Holding) is looking to sell a ~2% stake in Sinotruk Hong Kong Ltd (HKG: 3808 / FRA: 4SK / OTCMKTS: SHKLY / SHKLF) to raise upto US$261m via a secondary selldown.
Sinotruk (Hong Kong) Ltd is China’s leading heavy-duty truck manufacturer, focused on commercial vehicles with strong domestic market share, growing exports, and consistent cash generation.
In this note we talk about the deal dynamics and run the deal through our ECM framework.
🇨🇳 Launch Tech (2488.HK) – World’s 2nd largest automotive diagnostics firm navigates decoupling, cloud services and recurring-software revenue (Pyramids and Pagodas)
Reverse-engineering the economics of a hardware exporter with a hidden, high-margin software annuity
Launch Tech Company Limited (HKG: 2488 / FRA: LAN); “Launch Tech”), with a market cap of USD 362 million, is a 34-year-old Shenzhen company that owns one of the two leading global brands in automotive diagnostic equipment, the X-431 family. It earns roughly 28% ROE at a ~47% gross margin, holds net cash, returns most of its free cash flow to shareholders, and trades at about 7× trailing P/E with a ~12% dividend yield; roughly half of the multiple its larger domestic rival Autel Intelligent Technology Corp Ltd (SHA: 688208); “Autel”) commands. The market’s verdict, encoded in that multiple, is that this is a plateaued Chinese hardware exporter in a decoupling world, run for cash, with its growth behind it.
🇨🇳 TAL Education FY Q1 2027 Preview: Smart Hardware Momentum Offset By Normalizing Growth (Seeking Alpha) $ 🗃️
🇨🇳 Monthly Chinese Tourism Tracker | May, June, Q2 All Show A Clear Softening of Chinese Travel Demand (Smartkarma) $
🇨🇳 Nike Ends Topsports’ Online Sales Rights on the Chinese Mainland in Digital Overhaul (Caixin) $
Chinese sports retailer Topsports (HKG: 6110 / OTCMKTS: TPSRF) said Nike Inc. will terminate its online sales rights on the Chinese mainland effective Jan. 1, 2027, sending the distributor’s shares down nearly 25% on Wednesday.
The move underscores the U.S. sportswear giant’s broader push to consolidate its fragmented digital channels in China and curb online price wars, as it grapples with multiple quarters of declining sales in the market.
🇨🇳 Vipshop Q2 2026 Preview: Bottomed Valuation Offsets Growth Stagnation (Rating Upgrade) (Seeking Alpha) $ 🗃️
🇨🇳 Investors flee Yan Palace as aging brand struggles to find new audience (Bamboo Works)
China’s largest maker of bird’s nest products has yet to find a winning formula beyond its traditional niche of high-spending older women
Yan Palace (HKSE: 1497) said its revenue and profit rose up to 20% and 50%, respectively, in the first half of 2026, but its shares still fell 14% in the two days after the announcement
The company’s efforts to expand beyond its niche in traditional bird’s nest products have largely failed, leaving it dependent on cost cutting for profit growth
🇨🇳 Noah Holdings – Strong Q2 Expected (Seeking Alpha) $ 🗃️
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🇨🇳 Noah Holdings Limited (NYSE: NOAH / HKEX: 6686) – Wealth management service provider. One-stop advisory services on global investment & asset allocation for high net worth investors. 🇼 🏷️
🇨🇳 CICC chases wealthy Chinese as hedge against cyclical investment banking (Bamboo Works)
Net profit for the elite dealmaker’s wealth management subsidiary more than doubled in the first half of the year, providing crucial earnings stability as investors shun real estate
Profits from China International Capital Corp Ltd (SHA: 601995 / HKG: 3908 / FRA: CIM)’s wealth management unit surged in the first half of this year to account for at least 29% of the company’s earnings
Unlike the company’s core investment banking business, which is highly variable, fee-based wealth management is a more stable income source
🇨🇳 Musings On Guotai Haitong (601211 CH)’s Expected Offer For Guotai Junan (1788 HK) (Hong Kong/China M&A/Events) $
🇨🇳 Z Fin (1168 HK): Ou’s “Fair” HK$6.60/Share Offer (Hong Kong/China M&A/Events) $
As discussed in Z Fin (1168 HK)’s Suspension: Expect Ou To Make An Offer, following Z Fin Ltd (HKG: 1168 / OTCMKTS: SNLKF)‘s suspension, an Offer from Ou Yaping, Z Fin’s founder, was expected.
And that is what unfolded late last night (21st July). Ou is Offering HK$6.60/share, by way of a Scheme. Terms are final.
Terms are a 61.37% premium to undisturbed. Yet a 72.13% discount to NAV. Minorities are somewhat active looking at recent AGM voting. Yet terms are fair to listed peers.
Z Fin (1168 HK) is illiquid. Look away now if this is not your thing.
🇨🇳 Ganfeng rediscovers profitability as volatile lithium prices test its mettle (Bamboo Works)
Rebounding lithium prices returned the miner to the black this year, but falling spot prices and planned supply restarts are testing the durability of its rebound
Ganfeng Lithium Group (SHE: 002460 / HKG: 1772 / OTCMKTS: GNENY / GNENF) returned to the black in the first half of the year with a profit of 3.65 billion yuan to 4.6 billion yuan for the six-month period
Rebounding lithium prices have already pulled back from recent highs, as Ganfeng hopes to leverage volume ramp-ups at its mines to lower costs
🇨🇳 Xinyi Energy’s profit dives as China suffers from ‘solar hangover’ (Bamboo Works)
The solar farm operator said it expects to report its profit fell between 25% and 35% in the first half of this year
Xinyi Energy Holdings (HKG: 3868) said its profit fell sharply in the first half of 2026, as its margins declined on falling prices with the phasing out of government subsidies for solar power
China added a massive 315 GW of solar capacity last year, causing the abandonment rate for new plants to rise above 6% as the grid struggled to accommodate new supply
🇨🇳 MicroPort MedBot serves up inaugural profit on booming exports (Bamboo Works)
The medical robot maker expects to report a profit of 28 million yuan to 40 million yuan for the first half of 2026, reversing years of losses
Shanghai MicroPort MedBot Group Co Ltd (HKG: 2252) recorded its maiden profit in the first half of this year, as its revenue surged 200% to 230% and its gross margin rose more than 15 percentage points
The company’s Toumai laparoscopic surgical robots have become its star product, surging since last year to account for more than three-quarters of its overall orders to date
🇨🇳 Joinn’s profit figures spark market outbreak of “monkey fever” (Bamboo Works)
Projected earnings at the drug research company have been inflated by the soaring value of research monkeys, but the on-paper gains may not be sustainable
Joinn Laboratories China (SHA: 603127 / HKG: 6127) uses its macaques for in-house testing purposes and does not sell many on the open market, so the fair-value gains are largely unrealized
Its principal business as a contract research organization has been hit by a price war, squeezing operating margins
🇨🇳 Limited Upside To JBM (2161 HK)’s Spin-Off (Hong Kong/China M&A/Events)
On the 17th July 2026, Jbm (Healthcare) Ltd (HKG: 2161), a consumer healthcare company, announced the spin-off of 100%-held JPJ, the group’s branded PCM products and Chinese medicine clinic services.
Listing is slated for the HKEx, market conditions permitting. An application proof has been lodged. JBM intends to hold at least 50% of JPJ post listing.
My calcs suggest JBM is fairly valued here – before assigning any holdco discount post spin-off. FWIW, JBM was itself spun-off from Jacobson Pharma Corporation Ltd (HKG: 2633) in February 2021.
🇨🇳 Initial Thoughts on the Moonshot AI IPO in Hong Kong (Douglas Research Insights) $
Moonshot AI is one of the hottest companies in China. Moonshot AI is getting ready to complete its IPO in Hong Kong in late 2026/early 2027.
Company is seeking a pre-IPO funding at about $50 billion. I think its valuation could be well north of $100 billion when it completes its IPO in about six months.
A critical element of Moonshot AI’s technical strategy is its adherence to an open-weight distribution model.
🇨🇳 Yang Zhilin, the rock star founder behind China’s Moonshot AI (FT) $ 🗃️
🇭🇰 Hong Kong stock exchange relaxes listing rules to compete with US rivals (FT) $ 🗃️
🇭🇰 Prenetics Global: Path To Profitability On Course With Financing Deal (Seeking Alpha) $ 🗃️
🇭🇰 Z.AI/Knowledge Atlas (2513.HK): No Concern – Kimi Targeting Different Customers (Smartkarma) $
[Knowledge Atlas Technology JSC Ltd (HKG: 2513)]
Moonshot’s Kimi K3 model outperformed Z.AI’s GLM-5.2 in intelligence on Artificial Analysis.
However Moonshot’s B2C and B2B customers are very different from Z.AI’s.
Furthermore, Z.AI’s GLM-5.2 operates at four times the speed of Kimi K3.
🇲🇴 Macau daily GGR up as FIFA World Cup in ‘rearview’ mirror, July likely down 5pct y-o-y: Citi (GGRAsia)
Macau daily gross gaming revenue (GGR) was circa 9 percent higher in the past week compared to the week from July 6, as “distractions from the global soccer tournament continued to fade,” says banking group Citi.
That was a reference to the FIFA World Cup 2026 football competition, which concluded on Sunday. The institution cited industry sources for its estimate.
“We are keeping our July 2026 GGR forecast of MOP21.0-billion [US$2.60-billion],” i.e., likely down 5 percent year-on-year, “unchanged”, wrote analysts George Choi and Timothy Chau.
🇲🇴 Macau’s 1H visitors from next-door Guangdong up 17pct, far outpacing 2.5pct growth in other Chinese-mainland sources (GGRAsia)
Macau’s first-half tally of visitors from the neighbouring Chinese-mainland province Guangdong rose 17.3 percent year-on-year. But growth from feeder markets elsewhere on the mainland was a more-modest 2.5 percent.
That is according to GGRAsia’s review of public data, following the release of official visitor-volume and visitor-segment information for the six months to June 30, by Macau’s Statistics and Census Service.
🇲🇴 Sands China 2Q EBITDA miss ‘too large to ignore’ amid worst-ever VIP luck: analysts (GGRAsia)
Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF)’s second-quarter property earnings before interest, taxation, depreciation, and amortisation (EBITDA) “miss is… too large to ignore”, despite the Macau casino operator suffering what analysts described as its worst-ever VIP luck, according to banking group JP Morgan.
The institution said it expected Sands China’s stock to “react negatively” to the firm’s second-quarter results.
Sands China’s quarterly property EBITDA declined 24.0 percent year-on-year, to US$430 million.
That was amid what JP Morgan also said was “a messy quarter” for Sands China, with an “ugly print” and where “bad VIP luck, poor mass hold, and bad timing all arrived together”.
🇲🇴 LVS affirms US$700mln quarterly EBITDA target for Macau ops, Venetian Macao refresh by CNY 2028 (GGRAsia)
Las Vegas Sands (NYSE: LVS), parent of Macau casino concessionaire Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF), says it expects to relaunch in full the renovated rooms of The Venetian Macao (pictured) by Chinese New Year (CNY) 2028. Such investment would help the company meet its goal in terms of earnings before interest, taxation, depreciation, and amortisation (EBITDA).
So said Patrick Dumont, chairman and chief executive of Las Vegas Sands, during Wednesday’s call to discuss the firm’s second-quarter earnings. The group also runs the Marina Bay Sands casino complex in Singapore.
🇹🇼 Taiwan’s drone ambitions play to its tech manufacturing strengths (FT) $ 🗃️
🇹🇼 TSMC: I Was Wrong (Seeking Alpha) $ 🗃️
🇹🇼 TSMC Is A Far Safer Buy Than Fabless Giants (Seeking Alpha) $ 🗃️
🇹🇼 TSMC: Robust Margins, Strong Guidance, The Market Is Getting Out Of Hand Here (Seeking Alpha) $ 🗃️
🇹🇼 Taiwan Semiconductor: Inside The Price Dispute That Can Change The AI Supply Chain (Seeking Alpha) $ 🗃️
🇹🇼 TSMC Q2: Compounding AI Spending Concerns Hit Stock Valuation (Seeking Alpha) $ 🗃️
🇹🇼 TSMC Is Up 78%, And Wall Street Still Isn’t Buying (Seeking Alpha) $ 🗃️
🇹🇼 TSMC Beat, The Stock Fell Anyway: Here’s What Got Priced In (Seeking Alpha) $ 🗃️
🇹🇼 TSMC: Unfolding CapEx Boom (Seeking Alpha) $ 🗃️
🇹🇼 Himax Technologies: The Pullback Makes CPO Worth The Risk (Seeking Alpha) $ 🗃️
🇹🇼 Silicon Motion: MonTitan Could Unlock The Next Leg Of Growth (Seeking Alpha) $ 🗃️
🇰🇷 Korea Casino Association opposes proposed higher tourism levy, licence renewal system (GGRAsia)
The Korea Casino Association has urged South Korea’s Ministry of Culture, Sports and Tourism to reconsider proposed reforms to the country’s casino regulatory framework. It warned that a higher tourism levy and the introduction of a licence renewal system would undermine the industry’s competitiveness and discourage investment.
In a press release issued on Tuesday, the association said it opposed two key measures under consideration by the ministry: raising the maximum contribution to the Tourism Promotion and Development Fund paid by casino firms to 15 percent from 10 percent of gross gaming revenue (GGR); and replacing the current permanent licensing system with renewable five-year permits.
🇰🇷 South Korea weighs casino reform as industry pushes back at parliamentary forum (GGRAsia)
🇰🇷 LG Display Co., Ltd. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇰🇷 Shinhan Financial: A Bull On Earnings Beat And Capital Allocation Upside (Seeking Alpha) $ 🗃️
🇰🇷 Shinhan Financial Group Co., Ltd. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇰🇷 KB Financial Group Inc. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇰🇷 Samsung Unpacks New Foldables (Seeking Alpha) $ 🗃️
🇰🇷 SK Telecom: Reported KKR Investment In Data Center Draws Attention (Seeking Alpha) $ 🗃️
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🇰🇷 SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA) – Wireless telecommunication services in Korea. 3 segments: Cellular Services, Fixed-Line Telecommunications Services & Other Businesses. 🇼 🏷️
🇰🇷 SK Hynix: How Arbs Will Likely to Reduce the Premium in Price Between ADRs and Local Shares (Douglas Research Insights) $
In this insight, I discuss how the arbs are likely to reduce the premium in price between the SK Hynix (KRX: 000660) ADRs and local shares going forward.
I think over the next several weeks, the current 30% ADR premium versus local shares could be halved or more to less than 15%.
The arbs are chomping at the opportunity. Barbarians are at the gate.
🇰🇷 Tech billionaire ordered to pay $640mn in South Korea’s ‘divorce of the century’ (FT) $ 🗃️
🇰🇷 KSD Confirms Hynix ADR 2.5% Hard Cap, Only Hynix Can Expand It. Outlook on the Actual Playbook
KSD CEO confirms 2.5%t hard cap on ADR conversion despite 25% SEC headroom. Two way conversion starts July 29, but scaling the cap is fully Hynix call.
SK Hynix (KRX: 000660) not pushing 2.5% cap hike, instead engaging FSC on ADR registration including third-party conversions. Market confused as past exemptions existed, raising questions on intent and signaling possible hidden agenda.
Market suspects Hynix may limit ADR pool expansion to capture premium, using FSC registration talks as cover. Base case is gradual pool opening with controlled conversion flow.
🇰🇷 FnGuide: Soaring Growth in Sales and Profits in 2Q 2026 (Douglas Research Insights) $
FnGuide Inc (KOSDAQ: 064850) sales and profits soared in 2Q 2026.
It had sales of 14.9 billion won (up 96.3% YoY and 5.8% higher than consensus) and operating profit of 7.9 billion won (up 281.6% YoY and 13.9% higher than consensus).
As initial trading surges for single-stock 2x leveraged ETFs stabilize, dropping demand may soon rejuvenate investor interest in diversified ETF products linked to FnGuide’s equity indices.
🇰🇷 Lotte Group Chairman Shin Dong-Bin Plans to Sell 1.2% Stake in Lotte Shopping – Why? (Douglas Research Insights) $
On 22 July, Lotte Group Chairman Shin Dong-bin announced that he plans to sell 324,100 shares (1.15%) of Lotte Shopping Co Ltd (KRX: 023530) to secure cash liquidity.
The sale is scheduled to take place via open-market trading over a period starting on the 21 August. Post the stake sale, his stake in the company will decrease to 9.08%.
I think Lotte Shopping’s share price could decline by additional 20-30%+ in the next several weeks due to further liquidity concerns on the entire Lotte Group.
🇰🇷 Terton Capital Goes Activist on Golfzon Holdings (Douglas Research Insights) $
On 28 June, it was reported that SJ Investment Holdings is launching a tender offer to delist the company.
On 22 July, Terton Capital started to go activist on Golfzon Co Ltd (KOSDAQ: 215000). Terton Capital is a US-based investment fund and a shareholder of Golfzon Holdings.
According to my NAV valuation analysis, the implied value of Golfzon Holdings is 9,530 won per share, representing 43% upside from current levels.
🇸🇬 Keppel DC REIT 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
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🌏🌍 Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF) – First pure-play data centre REIT in Asia. Singapore, Australia, China, Malaysia, Germany, Ireland, Italy, Netherlands & UK. 🇼 🏷️
🇸🇬 Sea Limited: Why I’m Not Fading This Revenue Growth Story (Seeking Alpha) $ 🗃️
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🌏 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). 🇼 🏷️
🇸🇬 Baker Technology Limited (SGX: BTP): The Double Discount (TheOldEconomy Substack) $
Baker Technology Ltd (SGX: BTP / OTCMKTS: BKTLF), listed in Singapore (SGX: BTP), trades at roughly the value of its own cash and short-term investments. Its 54.98%-owned subsidiary, CH Offshore Ltd (SGX: C13), trades at 136% of its net cash while carrying AHTS vessels that the market prices at almost nothing. The parent values the subsidiary at zero, and the subsidiary values its fleet at scrap value. What we get is a discount wrapped inside another discount.
The arithmetic is simple enough to fit on a napkin. At S$0.45 per share, Baker Tech is worth S$91.1 million. Its FY25 balance sheet shows S$96.7 million in cash and short-term investments and S$12.9 million in total borrowings, including lease liabilities. Net cash stands at S$83.8 million, or S$0.41 per share. The price-to-net-cash ratio is 108%. For the remaining 3.6 per share, the buyer receives a 2018-built DP2 liftboat that cost 50% to 75% of the market cap, two waterfront shipyards in Singapore, and majority control of CH Offshore.
The question is whether this value will be unlocked. The prospective answer is the essence of today’s report. But first, the basics: what is BTP?
🇸🇬 Top Stock Market Highlights of the Week: Metro Holdings, Singapore Exchange, Mi Technovation and Singapore’s Inflation (The Smart Investor)
We look at a homegrown retailer’s exit from department stores, a milestone expansion of SGX’s depository receipt suite, a Malaysian chip player’s Singapore listing plans, and the latest reading on domestic price pressures.
Retailer Exits Large-Format Department Stores
Metro Holdings Ltd (SGX: M01) will stop operating its department stores at Paragon and Causeway Point when the current leases expire, as it intends to progressively move away from traditional large-format department stores.
In a bourse filing on Monday, 20 July 2026, Metro said the shift follows a strategic review of its retail operations as it seeks to better align with evolving consumer preferences, shopping habits and market trends.
SDR Suite Expands to US-Listed Counters
Chip Materials Arm Heads For An SGX Listing
Bursa-listed MI Technovation Bhd (KLSE: MI) is planning to list its semiconductor materials business on the SGX, as the artificial intelligence boom continues to drive investment across the global chip supply chain.
The business earmarked for listing, Mi Material, manufactures solder balls used in advanced semiconductor packaging.
Singapore’s Inflation — Core and Headline Prices Tick Higher in June
🇸🇬 Get Smart: The Biggest Risk When The STI is at a Record High (The Smart Investor)
The biggest investing risk at an STI record high is not the market itself, but letting fear and FOMO drive your decisions.
The Straits Times Index (STI) reached a record high in June. Singapore stocks returned more than 36% over the preceding 12 months, while retail investors poured S$2.4 billion into the market.
But the STI being at a record high is not necessarily your biggest risk.
Your reaction to it could be.
Is it too late to invest in Singapore stocks?
Two opposite reactions, one common problem
Waiting does not remove risk
Do not invest because of FOMO
What should investors do now?
Get Smart: What matters more than the STI’s next move
🇸🇬 Watch the Small-Caps Event Recording: Hidden Gems Punching Above Their Weight (The Smart Investor) 1:25:54 Minutes
Discover why small-cap stocks deserve a spot on your watchlist.
In this full recording of our public small-caps event, David Kuo kicks off with a keynote address on why smaller companies deserve a permanent spot on an investor’s watchlist. That is followed by a candid panel discussion with senior executives from three distinct listed businesses:
Joshua Liaw, CEO of Elite UK REIT (SGX: MXNU) (UK-focused commercial portfolio backed largely by government tenancies)
Adeline Sim, Executive Director & Chief Corporate Officer of HRNetGroup (SGX: CHZ) (Regional recruitment and flexible staffing across Asia)
Lim Chun Seng, Deputy COO of MoneyMax Financial Services (SGX: 5WJ) (Pan-Asian financial services, pawnbroking, and luxury retail)
🇸🇬 REIT Watch: Top 3 Billion-Dollar REITs Reporting This Week (The Smart Investor)
UI Boustead REIT, Keppel REIT and FLCT report this week, with investors looking for the latest updates on earnings and distributions.
UI Boustead REIT (SGX: UIBU)
UIB REIT is the newcomer.
It listed on 12 March 2026, sponsored by a partnership between Unified Industrial, backed by Macquarie Asset Management, and Boustead Projects, the real estate arm of Boustead Singapore (SGX: F9D).
At listing it held 23 properties, 21 in Singapore and two in Japan.
Keppel REIT (SGX: K71U / OTCMKTS: KREVF)
Keppel REIT holds 14 prime commercial assets across Singapore, Australia, South Korea and Japan.
Singapore made up 78.9% of the portfolio as at 31 March 2026.
The last quarter set a firm base.
Frasers Logistics & Commercial Trust (SGX: BUOU / OTCMKTS: FRLOF)
FLCT owns 113 logistics, industrial, business park and office properties across five countries.
Logistics and industrial assets account for 75.1% of portfolio value.
The last half told two stories.
Get Smart: Three Reports With Three Different Questions
🇸🇬 3 Singapore Blue-Chip REITs Report Next Week: Can They Sustain Their 5%+ Yields? (The Smart Investor)
Mapletree Logistics Trust, Mapletree Pan Asia Commercial Trust and Frasers Centrepoint Trust are facing different overhangs. Here’s what we want to see.
The upcoming earnings reports will provide more clues.
Frasers Centrepoint Trust: The problem that has not shown up yet
Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF), or FCT, reports on 27 July 2026, first of the three.
FCT is not a turnaround.
The portfolio is doing fine.
What hangs over it is the Johor Bahru-Singapore Rapid Transit System (RTS) Link.
Mapletree Logistics Trust: The China drag that is shrinking
Mapletree Pan Asia Commercial Trust: The problem that may have bottomed
Get Smart: Let the assets do the heavy lifting
🇸🇬 3 REITs That Could Boost Dividends as Borrowing Costs Ease (The Smart Investor)
Lower interest rates could be a welcome tailwind for Singapore REITs. With financing costs expected to ease, some REITs may have greater room to strengthen cash flow and potentially increase distributions in the coming quarters.
Why Lower Borrowing Costs Matter for REITs
CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT – The Retail Recovery Story
CICT is Singapore’s largest retail and office REIT, with its portfolio spanning malls, offices, and integrated developments.
Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF), or MIT – The Industrial Growth Play
Parkway Life Real Estate Investment Trust (SGX: C2PU) – The Defensive Healthcare REIT
Parkway Life REIT owns healthcare assets in Singapore, Japan, and France.
Its Singapore hospitals are backed by long master leases, giving the REIT stable recurring rental income.
Risks to Watch
Get Smart: Falling Rates Create Opportunities, but Quality Still Wins
🇸🇬 3 Blue-Chip REITs Acquiring to Grow Their DPU (The Smart Investor)
CICT, CLAR and Keppel DC REIT are making moves to increase their DPU.
Here is how three of Singapore’s largest REITs are approaching that test.
🇸🇬 3 Singapore Stocks That Ride the Waves Created by the AI Titans (The Smart Investor)
Beyond the AI titans, these three Singapore companies are harnessing artificial intelligence to drive stronger businesses and shareholder value.
From “Hardware Enablers” to “Applied Adopters”
Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) – Workflow Acceleration and Virtual Advisors
For the first quarter of 2026 (1Q2026), OCBC’s total income grew 5% to S$3.83 billion year on year (YoY), with its net profit rising 5% to S$1.97 billion, led by the wealth management business that grew its income 11% to S$1.48 billion.
Crucially, both customer-facing and back-end processes of OCBC are benefiting from AI adoption:
DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) – Predictive Intelligence and Risk Management
ComfortDelGro Corporation (SGX: C52 / FRA: VZ1 / VZ10 / OTCMKTS: CDGLF / CDGLY) – Driving the Future of Industrial Automation
Transport services provider ComfortDelGro reported a 13% increase in revenue to S$5.06 billion in 2025, driving profit after tax and minority interests (PATMI) up 9.4% to S$230.3 million.
ComfortDelGro is introducing autonomous vehicles (AVs) to its ecosystem, and the initiative has moved beyond the initial pilot into real-world deployments.
Get Smart: New Success Metric in The Age of AI
🇸🇬 3 Blue-Chip Stocks That Are Perfect for Your CPF Investment Account (The Smart Investor)
If you’re investing through your CPF Investment Account (CPFIA), quality matters even more. These three blue-chip stocks stand out for their strong fundamentals, resilient earnings, and long-term potential to complement your retirement savings.
In this article, we look at three names that could fit this profile.
Why Blue Chips Are Well Suited for CPF Investing
DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF), or DBS – The Banking Leader
Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX – The Market Infrastructure Toll Booth
Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering – The Defensive Compounder
STE ended March 2026 (1Q2026) with a record order book of S$34.5 billion, and approximately S$8 billion due for delivery this year. That’s revenue and earnings you can practically account for, spread across three industries experiencing strong demand: commercial aerospace, defence and urban solutions.
What CPF Investors Should Remember
Get Smart: Your Retirement Portfolio Deserves Great Businesses
🇸🇬 Beyond Blue-Chips: 3 Singapore Dividend Stocks Worth Watching (The Smart Investor)
🇸🇬 Are These 2 Stocks with Double-Digit Dividend Yields Worth Your Attention? (The Smart Investor)
A dividend yield above 10% can be incredibly tempting, but it often comes with added risk. These two high-yield stocks deserve a closer look to determine whether their generous payouts are sustainable or simply too good to be true.
Why High Dividend Yields Can Be Misleading
SBS Transit (SGX: S61) – The High-Yield Income Play
On paper, SBS Transit, whose buses and trains you likely ride on your daily commute, sports an eye-watering yield.
But before you get excited, here’s the catch: most of the company’s trailing dividend was a one-off.
Asian Pay Television Trust (SGX: S7OU / OTCMKTS: APTTF) – The Contrarian Opportunity
Asia Pay Television Trust, or APTT, is the epitome of a battleground between bears and bulls.
Bulls argue that the subscriber base has been growing, up 0.5% to 1.391 million as of the first quarter of 2026.
Bears argue that the business is in a structural decline, with revenue declining from S$334.8 million in 2017 to S$243.2 million in 12 months ending 31 March 2026.
Red Flags Investors Should Watch
Should Investors Chase Double-Digit Yields?
Get Smart: The Best Dividend Stocks Don’t Just Pay More — They Last Longer
🇸🇬 Sheng Siong Shares Look Expensive. Are They Still A Buy? (The Smart Investor)
Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF)‘s shares have climbed to lofty valuations thanks to consistent earnings and a resilient business model. But has the supermarket operator become too expensive, or is it still worth paying for?
Why Sheng Siong Has Earned Its Premium Valuation
What Has Driven the Share Price Higher?
The Bull Case: Why Sheng Siong Could Still Be Worth Buying
The Bear Case: Is the Market Paying Too Much?
Should Long-Term Investors Worry About Valuation?
How Sheng Siong Compares With Other Defensive Singapore Stocks
What Investors Should Watch Going Forward
Get Smart: A Great Business Isn’t Always a Cheap Business
🇸🇬 iFAST 1H2026 Preview: Can the Fintech Keep its 2026 Dividend Target? (The Smart Investor)
Investors will be watching iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF)‘s 1H2026 results closely as the fintech works towards its promised 2026 dividend target.
Management guided for a full-year 2026 dividend of S$0.105 per share or higher – that is at least 25% above the S$0.084 paid in 2025.
The fintech reports its first-half results (1H2026) on 24 July 2026.
Here is what the July report has to build on.
The Baseline
Watch One: The Hong Kong Engine Keeps Broadening
Watch Two: The Digital Bank Is Now A Habit
Watch Three: The Cash Flow line
The Dividend Maths
Get Smart: Intentions Don’t Pay Dividends, Cash Flow Does
🇸🇬 3 Looming Risks Every DBS Investor Should Watch (The Smart Investor)
DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) continues to deliver impressive results, but understanding these risks will enable investors to make sounder investment decisions.
Here are three risks that investors should look out for.
Risk #1: Can DBS Keep Delivering Record Profits?
Risk #2: Industry Disruption or Structural Change
Risk #3: Are You Paying Too Much for a Great Business?
How Management Is Addressing These Risks
Are These Risks Temporary or Permanent?
Key Questions Every Investor Should Ask Before Buying
Get Smart: Invest Like a Business Owner
🇸🇬 Beyond STI: 3 Singapore Dividend Stocks Offering Steady Passive Income (The Smart Investor)
The best passive income stocks are not always in the STI, and these three Singapore companies show why dividend quality matters most.
🇹🇭 The Siam Cement Public Company Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇹🇭 Kasikornbank Public Company Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇹🇭 TMBThanachart Bank Public Company Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇻🇳 VinFast’s Developing Market Strategy Playing Out As I Expected (Seeking Alpha) $ 🗃️
🇮🇳 IFN: Not Averse To Taking An Opportunistic Punt On This Laggard (Seeking Alpha) $ 🗃️
🇮🇳 Infosys: I Still Can’t Find A Reason To Buy (Seeking Alpha) $ 🗃️
🇮🇳 Infosys: Margin Expansion Is Overshadowed By Revenue Miss (Rating Downgrade) (Seeking Alpha) $ 🗃️
🇮🇳 ICICI Bank Limited 2027 Q1 – Results – Earnings Call Presentation (Seeking Alpha)
🇮🇳 Sify Technologies: Better Operations, But Not A Better Entry (Seeking Alpha) $ 🗃️
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🌐 Sify Technologies (NASDAQ: SIFY) – ICT service provider, systems integrator & all-in-one network solutions. Silicon Valley HQ. 🇼
🇮🇳 Inside RIL’s Q1: O2C’s Best Quarter in Years Masks a Retail Margin Problem (Smartkarma) $
Reliance Industries Limited (NSE: RELIANCE / BOM: 500325) posted its best-ever Q1 net profit of ₹20,946 crore, up 23% QoQ but down 22% YoY against a one-off gain base, as O2C EBITDA surged 17.2% YoY.
Retail EBITDA fell 1.1% YoY even as revenue rose, a rare margin miss that complicates the market’s consumption-recovery narrative.
With Jio’s DRHP filed and new energy set to scale from FY27, the next re-rating trigger is less about this quarter’s print and more about IPO timing.
🇮🇳 Paytm: The Turnaround Is Now an Earnings-Compounding Story (Smartkarma) $
[One 97 Communications Ltd. (NSE: PAYTM / BOM: 543396)]
Revenue rose 28% YoY to INR 2,448 crore and EBITDA reached a record INR 203 crore, with 8% margin.
Indirect expenses grew only 6% while revenue grew 28%, more than offsetting lower contribution margin.
The thesis shifts from regulatory recovery to monetisation and margin compounding; execution risk remains embedded in a demanding valuation.
🇮🇳 Eternal: Blinkit Profitability Driving a Strong Quarter! (Smartkarma) $
Eternal Ltd (NSE: ETERNAL / BOM: 543320) [Formerly Zomato Limited (NSE: ZOMATO / BSE: ZOMATO)], India’s food-delivery and quick-commerce platform, reported 54% B2C NOV growth, with Blinkit turning profitable and food-delivery growth accelerating.
Blinkit’s INR 102 crore adjusted EBITDA profit reduces dependence on food-delivery subsidies, while 223% consolidated EBITDA growth strengthens operating leverage and earnings visibility.
The quarter improves Eternal’s earnings quality, but the investment debate now shifts to Blinkit’s capital intensity and ability to deliver 40%+ steady-state pre-tax ROCE.
🇮🇳 Shivalik Bimetal Controls: India’s High-Value Electrification Play (Smartkarma) $
[Shivalik Bimetal Controls Ltd (NSE: SBCL / BOM: 513097)]
FY26 consolidated revenue rose 12.3% to Rs.570.9 crore and PAT jumped 24.8% to Rs.95.8 crore, with the Pune bus bar facility finally securing regulatory clearance in July 2026.
SBCL is shifting from selling metal strips to selling qualified, sticky, high-margin components just as EV, smart meter, and electrification demand cycles turn favorable.
The FY27 setup, Pune ramp, smart meter scale-up, Vishay normalization, is real, but a rich valuation and a newly installed management team mean execution now has to do the talking.
🇮🇳 Indo-MIM IPO: From MIM Leadership to a Diversified Precision Manufacturing Platform (Smartkarma) $
Indo-MIM, a global leader in the manufacture of precision engineering components using metal-injection-moulding, is raising INR 500 crore via a fresh issue and ~6.83 crore shares via an OFS.
IPO proceeds will repay INR 400 crore debt, improving cash flow. Promoter sell-down totals ~INR 3,312 crore. MIM capacity utilisation is low at 31%, highlighting operational leverage.
IPO values Indo-MIM at 43.9x FY26 EPS and 8.3x book. Execution on overseas assets, capacity ramp-up, and margin restoration will determine whether the premium valuation is justified.
🇮🇳 INDO-MIM Ltd IPO: Product Portfolio, Customer Base, Market Reach Moulds It Right For Investors (Smartkarma) $
Indo-MIM launched India IPO to raise nearly INR 38.1B. They provide end-to-end solutions for the manufacture of precision engineering components using metal injection molding (MIM) technology.
Company intends to use the proceeds for repayment/ prepayment, in full or part, of all or certain outstanding borrowings and for working capital purpose.
Diversified product portfolio, strong customer base, technological prowess and geographical reach make the INDO-MIM offering attractive.
🇮🇳 Indo-MIM IPO: Exciting Business but Not Much on the Table for IPO Investors (Smartkarma) $
Indo-MIM is a global leader in Metal Injection Molding (MIM) technology (7% of global market share), providing high-precision components to highly regulated industries including automotive, defense, medical, and aerospace.
Its capabilities include mold designing and tooling, coupled with finishing and assembly operations. The company serves the largest customers in its space across 50+ countries through its global manufacturing base
The IPO aims to raise $400mn at valuation of $3bn (45x FY26 PAT), through a combination of primary and secondary paring balance sheet debt while enabling liquidity for its promoters.
🇮🇱 Tower Semiconductor: Riding The AI Wave With A Margin Of Danger (Seeking Alpha) $ 🗃️
🇮🇱 Mobileye’s 15% Drop: Why I’m Still Not Buying This Robotaxi Play (Seeking Alpha) $ 🗃️
🇿🇦 Pepkor Holdings Limited (PPKRF) Shop2Shop – M&A Call – Slideshow (Seeking Alpha)
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🌍🇧🇷 Pepkor (JSE: PPH / FRA: S1VA / OTCMKTS: PPKRF) – Largest retail store footprint in southern Africa. 10 African countries + Brazil. The majority of Pepkor’s retail brands operate in the discount & value market segment. 🇼 🏷️
🇨🇭 Cyprus – “weird” opportunities galore (Undervalued Shares)
Four years ago, I ignored the warnings of locals and tipped Bank of Cyprus Holdings PLC (CSE: BOCH / FRA: 318 / OTCMKTS: BKCYF).
The stock is up 800% since.
I also featured Petrolina Holdings (CYS: PHL), a company with an incredible hidden asset. News that emerged earlier this week makes it a timely moment to revisit the story.
Petrolina Holdings was Cyprus’ first oil company. Today, it supplies motor, industrial, domestic, marine, and aviation fuels, and operates a nationwide retail network of 95 petrol stations in Cyprus and a further 223 in Greece.
The biggest drawback of Petrolina Holdings is that investing requires a local brokerage account. That’s a lot of effort just to buy a single stock.
Fortunately, there is another investment with a strong Cyprus angle that is considerably easier to access. DCI Advisors Ltd (LON: DCI / OTCMKTS: DOLHF) (ISIN GG00BSWT8V72, UK:DCI) is a London-listed real estate holding with substantial land holdings across several parts of the Mediterranean, much of them in Cyprus. ALL of its real estate is currently in various stages of being sold, with the intention to return all capital to shareholders.
🇦🇷 Grupo Financiero Galicia: Still Mispriced For The Next Credit Upswing (Rating Upgrade) (Seeking Alpha) $ 🗃️
🇧🇴 New Pacific Metals: Carangas Creates A Two-Asset Sequencing Opportunity (Seeking Alpha) $ 🗃️
🇧🇴 Andean Precious Metals: A Processing Moat Hidden Inside A Junior Miner (Seeking Alpha) $ 🗃️
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🇧🇴 🇺🇸 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. 🇼
🇧🇷 StoneCo: A Guidance Cut Could Be The Next Shoe To Drop (Seeking Alpha) $ 🗃️
🇧🇷 Nu Holdings: High-Quality Business With Strong Growth And Low Valuation (Seeking Alpha) $ 🗃️
🇧🇷 WEG S.A. 2026 Q2 – 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. 🇼 🏷️
🇧🇷 AXIA Energia: Better Capital Allocation Is Driving Higher-Quality Cash Flows (Seeking Alpha) $ 🗃️
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🇧🇷🅿️ AXIA Energia SA (NYSE: AXIA) – Formerly Centrais Elétricas Brasileiras SA (NYSE: EBR / EBR.B / BVMF: ELET3 / ELET5 / ELET6) or Eletrobras. Electric power holding company. Largest generation & transmission company in Brazil. 🇼
🇧🇷 Companhia Siderurgica Nacional: The Deleveraging Thesis Has Turned Into A Value Trap (Seeking Alpha) $ 🗃️
🇧🇷 Embraer: Strong Buy Despite A More Cautious Outlook (Seeking Alpha) $ 🗃️
🇧🇷 Vale: Debt And Risks Makes This Overvalued (Seeking Alpha) $ 🗃️
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🌐 Vale (NYSE: VALE) – Iron Solutions & Energy Transition Materials segments. Produces & sells iron ore, iron ore pellets, nickel, copper etc + related logistic service. 🇼 🏷️
🇧🇷 Vale shareholders elect new chair following governance dispute (FT) $ 🗃️
🇨🇱 Deadly storm in Chile disrupts copper mines and raises AI supply concerns (FT) $ 🗃️
🇨🇴 Colombia – ADLE’s first legislative defeat (Latin America Risk Report)
🇲🇽 Wal-Mart De Mexico S.A.B. de C.V. ADR 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇽 Sigma Foods, S.A.B. de C.V. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇽 Grupo Bimbo, S.A.B. de C.V. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇽 CEMEX, S.A.B. de C.V. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇽 América Móvil, S.A.B. de C.V. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇽 Bolsa Mexicana de Valores, S.A.B. de C.V. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇽 Controladora Vuela Compañía de Aviación, S.A.B. de C.V. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇽 Grupo Financiero Banorte, S.A.B. de C.V. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇵🇦 Exclusive-Panama weighs creation of state-owned miner to pave way for Cobre Panama re-opening (Reuters)
Panama is considering creating a state-owned mining firm to partner with Canada’s First Quantum Minerals Ltd (TSE: FM / FRA: IZ1 / OTCMKTS: FQVLF) on the re-opening of the shuttered flagship Cobre Panama copper mine, two people familiar with the development told Reuters.
The mine, one of the world’s largest, was shut down in 2023 after Panama’s Supreme Court ruled First Quantum’s 20-year-old mining contract was unconstitutional, amid widespread opposition on environmental and governance grounds.
That wiped out 4.5% of Panama’s GDP, IMF data showed, as well as more than 1% of global copper production and 40% of First Quantum’s revenues.
Panama’s President Jose Mulino was elected in 2024 after intense public unrest over the mine on a pledge to finalise the shutdown after an audit. Two years later, facing unemployment around 10% and with copper prices near record levels, reopening may look more attractive.
🇵🇪 Buenaventura: Undervalued As Operations Expand (Seeking Alpha) $ 🗃️
🌐 India and South Africa lead push to amass emergency fuel stockpiles (FT) $ 🗃️
Developing countries forced into rationing during Middle East conflict plan to build or expand official buffers
Big importers from Pakistan to the Philippines have also recently advanced plans to build official buffers after the Iran war left countries in Asia and Africa facing potential shortages and having to ration fuel supplies. Many developing countries do not have reserves or are only able to cover a few days of national demand.
🌐 Nebius Is Turning Into The Open Source Anthropic (Seeking Alpha) $ 🗃️
🌐 Nebius Stock: 18% Rally Explained (Seeking Alpha) $ 🗃️
🌐 Nebius: Get Out Before Meta Crashes The Party (Seeking Alpha) $ 🗃️
🌐 Nebius: The Buy On Meltdown Moment Is Finally Here (Rating Upgrade) (Seeking Alpha) $ 🗃️
🌐 Nebius: Down 38%, Either Wait Or Stage In Slowly (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):
IMC Rare Earths Ltd. IMC Roberts & Ryan/Revere Securities, 4.0M Shares, $4.00-6.00, $20.0 mil, 7/31/2026 Week of
(Incorporated in the Cayman Islands)
We are a mineral exploration and development company dedicated to developing rare earth elements in Brazil. We are a pre-revenue company. We aim to develop an alternative to Chinese supply of rare earth elements – with a focus on supplying Western markets.
Our primary asset is the Itarantim Project, an adsorption clay deposit overlapping the states of Bahia and Minas Gerais in Brazil. Itarantim has about 1.1 billion metric tons of an identified mineral resource.
Our goal is to develop a supply of magnet rare earth elements – neodymium, praseodymium, dysprosium and terbium – used in permanent magnets that are components of electric vehicles (EVs), wind turbines, defense systems and consumer electronics.
Note: Net loss is for the year that ended on March 31, 2026. The company has no operating revenues.
(Note: IMC Rare Earths Ltd. is offering 4 million shares at a price range of $4.00 to $6.00 to raise $20 million, according to its F-1/A filing dated July 14, 2026.)
MetaOptics (Uplisting) MOT Roth Capital Partners/The Benchmark Company, 3.0M Shares, $5.00-7.00, $ 18.0 mil, 7/31/2026 Week of
Note: This is NOT an IPO. This is a NASDAQ Uplisting – a public offering – from the Singapore Stock Exchange, where MetaOptics’ ordinary shares have been listed on the Catalist of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) since Sept. 9, 2025, under the ticker symbol “9MT” – according to the prospectus.
(Incorporated in the Cayman Islands)
We are a Singapore-based company that designs and manufactures metalenses – ultra-thin flat optical lenses that are smaller, lighter and more power efficient than traditional curved lenses.
Making Miniaturization Possible is our mission.
Note: MetaOptics says its metalens technology accommodates the demand for smaller and lighter lenses in smartphones, automotive technology and other uses.
From the prospectus:
We are a vertically integrated metalens technology company, combining core competencies across metalens equipment, foundry, products, and metaoptics artificial intelligence (“AI”). We conduct our operations through our wholly-owned subsidiaries in Singapore and the United States.
Metalenses are ultra-thin flat-surface lenses which are smaller, lighter, consume less power, and offer a wider field of view, compared to conventional optical lenses. The unique flatness of metalenses enables the correction of optical defects, delivering reasonable quality color images. Leveraging our AI-based algorithm and processing software, which incorporates several advanced algorithms to enhance the optical design and image processing, our metalens technology can further sharpen the images to achieve higher resolution and enhanced image quality, and allow users to manipulate the individual red, green and blue (“RGB”) channels to edit the color images through computational reconstruction. We believe that our innovations have transformative potential in shaping next-generation optical systems.
Our operations are centered on the design and manufacture of metalenses and metalens prototypes, and to demonstrate the viability, efficacy, applications and use cases of our metalenses, we have expanded our operations to include the development of metalens camera modules and metalens Internet of Things (“IoT”) products, such as infrared metalens cameras, pico projectors, and IoT metalens color cameras. Our metalenses have also been integrated into a wide range of applications by our customers, including fifth generation (“5G”) smartphones, contactless three-dimensional (“3D”) biometric modules, projectors, and for industrial applications such as IoT devices, light detection and ranging (“LiDAR”) devices and heads-up displays (“HUDs”) for planes and self-driving cars, and augmented reality/virtual reality (“AR/VR”) devices. To date, although we have achieved mass production capabilities for our metalens prototypes (“mass production” in our perspective refers to the shipment of one million metalens units per year), we have not yet received a critical mass of purchase orders from our customers necessitating mass production of our metalenses.
To facilitate small-scale production of our metalenses to fulfil purchase orders, reduce concentration risk and diversify our supply chain, and to demonstrate the manufacturing capabilities for our metalenses, we also design and produce equipment for the manufacture of metalenses, in particular 4-inch direct laser writers (“DLWs”). Our 4-inch DLWs enable our customers to revise specifications and design of metalenses directly, reducing the lead time and providing for a shorter turnaround time from prototyping to testing and deployment into end products. In addition, our metalens equipment offerings have grown to include the design and production of metalens automatic testers, for use by our customers to ensure quality control of metalenses prior to shipment. These capabilities enable us to serve as a one-stop provider of metalens and metalens IoT products, offer customers comprehensive end-to-end services, and preserve and grow our competitive advantage in the industry.
We offer our products to manufacturers of automotives, AR/VR devices, consumer electronic appliances, end-customers, and traders for the distribution of such products. While we offer our products worldwide, our existing customers for metalens equipment, metalenses and IoT products are mainly located in Singapore, Japan, South Korea, China, Taiwan, the United States, and several countries in Europe.
We intend to use the net proceeds from this offering primarily to support our expansion plans in the United States. See “Use of Proceeds.”
Note: Net loss and revenue are in U.S. dollars (converted from Singapore dollars) for the year that ended Dec. 31, 2025.
(Note: MetaOptics cut its NASDAQ Uplisting deal’s size to 3 million American Depositary Shares (ADS) – down from 4 million ADS – and disclosed a price range of $5.00 to $7.00 – a change from the assumed price of $8.15 per share – to raise $18 million, according to an F-1/A filing dated June 10, 2026. Each ADS equals 12 ordinary shares.)
(Background: MetaOptics disclosed the terms for its NASDAQ Uplisting – a small public offering – on May 18, 2026, in an F-1/A filing: 4 million ADS at an assumed price of $8.15 to raise $32.6 million. The price – $8.15 – is the as-converted last price of MetaOptics’ shares on May 15, 2026, on the Singapore Exchange. Initial Filing: MetaOptics filed its F-1 for its uplisting to the NASDAQ – an offering that MetaOptics calls its IPO – on May, 4, 2026, without disclosing the terms. MetaOptics’ stock is listed on the Singapore Stock Exchange under the ticker “9MT” – according to the prospectus. Estimated proceeds for the NASDAQ uplisting – public offering – were up to $23 million.)
Web3Labs Global Inc. MDAT Eddid Securities USA, 6.3M Shares, $4.00-5.00, $28.1 mil, 7/31/2026 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).
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Emerging Market Links + The Week Ahead (July 27, 2026) was also published on our website under the Newsletter category.
