Emerging Market Links + The Week Ahead (March 9, 2026)

With war raging in the Middle East, this is one thing that seems to be flying under the radar (including of even many non alt-media commentators): Trump/USA appear to be making moves to grab the Lloyd’s of London etc. controlled maritime insurance business.

Some clips from the longer tweet (and note that the Trump Administration is also not happy with the British due to their central role in the Russiagate scandal during the first Trump Administration):

The thread has a number of replies and counter replies worth noting plus there is also another take here:

Obviously some of the above takes are not coming from maritime insurance industry experts and they might be oversimplifying what is an otherwise complex business…

But the British no longer have much of a navy and the maritime insurance industry they control must rely on the US Navy for the muscle to keep the sea lanes open. So why should the USA let the British continue to control such a key industry?

IF Trump/USA grabs the maritime insurance business, they will now control the costs/risk associated with the flow of global trade and what’s left of the British finance based economy will collapse shrink even further…

However, note that the FT has reported how Gulf businesses buy up political violence insurance as conflict spreads (🗃️):

Data centres, energy projects and hotels move to limit potential losses

As of Thursday, the price had risen to as much as five times that level. For a $20mn development, this would mean that $10mn of political violence cover would cost $500,000, up from less than $100,000.

In other words, some insurance companies are making money – unless the war spirals even more out of control forcing them to pay up…

$ = behind a paywall

$ = Behind a paywall / 🗃️ = Link to an archived article (Note: Seeking Alpha earnings/conference etc. presentations are typically not paywalled) / ⛔ = Article archiving may not be working properly

🌏 Asian investors brace for oil shock, geopolitical risks amid conflict (The Asset) 🗃️

• Portfolio resilience will depend on careful balance between risk assets and safe havens

• The unfolding war in the Middle East has created a complex investment landscape for Asia, which relies heavily on energy imports, and is vulnerable to inflation shocks and sovereign risks.

• For Asian investors, the implications are particularly acute. While markets in the Asian region have so far remained relatively insulated, the tail risks of further escalation are significant, according to analysts from AllianzGI, deVere, Fitch Ratings, Indosuez, Lazard, Lombard Odier, Nuveen, Robeco, and William Blair.

• For Asia, the stakes are high, and portfolio resilience will depend on disciplined positioning, selective allocation to energy producers, and a careful balance between risk assets and safe havens.

🌏 Steep M&A fall pulls down Asia-Pacific deal activity (The Asset) 🗃️

• Drop of 36% YoY in January suggests decision-making cycles lengthening, risk appetite constrained

• A steep 49% year-on-year ( YoY ) fall in mergers and acquisitions ( M&A ) activity weighed heavily on the Asia-Pacific deal activity in January 2026, pulling the overall transaction volumes ( M&A, private equity and venture financing ) down 36%, according to a recent report.

• This reflects a more cautious environment among the corporates and investors amid the persistent macro uncertainty and tighter funding conditions, finds an analysis of intelligence and productivity platform GlobalData’s Financial Deals Database.

🇯🇵 The Most Underestimated Stock Market of 2026 Isn’t American. It Isn’t Chinese (Public Markets)

• Where do you hide from stretched US valuations?

• The S&P 500 is trading above 22x forward earnings. The Magnificent Seven have carried the index for two years straight. And the consensus answer — from Wall Street to every fintech newsletter you’ve probably subscribed to — is some variation of: stay in US tech, rotate to small caps, add a little Europe.

• Almost nobody is saying Japan.

• And that’s exactly what makes this interesting.

🇨🇳 China Proposes Doubling Audit Fraud Fines (Caixin) $

• China has proposed tougher penalties for audit fraud and stricter oversight of accounting firms in draft amendments to its Certified Public Accountants (CPA) Law, marking the legislation’s second revision since it took effect in 1994.

• The draft, released Friday for public consultation through March 28, would raise the maximum fine for audit misconduct from five times illegal income to 10 times. The change would align the CPA Law with the Securities Law’s existing penalty standard.

🇨🇳 In Depth: China’s Sweeping Banking Law Rewrite Targets Hidden Risks (Caixin) $

• China is proposing the most significant overhaul of banking law in over two decades with a sweeping reform designed to better control risks simmering inside its 480 trillion yuan ($69 trillion) banking system.

• The proposed changes would give regulators a powerful new arsenal to police not just banks, but the entire banking ecosystem, including secretive shareholders, wayward employees and complicit auditors.

🇨🇳 HSI, HSCEI, HSTECH, HSIII, HSBIO Index Rebalance: US$5bn of Flows Post Capping (Mar 2026) (Smartkarma) $

• The March rebalance of the Hang Seng family of indices will use today’s closing prices to cap the index constituent weights.

• The net round-trip trade across all stocks across the five indices is estimated at HK$38.8bn (US$4.96bn). There is size to trade in a lot of stocks.

• Tencent, Xiaomi, Meituan, Alibaba, Horizon Robotics, NetEase and China Molybdenum are the largest net buys, while HSBC Holdings, BYD, SMIC, JD.com and Lenovo are the largest net sells.

🇨🇳 Tencent/NetEase: None Got Approval in Feb (Smartkarma) $

• China announced game approval for the Feb batch. The number of games approved remained at a higher level than in 2023 and 2024, inline withapproval trends towards end of 2025.

• The pace of China game approval appears to have accelerated to the same level as pre-tightening.

• Of the companies that we are monitoring, none got any approval in Feb.

🇨🇳 Study: Alibaba (The Fat Pitch)

• Journaling a long list of entities under Alibaba (NYSE: BABA). We don’t have much insights to the economics of their business segments, and so will only lightly comment on anything we find interesting.

🇨🇳 PDD Holdings Good Business, Cheap Price, Unquantifiable Risk

• PDD Holdings (NASDAQ: PDD) or Pinduoduo is a high-ROIC business with a genuine domestic moat in Pinduoduo. Its international engine, Temu, powered explosive growth from 2022–2024, but the end of U.S. de minimis exemptions and tariff escalation has severely disrupted that engine, exposing the dual-engine thesis to serious structural risk. The domestic business alone, at current prices, likely represents fair value. The Temu optionality is binary and nearly impossible to price. This is a good business at a cheap price, but the geopolitical risk is not quantifiable and may be unresolvable within a the investment horizon.

🇨🇳 JD.com, Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 JD.com: Profitability In Focus, Shares Valued Fairly (Seeking Alpha) $ 🗃️

🇨🇳 Bilibili: A Deep Dive Into The 299% Operating Income Surge And New Valuation (Seeking Alpha) $ 🗃️

🇨🇳 Bilibili Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha) $ 🗃️

• 🇨🇳 Bilibili (NASDAQ: BILI) – Video sharing website (animation, comics & games) + streaming platforms serving videos on demand. 🇼 🏷️

🇨🇳 Agora, Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 iQIYI: The Good And The Bad (Seeking Alpha) $ 🗃️

🇨🇳 XPeng Wins Permit for Robotaxi Tests as CEO Sees Full Autonomy Within Three Years (Caixin) $

• XPeng (NYSE: XPEV) has secured a permit to conduct public road tests for its next-generation robotaxi in Guangzhou, marking a fresh push by the Chinese electric-vehicle maker into Level 4 autonomous driving as competition intensifies in the global race toward driverless cars.

• The company disclosed the progress Monday, with Chairman and CEO He Xiaopeng predicting that “full autonomous driving” could become a reality within one to three years.

🇨🇳 XPeng Chairman Says China Poised to Leapfrog to Fully Driverless Cars (Caixin) $

• He Xiaopeng, chairman of Chinese electric-car maker XPeng (NYSE: XPEV), is urging policymakers to scrap interim rules for autonomous driving and fast-track a legal framework for fully driverless vehicles.

• In a proposal submitted to the National People’s Congress during the annual “Two Sessions,” He, a deputy to the legislature, said the rapid evolution of artificial intelligence has rendered China’s incremental regulatory approach outdated. Instead of progressing step by step, regulators should allow a direct leap from advanced driver-assistance systems to high-level autonomous driving, he argued.

🇨🇳 Dongfeng Motor (489 HK): Valuation Uncertainty Ahead of the Vote (Smartkarma) $

• As expected, the scheme vote was comfortably passed. The last day of trading is tomorrow. VOYAH shares are expected to trade on 19 March. While valuation uncertainty due to the current market volatility will persist, my low-case valuation of the offer is HK$9.87 (5.2% above last close), suggesting limited downside.

• The vote on Dongfeng Motor Group Co Ltd (HKG: 0489 / FRA: D4D / D4D0 / OTCMKTS: DNFGF / DNFGY) offer is on 9 March. The offer is HK$6.68 per H Share + 0.3552608 VOYAH H Shares per H Share.

• Valuation uncertainty on the offer value has increased due to two recent developments – the material derating of peers and a significant falloff in VOYAH delivery growth rates in February.

• While valuation uncertainty warrants caution, my low-case valuation of the offer is HK$9.87 (4.7% above last close), suggesting limited downside. My high-case valuation is HK$11.18. (18.6% above last close).

🇨🇳 BYD: Too Cheap To Ignore, Too Unclear To Buy (Seeking Alpha) $ 🗃️

🇨🇳 NIO Q4 Preview: From Breakeven Doubts To Pre-Profit, The Margin Expansion Story Begins (Seeking Alpha) $ 🗃️

🇨🇳 ZO Future pivots from Birmingham blunder to NEV longshot (Bamboo Works)

• The company booked a paper profit by offloading its money-losing soccer club, but its cash-burning new energy commercial vehicle business is in an equally difficult league

• Zo Future Group (HKG: 2309) was profitable in the first half of its fiscal year to December, but only thanks to gains from offloading its debt-laden Birmingham City Football Club

• The company’s ambitious pivot to new energy vehicles also faces a steep uphill climb given its recent arrival to the field

🇨🇳 China’s Power Equipment Exports Jump 26% as Emerging Markets Ramp Up Grid Spending (Caixin) $

• China’s exports of power equipment rose 26% to $37.4 billion in 2025, extending a three-year growth streak as emerging economies accelerate investments in electricity infrastructure.

• The surge highlights China’s growing role in supplying equipment for the global shift toward renewable energy and the rapid expansion of data centers, even as rising trade barriers in developed economies force Chinese manufacturers to adjust their overseas strategies.

🇨🇳 How JS Global is trumping a global trade war (Bamboo Works)

• The small kitchen appliance maker reported a profit rebound last year as it winds down a relationship with its U.S. affiliate and focuses on growing in the Asia-Pacific region

• JS Global Lifestyle (HKG: 1691 / FRA: 3JS / OTCMKTS: JGLCF) recorded a loss last year on non-operating and non-cash costs, but its adjusted net profit more than quadrupled to $29 million

• The maker of small kitchen appliances has found a winning formula in the 2023 spinoff of its U.S. unit, allowing it to focus on its core Asia Pacific market

🇨🇳 On again, off again. Flickering film market dogs Maoyan (Bamboo Works)

• The film producer and movie ticketing company staged a comeback in the second half of last year after suffering a profit slump in the first half

• Maoyan Entertainment (HKG: 1896 / FRA: 9ME / OTCMKTS: MAOFF) said it expects to report its profit rose around 200% last year, citing strong performances for its films and cost controls

• The movie ticketing and production company’s revenue rose between 12.7% to 15% in 2025, far slower than its profit gain

🇨🇳 Vipshop: Look Past Revenue And Operating Profit Miss (Seeking Alpha) $ 🗃️

🇨🇳 Yatsen Holding Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 Haidilao dishes up overseas profits with a sour aftertaste (Bamboo Works)

• The hotpot brand’s international arm, Super Hi International Holding (HKG: 9658 / NASDAQ: HDL / OTCMKTS: SPHIF), is on track to post buoyant annual profits but under the surface increased competition is crimping margins

• The company expects revenues from restaurants outside China to have risen nearly 8% in 2025, while profits are set to jump 56%, inflated by currency gains

• Restaurant-level operating margins slipped under increased cost pressure

🇨🇳 Soaring gold prices fail to polish Mokingran profits. What went wrong? (Bamboo Works)

• Less than a year and a half after its IPO, the jeweler delivered disappointing preliminary results that show its profit plunged nearly 60% last year

• Mokingran Jewellery Group Co Ltd (HKG: 2585)’s revenue rose last year, but its profit tumbled nearly 60%

• The jewelry retailer’s massive loss stemmed from its gold-price hedging strategies during the period

🇨🇳 Retail Assets Lead $6.2 Billion REIT Filing Wave After Policy Shift (Caixin) $

• China’s stock exchanges are seeing a surge in applications for publicly offered real estate investment trusts (REITs) backed by commercial properties, with a clear tilt toward shopping malls and other consumer-focused assets. The rush follows regulators’ decision late last year to broaden the scope of eligible listings.

• In the first two months of 2026, the Shanghai and Shenzhen stock exchanges received applications for 14 commercial-property REITs, with a combined fundraising target of more than 42.7 billion yuan ($6.2 billion).

🇨🇳 Jinhui Shipping and Transportation Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 Chart of the Day: Losses Mount in China’s Solar Price War (Caixin) $

• China’s leading solar manufacturers may have racked up losses exceeding a combined 50 billion yuan ($7.3 billion) in 2025, according to company data compiled by Caixin, highlighting the damage wrought from a prolonged price war.

• Tongwei Co Ltd (SHA: 600438), the world’s largest manufacturer of polysilicon and solar cells, estimated that it lost as much as 10 billion yuan last year, up from a 7 billion yuan loss in 2024, according to a company statement.

🇨🇳 In Depth: China’s Solar Industry Enters Painful Reset (Caixin) $

• On Feb. 4, shares in some of China’s largest solar energy companies suddenly surged after reports that Elon Musk was looking to tap Chinese resources for his ambitious energy plans.

• The optimism proved short-lived. The stocks tumbled the following day, underscoring the fragility of the rebound in a sector awash with red ink.

• China’s solar industry has been locked in a brutal price war since 2023, fueled by chronic overcapacity. The cost has been severe. Combined losses for listed Chinese solar companies for 2025 are estimated to exceed 50 billion yuan ($7.3 billion). Tongwei Co Ltd (SHA: 600438), the world’s largest manufacturer of polysilicon and solar cells, projected a loss of up to 10 billion yuan, on top of a 7 billion yuan loss the previous year. Across the supply chain, rivals from wafer giant TCL Zhonghuan Renewable Energy Technology Co Ltd (SHE: 002129) to module leader Trina Solar Co Ltd (SHA: 688599) have also warned of multi-billion-yuan losses.

🇨🇳 Analysis: China’s Drugmakers Post Improved Earnings, but Market Doubts Persist (Caixin) $

• Several listed Chinese drugmakers reported improved results for 2025, but the news failed to lift investor sentiment, with health care stocks underperforming broader markets both on the mainland and in Hong Kong.

• After more than a decade of heavy spending to build a global oncology powerhouse, BeOne Medicines (NASDAQ: ONC) delivered its first-ever annual profit. The company, formerly known as BeiGene, reported that revenue surged 40% to 38.2 billion yuan ($5.5 billion) last year, pushing it into the black with a net profit of 1.42 billion yuan, according to its preliminary earnings released Friday.

🇨🇳 HUTCHMED (China) Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇳 Meningitis shot delivers dose of good cheer for CanSino (Bamboo Works)

• The company has defied a broader slowdown in the vaccine industry with its latest earnings report, after its flagship drug was cleared for use in a wider age group

• CanSino Biologics (HKG: 6185 / SHA: 688185 / FRA: CJH / OTCMKTS: CASBF) gets most of its revenue from meningitis shots and its earnings could come under pressure as rivals launch comparable drugs

• With increased competition at home, the vaccine maker is targeting markets in Southeast Asia and beyond

🇭🇰 Pacific Basin Shipping Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇰 Regencell Bioscience: Extended Lock-Up Creates Significant Upside Potential (Seeking Alpha) $ 🗃️

• 🌐 Regencell Bioscience (NASDAQ: RGC) – R&D & commercialization of Traditional Chinese Medicine (TCM) for the treatment of neurocognitive disorders & degeneration (ADD, autism, etc.).

🇭🇰 Techtronic Industries: Looking Beyond FY2025 Underperformance (Seeking Alpha) $ 🗃️

🇭🇰 Techtronic Industries Company Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇰 New World Development Company Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇰 Hong Kong Exchanges and Clearing Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇭🇰 🇬🇧 Hong Kong Exchanges & Clearing (HKG: 0388 / 80388 / FRA: D9I / OTCMKTS: HKXCF) 🇭🇰 – Equity, commodity, fixed income & currency markets through its wholly owned subs.: The Stock Exchange of Hong Kong Limited (SEHK), Hong Kong Futures Exchange Limited (HKFE) & London Metal Exchange (LME). 🇼 🏷️

🇭🇰 DFI Retail Group Holdings Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇰 CTF Services Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇴 Macau 1Q GGR growth likely 11pct plus, despite slow demand at start of CNY: analysts (GGRAsia)

• Macau’s casino gross gaming revenue (GGR) result for February of nearly MOP20.63 billion (US$2.56 billion) was down 18.7 percent on the same month in the pre-pandemic year of 2019, observed analyst Steven Pizzella of Deutsche Bank Securities Inc. February 2019 also saw Chinese New Year (CNY) celebrated during the month.

• The tally for February this year was still up 4.5 percent year-on-year, showed the official data published on Sunday.

• Deutsche Bank currently expects first-quarter GGR in Macau to be equal to US$8.1 billion, or up 11.7 percent year-on-year.

• JP Morgan Securities (Asia Pacific) Ltd stated in a Sunday note: “GGR surprised to the upside – even with a slower lunar new year kickoff” in terms of consumer demand.

🇹🇼 First Financial Holding Co., Ltd. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇰🇷 Dual Track Anti-Stock Price Suppression Laws in Korea (Douglas Research Insights) $

• In this insight, we discuss the new, dual track anti-stock price suppression laws that the Korean government is trying to pass.

• Two anti-stock price suppression laws include requiring companies with PBR of less than 1x to submit corporate value enhancement plan and amendment to the Inheritance and Gift Tax Act.

• According to KRX, 549 of the 919 KOSPI-listed companies had a PBR of less than 1x (about 60% of total), which is significantly higher than Japan (33%) and US (2%).

🇰🇷 Karnage: Korea Kospi Suffers Biggest Crash In History – Is It A Buying Opportunity? (Zerohedge)

• Yesterday we discussed the dramatic move in Korean stocks, which saw the Kospi tumble by 7.4%, its biggest drop since the August 2024 carry trade unwind, and which put a dramatic halt to the historic meltup in the country’s stock market driven almost entirely by memory (Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) and SK Hynix (KRX: 000660)) and semiconductor stocks.

• However, as we noted earlier this week when we pointed out the unprecedented pile up in the Korea ETF which was virtually identical to what happened in silver in January, just before the commodity crashed, the euphoric investor pile up in the main Korean index was screaming a “get me out of here” warning…

• To be sure, as we also warned previously, there were clear signs of trouble even before this week: foreign funds that had spurred the market for much of last year abruptly turned net sellers in February, dumping a record amount of Korean stocks…

🇰🇷 Outperformance of the Korean Preferred Stocks Since the Outbreak of the War in Iran (Douglas Research Insights) $

• In this insight, we discuss the outperformance of the Korean preferred stocks relative to their ordinary counterparts since the outbreak of the war in Iran.

• The 27 preferred stocks are on average down 8.9% from end-of-February to 6 March 2026, outperforming their ordinary counterparts that are down on average 10.6% in the same period.

• We believe that these 27 preferred Korean stocks could on average continue to outperform their ordinary counterparts in the next several weeks.

🇰🇷 Jeju Dream Tower February casino sales rose 44pct y-o-y to US$22mln on higher table games hold, more casino visitors (GGRAsia)

• Lotte Tour Development (KRX: 032350), promoter of South Korea casino hotel complex Jeju Dream Tower (pictured in file photo), said its casino sales in February rose 44.3 percent year-on-year to approximately KRW32.63 billion (US$22.14 million).

• Judged sequentially, last month’s casino sales were down 28.4 percent, according to a filing lodged on Tuesday with the Korea Exchange.

🇰🇷 Magnachip Semiconductor Corporation 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇰🇷 Coupang (CPNG): Q4 2025 Earnings Review (Coughlin Cap)

[Coupang, Inc. (NYSE: CPNG)]

• I wrote back in January that I thought the Coupang selloff was overdone and that I was buying. The stock went on to fall another 10% after that post, bottoming out around $17 and change. It’s since bounced back to around $19, but we’re still down over ~40% from the September highs.

• Q4 results came out about a week and half ago, and I actually feel a lot better about the position now than I did when I first wrote it up. For the first time we have actual forensic data from Mandiant and Palo Alto Networks on what happened with the breach.

• Management walked through the findings in detail on the call. And the picture that’s emerging is very different from the one the market priced in.

🇰🇷 SK Hynix: Recent DSO, Inventory, and Operating Margin Trends Point to Margin Pressures in 2027? (Douglas Research Insights) $

• In this insight, we provide details of SK Hynix (KRX: 000660)’s recent DSO, inventory, and operating margin trends that may point to margin pressures in 2027.

• Due to the high demand for its semiconductor chips right now, DSO and inventory/sales figures are solid for SK Hynix.

• However, competitors including Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) and Micron Technology Inc (NASDAQ: MU) are aggressively expanding their capex and it is DIFFICULT TO BECOME OVERLY COMPLACENT on the consensus estimates for SK Hynix in 2027.

🇰🇷 Another Partial Tender Offer for Englewood Lab by Cosmecca Korea (Douglas Research Insights) $

• On 3 March, Cosmecca Korea (KOSDAQ: 241710) announced another partial tender offer for its US subsidiary Englewood Lab (KOSDAQ: 950140).

• Common shares allocated for tender offer is 3.31 million (16.7% of outstanding shares). Tender offer price is 13,000 won (7.4% higher than closing price on 2 March).

• We are positive on Cosmecca Korea’s partial tender offer of Englewood Lab.

🇰🇷 Hong Ra-Hee Ready To Sell 15mn Samsung Electronics Shares Amid Ongoing War in Iran? (Douglas Research Insights) $

• Two of the biggest near-term issues facing Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) are the eruption of war in Iran and the potential selling of 15 million shares in the company by Hong Ra-Hee.

• Shinhan Bank is likely to sell the 15 million Samsung Electronics shares amid this geo-political eruption in Iran sometime in the next one to two weeks, in our view.

• ADTV of Samsung Electronics is 26.5 million (over 60 days). Therefore, the 15 million shares represent 57% of ADTV.

🇰🇷 Poongsan Holdings NAV Analysis & A Potential Sale of Controlling Stake in Poongsan Corp? (Douglas Research Insights) $

• Several local media outlets have mentioned that Poongsan Corp (KRX: 103140) (market cap of 3.1 trillion won) may be up for sale.

• Major domestic defense companies including Hanwha Aerospace (KRX: 012450), LIG Nex1 Co (KRX: 079550), and Hyundai Rotem (KRX: 064350) are potential candidates to purchase Poongsan’s defense business.

• Our NAV analysis of Poongsan Holdings suggests implied NAV per share of 51,094 won, representing an 35.5% upside versus current price.

🇰🇷 Mirae Asset Life Insurance: Cancellation of 31.8% of Outstanding Shares: Likely to Lead to Delisting (Douglas Research Insights) $

• On 4 March, Mirae Asset Life Insurance Co Ltd (KRX: 085620) announced a major treasury shares cancellation of 62.96 million shares, representing 31.8% of its outstanding shares.

• This massive treasury shares cancellation for Mirae Asset Life Insurance is likely to have a positive impact on the company due to higher ROE, EPS, and financial structure improvement.

• This massive treasury shares cancellation is likely to lead to an eventual delisting of Mirae Asset Life Insurance by the Mirae Asset Group.

🇰🇷 Hanwha Systems: Plans to Sell 4.5% Stake in Hanwha Ocean for 1.7 Trillion Won (Douglas Research Insights) $

• Hanwha Systems Co Ltd (KRX: 272210) announced that it plans to sell 4.54% of its 11.57% stake in Hanwha Ocean (KRX: 042660) for 1.7 trillion won (US$1.2 billion).

• This deal is likely to have a positive impact on Hanwha Systems and negative impact on Hanwha Ocean.

• The transaction is PRS-based so that if Hanwha Ocean’s stock price falls below the base price at the settlement date one year from now, Hanwha Systems will pay the difference.

🇰🇷 Korea Small Cap Gem #57: Dongyang E&P (Minority Investors Going Activist) (Douglas Research Insights)

• On 9 March, Dongyang E&P Individual Shareholders’ Association and Korea Equity Investment Association (KEI) started to go activist on Dongyang E&P Inc (KOSDAQ: 079960).

• Dongyang E&P is significantly undervalued. It is trading at P/E of 3.2x, P/B of 0.5x, and EV/EBITDA of 1.1x based on recent prices and TTM financials.

• The minority shareholders are demanding DPS of 2,000 won (dividend yield of 7.1%). The company could certainly pay this amount of dividends without sacrificing its balance sheet strength.

🇰🇷 Chaevi IPO Preview (Douglas Research Insights) $

• Chaevi is getting ready to complete its IPO on the KOSDAQ exchange in April. Chaevi is the leading provider and operator of the EV charging ports in Korea.

• The IPO price range is from 12,300 won to 15,300 won per share. The company is offering 10 million shares in this IPO.

• Despite moderate growth in sales, the company’s operating margins continue remain poor. Operating margin was -32.4% in 2024 and -52.4% in 1Q-3Q 2025.

🇮🇩 The ‘economic heroes’ driving Indonesia (FT) $ 🗃️

• A merger between two big ride-hailing companies could make life harder for drivers

• Much hinges on a proposed merger between the biggest ride-hailing platforms. If it goes ahead, GoTo Gojek Tokopedia Tbk PT (IDX: GOTO / FRA: CK8 / OTCMKTS: GTOFF) — Gojek’s holding company — and Grab Holdings Limited (NASDAQ: GRAB) could create a super app that would control 90 per cent of Indonesia’s ride-hailing and food delivery market. The state secretary has said the rules will only be outlined when the merger is completed. But there are no indications when a deal could be finalised.

• The FT has previously reported that the companies are discussing giving sovereign wealth fund Danantara a “golden share” in the merged entity — a fact that drivers hope could afford them greater protection.

🇲🇾 How David Kuo Earns Passive Income with Malaysian Stocks (The Smart Investor)

• Are Malaysian stocks worth the risk? Discover why David Kuo put RM300,000 into Malaysian dividend stocks like Nestle Malaysia for income and diversification.

  • Real Scandals, Real Businesses

    • Take Nestle Malaysia (KLSE: 4707 / OTCMKTS: NSLYF).

    • The Swiss company is an early pioneer in Malaysia, having set roots back in 1912 selling condensed milk in Penang.

  • Familiar Faces, Familiar Dividends

    • From 2007 to 2019, the year before the pandemic, Nestle Malaysia has more than doubled its dividend from RM 1.14 per share to RM 2.80 per share.

  • Get Smart: Passive Income From The North

🇲🇾 Public Bank Berhad 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇾 Malayan Banking Berhad 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇾 Mega First Corporation Berhad 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇾 Hibiscus Petroleum Berhad 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 Hibiscus Petroleum Berhad (KLSE: HIBISCS) – Malaysia’s first listed independent oil & gas exploration & production company focused on enhancing production from mature assets. UK, Malaysia, Australia, & Vietnam. 🏷️

🇵🇭 Chairman Eusebio Tanco buys back US$18mln worth of DigiPlus shares (GGRAsia)

• Philippine-listed DigiPlus Interactive (PSE: PLUS) says the firm’s chairman, Eusebio Tanco (pictured), has increased his holding in the company’s shares following a transaction on February 27.

• Mr Tanco spent nearly PHP1.04 billion (US$17.9 million) purchasing an additional 63,119,000 shares in DigiPlus, equivalent to 1.4 percent of the company’s total issued and outstanding shares, according to a Monday announcement. He paid PHP16.40 per share, said the filing.

• DigiPlus’ shares were trading at PHP16.94 mid-morning on Monday, up 5.22 percent.

🇵🇭 Int Ent issues US$102.5mln in subscription notes to DigiPlus (GGRAsia)

• Hong Kong-listed International Entertainment Corporation (HKG: 1009) announced on Wednesday that it has issued a first tranche of subscription notes, in the principal amount of HKD800.0 million (US$102.5 million), to Philippine-listed online gaming provider DigiPlus Interactive (PSE: PLUS).

• “The first completion of the subscription agreement took place on 3 March 2026,” the firm stated in a filing.

• Under an agreement announced last year, DigiPlus is to subscribe to HKD1.60 billion in convertible notes issued by International Entertainment. Shareholders of International Entertainment approved the deal last week.

🇵🇭 PhilWeb confirms change of ownership after management-led buyout (GGRAsia)

• Philippines-listed gaming technology provider PhilWeb Corp (PSE: WEB) confirmed on Tuesday that it has new owners, following a management-buyout exercise.

• Following the transfer of a second tranche of shares on February 25, Crisanto Roy Alcid – via Nexora Holdings Inc – has been affirmed “as the beneficial owner for PhilWeb Corp,” stated PhilWeb in a filing to the Philippine Stock Exchange.

  In October, PhilWeb announced that Gregorio Araneta Inc had agreed to sell its entire stake in PhilWeb for a total consideration of PHP1.80 billion (US$30.9 million currently), equivalent to 829.57 million common shares at PHP2.17 apiece. In December, PhilWeb said the sale would be completed in two separate transactions.

• The buyers were identified as Philippines-based Nexora Holdings Inc and Velora Holdings Inc.

🇵🇭 Bloomberry completes sale of its underperforming South Korean casino operation (GGRAsia)

• Philippine-listed casino operator Bloomberry Resorts Corp (PSE: BLOOM / OTCMKTS: BLBRF) has completed the sale of the gaming licence and the gaming business associated with its Jeju Sun hotel casino on South Korea’s holiday island of Jeju.

• The gaming assets were acquired by an entity called Gangwon Blue Mountain Co Ltd, now renamed Blue One Ltd, according to a filing on Wednesday by Bloomberry Resorts to the Philippine Stock Exchange. No further details have been provided about the buyer.

• The sale marks Bloomberry Resorts’ exit from the casino business on Jeju Island. However, it retains ownership of real estate assets linked to Jeju Sun.

🇵🇭 Bloomberry 4Q loss more than triples year-on-year despite Solaire North ramp-up (GGRAsia)

• Philippine casino operator Bloomberry Resorts Corp (PSE: BLOOM / OTCMKTS: BLBRF) saw its fourth-quarter net loss widen year-on-year to PHP2.81 billion (US$47.9 million), from PHP920.2 million a year ago, it said on Friday.

• Bloomberry had posted a net loss of PHP1.74 billion for the third quarter of 2025.

• The company said its full-year 2025 net loss stood at approximately PHP2.65 billion, compared with a net profit of PHP2.58 billion a year earlier.

• The 2025 net loss “was partly offset” by a PHP2.9 billion one-time, non-cash refinancing gain relating to the refinancing of a PHP40.0 billion syndicated loan facility, according to a filing to the Philippine Stock Exchange.

🇵🇭 International Container Terminal Services, Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇭 PLDT: Look Beyond Flattish Earnings (Seeking Alpha) $ 🗃️

🇵🇭 Nickel Asia Corporation 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇭 SM Investments Corporation 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 XP Power Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 BitFuFu: Attractive As Bitcoin Nears A Potential Inflection Point (Seeking Alpha) $ 🗃️

🇸🇬 SATS Ltd. 2026 Q3 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 Singapore Technologies Engineering Ltd 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha

🇸🇬 Sea: Steep Investments Necessary To Defend Leadership – Maintain Buy (Seeking Alpha) $ 🗃️

🇸🇬 Sea: Investment Case Delayed, Not Derailed (Upgrade To Strong Buy) (Seeking Alpha) $ 🗃️

🇸🇬 Sea Limited: Market Panic Created A Rare Strong Buy Opportunity (Seeking Alpha) $ 🗃️

🇸🇬 Sea Limited: Buy The Dip, Shopee Competition Narrative Is Overblown (Seeking Alpha) $ 🗃️

🇸🇬 Sea Limited 2025 Q4 – 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). 🇼 🏷️

🇸🇬 Sea Limited Q4 2025 Earnings Review (GabGrowth)

• The Real Reason Behind the Selloff

• Sea Limited (NYSE: SE) beat on the top and bottom-line, though consensus estimates for the bottom-line range widely due to the lack of sell-side coverage on the stock.

• As I’ve discussed often, my base case is >20% growth for the decade to come. I don’t see any signs of it slowing so far. In Monee, Sea has a business that is now reaching scale to move the needle. Shopee is not slowing down either with 25% GMV growth guidance and Garena guiding for double-digit growth again.

• In this piece, I will break down the full report, earnings call and discuss my personal thoughts on the quarter.

🇸🇬 ASMPT Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 Sembcorp Industries Ltd 2025 Q4 – 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. 🇼 🏷️

🇸🇬 BW LPG Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇸🇬 CapitaLand Ascott Trust Stapled Security (ATTRF) Presents at Citi’s Miami Global Property CEO Conference 2026 – Slideshow (Seeking Alpha)

• 🌐 CapitaLand Ascott Trust (SGX: HMN / OTCMKTS: ATTRF) – Largest lodging trust in Asia Pacific. Serviced residences, rental housing, student accommodation & other hospitality assets in any country. Ascott, Somerset, Quest & Citadines brands in key gateway cities. 🇼 🏷️

🇸🇬 Alert: 3 Red Flags for Singapore Investors as Global Tensions Explode (The Smart Investor)

• As oil jumps and tensions rise in the Middle East, here are three critical red flags Singapore investors should watch closely

• Here are the three critical red flags you need to watch as this “Hormuz Shock” ripples through your portfolio.

  • Red Flag #1: The Fuel Hedge Cliff for Aviation and Logistics

    • For a long time, Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF) has been the darling of the post-pandemic recovery.

    • However, the current escalation in the Middle East has introduced a two-pronged threat: soaring jet fuel costs and massive operational rerouting.

  • Red Flag #2: The Energy Margin Squeeze on Industrial Giants

    • Singapore’s transition to a “Green Node” was supposed to be the primary growth story for Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF).

    • However, the current energy crisis has seen that momentum stall, with shares now retreating toward its 52-week low of S$5.65 as generation spreads in Singapore come under fire.

    • As global LNG prices spike due to the suspension of exports from the Middle East, the domestic power market is entering a period of extreme volatility.

  • Red Flag #3: The Fragility of the AI “Hardware” Cycle

  • The Resilience Check

  • Get Smart: Focus on the Moat, Not the Headlines

🇸🇬 4 REITs Still Yielding 6% or More Despite Market Highs (The Smart Investor)

• Market highs? Here are 4 Singapore REITs that still sport yields north of 6%

• Here are four standout Singapore REITs delivering yields higher than 6%.

🇸🇬 Beyond STI: 3 Cash-Rich Stocks Increasing Dividends for 2026 (The Smart Investor)

• These three cash-rich companies just raised their dividends – and the balance sheet explains why.

• Three SGX-listed companies recently reported full-year results with a common thread: each raised its dividend for FY2025, and each did so from a position of meaningful net cash.

• The stories behind those increases, however, are quite different – and worth examining closely.

  • Frencken Group Ltd (SGX: E28) – A Mechatronics Powerhouse Fuelled by Cash Flow

  • HRNetGroup (SGX: CHZ) – The Debt-Free Recruitment Giant

  • Credit Bureau Asia (SGX: TCU) – Payouts Backed by Liquidity

  • Get Smart: The Margin of Safety in Net Cash

🇸🇬 5 Reliable Dividend Stocks I’m Watching for My Income Portfolio (The Smart Investor)

🇸🇬 SATS and Wilmar’s Latest Earnings: Resilience Amidst Global Headwinds (The Smart Investor)

• Discover how SATS and Wilmar are navigating global headwinds to deliver resilient earnings and improved cash flow for investors.

• In this update, we look at a global aviation gateway leader and an integrated agribusiness heavyweight to see how they are turning challenges into opportunities to grow their bottom lines.

  • SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF): Clearing the Runway for Growth

  • Wilmar International (SGX: F34 / FRA: RTHA / RTH / OTCMKTS: WLMIF / WLMIY): Navigating Commodity Waves

    • Wilmar International proved its mettle in a volatile commodity market, reporting a 4.5% YoY rise in FY2025 revenue to US$70.4 billion.

    • This performance was underpinned by higher sales volumes across most segments and a boost from stronger palm-related prices.

  • Get Smart: Focus on the Fundamentals

🇸🇬 4 Stocks That Might Surprise You in the Next Market Rally (The Smart Investor)

• Market rallies often lift the obvious winners first. But the biggest surprises sometimes come from stocks that were quietly improving before sentiment turned.

• We take a look at four types of stocks that could emerge as the dark horses in the next market upswing.

  • Why Surprises Happen in Market Rallies

  • SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) — The Turnaround in Progress

    • SATS has been on the radar of many investors since global air travel rebounded following the pandemic.

    • Its third quarter of FY2026 (3QFY2026) earnings suggest its recovery is gaining traction.

  • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF) — The Undervalued Cash Generator

    • CICT is Singapore’s largest listed commercial REIT, with a portfolio spanning retail malls, office towers and integrated developments.

  • United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF) — Cyclical Beneficiary

  • Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF), or Singtel — The Dividend Re-Rating Story

    • For years, investors saw Singtel, Singapore’s biggest telecommunications group, as a solid but dull blue chip.

    • However, that’s starting to change, as its Singtel28 strategic reset begins to bear fruit, and the dividend outlook is getting brighter.

  • What Investors Should Watch and Avoid

  • Get Smart: Look Where Others Aren’t

🇸🇬 Beyond STI: 3 Dividend Stocks to Watch in March 2026 (The Smart Investor)

• Look beyond the STI for dividend growth: Insights on AEM Holdings, Elite UK REIT, and United Hampshire US REIT.

• Here are three stocks on the radar this month that remind us why looking beyond the blue chips can be so rewarding.

  • AEM Holdings (SGX: AWX) – From Cash Flow Drought to Dividend Restart

    • If you’ve followed AEM over the last couple of years, you know it’s been a bit of a rollercoaster.

    • As a key player in the semiconductor testing space, AEM is deeply entwined with the giants of artificial intelligence (AI) and high-performance computing (HPC).

  • Elite UK REIT (SGX: MXNU) – New SGD Counter Opens the Door

    • Elite UK REIT has always been a bit of an outlier on the SGX.

    • It offers a unique proposition – a portfolio of 148 properties largely leased to the UK’s Department for Work and Pensions.

  • United Hampshire US REIT (SGX: ODBU / OTCMKTS: UNHRF) – Quiet Compounder, Loud Results

    • There’s something to be said for the “boring” businesses.

    • United Hampshire US REIT, or UHREIT, focuses on grocery-anchored and necessity-based retail in the States.

  • Get Smart: Follow the Cash, Not Just the Headlines

🇸🇬 Singapore big banks, resilient in 2025, face edgier 2026 (The Asset) 🗃️

• Challenge for DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF), Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF) will come less from domestic fundamentals, more from external environment

• Singapore’s three lenders – DBS, OCBC and UOB – closed 2025 in solid shape, even as falling interest rates, higher global taxes and rising geopolitical tensions influenced the banking landscape, their profits were broadly stable, capital levels remained strong and asset quality held firm.

• Yet, as 2026 unfolds, the mood is shifting. Trade tensions, a more fragmented global economy and the ongoing turmoil around US tariffs are injecting fresh uncertainty into an already delicate environment. While the year just passed was one of resilience for the banks, the year ahead may test that resistance.

🇸🇬 Better Buy: DBS vs OCBC (The Smart Investor)

• DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) and Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) are Singapore banking giants with strong dividends and solid balance sheets, but which offers better value and long-term upside today?

  • Business Overview: How Similar Are They?

    • Both OCBC and DBS are regional banks with business exposures across Singapore, Southeast Asia, and Greater China.

  • Financial Performance Snapshot

  • Dividend Comparison: Income Stability Matters

  • Growth Outlook

  • Risk Factors to Consider

  • Which Bank Fits Your Portfolio?

  • Get Smart: Know Your Portfolio Requirements and Risk Tolerance

🇸🇬 3 Asian-themed Stocks I Would Buy with S$20,000 (The Smart Investor)

• Discover how to invest S$20,000 in three high-potential Asian-themed stocks riding the region’s massive economic modernization.

  • American Tower Corp (NYSE: AMT) – 5G Infrastructure and Data Center Growth

    • American Tower (AMT), structured as a REIT, owns and operates a portfolio of approximately 149,686 communication sites as of December 31, 2025.

  • Shenzhou International (HKG: 2313) – Diversifying Beyond China’s Borders

    • Shenzhou International, a vertically integrated manufacturer for giants like Nike and Uniqlo, has successfully navigated post-pandemic supply chain shifts.

  • China Mengniu Dairy Company (HKG: 2319 / FRA: EZQ0 / EZQ / OTCMKTS: CIADY / CIADF) – Margin Expansion Through Operational Excellence

    • China Mengniu remains a dominant force in China’s dairy market, with an annual production capacity of 13.95 million tons.

    • The company has shifted its focus toward “lean management” and operational efficiency to counter lower raw milk prices.

🇸🇬 The 5,000 Milestone: Which Singapore Stocks to Buy with Your Ang Pow Money? (The Smart Investor)

• With the STI crossing 5,000, many investors are wondering how to put fresh capital to work. Here’s how to think about deploying your ang pow money wisely at market highs.

  • Vicom Ltd (SGX: WJP) – The Defensive Compounder

    • As Singapore’s leading provider of vehicle inspection and technical testing services, VICOM is a name familiar to almost every vehicle owner.

  • Kimly Ltd (SGX: 1D0), or Kimly – Reliable Dividend Payer

    • As a heavyweight in the local coffeeshop scene, Kimly has built a business that’s as steady as your morning kopi.

    • The coffee shop operator currently offers a yield of 5%.

  • Food Empire Holdings Ltd (SGX: F03), or Food Empire – Structural Growth Leader

    • It is not usual for a defensive consumer stock to be labelled as a growth leader, but Food Empire’s strong operating performance has landed the group squarely in this bucket.

    • With its popular brands of ready-made drinks (RTD) such as MacCoffee and MacChocolate, Food Empire has been taking Asia by storm.

  • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT – Rate-Sensitive Beneficiary

  • Nam Cheong Ltd (SGX: 1MZ / OTCMKTS: NCHGF), or Nam Cheong – Under-the-Radar Value Play

    • Finally, we look at a potential value play in Nam Cheong.

    • This global offshore marine group specializing in vessel construction and chartering is trading at an undemanding valuation of roughly 6.1 times as of the last 12 months.

  • How to Allocate Your Ang Pow Money Wisely

  • Get Smart: Milestones Don’t End Bull Markets

🇸🇬 The Real Estate Giants Stand Tall: CDL and UOL Post Strong FY2025 Results (The Smart Investor)

• Investors cheer as CDL and UOL report robust FY2025 earnings backed by strong Singapore residential sales.

• As we look back at the 2025 fiscal year, two of the Straits Times Index’s (SGX: ^STI) heaviest hitters – City Developments Limited (SGX: C09 / FRA: CDE / OTCMKTS: CDEVY) and UOL Group Limited (SGX: U14 / FRA: U1O / OTCMKTS: UOLGY / UOLGF) – have released earnings that underscore the strength of the local residential and hospitality sectors.

• Both companies have managed to navigate a high-interest-rate environment while rewarding shareholders with significantly higher dividends.

  • City Developments Limited: A Record Year of Capital Recycling

  • UOL Group: Robust Operations and Strengthening Balance Sheets

  • Get Smart: The Value of Patience and Pipelines

🇹🇭 TTW Public Company Limited (TTAPY) Presents at Opportunity Day Quarter 4/ FY 2025 – Slideshow (Seeking Alpha)

🇹🇭 Central Pattana Public Company Limited (CPNNF) Presents at Opportunity Day Quarter 4/ FY 2025 – Slideshow (Seeking Alpha)

🇹🇭 IRPC Public Company Limited (IRPSY) Presents at Opportunity Day Quarter 4/ FY 2025 – Slideshow (Seeking Alpha)

🇹🇭 Banpu Public Company Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌏🇺🇸 Banpu PCL (BKK: BANPU / BANPU-R / FRA: NVAC / OTCMKTS: BAPUF) – Energy resources (coal & gas); energy generation (conventional & renewable); & energy technology (wind & solar, storage systems & energy technologies). 🇼 🏷️

🇹🇭 IRPC Public Company Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇭 Ratch Group Public Company Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇻🇳 VinFast Auto: Cash Burn Concerns Outweigh Robust Deliveries Growth (Seeking Alpha) $ 🗃️

🇮🇳 MakeMyTrip: Structural Industry Tailwinds To Support Growth Story (Seeking Alpha) $ 🗃️

🇮🇳 Urban Company: InstaHelp Could Be the ‘Blinkit’ Play (Smartkarma) $

• Urban Company Ltd (NSE: URBANCO / BOM: 544515) dominates the organized home services market and is pivoting to InstaHelp, a high-frequency, instant-delivery model similar to quick-commerce

• The total market is projected to reach Rs. 8.5 trillion by FY30, with online penetration currently below 1%, providing a significant long-term runway.

• While scaling investments currently drive EBITDA losses, management targets a consolidated breakeven by Q3 FY28 through improved unit economics and cross-segment subsidies.

🇮🇳 ONGC’s Highest Ever CapEx & Multi-Billion Dollar Deep-Water Pivot (Smartkarma) $

• Oil and Natural Gas Corporation (ONGC) (NSE: ONGC / BOM: 500312) drilled 578 wells in FY25, a 35-year high, while exploration CapEx surged 25% YoY to INR 10,300 crore, within a record total CapEx of INR 62,000 crore.

• This shift from “maintenance mode” to “frontier exploration” aims to arrest decade-long production declines.

• While production stabilization is visible, the high exploration write-off risk and execution delays in deep-water assets remain the primary overhangs.

🇮🇳 Union Bank X BoI [Merger 2.0]: India’s 2nd Largest Public Sector Bank in Making? (Smartkarma) $

• The merger of Union Bank of India (NSE: UNIONBANK / BOM: 532477) and Bank of India Ltd (NSE: BANKINDIA / BOM: 532149) may create India’s second-largest public sector bank, managing a massive 25 lakh crore balance sheet.

• Combining 13,900+ branches and a vast international footprint across five continents, the entity will serve 300 million customers with advanced digital and IT infrastructure.

• The powerhouse may maintains high profitability with a combined Net Profit of 27,206 crore while keeping credit risks controlled with a low NNPA ratio of 0.82%.

🇮🇳 KPIT Tech: Shift to a Solutions Led Approach (Smartkarma) $

• Despite industry macroeconomic challenges, KPIT Technologies (NSE: KPITTECH / BOM: 542651) posted decent Q3FY26 earnings with QoQ growth of 1.5% in constant currency (CC) terms. EBITDA was flattish despite partial wage hikes.

• Europe and off-highway commercial segments drove the growth in Q3FY26. Deal wins also came in strong at $202mm, well above the typical run-rate of $170mm+.

• KPIT is shifting towards a solutions-led approach from being services-led. A solutions-led approach will enable KPIT to take full ownership of programs, enhancing KPIT’s competitive advantage significantly over time.

🇰🇿 Kaspi.kz: Kazakhstan Relies On E-Commerce (Seeking Alpha) $ 🗃️

🇰🇿 Kaspi.kz: The Floor Is The Dividend, The Upside Is Turkey (Seeking Alpha) $ 🗃️

🇰🇿 Joint Stock Company Kaspi.kz 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🌍 Gulf businesses buy up political violence insurance as conflict spreads (FT) $ 🗃️

• Data centres, energy projects and hotels move to limit potential losses

• As of Thursday, the price had risen to as much as five times that level. For a $20mn development, this would mean that $10mn of political violence cover would cost $500,000, up from less than $100,000.

🇹🇷 Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha) $⛔🗃️

🇹🇷 Turkcell Iletisim Hizmetleri A.S. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha) $⛔🗃️

🇹🇷 Türk Hava Yollari Anonim Ortakligi 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha) $⛔🗃️

🇹🇷 Türk Telekomünikasyon Anonim Sirketi 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha) $⛔🗃️

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

🇿🇦 Sibanye Stillwater: Lesser-Known PGM Play With A Turnaround Arc (Seeking Alpha) $ 🗃️

• 🌐 Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) – World’s largest primary producers of platinum, palladium & rhodium & is a top-tier gold producer. Projects & investments across 5 continents. 🇼 🏷️

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

🇿🇦 Grindrod Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐🅿️ Grindrod Limited (JSE: GND / GNDP / OTCMKTS: GRDLY / GRDLF) – Ports & Terminals, Logistics, Private Equity & Property, & Marine Fuels & Agricultural Logistics segments in 23 countries. 🏷️

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

• 🌍 FirstRand (JSE: FSR / FRA: FSRA / OTCMKTS: FANDY / FANDF) – Portfolio of integrated financial services businesses, operates in South Africa, certain markets in sub-Saharan Africa, UK & India. 🇼 🏷️

🇿🇦 Impala Platinum Holdings Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇿🇦 Impala Platinum Holdings Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌐 Impala Platinum Holdings (JSE: IMP / LON: 0S2J / FRA: IPHB / OTCMKTS: IMPUY / IMPUF) – South African holding company who is a leading producer of platinum group metals (PGMs), structured around 6 mining operations & Impala Refining Services, a toll refining business. 🇼 🏷️

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

• 🌐 Bidvest Group (JSE: BVT / FRA: NQL / FRA: NQL1 / OTCMKTS: BDVSY) – Leading industrial group with over 250 individual businesses in the areas of consumer, pharmaceutical & industrial products, financial services, freight management, office & print solutions, outsourced hard & soft services, travel services & automotive retailing. 🇼 🏷️

🇿🇦 Prosus: Buy Tencent, Get Potential 10x Stories For Free (Seeking Alpha) $ 🗃️

🇿🇦 StubWorld: Prosus Coming Up “Cheap” Vs Tencent (Smartkarma) $

• As both stocks dip to begin the week, Prosus (AMS: PRX / JSE: PRX / FRA: 1TY / OTCMKTS: PROSY / PROSF) is coming up “cheap” on my monitor versus Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY).

• Preceding my comments on Naspers (JSE: NPN / FRA: NNWN / NNW0 / OTCMKTS: NAPRF / NPSNY)/Tencent – and Naspers (NPN SJ) – are the current setup/unwind tables for Asia-Pacific Holdcos.

• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

🇬🇷 Alpha Bank S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇬🇷 Eurobank S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇺 OTP Bank Nyrt. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇺 Gedeon Richter PLC 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇭🇺 Gedeon Richter (FRA: RIG2) – Manufactures 200+ drugs (original, generic & licensed products) in almost every therapeutic area. Focuses on the central nervous system, cardiovascular & gynaecological products. 🇼 🏷️

🌎 Latin America’s lithium triangle is now in the hands of the right (FT) $ 🗃️

• The so-called lithium triangle — the Andean desert plateau sweeping from northern Chile and Argentina to southern Bolivia — contains over half of the world’s resources of lithium, an essential mineral for the energy transition. Just a few years ago, Argentina, Bolivia and Chile were all governed by the left. Today, only one of those countries still is, and its days are numbered. When José Antonio Kast assumes power in Chile on March 11, all three will be led by centre to rightwing presidents.

🌎 MercadoLibre: Long-Term Growth Engine At A Reasonable Valuation (Seeking Alpha) $ 🗃️

🌎 MercadoLibre: Mercado Pago’s Deposit-Led Engagement Surge—and How Credit Expansion Is Deepening the Ecosystem! (Smartkarma) $

• MercadoLibre (NASDAQ: MELI), an e-commerce and fintech leader in Latin America, reported robust results for the fourth quarter of 2025.

• The company experienced a 45% increase in net revenues year-over-year, driven chiefly by its commerce and fintech sectors.

• In Brazil, MercadoLibre’s largest market, the gross merchandise volume (GMV) advanced by 35% with a corresponding 45% rise in sold items, signaling strengthened competitive standing following strategic enhancements such as reducing the free shipping threshold.

🌎 MercadoLibre – The Market Is Wrong, and the Numbers Prove It (Rijnberk InvestInsights)

• AI-driven fear, U.S. economic uncertainty, and trade concerns – MercadoLibre (NASDAQ: MELI) is the perfect investment in this market, poised to deliver 30% annualized returns

• Today, I will break down the Q4 results and developments to assess MELI’s true performance beyond the headlines, and I will delve into its outlook to subsequently update my financial projections and fair value estimate.

🌎 Mercado Libre Q4 2025 (Expanse Stocks)

• Trading Margins for Market Dominance. But Is it a Good Strategy At This Point?

• MercadoLibre (NASDAQ: MELI) reported Q4 2025 earnings that perfectly encapsulate, once again, why this company remains one of the most compelling growth stories in public markets. The headline numbers: 45% revenue growth to $8.8 billion, but operating margins compressed 340 basis points to 10.1%.

• The market’s initial reaction to the margin compression is, once again, predictable … *sigh* … but misguided. Let me explain why.

🌎 Millicom: Overvaluation Is Expanding Into 2026 (Seeking Alpha) $ 🗃️

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

🌎 First Quantum Minerals Ltd. (FM:CA) Presents at J.P. Morgan 2026 Global Leveraged Finance Conference – Slideshow (Seeking Alpha)

• 🌐 First Quantum Minerals Ltd (TSE: FM / FRA: IZ1 / OTCMKTS: FQVLF) – High-quality, low-cost copper mines. Kansanshi (Africa) & Cobre Panama. Copper & nickel projects in Africa & Australia. Gold, zinc & cobalt. 🇼

🇦🇷 Lithium Argentina: Focus On Next Phase (Seeking Alpha) $ 🗃️

🇦🇷 Lithium Americas: Where Is The Future Of U.S. Lithium Headed? (Seeking Alpha) $ 🗃️

🇦🇷 Corporación América Airports: Robust January Traffic Data Supports Further Upside (Seeking Alpha) $ 🗃️

🇦🇷 Central Puerto S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇦🇷 Loma Negra Compañía Industrial Argentina Sociedad Anónima 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇦🇷 Grupo Financiero Galicia S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇦🇷 Banco BBVA Argentina S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇦🇷 Pampa Energía S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 StoneCo Q4 Earnings: The Problem That No One Saw In The Company’s Results (Rating Downgrade) (Seeking Alpha) $ 🗃️

🇧🇷 StoneCo: I Am Doubling Down To Secure A Double-Digit Buyback Yield (Seeking Alpha) $ 🗃️

🇧🇷 StoneCo Ltd. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Gerdau: Up, And Back Down Again In 2026E (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇧🇷 Embraer S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Petrobras: Iran Conflict & Energy Crunch Trigger Richer Spreads & Volatility (Seeking Alpha) $ 🗃️

🇧🇷 Petrobras Q4 Earnings: Dividend Yield Higher Than P/E (Seeking Alpha) $ 🗃️

🇧🇷 Petrobras: Why The Iran Conflict Makes PBR An Asymmetric Bet (Upgrade) (Seeking Alpha) $ 🗃️

🇧🇷 Petróleo Brasileiro S.A. – Petrobras 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 PagSeguro Digital Ltd. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Raia Drogasil S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Sigma Lithium Improves Operationally, But My Bull Case Has Somewhat Played Out (Seeking Alpha) $ 🗃️

🇧🇷 Blue Orca is Short Sigma Lithium Corporation (Blue Orca)

• We are short Sigma Lithium Corporation (CVE: SGML) (“Sigma” or the “Company”) because Brazilian court records reveal material undisclosed litigation and regulatory enforcement actions by state and federal prosecutors, millions of dollars of undisclosed creditor lawsuits, and a bombshell technical report alleging that safety is so compromised as to risk impairing the future operation and economic viability of the mine

🇧🇷 Ultrapar Participações S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Inter: Scaling In A Competitive Market (Seeking Alpha) $ 🗃️

🇧🇷 Inter & Co: A 63% Upside The Market May Be Missing (Seeking Alpha) $ 🗃️

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

🇧🇷 Sabesp: A Successful Privatization Story, But Less Asymmetric Now (Seeking Alpha) $ 🗃️

🇧🇷 Suzano S.A. (SUZ) Presents at Global Emerging Markets Corporate Conference 2026 – Slideshow (Seeking Alpha)

🇧🇷 Braskem: Weak Spreads Persist, But Governance Risks Are Easing (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇧🇷 Rumo S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 AXIA Energia SA 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇧🇷 WEG: Exceptional Quality But Limited Upside At 30x Earnings (Seeking Alpha) $ 🗃️

• 🇧🇷 WEG SA (BVMF: WEGE3) – Operates worldwide in the electric engineering, power & automation technology areas. Electric motors, generators, transformers, drives & coatings. 🇼 🏷️

🇧🇷 B3: The Brazilian Macro Tailwind May Not Be Fully Priced In (Seeking Alpha) $ 🗃️

🇧🇷 Companhia Paranaense de Energia – COPEL 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Localiza Rent a Car S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇧🇷 Engie Brasil Energia S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇱 Sociedad Química y Minera de Chile: Seeking Redemption After Fumbling My Lithium Trade Last Year (Seeking Alpha) $ 🗃️

🇨🇱 Sociedad Química y Minera de Chile S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇱 Banco Itaú Chile 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇨🇴 Ecopetrol S.A. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

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

🇲🇽 FEMSA: Proximity Growth At An Attractive Valuation (Seeking Alpha) $ 🗃️

🇲🇽 Fibra UNO 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇽 CEMEX, S.A.B. de C.V. (CX) Analyst/Investor Day – Slideshow (Seeking Alpha)

🇲🇽 Orbia Advance Corporation, S.A.B. de C.V. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇽 Grupo Aeroportuario del Pacífico, S.A.B. de C.V. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇵🇪 InRetail Perú Corp. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇻🇪 Gold Reserve – the #1 way to get exposure to Venezuelan mining? (Undervalued Shares)

• Venezuela has some of the world’s largest untapped gold reserves.

• Following the removal of President Maduro, the new interim government wants to mobilise new mining investments to kickstart its ailing economy.

• Gold Reserve Ltd (CVE: GRZ / FRA: 97Z / OTCMKTS: GDRZF) could strike a deal whereby it swaps old legal claims in exchange for being allowed to return to its disputed Venezuelan mining projects.

• The stock is one of the very few public-market ways to gain pure exposure to Venezuela.

• In March 2023, I published an extensive research report explaining why the company – which holds defaulted Venezuelan debt and legal claims – had “limited downside and potentially very large upside“. At the time, Gold Reserve had a USD 106m market cap, of which USD 50m was covered by net cash. The stock was trading at CAD 1.49 and USD 1.20.

• Fast forward to today, and the stock is up over 4x.

🌐 The Hormuz Triad: Energy, Chemicals, and Fertilizer (TheOldEconomy Substack)

• As you can see, the Strait of Hormuz is about energy, not only as a source of calories for industry but also for the population. Just check what percentage of fertilizer inputs (sulfur, urea, ammonia, and phosphates) sail via the Strait of Hormuz. Next to energy and fertilizer stand chemicals. The Persian Gulf states are the leading exporters of NGLs, the feedstock for the chemical industry. To summarize, energy, chemicals, and fertilizer form the Hormuz triad.

• Find companies with zero or minimal Hormuz exposure. Stick to enterprises with operations in the Atlantic basin, or an onshore player with operations in the Western Hemisphere if you are considering Oil and Gas. The same is true for chemicals and fertilizers. Just stick to companies that are not Hormuz dependent. The latter means they don’t import or export anything to or from the Persian Gulf.

• Here are some ideas.

🌐 Hedge funds rethink emerging market bets after US-Israel strikes on Iran (FT) $ 🗃️

• EM stocks and currencies come under pressure as US dollar jumps

• Goldman Sachs’ latest prime brokerage report, covering the week to last Thursday, showed hedge fund allocations to EM stocks, as a proportion of their total exposure, were “hovering near five-year highs”.

🌐 Burford Capital’s Share Price Makes No Sense (Asymmetric Capital)

• Strong cash generation, dominant market position, and yet a valuation that suggests deep skepticism

• I’am very Bullish on Burford Capital Limited (NYSE: BUR).

• Instead of buying the shares directly, we’ve put 8% of Asymmetric Capital portfolio money in Burford Call options and Spreads.

• Lets unpack what is going on with Burford Capital, as the share price literally makes no sense.

🌐 Nebius: Has My Conviction It Will Be An Outperformer (Seeking Alpha) $ 🗃️

🌐 Nebius: A Brilliant Opportunity In The AI Infrastructure Space (Seeking Alpha) $ 🗃️

🌐 Nebius: High-Stakes CapEx Meets Massive AI Infrastructure Potential (Seeking Alpha) $ 🗃️

🌐 Nebius: Turning Massive Contracts And Power Capacity Into High Growth (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. 🇼 🏷️

🌐 Nebius: The Purest Way to Play AI Compute (Crack The Market) $

• A vertically integrated Neocloud riding the $260bn AI cloud boom as hyperscaler demand, sovereign AI, and inference workloads drive explosive growth

• After reading this article, you will understand why this company is so special thanks to its incredible rebirth from a $30bn tech giant into a western AI pure-play, what a Neocloud actually does, why it possesses structural advantages over traditional hyperscalers, why its capacity is completely sold out, and why it remains one of the most explosive ways to invest in the physical layer of AI for the next decade.

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

Click here for the full weekly calendar from Investing.com containing frontier and emerging market economic events or releases (my filter excludes USA, Canada, EU, Australia & NZ).

Frontier and emerging market highlights (from IFES’s Election Guide calendar):

Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and “Select All” countries to see IPOs on non-USA exchanges):

PayPay Corp. PAYP Goldman Sachs/J.P.Morgan/Mizuho/Morgan Stanley/Citigroup/Jefferies/BofA Securities/Societe Generale/Wolfe Nomura Alliance/Cantor/Credit Agricole CIB/Daiwa Capital Markets/Deutsche Bank Securities/Natixis/SMBC Nikko/Barclays/ING/IMI-Intesa Sanpaolo/MUFG/Santander, 55.0M Shares, $17.00-20.00, $1017.5 mil, 3/12/2026 Thursday

(Incorporated in Japan)

As Japan’s leading financial technology company, we are dedicated to our goal of becoming a digital finance platform for all. We strive to empower the everyday lives of users and businesses by transforming their smartphones into a comprehensive, easy-to-use, and accessible financial platform that centralizes and simplifies numerous daily activities for ultimate convenience. Through a seamless ecosystem of payment, financial and everyday services, we have served as a game-changer in driving the shift to a cashless and digitally empowered economy. Through continued innovation, we aim to redefine how millions of individuals and businesses in Japan engage with finance throughout their daily activities.

We operate a highly scalable and integrated digital finance platform that serves as an all-in-one solution for users and merchants, built on a robust two-sided network connecting tens of millions of users and millions of merchants. Our platform facilitates a shared ecosystem across payments and financial services. As a clear leader in Japan’s cashless payment market, we offer one of the most comprehensive and versatile service suites in the market, spanning daily payments, banking, credit, investments, and beyond.

Our story started with our code-based cashless payments solution. We launched this service in October 2018 and it rapidly expanded to become a nation-wide leading cashless payments ecosystem that had approximately 72 million PayPay registered users as of December 31, 2025, representing a penetration of 75% among 96 million smartphone users in Japan¹. With the acquisition of PayPay Card Corporation in October 2022, our platform evolved to a next-generation payments ecosystem, seamlessly integrating our code-based payment and credit card payment services through our PayPay app. We recorded Payment Segment GMV of ¥15.39 trillion based on transactions processed through our products, PayPay Balance, PayPay Credit and PayPay Card, for the year ended March 31, 2025, and we have consistently achieved over 20% annual GMV growth since the fiscal year ended March 31, 2019. Our payment service is deeply integrated in the daily lives of our users, supporting a broad range of transaction scenarios and thereby driving high user engagement. In addition, we have supported merchants through promotional tools such as PayPay Coupons, PayPay Stamp Cards and PayPay Funding solutions designed to enhance retail productivity.

We further expanded our platform to core financial services. We acquired majority voting rights in PayPay Bank Corporation and PayPay Securities Corporation in April 2025, gaining comprehensive capabilities to provide a broad range of financial services offerings, to become a convenient one-stop financial portal destination for all users. Our offerings include internet banking and lending services through PayPay Bank Corporation and smartphone-based securities brokerage and investment services through PayPay Securities Corporation along with additional value-added services for our users.

Note: Net income and revenue are in U.S. dollars (converted from Japan’s yen) for the 12 months that ended Dec. 31, 2025.

(Note: PayPay Corp. disclosed the terms for its IPO on March 2, 2026, in an F-1/A filing: 55 million ADS (54.99 million ADS) at a price range of $17.00 to $20.00 to raise $1.02 billion, if priced at the $18.50 mid-point of its range. Background: PayPay Corp. filed its F-1 for its IPO on Feb. 12, 2026, without disclosing the terms – other than this will be an offering of American Depositary Shares (ADS). Estimated proceeds were $100 million, a placeholder figure. Some IPO pros said at the time that they thought that PayPay Corp.’s IPO could be a blockbuster with proceeds of $1 billion to $2 billion.)

DT House Ltd. DTDT American Trust Investment Services, 5.0M Shares, $5.00-5.50, $26.3 mil, 3/16/2026 Week of

(Incorporated in the Cayman Islands)

DT House Ltd. is the holding company of UHAD, UHHK and UFox, our wholly owned subsidiaries. We are headquartered in the UAE.

We began with the establishment of UHHK in 2020. We provide corporate consultancy services in the UAE and Hong Kong on environmental, social and governance (ESG) themes. As part of that work, we provide travel-related services for leisure travelers in the UAE, which includes primarily the sale of tickets to tourist attractions. Our clients are public companies in the United States and Hong Kong, as well as small and medium-sized enterprises and private corporations in the UAE, Hong Kong and Southeast Asia. We have our own AI-driven cloud-based software program.

In June 2024, we launched our travel-related services by acquiring UFox, a company principally engaged in travel-related services in the UAE, with a particular emphasis on eco-friendly and sustainable travel practices. UFox maintains close business relations with various organizations in the MENA Region such as the Union of Overseas Chinese in Saudi Arabia. We believe that our travel-related services could potentially bring about a synergistic effect with our corporate consultancy services if we follow the same set of ESG principles in both segments. Our current plan is to design travel programs based on the sustainable travel concept, such as using alternative transport modes with lower carbon footprints and partnering with eco-friendly hotels.

We offer customizable and hassle-free sustainable travel experiences. Our clients can customize their own tours or subscribe to services on a segmented basis. The major customers of our travel-related services are two online leisure travel platforms, namely, Trip.com Group Limited (Nasdaq: TCOM) and Fliggy international platform (fliggy.com, a member of Alibaba Group (NYSE: BABA) and an online marketplace of tourism products).

Note: Net income and revenue are in U.S. dollars for the 12 months that ended Sept. 30, 2025.

(Note: DT House Ltd. more than doubled its IPO’s size – to 5.0 million shares – up from 2.0 million shares – in an F-1/A filing on Jan. 20, 2026 – after the previous IPO plan was withdrawn, at the company’s request. The new price range is $5.00 to $5.50 – an increase from the previous range of $4.00 to $5.00.. Under the new terms, DT House Ltd. would raise $26.25 million, if the IPO is priced at $5.25, the mid-point of its new range. Background: DT House Ltd. increased its IPO’s size to 2.0 million shares – up from 1.875 million shares initially – and kept the price range at $4.00 to $5.00 – to raise $9.0 million, according to its F-1/A filing dated Oct. 24, 2025. DT House Ltd. has also named American Trust Investment Services as the sole book-runner, replacing Revere Securities. Background: DT House Ltd. filed its F-1 on March 3, 2025, and disclosed the terms for its IPO: The company is offering 1.875 million shares at a price range of $4.00 to $5.00 to raise $8.44 million, if priced at the mid-point of its range.)

HW Electro Co., Ltd. (NASDAQ-New Filing) HWEP American Trust Investment Services/WestPark Capital, 4.2M Shares, $4.00-4.00, $16.6 mil, 3/16/2026 Week of

We are the first company in Japan to obtain a license plate number for imported electric light commercial vehicles. We are the second company and also one of the three companies that sell electric light commercial vehicles in Japan as of the date of this prospectus. (Incorporated in Japan)

The electric light commercial vehicles we sell belong to the category of “light commercial vehicles,” which are commercial carrier vehicles with a gross vehicle weight of no more than 3,500 kilograms.

We commenced selling and delivering two models of electric light commercial vehicles, ELEMO and ELEMO-K, in Japan in April 2022 and July 2022, respectively, and have been working with Cenntro, our cooperating manufacturer, to produce them under our brand, “ELEMO,” in its factory in Hangzhou, China. ELEMO is the first electric vehicle we sell and (it) is the second electric light commercial vehicle that has ever been sold in Japan since the commencement of sales of MINICAB-MiEV in December 2011, which was the first electric light commercial vehicle produced by Mitsubishi Motors Corporation. Since June 2023, we have commenced the sales of a new model called “ELEMO-L,” a van-type electric vehicle that could be used for commercial and recreational camping purposes, which we expect may enable us to increase consumer market penetration.

Under our Exclusive Basic Transaction Agreement dated March 31, 2021 with Cenntro (the “Exclusive Basic Transaction Agreement”), Cenntro manufactures ELEMO, ELEMO-K, ELEMO-L, and other electric vehicles under the specifications designated by us in their manufacturing factories in China and delivers the electric vehicles to the ports in China designated in the individual agreement for a particular order. We arrange for the shipment from these ports to the Port of Yokohama or other designated ports in Japan. Upon arrival, we transport the vehicles to our research laboratory located in Chiba, Japan, for inspection, and then send them to our business partners’ facilities, Anest Iwata’s factory in Fukushima, Japan, and TONOX’s factories in Kanagawa, Japan. The specialists of Anest Iwata, a Tokyo Stock Exchange-listed company that specializes in industrial machinery, supplies, and components, and TONOX, a Japanese commercial vehicle manufacturer, modify the vehicles to comply with the regulations and standards for the Japanese market, install the accessories, and undertake the inspection in accordance with our instructions. After the inspection and modifications, we deliver the electric vehicles to the governmental vehicle inspection office, the National Agency for Automotive and Land Transportation Technology, for individual imported vehicle inspection, and the local land transportation office for registration. Upon completion of the individual imported vehicle inspection and registration, we conduct the final inspection in our research laboratory located in Chiba, Japan, and deliver the electric light commercial vehicles to the customers.

Since the inception of our operation, we have been leveraging the customizability and adjustability of our electric light commercial vehicles to attract corporations in different industries and local governments that have varying needs from their departments in Japan. During the fiscal years ended September 30, 2023 and 2022, we sold and delivered 52 and 16 electric light commercial vehicles to 14 and 11 customers, respectively.

Note: Net loss and revenue figures are in U.S. dollars (converted from Japanese yen) for the fiscal year that ended Sept. 30, 2024.

(Note – New IPO Plans: HW Electro Co., Ltd. filed an F-1 dated May 8, 2025 – the same date that it withdrew its previous IPO plans in a letter to the SEC. In the new IPO document – the F-1 dated May 8, 2025 – HW Electro Co., Ltd. disclosed that it is offering 4.15 million American Depositary Shares (ADS) at an assumed IPO price of $4.00 to raise $16.6 million. American Trust Investment Services and WestPark Capital are the joint book-runners.)

(Background on Previous IPO plans: Registration Withdrawn on May 8, 2025 – A.C. Sunshine and Univest Securities were the joint book-runners. Note: HW Electro Co., Ltd. filed an F-1MEF to increase its IPO’s size at pricing by 200,000 shares, according to a filing dated Jan. 24, 2025. Note: HW Electro Co., Ltd. filed an F-1/A to increase its IPO’s size to 4.0 million ADS – up from 3.75 million ADS – and increase the assumed IPO price to $4.00 – up from $3.00 – to raise $16.0 million – up from $11.25 million initially – according to an F-1/A filing dated Dec. 23, 2024. In that same filing, AC Sunshine Securities was added as the lead left joint book-runner to work with Univest Securities as the other joint book-runner, and the IPO’s proposed venue was changed to the NASDAQ from the NYSE – American Exchange, with the proposed symbol changed to “HWEP” from “HWEC”. Note: HW Electro Co., Ltd. filed its new F-1 (prospectus) on April 26, 2024, disclosing plans for its IPO and its listing of American Depositary Shares (ADS) on the NYSE – American Exchange: 3.75 million ADS at an assumed IPO price of $3.00 per ADS. Each ADS represents one ordinary share. Background: HW Electro Co., Ltd. withdrew its previous IPO plans that called for a listing on the NASDAQ with a different proposed symbol.)

Riku Dining Group RIKU Eddid Securities USA, 2.3M Shares, $4.00-6.00, $11.3 mil, 3/16/2026 Week of

(Incorporated in the Cayman Islands)

We operate and franchise Japanese-style restaurants in Canada and Hong Kong:

In Canada – Ajisen Ramen is our franchise. We run four restaurants and we franchise nine more restaurants across Ontario.

In Hong Kong – We have seven restaurants under three franchised brands – Yakiniku Kakura, Yakiniku 802 and Ufufu Cafe.

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

(Note: Riku Dining Group disclosed the terms for its IPO in an Oct. 8, 2025, filing with the SEC: The company is offering 2.25 million shares at a price range of $4.00 to $6.00 to raise $11.25 million. Background: Riku Dining Group filed its F-1 for its IPO in September 2025 without disclosing the terms. Estimated IPO proceeds are $16 million.)

Seahawk Recycling Holdings, Inc. SEAH Cathay Securities, 3.8M Shares, $4.00-6.00, $18.8 mil, 3/16/2026 Week of

(Incorporated in the British Virgin Islands)

Headquartered in Tokyo, Japan, we are an international recycling company dedicated to advancing sustainable material solutions across East Asia and Southeast Asia. As a committed advocate for environmental sustainability, we have devoted ourselves to promoting the development of a low-carbon and zero-waste global green circular economy by engaging in the trading of recyclable resources such as waste paper and scrap metal.

Our operations are structured around two core business segments: waste paper recycling and scrap metal recycling.

Under our waste paper recycling business, we operate across both the domestic Japanese and international markets by trading two main product categories: waste paper and paper pulp. We source waste papers from collection companies in Japan and supply them to recycled pulp mills or trading companies. In parallel, we purchase paper pulps from recycled pulp mills and supply them to paper manufacturers or trading companies. While our waste paper transactions are primarily domestic, our paper pulp exports serve a broad customer base across East Asia and Southeast Asia.

We also conduct cross-border transactions under our waste paper recycling business by procuring waste paper from suppliers in the U.S. and arranging for direct shipments to pulp mills or paper manufacturers in Malaysia.

Our scrap metal recycling business focuses on the trade of dismantled metal wires and old metal appliances such as motors, engines, air conditioners and refrigerators. For old metal appliances, we acquire these materials from collection companies and supply them to smelters or trading companies, while for dismantled metal wires, we purchase processed and dismantled metal wires such as copper wires, aluminum wires, brass wires and iron wires, from dismantling factories, and then sell them to smelters, or trading firms. While the operations under our scrap metal recycling business are primarily concentrated within Japan due to the heavier nature of these materials, we also export a portion of our dismantled metal wires to our customers in East Asia and Southeast Asia.

For export transactions, we manage the full logistics chain from supplier pickup and port delivery to international shipping, allowing us to ensure timely and cost-effective deliveries.

Note: Net income and revenue are for the fiscal year that ended March 31, 2025.

(Note: Seahawk Recycling Holdings, Inc. nearly doubled the size of its small IPO to raise $19 million – up from $10 million originally – according to its F-1/A filing on Jan. 7, 2026. Seahawk Recycling Holdings now plans to offer 3.75 million shares – up from 2.0 million shares originally – at the price range of $4.00 to $6.00 (same price range as in its initial filing) – to raise $18.75 million, according to its F-1/A filing dated Jan. 7, 2026. Background: Seahaawk Recycling Holdings, Inc. filed its F-1 for its small-cap IPO and disclosed the terms: 2 million shares at a price range of $4.00 to $6.00 to raise $10 million, according to its SEC filing on Sept. 25, 2025.)

PressLogic PLAI American Trust Investment Services, 1.8M Shares, $4.00-6.00, $9.0 mil, 3/23/2026 Week of

(Incorporated in the Cayman Islands)

We provide digital marketing services to companies in Hong Kong and Taiwan. Our content marketing solutions include a digital marketing solution segment, which offers editorial content, influencer marketing and display advertising, along with advertisements. We run nine proprietary media brands with over 12 million subscribers and followers, including nine websites, five apps, 11 Facebook fanpages, 11 Instagram profiles and eight YouTube channels, as of the date of this prospectus.

Note: Net income and revenue are in U.S. dollars (converted from Hong Kong dollars) for the 12 months that ended June 30, 2025.

(Note: PressLogic filed its F-1/A on Oct. 14, 2025, and disclosed the terms of its small IPO: The company is offering 1.8 million shares at a price range of $4.00 to $6.00 to raise $9.0 million, if priced at the mid-point of its range. Background: PressLogic filed its F-1 to go public in September.)

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:

• 09/13/2025 – WisdomTree Asia Defense Fund – WDAF

• 08/12/2025 – Neuberger Berman Emerging Markets Debt Hard Currency ETF – NEMD

• 07/15/2025 – OTG Latin America ETF – OTGL

• 06/21/2025 – FT Vest Emerging Markets Buffer ETF June – TJUN

• 06/18/2025 – AB Emerging Markets Opportunities ETF – EMOP

• 06/05/2025 – Harbor Emerging Markets Equity ETF – EPEM

• 06/03/2025 – Russell Investments Emerging Markets Equity Active ETF – ZJUN

• 05/30/2025 – Emerging Markets Equity Active ETF – REMG

• 05/16/2025 – Harbor Emerging Markets Select ETF – EMES

• 04/02/2025 – Goldman Sachs India Equity ETF – GIND

• 03/21/2025 – FT Vest Emerging Markets Buffer ETF – March – TMAR

• 02/25/2025 – Touchstone Sands Capital Emerging Markets ex-China Growth ETF – TEMX

• 02/19/2025 – abrdn Emerging Markets Dividend Active ETF – AGEM

• 02/14/2025 – GMO Beyond China ETF – BCHI

• 02/06/2025 – PLUS Korea Defense Industry Index ETF – KDEF

• 01/04/2025 – Simplify China A Shares PLUS Income ETF – CAS

• 12/24/2024 – FT Vest Emerging Markets Buffer ETF – December – TDEC – Options

• 11/19/2024 – Fidelity Fundamental Emerging Markets ETF – FFEM – Equity

• 11/19/2024 – Fidelity Enhanced Emerging Markets ETF – FEMR – Equity

• 11/13/2024 – Dimensional Emerging Markets ex China Core Equity ETF – DEXC – Equity

• 10/07/2024 – First Trust WCM Developing World Equity ETF – WCME – Active, equity

• 09/20/2024 – FT Vest Emerging Markets Buffer ETF – September – TSEP – Options

• 09/11/2024 – Polen Capital Emerging Markets ex-China Growth ETF – PCEM – Equity

• 09/04/2024 – Macquarie Focused Emerging Markets Equity ETF – EMEQ – Active, equity

• 09/04/2024 – iShares MSCI Emerging Markets Value Factor ETF – EVLU – Equity

• 09/04/2024 – iShares MSCI Emerging Markets Quality Factor ETF – EQLT – Active, equity

• 09/04/2024 – SPDR S&P Emerging Markets ex-China ETF – XCNY – Equity, ex-China

• 08/13/2024 – Simplify Gamma Emerging Market Bond ETF – GAEM – Active, Bond, Latin America

• 08/13/2024 – Janus Henderson Emerging Markets Debt Hard Currency ETF – JEMB – Currency

• 07/01/2024 – Innovator Emerging Markets 10 Buffer ETF – EBUF – Equity

• 05/16/2024 – JPMorgan Active Developing Markets Equity ETF – JADE – Equity

• 05/09/2024 – WisdomTree India Hedged Equity Fund – INDH – Equity, India

• 03/19/2024 – Avantis Emerging Markets ex-China Equity ETF – AVXC – Active, equity, ex-China

• 03/15/2024 – Polen Capital China Growth ETF – PCCE – Active, equity, China

• 03/04/2024 – Simplify Tara India Opportunities ETF – IOPP – Active, equity, India

• 02/07/2024 – Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares – XXCH – Equity, leveraged, China

• 01/11/2024 – Matthews Emerging Markets Discovery Active ETF – MEMS – Active, equity, small caps

• 01/10/2024 – Matthews China Discovery Active ETF – MCHS – Active, equity, small caps

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 (March 9, 2026) was also published on our website under the Newsletter category.

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