Emerging Market Links + The Week Ahead (October 5, 2026)
Brazil is increasingly back on investor radars with the Latin America Risk Report (Brazil Election Notes – 5 October 2026) succinctly summarizing last weekend’s election results:
No longer a coin flip
Flavio did better in almost every state and municipality than his father did in 2022. Also, the Bolsonaro Partido Liberal (PL) dominated the legislative elections. Flavio doing so well means the election is no longer a coin flip. He is heavily favored in the second round.
However, analyst on X are noticing recent patterns in Latam election results:
This was also an interesting observation:
Sam@futurenomics
@sailaunderscore It’s interesting that people aren’t discussing the possibility that the real purpose of American aid is keeping failing institutions and social systems on life support to prevent something more virile to rise from their ashes
12:15 AM · Oct 5, 2026 · 31.4K Views
32 Replies · 11 Reposts · 635 Likes
ZeroHedge noted the specific stocks already anticipating an end to Lula’s rule:
💻 Left Under Pressure: Bolsonaro Leads Socialist Lula In Brazil As Spain’s Sanchez Calls Snap Elections Amid Turmoil (ZeroHedge) 🗃️
Brazil’s political pendulum is swinging right after years of toxic socialism, and investors are cheering on Monday morning:
BANKS, FINANCIAL FIRMS
STEEL, METAL & MINING
AERO, OIL & GAS AND OTHER SECTORS
XP Inc.: +15%
Ambev: +8.4%
Embraer: +6.3%
MercadoLibre: +7.0%
Telefonica Brasil: +8.1%
Companhia Energetica de Minas Gerais: +7.0%
Companhia Paranaense de Energia: +5.8%
Petroleo Brasileiro: +7.0%
Ultrapar Participacoes: +7.2%
Cia de Saneamento Basico do Estado de Sao Paulo (SABESP): +9.7%
TIM S.A.: +6.8%
Note that the 🇧🇷 Brazil section of our North & Latin America Stock Index has all of the above stocks listed and 184 entries for Brazil…
$ = 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
🌏 Slower earnings recovery, heavy capex weigh on Asian gaming-operator credit outlook: Fitch (GGRAsia)
Slower-than-expected earnings growth and substantial capital spending (capex) are keeping leverage elevated among several gaming operators in the Asia-Pacific (APAC) region, with company-specific pressures driving a series of credit rating downgrades, says Fitch Ratings.
In recent commentary accompanying its “APAC Gaming – Peer Credit Analysis” report, the institution said most operators covered by its review had been downgraded in recent months. It attributed those actions to individual companies’ leverage and operating challenges, rather than broad deterioration across the sector.
The peer review covers Malaysian conglomerate Genting Berhad (KLSE: GENTING / OTCMKTS: GEBHY) and its unit Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF); Macau casino operator SJM Holdings (HKG: 0880 / FRA: 3MG1 / KRX: 025530 / OTCMKTS: SJMHF / SJMHY); Japan’s Universal Entertainment Corp; and Australian wagering firm Tabcorp Holdings Ltd.
🇨🇳 Theoria Weekly #10 (Theoria Research)
🇨🇳 Alibaba: On Track To Becoming A Custom Silicon Powerhouse (Seeking Alpha) $ 🗃️
🇨🇳 Alibaba: The Ant Group Stake Needs To Be Repriced (Seeking Alpha) $ 🗃️
🇨🇳 Alibaba’s 20GW Bet (Coughlin Cap) $
New chips, bigger cloud ambitions, and why I’m comfortable with more spending.
Alibaba (NYSE: BABA) had quite a bit to say at its Apsara conference the other night. It introduced a new AI chip and laid out a target to take Alibaba Cloud’s global data center capacity past 20GW by 2032.
For perspective, that’s roughly one-fifth of the entire world’s estimated data center capacity in 2025.
🇨🇳 JD Logistics H1/Q2 Results | Momentum, Profitability Show Mixed Signals | Shares Drained Of Optimism (Smartkarma) $
In H1 and Q2 this year, JD Logistics Inc (HKG: 2618 / FRA: 822 / OTCMKTS: JDLGF)’ top-line growth remained strong, growing by 20%+
But margins have continued to erode in recent periods, probably due to changes in mix
Down close to HK$10 per share, we believe lots of negativity is “baked in” to price
🇨🇳 Z.AI (2513 HK): Big Passive Flow for Adhoc Rebalance in 3 Weeks (Smartkarma) $
Z.AI Co Ltd (HKG: 2513 / OTCMKTS: KATJF) listed in January and is a member of the Hang Seng TECH Index (HSTECH INDEX) and Hang Seng Internet & Information Technology Index (HSIII).
Following placements in July and September, Hang Seng is likely to conduct an ad-hoc rebalance in October to reflect the higher shares outstanding and free float for Z.AI (2513 HK).
Buying from passive trackers will absorb some of the float and could help stem the fall following the 74% drop in the stock price in the last 3 months.
🇨🇳 HK IPO WATCH: Suzhou Dongshan Precision Manufacturing – Leading the Charge !! (Smartkarma) $)
Suzhou Dongshan Precision Manufacturing Co Ltd (SHE: 002384) said in a filing that it has received approval from China’s securities regulator for the Hong Kong offering. The company may raise $2-$3B.
The company makes PCBs and optical transceivers, both key to the AI buildout. Despite falling almost 40% from a June peak, its shares have more than doubled YTD.
The company’s vertically integrated AI interconnect business—spanning laser chips, optical modules, and AI server boards—is viewed as a unique, differentiated position in the optical networking supply chain.
🇨🇳 Putailai (璞泰来) A+H Pre-IPO: Early Thoughts (Smartkarma) $
Shanghai Putailai New Energy Tech (SHA: 603659), a lithium-ion battery materials and equipment supplier, is seeking an A+H listing. CICC is the sole sponsor.
We look at the company’s core segments: battery key materials and battery automation equipment.
We discuss our preliminary thoughts on the company’s valuation based on the A-H premium.
🇨🇳 Li Auto: Recovery/Execution Risks Remain – Too Cheap To Ignore (Seeking Alpha) $ 🗃️
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🌐 Li Auto (NASDAQ: LI) 🇰🇾 – Designs, develops, manufactures & sells premium smart electric vehicles. 🇼 🏷️
🇨🇳 Geely: Strategic NIO Battery Deal Is A Win (Seeking Alpha) $ 🗃️
🇨🇳 BYD (1211): Mid-Term Value Opportunity (Smartkarma) $
Overseas revenue is 60-100% more profitable, and interestingly, it has reached more than 50% of BYD’s total revenue for the first time.
The recent recall is not significant enough to dent the group’s overall business. BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF) has one of the highest overseas sales contributions compared to the peers.
The lower valuation, combined with a stronger operation including higher overall margin thanks to the growing overseas business, presents an opportunity to own BYD.
🇨🇳 Tuhu Car drives out of China garage with Australian acquisition (Bamboo Works)
The world’s largest independent auto aftermarket services chain will pay nearly $200 million for an Australian peer, as it seeks to diversify beyond its anemic home market
Tuhu Car (HKG: 9690) will gain 279 stores and $367 million in annual revenue with its planned purchase of Australia’s MyCar Tyre & Auto
The move will help Tuhu diversify beyond China’s sputtering and ultra-competitive auto market, where its profit dropped 40% in the first half of this year
🇨🇳 TAL Education: Strong Execution And Margin Surge Tempered By Growth Normalization (Seeking Alpha) $ 🗃️
🇨🇳 Luckin Coffee: A 6x Earnings Stock With Almost 30% Growth (Seeking Alpha) $ 🗃️
🇨🇳 Luckin Coffee: Sizing The Gulf Opportunity And Unit Economics, Reiterate Hold (Seeking Alpha) $ 🗃️
🇨🇳 Yum China: Solid Execution Overshadowed By Ticket Deflation And Macro Drag; Maintain HOLD (Seeking Alpha) $ 🗃️
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🇨🇳 YUM China (NYSE: YUMC) 🇺🇸 – China’s largest restaurant company. Exclusive right to operate & sub-license KFC, Pizza Hut & Taco Bell + owns Little Sheep & Huang Ji Huangt. Partnered with Lavazza. 🇼 🏷️
🇨🇳 (Short) Haidilao Vs (Long) Yihai: Spread to Continue (Smartkarma) $
Haidilao International Holding (HKG: 6862 / FRA: 8HI / OTCMKTS: HDALF) is still burdened by heavy opex, while Yihai International Holding Ltd (HKG: 1579 / FRA: YIR / OTCMKTS: YNNHF) benefits from Haidilao’s brand expansion into supermarkets.
Yihai’s earnings growth is double-digit, while Haidilao’s is single-digit that caused the outperformance by Yihai.
Yihai’s ongoing plan is expanding its margin while Haidilao’s plan on delivery is operating on a thinner margin.
🇨🇳 China unveils mortgage subsidies to boost economy (FT) $ 🗃️
🇨🇳 Yiren Digital Ltd. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇨🇳 Qfin Holdings: The Call Was Ugly, But The Stock Is Priced For Worse (Seeking Alpha) $ 🗃️
🇨🇳 Its stock slumping, Breton looks for life under mountain of debt (Bamboo Works)
The company’s latest agreement will see it partner with an investment company to sell its mining-use electric dump trucks in three African countries
Breton Technology Co Ltd (HKG: 1333) has authorized Inhoyi Investments to sell its mining-use electric dump trucks in Zambia, Zimbabwe, and Mozambique
Inhoyi will share profits from truck sales with Breton under terms of their letter of intent
🇨🇳 China’s Industrial Profit Growth Slows to 4.2% as Unpaid Bills Mount (Caixin) $
China’s industrial profit growth slowed to 4.2% year-on-year last month as unpaid corporate bills piled up, according to data released by the National Bureau of Statistics (NBS) on Monday.
The ongoing divergence highlights how the AI and electronics boom is masking persistent weaknesses in downstream consumer demand and mounting cash-flow pressures on manufacturers.
🇭🇰 Hong Kong Takes Nearly Two-Thirds of Chinese Mainland’s Outbound Investment (Caixin) $
The Chinese mainland’s outward direct investment (ODI) topped $200 billion for the first time last year, with nearly two-thirds going to Hong Kong, underscoring the city’s role in routing Chinese capital overseas.
ODI rose 11.1% year-on-year to $213.6 billion, making the mainland the world’s second-largest source of ODI, according to a government report released last week.
🇭🇰 Swire Pacific: I Was Wrong, It’s A Buy (Seeking Alpha) $ 🗃️
🇭🇰 Town Planning Board’s Rezoning Rejection Is The Right Call (Hong Kong/China M&A/Events) $
A consortium comprising CSI Properties Ltd (HKG: 0497 / FRA: OIH), Asia Standard International Group (HKG: 0129 / FRA: BDL1), and Cheung Chung-kiu, applied to the Town Planning Board to redevelop “Harbourside HQ” into two residential towers.
The Planning Department previously indicated no objection to the application. However, Hong Kong’s Town Planning Board rejected the proposal last Friday.
Vacancy rates for HK commercial properties remain elevated. 25% for Harbourside HQ. Yet, rezoning sets a precedent that cannot easily be reversed (as and) when economic conditions rebound.
🇭🇰 Get Nice (64 HK): 26th October Vote On Hung’s Low-Balled Offer (Hong Kong/China M&A/Events) $
On the 17th July, Hung Hon Man, Get Nice Holdings Ltd (HKG: 0064)‘s chairman (& founder) offered HK$4/share, comprising a HK$2 consideration + HK$2 special dividend. Terms appear not to be final.
Terms are also low-balled. A 17.6% premium to undisturbed. And a 62.8% discount to NAV. However, minorities are indifferent when perusing past AGM voting.
The Scheme Booklet is now out, with a 26th October Scheme Meeting, and expected payment on the 16th November. The IFA (Veda Capital) concluded “fair and reasonable“.
Get Nice (64 HK) is illiquid. Look away now if this is not your thing.
🇭🇰 More Contractor Craziness. The HKEx Needs To Open An Investigation (Hong Kong/China M&A/Events) $
🇭🇰 NWD (17 HK) Terminates Airport Mega Mall (Hong Kong/China M&A/Events) $
In NWD (17 HK): Edging Towards A Bailout, I mentioned New World Development Co Ltd (HKG: 0017 / FRA: NWDA / OTCMKTS: NDVLY) was reportedly in negotiations with the Hong Kong Airport Authority on its 11 Skies project.
In its FY26 results, ahead of the national holiday, NWD posted an HK$18.3bn writedown as part of an early termination agreement of the project with the AAHK.
NWD was expected to pay rent on 11 Skies of at least HK$1.8bn/annum from 2028 through to 2066; therefore, there is some consolation here from the termination.
🇭🇰 Haitong Unitrust (1905 HK) Halted: Guotai Haitong Takeover Expected (Hong Kong/China M&A/Events) $
🇲🇴 Macau logs over 750k visitors in first 4 days of October Golden Week, new single-day arrivals record at 210k (GGRAsia)
Macau received an aggregate of nearly 751,000 visitor arrivals in the first four days of the ongoing Chinese-mainland holiday season commonly called ‘October Golden Week’.
That is according to data published by Macau’s Public Security Police, the agency responsible for monitoring the city’s immigration checkpoints.
As per preliminary data, the average daily arrivals stood at just above 187,747 in the October 1 to 4 period.
The peak in the number of arrivals was logged on Sunday (October 4), at 210,325 visitors. Sunday’s tally represented a new record for single-day visitor arrivals since official statistics for the October Golden Week have been kept.
🇲🇴 Seaport expects Macau October GGR to fall 5pct y-o-y on soft demand (GGRAsia)
Macau casino gross gaming revenue (GGR) is likely to decline 5 percent year-on-year in October, amid continued “softness” in demand and a challenging comparison with a year earlier, says Seaport Research Partners.
The institution’s forecast implies October GGR of approximately MOP22.9 billion (US$2.83 billion), according to a recent memo from analyst Vitaly Umansky. He noted that the year-on-year comparison would be affected by a high casino win rate in October last year.
“We forecast October to remain soft with GGR -5 percent year-on-year,” Mr Umansky wrote
🇹🇼 TSMC Q3 Earnings Preview: I’m Loading Up Before The Print, And You Should Too (Seeking Alpha) $ 🗃️
🇹🇼 TSMC: Resolving The Valuation Conundrum (Seeking Alpha) $ 🗃️
🇹🇼 TSMC: Market Is Mistaken In Pricing In A Big AI Slowdown (Seeking Alpha) $ 🗃️
🇹🇼 TSMC: 2nm Is Moving Into High Gear (Seeking Alpha) $ 🗃️
🇹🇼 EUV Photomasks Are Getting Bigger (Asianometry)
Taiwan Semiconductor Manufacturing Company (TSMC) (NYSE: TSM) and ASML recently announced that the Taiwanese fab will adopt High-NA EUV for high volume manufacture in 2030. In order to make this economical, the two giants will push the industry to adopt larger, 6-inch by 12-inch rectangular photomasks. The plan is to have a pilot line by 2031 and full high volume production in 2033. Assuming AI doesn’t kill us all by then. Big masks are a Big Change. In today’s video, I want to talk about TSMC’s big new commitment.
🇰🇷 Gap Trade Opportunities in Korean Prefs Vs Common Share Pairs in 4Q 2026 (Douglas Research Insights) $
In this insight, I discuss numerous gap trade opportunities involving Korean preferred and common shares in 4Q 2026.
Preferred companies’ share price discount (relative to the common shares) on the 27 pairs below was 46.9% as of 1 October 2026, down slightly from 47.2% on 3 July 2026.
There has been an increasing number of pairs (such as Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF pref) where the preferred shares are starting to outperform their common share counterparts in the past three months.
🇰🇷 Paradise, GKL September casino sales rise y-o-y, Lotte Tour down 45pct (GGRAsia)
🇰🇷 Circa 400 casino staff at Jeju Dream Tower strike over rest times, pay: union (GGRAsia)
Jeju Dream Tower, operated by Lotte Tour Development (KRX: 032350), rebutted the union’s claims in the statement it sent to GGRAsia on Tuesday morning. Management said operations remained normal despite the strike and defended the 80-minute shift system as an international industry practice used in the Macau and Singapore casino markets.
🇰🇷 KT Corporation: Financial Return Improvement Would Warrant A Re-Rating (Seeking Alpha) $ 🗃️
🇰🇷 Woori Financial Appears Well-Positioned For Additional Growth (Seeking Alpha) $ 🗃️
🇰🇷 Woori Financial: Focus On Industry- And Company-Specific Positives (Seeking Alpha) $ 🗃️
🇰🇷 Why Magnachip Is Becoming Navitas’ Manufacturing Arm For Next-Gen SiC (Seeking Alpha) $ 🗃️
🇰🇷 POSCO Holdings: A Resource Conglomerate Still Priced Like A Distressed Steel Mill (Seeking Alpha) $ 🗃️
🇰🇷 POSCO Holdings: Positive On Corporate Realignment Moves And Promising Near-Term Outlook (Seeking Alpha) $ 🗃️
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🌐 POSCO Holdings (NYSE: PKX) – Integrated steel producer. 6 segments: Steel, Trading, Construction, Logistics & Others, Green Materials & Energy & Others. 🇼 🏷️
🇰🇷 Cheil Worldwide – Cancellation of 13.9% of Outstanding Shares (Douglas Research Insights) $
On 30 September, Cheil Worldwide (KRX: 030000) announced that it is cancelling its entire treasury shares, representing 12% of outstanding shares.
Cheil Worldwide also plans to buy back an additional 40 billion won worth of shares on the open market between October 1 and December 30, representing 1.9% of outstanding shares.
The bigger concerns are the company’s relatively flat growth in sales and profits which has partly been due to the negative impact of the greater use of generative AI services.
🇰🇷 Sale of 944 Billion Won of SK Inc By Chairman Chey to Pay for Divorce Payment (Douglas Research Insights) $
SK Group Chairman Chey Tae-won plans to sell 1,653,924 shares (2.3% of outstanding shares) of SK Inc (KRX: 034730 / 03473K) to pay for divorce payment.
After this stake sales, Chairman Chey’s stake in SK Inc will decline from 17.8% to 15.5%.
This is a bit surprising since the overall market expectation has been that Chairman Chey would not likely to sell any stake in SK Inc to pay for divorce payment.
🇰🇷 SK Hynix: Initiation Of Coverage (Smartkarma) $
SK Hynix (KRX: 000660 / NASDAQ: SKHY) reported record second-quarter 2026 results, supported by strong artificial intelligence infrastructure demand and tight memory supply.
Consolidated revenue reached KRW 79.3 trillion, up 51% sequentially and 257% year-over-year.
Growth reflected higher pricing across DRAM and NAND, particularly AI server DRAM and enterprise SSD products.
🇰🇷 AL Robot IPO Preview (Douglas Research Insights) $
AL (Artificial Life) Robot is getting ready for an IPO on KOSDAQ in November. AL Robot is offering a total of 2.4 million shares.
The IPO price range is 15,700 to 17,600 won, placing the total offering size between 37.7 billion and 42.2 billion won.
AL Robot specializes in robot components. The company develops and supplies various components including sensors that detect a robot’s force and contact data to control units that precisely manage movement.
🌏 Is Southeast Asia prepared for super El Niño? (The Asset) 🗃️
Only five Asean members have taken measures, ADB says
The latest El Niño is already underway. This year, the warm phase of naturally occurring climate pattern across the Pacific Ocean is strong and continues to intensify.
“Official forecasts indicate an unusually high probability of an exceptional event,” notes the Asian Development Bank ( ADB ) in its regional outlook published on September 23. “El Niño is forecast to intensify through the second half of 2026 and may become one of the strongest events on record.”
In a special report, El Niño 2026: Potential Physical and Economic Impacts for Asia and the Pacific, the ADB outlook notes that Southeast Asia lies at the centre of El Niño’s western Pacific “drying pattern”.
At a climate outlook forum earlier this year, the Association of Southeast Asian Nations ( Asean ) identified the southern Philippines, Brunei and Singapore as having the most immediate rainfall risks for the current event.
Below- to near-normal rainfall is likely over central and southern Thailand, central Cambodia and southern Vietnam – alongside above-normal temperatures across most of the region.
🇰🇭 NagaCorp’s GGR at US$418mln in year to September, down 21.5pct from a year ago (GGRAsia)
Cambodian casino operator NagaCorp (HKG: 3918 / FRA: N9J / OTCMKTS: NGCRF) says its gross gaming revenue (GGR) for the first nine months of 2026 declined by 21.5 percent year-on-year, to nearly US$417.9 million, according to a voluntary filing made to the Hong Kong Stock Exchange on Friday.
Net gaming revenue fell 16.7 percent from a year earlier, to US$388.7 million, the company said in its unaudited operational update.
In its interim results, the company attributed the VIP slowdown to factors including weaker international travel demand, fewer direct international flights to Cambodia, higher airfares and negative international perceptions associated with online scam activities in the country.
🇵🇭 Mynt (GCash) IPO: Fairly Valued at the IPO Price (Smartkarma) $
🇸🇬 Top Stock Market Highlights of the Week: City Developments, Stoneweg Europe Stapled Trust, MAS, DFI Retail and Anthropic (The Smart Investor)
We look at a property giant’s three-year reset, a REIT’s plan to manage itself, and the steep costs revealed in a landmark AI IPO filing.
CDL unveils S$6 billion divestment plan to cut gearing
City Developments Limited (SGX: C09 / FRA: CDE / OTCMKTS: CDEVY), or CDL, unveiled its three-year strategic review, named GET+, on 28 September 2026.
The property giant plans to divest S$6 billion of assets and deploy S$5 billion in new growth capital by FY2029
SERT proposes to bring its manager in-house
Stoneweg European REIT (SGX: SET), or SERT, announced on 28 September 2026 its intention to internalise its REIT manager and trustee-manager.
The trust will also take control of the pan-European logistics and light-industrial platform managing its portfolio.
MAS deepens equity market push with S$1.45 billion allocation
The Monetary Authority of Singapore (MAS) announced on 29 September 2026 that it will allocate S$1.45 billion across five asset managers under the third batch of its Equity Market Development Programme (EQDP).
Minister Chee Hong Tat revealed that Amundi, Franklin Templeton, HSBC Asset Management, M&G Investments, and Natixis Investment Managers were selected for this round.
DFI takes full control of Starbucks franchise in US$340 million asset swap
DFI Retail Group (SGX: D01 / FRA: DFA1 / OTCMKTS: DFIHY) announced a major strategic restructuring on 30 September 2026, unwinding its 40-year-old equal food and beverage joint venture with Hong Kong Caterers.
Under the agreement, DFI will sell its 50% stake in the Maxim’s-branded restaurant chain to its partner while taking full control of approximately 1,100 Starbucks (NASDAQ: SBUX) outlets across seven Asian territories, including Singapore.
Anthropic’s IPO prospectus reveals soaring revenue and steep losses
🇸🇬 10 Things I Wish I Knew Before I Started Investing in Singapore (The Smart Investor)
🇸🇬 SGX Board Lot Reduction: 4 Stocks Set to Benefit in October 2026 (The Smart Investor)
SGX board lot reduction takes effect in October 2026, lowering the entry cost for 11 stocks. Here are four stocks investors should watch, including DBS and SGX.
What changes on 5 October?
A board lot is the smallest number of shares you can trade in one go on the Singapore Exchange (SGX).
For most counters today, that number is 100.
Under the new rules, eligible stocks priced above S$10 and up to S$100 will trade in lots of 10.
Besides the four below, the first batch includes Great Eastern Holdings (SGX: G07 / OTCMKTS: GEHDY), Jardine Cycle & Carriage (SGX: C07), Jardine Matheson (SGX: J36), Oversea-Chinese Banking Corporation (SGX: O39), Prudential (SGX: K6S), United Overseas Bank (SGX: U11) and Venture Corporation (SGX: V03).
Can SGX keep raising its dividend?
How is DBS growing as rates fall?
What supports Haw Par’s dividend?
Haw Par Corporation (SGX: H02 / OTCMKTS: HAWPF) derives most of its operational revenue from its iconic Tiger Balm brand, though the bulk of its underlying profit comes from substantial equity stakes in UOB and UOL Group (SGX: U14).
Both slowed in the first half of 2026 (1H2026).
What should Keppel shareholders watch?
Get Smart: Buy the business, not the lot size
🇸🇬 Top SGX Stocks Q3 2026: Only 4 Blue Chips Beat the STI (The Smart Investor)
Yangzijiang Shipbuilding, OCBC, DBS and Hongkong Land beat the STI in 3Q2026, with their latest results offering clues to their strong returns.
Yangzijiang Maritime Development Pte Ltd (SGX: 8YZ / OTCMKTS: YMDLF), or YZJ, led the pack with a 50.3% return.
Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), or OCBC, followed with 31%, DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) hit 20.2% and Hongkong Land Holdings (SGX: H78 / LON: HKLJ / FRA: HLH / OTCMKTS: HKHGF / HNGKY) generated 13.7%.
Can YZJ keep its shipyards full?
YZJ’s revenue rose 36% year on year (YoY) to RMB17.5 billion in the first half of 2026 (1H2026).
Its shipbuilding gross margin widened to 37% from 35%, while profit attributable to shareholders climbed 28% to RMB5.4 billion.
The driver here is execution on higher-value contracts.
YZJ is now building ships it won at better prices, such as ultra-large containerships and very large ethane carriers.
How did OCBC post a record half on thinner margins?
What pushed DBS past S$6 billion in quarterly income?
How does Hongkong Land earn more when operating profit stays flat?
What do the four outperformers share?
Get Smart: Find the engine
🇸🇬 October 2026: 3 Temasek-Backed Blue-Chip Stocks to Watch (The Smart Investor)
October puts three Temasek-backed blue chips in focus after major moves involving Seatrium’s buyback, MLT’s asset sale and Keppel’s M1 talks.
Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF), or MLT, went first.
On 21 September 2026, it agreed to sell an ageing logistics park in Shanghai.
A day later, Seatrium Ltd (SGX: SE2 / FRA: S8N / OTCMKTS: SMBMF) doubled its share buyback programme to S$200 million.
Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF) followed on 23 September 2026, when it confirmed talks with StarHub over a potential deal involving Keppel’s telco, M1.
Can MLT keep its DPU steady while it sells assets?
What would an M1 exit mean for Keppel?
Nothing is settled yet, and both companies said a deal may not materialise.
A combination would reduce then number of Singapore’s mobile network operators from four to three, meaning regulatory approval is a hurdle.
Notably, Temasek is a controlling shareholder of StarHub (SGX: CC3 / FRA: RYTB / OTCMKTS: SRHBY / SRHBF) as well.
Can Seatrium afford a bigger buyback?
Seatrium finished its previous S$100 million buyback on 1 September 2026.
The new programme is twice the size, funded from existing cash.
Get Smart: Trace each payout back to its source
🇸🇬 Passive Dividend Boost: 3 SGX Stocks Rewarding Investors in October 2026 (The Smart Investor)
Three Singapore dividend stocks are rewarding shareholders in October 2026, but the size of each payout matters less than the cash supporting it.
PC Partner Group Ltd (SGX: PCT / OTCMKTS: PCPPF) leads off with its payment on 9 October 2026, followed by Civmec Ltd (SGX: P9D / ASX: CVL / FRA: 1CV) on 23 October 2026, and Union Gas Holdings Ltd (SGX: 1F2) on 29 October 2026.
How did PC Partner more than double its dividend?
Looking ahead, management expects a more challenging second half as rising graphics memory costs and limited VGA card availability take a toll.
Nevertheless, leadership remains confident in delivering full-year revenue growth for 2026.
Can Civmec sustain its dividend without free cash flow?
Growth was particularly pronounced in the Infrastructure, Marine & Defence segment, where revenue more than doubled to A$210.2 million.
The segment now includes Luerssen Australia (renamed Civmec Defence Industries), acquired on 1 July 2025.
What funded Union Gas’s maiden special dividend?
The main engine behind this performance was the liquid fuel division, which saw revenue jump 444.4% to S$51.7 million on higher sales volume and new contributions from the Dunman Road and Queensway service stations.
Get Smart: How do you tell whether a dividend can last?
🇸🇬 October 2026 Reward: 3 Blue Chip Stocks Paying Higher Dividends (The Smart Investor)
🇸🇬 3 Singapore Stocks That Have Raised Their Dividends for 5 Years or More (The Smart Investor)
Three companies stand out for raising their dividends steadily over the past five years.
The real question is whether they can do it again over the next five.
DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) – The Blue-Chip Dividend Grower
This financial powerhouse has seen its dividend nearly triple since 2021 – from S$1.09 per share to S$3.06 in 2025 (including S$0.60 of capital return dividends), which represents a 29% compound annual growth rate (CAGR).
Moreover, the dividend has been on a mostly consistent upward path, with only 2023’s dividend dipping compared to the prior year due to a one-off special dividend in 2022.
Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX – The Defensive Dividend Compounder
SGX’s total dividend rose from S$0.32 per share in FY2021 (financial year ended 30 June 2021) to S$0.57 per share in FY2026, including a one-off additional dividend of S$0.125 from capital recycling gains.
Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering – The Higher-Growth Dividend Payer
Why Dividend Growth Can Matter More Than a High Starting Yield
What Should Investors Watch Out For?
Get Smart: Look for Dividends That Can Keep Growing
🇸🇬 3 Singapore Stocks That Have Raised Their Dividends consistently over the past 5 Years (The Smart Investor)
These three Singapore stocks have increased their dividends consistently over the last five years, offering a closer look at what has driven their rising payouts and whether that growth can continue.
What Makes a Dividend-Growth Stock Attractive?
DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) – The Blue-Chip Dividend Grower
This financial powerhouse has seen its dividend nearly triple since 2021 – from S$1.09 per share to S$3.06 in 2025, which represents a 29% compound annual growth rate (CAGR).
Moreover, the dividend has been on a mostly consistent upward path, with only 2023’s dividend dipping compared to the prior year.
Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY), or SGX – The Defensive Dividend Compounder
Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering – The Higher-Growth Dividend Payer
Although the starting and current yields are low, ST Engineering’s dividend growth has outpaced inflation on the back of a robust order book (S$35.7 billion as of 30 June 2026), strong free cash flow generation, and healthy secular growth trends in ST Engineering’s key markets of aerospace and defence.
Why Dividend Growth Can Matter More Than a High Starting Yield
What Could Break the Dividend Growth Streak?
What Should Investors Watch Going Forward?
Get Smart: Look for Dividends That Can Keep Growing
🇸🇬 Dividend Trap or Bargain? How to Tell When a High Yield Is Misleading (The Smart Investor)
A 6%+ dividend yield may look tempting, but investors should check these key red flags to distinguish a REIT bargain from a yield trap.
Is the Yield High Only Because the Price Crashed?
Consider Landmark REIT (SGX: D5IU), or what was formerly known as Lippo Malls Indonesia Retail Trust (SGX: D5IU / OTCMKTS: LPMDF), as an extreme cautionary case study.
As severe currency depreciation, high debt refinancing costs, and falling asset valuations pushed its unit price down by over 80% in recent years, headline trailing yield looked deceptively attractive – right before distributions were completely halted to preserve liquidity.
Unmasking the DPU Trend
Take Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF), or MLT.
For the quarter ended 30 June 2026 (1QFY2026/2027), its DPU was S$0.01816, barely changed from S$0.01812 a year earlier.
High Leverage and Refinancing Squeezes
Get Smart: Look for Deep Roots, Not Just High Sprouts
🇸🇬 3 Temasek-Linked Blue-Chip S-REITs Raising Dividends in 2026 (The Smart Investor)
CICT, CLAR and MLT raised their DPU in 2026, giving investors higher income while showing three very different paths to distribution growth.
Can CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF) keep its DPU growing through a year of big deals?
CICT is Singapore’s largest REIT by market capitalisation, with S$28.2 billion in total assets across retail, office and integrated development properties as at 30 June 2026.
For the first half of 2026 (1H2026), CICT turned in a solid performance.
Why did CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF)’s DPU barely move when its income grew 8.6%?
CLAR owns a massive portfolio of 234 industrial properties spanning Singapore, Australia, the US, the UK/Europe and Japan, with S$20.1 billion in assets under management (AUM) as at 30 June 2026.
What is holding back Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF)?
MLT holds 175 logistics properties across nine Asia-Pacific markets, with S$13.1 billion in AUM as at 30 June 2026.
Its latest results cover the first quarter of the financial year (1QFY2026/2027), the three months ended 30 June 2026.
It was a relatively muted quarter for the logistics REIT.
Get Smart: Look at the units, not just the payout
🇸🇬 REITs Underperforming in 2026 vs STI – Is It Time to Buy? (The Smart Investor)
S-REITs have lagged the STI in 2026, but their underperformance may reveal opportunities for investors who can separate bargains from yield traps.
Why Have Singapore REITs Lagged?
Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF), or FCT – The Defensive Income Play
FCT manages an S$8.4 billion portfolio of nine heartland malls, including Causeway Point, NEX, and Northpoint City.
Essential services drive roughly 55% of gross rental income, insulating cash flows against economic slowdowns.
Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF) – The Growth REIT
Backed by its sponsor, Keppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF), Keppel DC REIT offers pure-play exposure to data centres.
Its weighted average lease expiry (WALE) is 6.7 years by lettable area and 4.5 years by rental income, since more of its income comes from colocation contracts, which tend to be shorter.
Suntec Real Estate Investment Trust (SGX: T82U / OTCMKTS: SURVF) – The High-Yield Opportunity
Suntec REIT offers a high-yield commercial play anchored by Suntec City and Marina Bay Financial Centre.
Distributable income rose 25.5% YoY to S$116.5 million in 1H2026, and DPU climbed 24.8% to S$0.03936.
The manager credited stronger Singapore office and retail performance, lower financing costs and a smaller Australian withholding-tax provision.
Are Singapore REITs Cheap Now?
Key Drivers of the S-REIT Outlook
Get Smart: Underperformance Can Create Opportunity, But Don’t Buy Blindly
🇸🇬 Bargain or Trap? 3 Worst-Performing SGX Blue Chips in Q3 2026 (The Smart Investor)
DFI Retail Group, UOL and SATS plunged in Q3 2026 despite profit growth, with free cash flow offering clues on whether they are bargains or traps.
DFI Retail Group (SGX: D01 / FRA: DFA1 / OTCMKTS: DFIHY) delivered a total return of negative 13.1%.
UOL Group Limited (SGX: U14 / FRA: U1O / OTCMKTS: UOLGY / UOLGF) and SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) did slightly worse, at negative 13.3% and negative 13.6%, respectively.
Why would a bigger dividend disappoint DFI investors?
DFI runs 7,659 outlets across 12 markets under familiar brands like Guardian, 7-Eleven and IKEA.
In the first half of 2026 (1H2026), revenue fell 6% year on year (YoY) to US$4.1 billion.
There is context behind that dip: the drop stemmed from selling the Singapore Food business and closing Mannings China.
Where did UOL’s cash go?
Can SATS grow faster than its costs?
Get Smart: Follow the cash, not the headline
🇸🇬 DBS, Singtel and ST Engineering Have Rallied: Which Is Still Worth Buying? (The Smart Investor)
DBS, Singtel and ST Engineering have all delivered strong share-price gains, but their investment cases are not identical. Which still offers value after the rally?
DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) is up nearly 37% year-to-date (YTD), while Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering not far behind with a gain of 29%.
Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel, has had a bumpier ride – its share price was up sharply earlier to reach a record high in March 2026 before pulling back, resulting in a negative 6% YTD return.
DBS: Strong Earnings, But Has the Valuation Caught Up?
Singtel: Can the Transformation Deliver More Upside?
Singtel’s share price climbed for several years, up to a peak in March 2026, because its telco business held up and its regional associates kept growing.
ST Engineering: The Growth Story Behind the Rally
Which Stock Still Offers the Best Value?
Get Smart: A Great Stock Can Still Become Expensive
🇸🇬 DBS, OCBC or UOB — Which Singapore Bank Stock Actually Made You the Most Money? (The Smart Investor)
DBS, OCBC and UOB have all delivered strong returns to Singapore investors, but which bank actually created the most wealth?
DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF), Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY), or OCBC, and United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF), or UOB, have been favourites among income investors.
The S$10,000 Test
What Drove the Difference?
The Dividend Difference
What If You Reinvested Every Dividend?
The Pandemic Put Bank Dividends to the Test
Dividend Growth Matters Too
Valuation Matters More Than It Seems
So, Which Bank Actually Made You the Most Money?
What Can Investors Learn From the Three-Bank Experiment?
Get Smart: Total Returns Tell the Real Story
🇸🇬 3 Singapore Stocks Quietly Profiting From The AI Boom (The Smart Investor)
These three Singapore semiconductor stocks are benefiting from surging AI demand while rewarding investors with tax-free dividends and exposure to the global chip supply chain.
To sweeten the deal for local investors, these companies – AEM Holdings (SGX: AWX), UMS Integration Ltd (SGX: 558 / OTCMKTS: UMSSF), and Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF) – pay tax-free dividends on top of potential capital appreciation.
AEM Holdings: Testing the Next Generation of AI Chips
UMS Integration: The Front-End Precision Powerhouse
Micro-Mechanics: The High-Margin Consumable Cash Machine
AI-linked equipment makers potentially face inconsistent revenue due to customers’ lumpy investment cycles.
Micro-Mechanics is less exposed to these swings.
Instead of selling costly one-off equipment, it provides high-precision, miniature consumable tools, such as die-attach and wire-bonding tools, that eventually wear out as chips are assembled and tested, sustaining recurring demand.
Get Smart: Riding the AI Boom with Local Names
🇸🇬 Unlocking CICT’s Growth Engine: From AEIs to a S$1.1B Hougang Expansion (The Smart Investor)
CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF) is reshaping its portfolio with Paragon, asset enhancement projects and Hougang Central. Discover its DPU growth, debt and future income prospects.
How did CICT fare in the first half of 2026?
How does the Paragon and Asia Square Tower 2 swap work?
Which asset enhancement projects come next?
What could Hougang Central add?
What risks should unitholders watch?
Get Smart: Follow the DPU, not the deals
🇸🇬 Sea Limited: A Buy-The-Dip Case Is Taking Shape (Seeking Alpha) $ 🗃️
🇸🇬 Sea: Scaling Is Evident For Shopee, With Raised Profit Targets (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). 🇼 🏷️
🇸🇬 Sea Limited: Growth Accelerating, but Is TikTok Shop a Major Threat? (Compounding Your Wealth)
Deep Dive into $SE: Valuation, Segment Growth, Key Metrics, GMV, TPV, Profitability, Expenses, Product Launches, Financial Stability, SBC/Revenue, and Shareholder Dilution.
Sea Limited (NYSE: SE) has transformed significantly since 2021. Shopee continues gaining market share across Southeast Asia, with revenue growth accelerating to 48.2% YoY. Monee is expanding rapidly, and Garena continues generating strong cash flow.
And all 3 segments now are profitable, with valuation multiples below historical medians, key question is competition rising from TikTok Shop. Let’s dig in.
🇸🇬 Bitdeer: The Real Value Is In What Each Megawatt Can Earn (Seeking Alpha) $ 🗃️
🇸🇬 SuperX AI Technology: More Orders Possibly Needed To Avoid Reflexivity (Seeking Alpha) $ 🗃️
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🌐 SuperX AI Technology Ltd (NASDAQ: SUPX) – AI infrastructure solutions provider (proprietary hardware, advanced software & end-to-end services for AI data centers).
🇸🇬 Is Grab a buy after a massive insider purchase? (TopSecretStocks)
I would like to take an in-depth look at the company and evaluate all the recently released news.
Grab Holdings Limited (NASDAQ: GRAB) released its results for the second quarter of 2026 on August 4, 2026. Today, I would like to take an in-depth look at the company and evaluate all the recently released news.
🇸🇬 JustCo Holdings – Not Just Another WeWork? (Corporate Monitor)
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🌏 JustCo Holdings (SGX: JCO) – Flexible workspace solutions (private offices, coworking, meeting rooms & event spaces, virtual offices, etc.).
🇮🇳 Tata family scion hits back with plan to keep holding company private (FT) $ 🗃️
🇮🇳 LICHF: Growth Is Reviving | FY27 Could Be the Pivot (Smartkarma) $
LIC Housing Finance Ltd (NSE: LICHSGFIN / BOM: 500253) reported decent disbursement growth of 14.5% YoY in Q1FY27. Overall AUM growth was tepid at 4% YoY but this is slated to pick up in FY27.
Asset quality has been consistently improving with Stage 3 assets at 2.14% vs 2.16% QoQ and Stage 2 assets at 2.60% vs 2.78% QoQ.
LICHF continues to trade at cheap valuation at below 5x P/E; thus an investment in LICHF at current valuation has potential to triple.
🇮🇳 Raymond Limited: The Scaling Aerospace Business (Smartkarma) $
Aerospace & Defence revenue rose 40.4% YoY to INR 123 crore in Q1 FY27, versus 26% growth in FY26.
The aerospace business is a materially higher-margin activity than Raymond Ltd (NSE: RAYMOND / BOM: 500330)’s precision technology and auto-components vertical.
Raymond should increasingly be analysed as a precision-manufacturing platform rather than through its legacy conglomerate identity.
🇮🇱 Tower Semiconductor: Optical Orders Are Real, But The Price Needs The Ramp (Seeking Alpha) $ 🗃️
🇿🇦 Lesaka Technologies, Inc. 2026 Q4 – Results – Earnings Call Presentation (Seeking Alpha)
🇿🇦 Capitec Limited 2027 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
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🇿🇦 Capitec Bank (JSE: CPI / OTCMKTS: CKHGY / CKHGF) – 2nd largest retail bank in South Africa & focused on providing low cost, digital & paperless retail banking services rather than corporate banking services. 🇼 🏷️
🇿🇦 Mustek Limited 2026 Q4 – Results – Earnings Call Presentation (Seeking Alpha)
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🌍 Mustek (JSE: MST / FRA: M1B) – South African IT hardware distributor. Software licensing, cloud services & enterprise solutions. 🏷️
🇿🇦 Harmony Gold Mining Company Limited (HMY) Presents at Mining Forum Americas 2026 – Slideshow (Seeking Alpha)
🇿🇦 Gold Fields Limited (GFI) Presents at Mining Forum Americas 2026 – Slideshow (Seeking Alpha)
🇿🇦 Gold Fields: Salares Norte Delivers, But Northern Star Tests Capital Discipline (Seeking Alpha) $ 🗃️
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🌐 Gold Fields (JSE: GFI / NYSE: GFI) – One of the world’s largest gold mining firms. 9 operating mines in Australia, Peru, South Africa & Ghana (including the Asanko JV) & 2 projects in Canada & Chile. 🇼 🏷️
🌎 First Quantum Minerals: Panama’s ‘Orderly Closure’ Reads Like A Life-Of-Mine Plan (Seeking Alpha) $ 🗃️
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🌐 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. 🇼
🌎 Arcos Dorados Holdings Inc. (ARCO) Analyst/Investor Day – Slideshow (Seeking Alpha)
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🌎 Arcos Dorados Holdings Inc (NYSE: ARCO) – World’s largest independent McDonald’s franchisee. Exclusive right to own, operate & grant franchises of McDonald’s restaurants in 20 Latin American & Caribbean countries & territories. 🇼 🏷️
🇧🇷 Left Under Pressure: Bolsonaro Leads Socialist Lula In Brazil As Spain’s Sanchez Calls Snap Elections Amid Turmoil (ZeroHedge)
[SEE 🇧🇷 Brazil (184) of our North & Latin America Stock Index]
In Brazil, right-wing Senator Flávio Bolsonaro’s first-round lead over socialist President Luiz Inácio Lula da Silva significantly strengthens his position heading into the Oct. 25 runoff. A Bolsonaro victory would shift Latin America’s largest GDP to the right, reinforcing a broader regional once-in-a-generation realignment from unhinged leftist regimes to common-sense right-wing governments.
Brazil’s political pendulum is swinging right after years of toxic socialism, and investors are cheering on Monday morning:
BANKS, FINANCIAL FIRMS
STEEL, METAL & MINING
AERO, OIL & GAS AND OTHER SECTORS
XP Inc.: +15%
Ambev: +8.4%
Embraer: +6.3%
MercadoLibre: +7.0%
Telefonica Brasil: +8.1%
Companhia Energetica de Minas Gerais: +7.0%
Companhia Paranaense de Energia: +5.8%
Petroleo Brasileiro: +7.0%
Ultrapar Participacoes: +7.2%
Cia de Saneamento Basico do Estado de Sao Paulo (SABESP): +9.7%
TIM S.A.: +6.8%
🇧🇷 Brazil Election Notes – 5 October 2026 (Latin America Risk Report)
No longer a coin flip
Flavio did better in almost every state and municipality than his father did in 2022. Also, the Bolsonaro Partido Liberal (PL) dominated the legislative elections. Flavio doing so well means the election is no longer a coin flip. He is heavily favored in the second round.
🇧🇷 Ultrapar Participações S.A. (UGP) Analyst/Investor Day – Slideshow (Seeking Alpha)
🇧🇷 Ero Copper: Strong Assets, But The Stock Already Prices In A Lot (Seeking Alpha) $ 🗃️
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🇧🇷 🇨🇦 Ero Copper (TSE: ERO / NYSE: ERO) – Vancouver HQ’d. High-growth, clean copper producer with operations in Brazil. 🏷️
🇧🇷 Petrobras: A Buy Under Lula, A Buy Under Bolsonaro (Seeking Alpha) $ 🗃️
🇧🇷 Sigma Lithium: Despite Record Quarter, $106 Million Debt Payment Looms (Seeking Alpha) $ 🗃️
🇧🇷 Sigma Lithium: The Operating Reset Creates An Opportunity (Seeking Alpha) $ 🗃️
🇧🇷 Afya Limited (AFYA) Afya Limited, – M&A Call – Slideshow (Seeking Alpha)
🇧🇷 Embraer: The Best Time To Buy Is Probably Now (Seeking Alpha) $ 🗃️
🇧🇷 Nu Holdings: Massive User Growth That The Market Does Not Reward (Seeking Alpha) $ 🗃️
🇧🇷 NU – The Digital Bank That Took Over Latin America (Legacy Capital)
A long term underlying opportunity
Founded in 2013 after Colombian entrepreneur David Vélez spent months trying to open a bank account in Brazil. The process was slow, expensive, and full of unexplained fees. He saw a market dominated by a few large banks, high charges, and poor service. With Cristina Junqueira and Edward Wible, he launched a simple idea: a no-annual-fee credit card, managed entirely through an app.
Nu Holdings (NYSE: NU) solves a real problem for South American population and it allowed the company to gain huge number of customer practically for free. The logic is simple but very efficient, answering the basic financial needs without a bank but with an app and a card.
🇨🇴 Mineros: The Mill Is The Moat, And La Colosa Came Nearly Free (Seeking Alpha) $ 🗃️
🇲🇽 Fomento Económico: Quench Your Thirst For Value With The Largest Bottler Of Coca-Cola (Seeking Alpha) $ 🗃️
🌐 Nebius: Transforming From GPU Landlord To Sovereign AI Architect (Seeking Alpha) $ 🗃️
🌐 Nebius: Strong Execution, But The Valuation Already Reflects It (Seeking Alpha) $ 🗃️
🌐 Nebius: Strong Buy As Palantir Unlocks A New Growth Engine (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):
AfterNext Acquisition I Corp. AFNXU EarlyBirdCapital, 10.0M Shares, $10.00-10.00, $100.0 mil, 10/7/2026 Wednesday
(Incorporated in the Cayman Islands)
We are a newly organized blank check company based in Singapore. While we may pursue a business combination target in any business, industry or geographic location (excluding Mainland China, Hong Kong and Macau), our primary focus will be on financial technology (“fintech”) or technology-enabled financial services companies operating in Asia-Pacific markets.
Specifically, we will focus on FinTech or tech-enabled financial services companies that leverage cutting-edge technologies such as AI (artificial intelligence), big data analytics, cloud computing, digital payments, embedded finance and blockchain solutions, which can benefit from the expertise and capabilities of our management team to create long-term shareholder value. However, we may also consider other business combination opportunities outside of these sectors if we believe such opportunities are attractive and can create shareholder value.
(Note: AfterNext Acquisition I Corp. increased the right’s portion of its unit to one-fourth (1/4th) of a share of stock – up from one-fifth (1/5th) of a share – upon the completion of its initial business combination – and added a redeemable warrant – to its unit, which includes a share of stock, according to its F-1/A filing on July 8, 2026. Size: 10 million units at $10.00 each to raise $100 million.)
(Background: The right’s composition of each unit was increased to one-fifth (1/5th) of a share – up from one-tenth (1/10th) of a share originally – upon the consummation of an initial business combination, according to an F-1/A filing on March 18, 2026. AfterNext Acquisition I disclosed its plans for its SPAC IPO on Dec. 8, 2025, in an F-1 filing: 10 million units at $10.00 each to raise $100 million. Each unit consists of one share and one right to receive one-tenth (1/10th) of a share upon the consummation of an initial business combination.)
Primagrove YNTE Eddid Securities, 6.3M Shares, $4.00-6.00, $30.5 mil, 10/26/2026 Week of
(Incorporated in the Cayman Islands)
We conduct our business through our subsidiary, Oceanic Bounty Limited., a tech-focused company based in Hong Kong.
We specialize in the design and development of customized software and tech-enabled workspace solutions with embedded software. We provide digital and operational solutions that support the improvement of business processes as well as providing operational efficiency, internal controls and data analysis. We work with our customers across different stages of their operations and system development.
Our business is primarily project-based, with revenue generated from: (i) system development and maintenance services, (ii) website design and development services, and (iii) workspace solutions with embedded software. We develop customized applications that support core business functions, including data management, workflow automation, document processing and communication. Our system development engagements typically cover system design, development, deployment and maintenance. We also provide workspace solutions with embedded software, including smart office hardware such as smart lockers and silent booths, which complement our digital offerings and support workplace operations.
We serve customers across a broad range of industries, including consulting, real estate, logistics, retail, financial services and other commercial sectors. Our customers include small and medium-sized enterprises and larger organizations.
We are considering expansion into Southeast Asia and the Asia-Pacific region.
Note: Net income and revenue are in U.S. dollars for the 12 months that ended on Dec. 31, 2025.
(Note: Primagrove filed its F-1 on Sept. 30, 2026, for its IPO and disclosed the terms: 6.25 million shares at a price range of $4.00 to $6.00 to raise $30.5 million.)
Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:
Frontier and emerging market highlights:
Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).
I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.
Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.
Emerging Market Links + The Week Ahead (October 5, 2026) was also published on our website under the Newsletter category.
