Interesting rumors about Air Asia that could have a big impact on SE Asia travel and economy:
I have not flown Air Asia since before COVID and while you can get very very good deals if you are very flexible (book an early morning flight on a weekday), they nickel and dime you on everythingโฆ
The East-West Pipeline is fully destroyed/ has multiple holes. Hormuz is closed. The Houthis control Bab el-Mandeb.
Saudi Arabia can pump the oil, but getting it to the world market is now impossible.
Around โฆ
10:30 AM ยท Sep 11, 2026 ยท 99.2K Views
52 Replies ยท 248 Reposts ยท 911 Likes
The Duran thinks MBSโs only real option is to call Mr. Putin to broker a deal; but if he did that, then there is a good chance he gets regime changed by you know whoโฆ
This deep dive with (controversial ex-diplomat) Alastair Crooke was also insightful about the lesser known history of Saudi Arabia e.g. the Saudis grabbed 3 provinces from Yemen back in the 1930s and the Houthis still have influence there plus not all Saudi tribes are happy that one family ultimately controls the wealth:
Why EM airline bonds are flying higher, Brazilian ethanol, AI & Dutch disease, Q2 fund updates for Other International Funds page, etc.
$ = Behind a paywall / ๐๏ธ = Link to an archived article (Note: Seeking Alpha earnings/conference etc. presentations are typically not paywalled) / โ = Article archiving may not be working properly
GLP-1 weight-loss drugs are still rare in Asia, but theyโll become more common in the next few years
In China, Innovent Biologics (HKG: 1801 / FRA: 6IB / OTCMKTS: IVBXF / IVBIY) and Sciwind Biosciences are both advancing homegrown GLP-1 candidates
In India, Novo Nordiskโs March 2026 patent cliff led to more than five local pharmaceutical companies launching GLP-1 generics within 24 hours, driving prices down by as much as 90%
South Korea and Japan have both approved GLP-1 drugs, but access remains limited due to their health insurance systems
If and when GLP-1 drugs become popular in Asia, expect a negative impact on fast-food restaurants and savory snack producers. And positive impacts on companies selling protein supplements or premium foods.
Chinese mutual fund managers are drastically tightening daily purchase limits on U.S. equity funds, as a retail frenzy for offshore assets rapidly exhausts newly issued investment quotas.
The scramble underscores how robust demand for overseas assets outstrips limited channels under Chinaโs capital controls, fueled by the wealth effect of a U.S. market featuring top AI heavyweights.
I analyze Alibaba (NYSE: BABA) to see whether Wall Street is missing a potential opportunity.
Author Note: I owned BABA -1.10%โ in the past when the AI trade was still nascent. I sold BABA -1.10%โ in 2023 to invest in other tech names because of my concerns around the sentiment with China and less reward to risk when it ran up in price. It has peaked my interest once again as a potential investment.
BABA -1.10%โ has been compared to the AMZN 0.11%โ of China. And itโs no wonder why. They have the cloud business in AliCloud, the logistics business in Cainao, the e-commerce piece with Tmall and TaoBao. But add to that the AI labs, frontier LLM models, semiconductor/chips and so much more that it may be more apt to compare BABA -1.10%โ to a combination of US big tech firms, not just AMZN 0.11%โ.
I think it would be helpful for my readers (and me) to understand the details of their business before we dive into the financials and more.
On 5 Feb 2026, Dingdong (NYSE: DDL)announced that it entered into an agreement with Two Hearts Investments Limited, a wholly-owned subsidiary of Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY).
What is this deal?
Meituan will pay US$717m to buy DDL MaiCai. This is only the China operations.
DDL can receive total cash not exceeding US$280m from Dingdong BVI and its subsidiaries (including Dingdong HK) provided that the remaining net cash is not less than US$150m.
If Meituan bails out, it pays US$150m breakup fee to DDL.
If regulators block the deal, Meituan pays US$75m to DDL.
If DDL bails out, it pays US$75m breakup fee to Meituan.
Deal is subject to approval from Chinaโs SAMR (State Administration for Market Regulation).
DDL is a grocery e-commerce delivery company in China founded 2017 in Shanghai, during a wave of funding for dark-store-based, fresh-focused quick commerce startups. The other two leading players at that time were Beijing-based Miss Fresh, and Pupu Supermarket from Southern Fujian.
As you know, this โinstant retailโ business is brutally competitive. China has big companies like JD.com(NASDAQ: JD / SGX: HJDD), Alibaba (NYSE: BABA), and Meituan, all engaging in price wars through promotions to acquire customers.
Same 26โ27% upside, different entry: MiniMax Group (HKG: 0100 / FRA: E5A) sits at its July placing price with an MSCI bid in 11 weeks; Z.AI Co Ltd (HKG: 2513 / OTCMKTS: KATJF) is 11% above Fridayโs placing with a Sep-27 CB binary.
MiniMaxโs 17.9% 1H26 gross margin is printed and priced; Z.AIโs decisive number โ the 2H26 margin that separates near-breakeven from a RMB4.5bn profit โ is six months away.
BULLISH MiniMax (FV HK$340), NEUTRAL Z.AI (FV HK$1,000), 56% and 40% below the street. Prefer MiniMax; hedge funds should own Z.AIโs convertible, not its equity.
The continuous decline in MiniMax Group (HKG: 0100 / FRA: E5A)โs stock price is the result of combined effects of the industry price war, the ambiguity of its own strategic positioning, and the burst valuation bubble.
The valuation difference between MiniMax and Zhipu AI is essentially a repricing of the certainty of the โbreadth vs depthโ two business models. Commercialization of Zhipu AI is more certain.
When AI bubble fails to store dollar liquidity, the US must find new reservoirs to store excessive dollars. This reminds us of high oil prices/hyperinflation. Rebound is an opportunity to sell.
The global leader in cellular connectivity chips has filed for a Hong Kong listing as it accelerates its push into the higher-margin business of specialized ASIC chips
ASR Microelectronics Co Ltd (SHA: 688220) logged a 29% rise in first-half revenue and turned a small profit for the period, helped by rising demand for application-specific chips
The company still makes most of its money from general-purpose chips, but custom ASIC solutions rose to 13% of turnover, with a big order backlog
The company is planning a Hong Kong listing, just nine months after its Shanghai trading debut, aiming to expand its financing capabilities during a period of rapid growth
Moore Threads Technology Co Ltd (SHA: 688795) has reportedly submitted a confidential application for a Hong Kong listing, planning to raise at least $1 billion
The GPU makerโs revenue surged by 147% in the first half of the year, but it still requires major funds to sustain its cash-intensive operation
The vision sensor maker is exploring a Hong Kong listing as weaker sales to core client Ant Group and rising development costs weigh on its revenue and profits
Orbbec Inc (SHA: 688322)โs revenue growth slowed from 104.1% in the first half of 2025 to just 0.5% in the same period this year, even as its robot-vision sales more than doubled
Higher spending on research, sales and administration has tested the companyโs recent return to profitability
The cryptocurrency mining machine makerโs revenue plunged and its net loss ballooned in the second quarter as its product sales and mining income both tumbled
Canaan Inc (NASDAQ: CAN)โs revenue from product sales dropped more than 80% in the second quarter, while its mining income dropped 37%
The company continued to accumulate cryptocurrency, but at lower values, as it used its machines for its own mining business to clear out unsold inventory
The companyโs bitcoin mining business held steady in the second quarter, as its first high-performance computing center was ready to receive customers in July
Cango (NYSE: CANG) completed its overhaul of a high-performance computing center in Georgia in July, as it signed the first customer for its new AI services
The company continues to refine its core bitcoin mining business by phasing out older machines and experimenting with leased capacity
Following its earlier transition from construction to environmental work, this โchameleon companyโ has now set its eye on becoming an AI wunderkind
Chinaโs securities regulator has given the green light to the battery materials makerโs Hong Kong listing application, but only after a year of scrutiny
Guangzhou Tinci Materials Technology (SHE: 002709) has been approved by Chinaโs securities regulator to list in Hong Kong, reporting a sharp decline in profitability from the first quarter to the second
The regulator asked for more details after the battery materials maker filed its first listing application a year ago, before giving its consent last month
The company is using technology for things like new ingredient discovery as Chinese consumers seek increasingly individualized products
Yatsen Holding (NYSE: YSG) is turning to AI and other high-tech methods as consumers look for skincare and cosmetics products to meet their individual needs
The company fell back into the red on a non-GAAP basis in the second quarter as its gross margin deteriorated and it spent heavily on marketing
The food and edible oil producerโs profit declined 3% in its latest fiscal year, but its total returns from share price gains and dividends are nearly 80% over the past decade
Lam Soon Hong Kong Ltd (HKG: 0411) reported a modest revenue gain in its latest fiscal year, but its profit was undermined by rising raw material prices
Trading volume in shares of the food and edible oil producer is extremely thin, amid speculation the company may be privatized
The property developer received regulatory approval this month to issue a commercial real estate investment trust, or REIT
Seazen Group Ltd (HKG: 1030 / FRA: 6FLA / OTCMKTS: SZENF) plans to raise funds through a real estate investment trust whose main assets will comprise two of its shopping malls
The plan, which has been approved by the Chinese securities regulator, is expected to raise 1.5 billion yuan in much-needed funds
Just 14 months after its market debut, the drug developer is under investigation over regulatory concerns that its IPO demand was artificially inflated
Cloudbreak Pharma Inc (HKG: 2592)โs IPO drew strong retail demand but weak institutional interest, and the shares have since dropped sharply below their issue price
A clause in an earlier capital-raising gave shareholders the right to retrieve their investment with interest if the company did not go on to deliver an IPO market cap.
Ligent Technologies is getting ready to complete its IPO in Hong Kong in September. Ligent Technologies seeks to raise about HK$5.67 billion ($723 million) in a Hong Kong IPO.
Ligent has offered 172 million shares at an offer price of HK$32.96 apiece. The company has already received $340 million from cornerstone investors, or 47% of the base share sale.
Ligent โ makes optical transceivers, optical chips and network terminals used in data centres, cloud computing and telecommunications networks.
Ligent Technologies, a China-based maker of optical transceivers and optical network terminals, launched its Hong Kong IPO to raise USD 723m. Citi and CITIC are the joint sponsors.
In this note, we look at the deal terms and provide our thoughts on valuation for the company.
We analyze cornerstone and sponsor performance and assess the risk-reward of the deal.
Broad optimism, but calls for practical support to accelerate technology adoption, growth
Ahead of Hong Kongโs inaugural five-year plan and annual policy address, nearly two-thirds ( 63% ) of survey respondents feel positive or very positive about the outlook for the cityโs businesses over the next 12 to 18 months, according to a recent survey.
As well, Hong Kong businesses are strengthening competitiveness by balancing innovation with operational discipline, finds the survey by DBS Hong Kong conducted between August 6 and September 7, which gathered responses from 250 Hong Kong-based business owners and senior decision-makers across small and medium-sized enterprises ( SMEs ) as well as large and mid-sized companies in Hong Kong.
Macau may see up to 120,000 visitors daily on average during a three-day Chinese-mainland festive period in late September. That would be a 20 percent rise on a current daily average, which stood at โnearly 100,000โ arrivals. The latter number was cited by Andy Wu Keng Kuong, president of the Travel Industry Council of Macau, a trade body.
He mentioned that current tally in an interview with local news outlet Macao Daily News published on Tuesday.
The tally of Macauโs international visitors fell 9.8 percent year-on-year in August, to 171,679, or 3.8 percent of the monthโs nearly 4.48-million visitors.
The latest numbers took the eight-month international-visitor figure to just under 1.77 million, or 6.1 percent of the total for the year up to August 31.
The aggregate of August tourists from the Chinese mainland went up 9.3 percent from a year earlier, to just above 3.56 million, or 79.5 percent of all visitors.
That is according to data issued on Friday by the cityโs Statistics and Census Service.
Brokerage CLSA has cut its growth forecasts on Macauโs casino gross gaming revenue (GGR) for 2027 and 2028, saying it has a โmore cautiousโ view on the sector than previously, and citing lack of โsupportiveโ macroeconomic indicators.
CLSA cut its 2027 Macau casino GGR estimate by 4 percent, to MOP259.2 billion (US$32.1 billion) and its 2028 forecast by 3 percent, to MOP270.4 billion.
Its 2026 forecast is for MOP253.2 billion, โlargely unchangedโ from its previous calculation.
While there had been โnotable recoveryโ in Macauโs GGR and visitor volume after the FIFA World Cup 2026, a football tournament held from June 11 to July 19, the institution stated โwe do not think macros are supportive enough to drive incremental growth from the current revenue run-rateโ.
Wynn Resorts Ltd (NASDAQ: WYNN)โs share price has fallen to a 52-week low amid investor concerns about softer-than-expected gaming trends in Macau and escalating tensions in the Middle East, says JP Morgan Securities LLC.
The institution said Wynn Resortsโ stock had declined 14 percent over the preceding month, compared with a 2-percent fall in the S&P 500 index. The brokerage attributed the underperformance to concerns regarding the groupโs exposure to Macau and the United Arab Emirates (UAE).
โMacau industry GGR [gross gaming revenue] has been softer than expected post World Cup,โ wrote analysts Daniel Politzer, Samuel Nielsen and Michael Hirsh in a Monday report.
Lawrence Ho Yau Lung, chairman and chief executive of casino group Melco Resorts & Entertainment Ltd (NASDAQ: MLCO), has transferred just over 26.44 million ordinary shares in the firm, each with a par value of US$0.01, as a โgiftโ to an โirrevocable, professionally-managed trust as part of a generational wealth planning exerciseโ.
That is according to a Friday filing in the United States, which cited a Singapore address for Mr Ho for the purpose of the filing.
Two transactions โ both dated September 16 โ involved just under 16.51 million shares and just over 9.93 million shares, respectively. Mr Ho directly holds just under 8.80 million shares in Melco Resorts following the exercise.
Korean financial regulators have recently amended regulations to allow retail foreign investors to invest in domestic ETFs and ETNs via foreign omnibus accounts starting January 2027.
Total size of the ETFs in Korea jumped from 121.1 trillion won at the end of 2023 to 512 trillion won at the end of July 2026.
FnGuide is also one of the key beneficiaries of the foreign retail investors investing in Korean ETFs as FnGuide is one of largest ETF related indices providers in Korea.
In the past several days, Koreaโs National Assembly passed an amendment to the Capital Markets Act, codifying a bipartisan compromise known as the โ50%+1โ rule for tender offers.
I do not like the new 50%+1 tender offer system in Korea, although it is slightly better than the existing tender offer system in Korea.
What about the remaining 49.99% of the minority shareholders? Clearly, these remaining minority shareholders are not treated fairly.
Korea Value-Up Index closed at 3,274.46 on 19 September 2026, up 82.2% YTD, outperforming KOSPI and KOSPI200 which are up 63.6% and 79.9%, respectively in the same period.
Market caps of 12 major ETFs in Korea that track the Korea Value Up index was 3.2 trillion won as of 18 September 2026, up 154% from 2 January 2026.
Overall, I believe that this the Korea Value-Up Index could continue to receive significant amounts of capital inflow in the next several years.
There are several notable ETFs (SMH ETF, VanEck Semiconductor UCITS ETF, and KODEX US Semiconductor ETF) that will include SK Hynix (KRX: 000660) (SKHY US) ADRs in their upcoming rebalances.
The expected capital inflow from the passive funds is expected to be significant at about $3.8 billion (5.2 trillion won).
A $3.8 billion inflow represents 11.3% of the total ADR market cap. ADTV is $4.3 billion. Flow/ADTV (no of days) is 0.88.
In this insight, I discuss the launch of Korea Exchangeโs new after hours market and the positive impact it could have on several leading local brokers.
Korea Exchange (KRX) officially launched the real time after-hours trading market on 14 September. This new platform operates from 4 PM to 8PM KST.
Given that the retail local investors dominate the KRX after hours market with more than 90% share, this would positively impact Kiwoom Securities (KRX: 039490), in particular.
On 15 September, it was announced that Samsung SDS (KRX: 018260) has become the first Korean company to achieve โSelect Tierโ partnership status with Anthropic in the โClaude Partner Network.โ
This partnership is likely to have a positive impact on Samsung SDSโs share price in the coming weeks, as Anthropic IPO is likely to be the largest ever in history.
Samsung SDSโs valuations have become more attractive. It is trading at EV/EBITDA of 5.6x and P/B of 1.5x based on 2027 consensus earnings estimates.
Korea Investment Partners (KIP) has made a home run investment in Anthropic. Korea Investment Holdings (KRX: 071050 / 071055)owns a 100% stake in Korea Investment Partners
Assuming a 50% share dilution from its original investment in August 2024 ($10 million), KIPโs stake in Anthropic would reach $555 million (if Anthropic is valued at $2 trillion).
Korea Investment Holdings Co, Ltd. (071050 KS) has a market cap of 10.4 trillion won, so this would be 7.4% of its market cap.
The tender offer of Gabia Inc (KOSDAQ: 079940) by Macquarie Asset Management has failed.
A total of 0.72 million shares of Gabia were tendered by the minority shareholders, representing only 5.4% of outstanding shares, failing to meet minimum target number of shares (3.27 million).
Failure of this tender offer suggests that many minority shareholders of Gabia believe the intrinsic value of Gabia is much higher. Therefore, this is a long-term positive on the company.
DTS is getting ready to complete its IPO in October 2026 in KOSDAQ. DTS designs and manufactures air-cooled heat exchangers used in power generation, LNG, and petrochemical plants.
The IPO price range is from 17,000 won to 18,500 won per share. Based on this range, the expected market capitalization ranges from 252.6 billion to 274.9 billion won.
DTS is a subsidiary ofDasan Networks Inc (KOSDAQ: 039560). Dasan Networksโ 32% stake in DTS (post IPO) represents 84% of Dasan Networksโ
Speed, scale, and operating leverage. An inside look at South Koreaโs most dominant marketplace.
Today, Coupang is the leading vertically integrated e-commerce provider in South Korea.
For all intents and purposes, the โAmazon of South Koreaโ analogy is a great fit here.
What truly makes Coupang stand out from other Korean e-commerce providers like NAVER (KRX: 035420 / OTCMKTS: NHNCF) or Gmarket is the speed of delivery. When Bom Kim shelved the initial IPO in 2014, roughly half of Coupangโs customer complaints were about shipping times. To deliver a service that customers couldnโt live without, Kim knew they had to start investing heavily in the delivery side of the business.
That not only included investments in physical assets like fulfillment centers, warehouse robotics, and a custom vehicle fleet, but it meant optimizing their delivery algorithms with systems like dynamic route optimization and predictive demand modeling.
This gave Coupang an early leg up that still persists to this day.
S&P Global Ratings has assigned a โB+โ long-term issuer credit rating to DigiPlus Interactive (PSE: PLUS), saying it expects the company to retain a 40-percent to 50-percent share of the Philippine online gaming market over the next two years.
The rating agency assigned a โstableโ outlook to the Philippines-listed online gaming operator. It said DigiPlusโ โgood products and effective user engagementโ were likely to help it remain the countryโs largest online gambling operator, while identifying the evolving regulatory environment and execution of new projects as key risks.
DigiPlus currently has a โbig leadโ over the second-largest operator, which S&P estimates has a market share of between 15 percent and 20 percent.
Foreign casino operators extending credit to customers with assets in Singapore may need to reassess the risks of recovering such debts in the city-state, following a recent High Court ruling, suggests an analysis by Singapore law firm Rajah & Tann.
It said the decision, in a case involving Venetian Macau Ltd โ the entity holding the gaming concession of Macau casino operator Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF) โ versus businesswoman Hu Yangning, represented a โturning pointโ in Singapore law regarding enforcement of foreign judgements relating to gambling debts.
Under the ruling, foreign casino operators cannot rely on Singaporeโs statutory registration process to recover gambling debts via the countryโs courts, even where the operator has already obtained a valid judgement elsewhere, said the legal analysis.
We look at Grab’s landmark fintech acquisition, further consolidation in Singapore’s telecoms sector, the Federal Reserve’s first rate hike in three years, and growing AI safety concerns at Google DeepMind.
Super-app deepens fintech ambitions with US$1.5 billion BNPL acquisition
Grab Holdings Limited (NASDAQ: GRAB) announced on 15 September that it will acquire a 60 per cent stake in buy-now-pay-later (BNPL) platform Atome Financial from Advance Intelligence Group for US$1.5 billion in cash.
The deal will combine Atomeโs BNPL loans, consumer cash loans, and digital lending operations with Grabโs existing financial services business.
Atome Financial operates across Singapore, Malaysia, the Philippines, Indonesia, and Thailand, and has accumulated 25 million transacted users to date.
Singaporeโs telecoms consolidation picks up pace
StarHub (SGX: CC3 / FRA: RYTB / OTCMKTS: SRHBY / SRHBF) and MyRepublic have expanded their mobile partnership, with all MyRepublic Mobile subscribers set to be migrated onto StarHubโs network.
The move follows a 2022 agreement for StarHub to provide 5G network access for MyRepublic Mobile customers, as well as StarHubโs outright acquisition of MyRepublicโs Singapore broadband business in August 2025.
MyRepublic is a mobile virtual network operator (MVNO) that relies on host infrastructure rather than its own cellular towers.
The Fed raises rates amid stubborn inflation
AI safety fears mount as DeepMind researcher warns of existential risk
The STI just hit a record high, but that doesn’t mean every Singapore stock is now overpriced. Here are three quality businesses that still deserve a place in your portfolio.
Sheng Siong is a familiar supermarket name among Singaporeans, and people need to visit the supermarket whether the economy is booming or not.
1HFY2026 revenue rose 11.9% YoY to S$855.4 million, on the back of sixteen new stores and comparable-store sales growing at 3.3%, while net profit climbed 11.9% to S$81.0 million.
Three STI reserve list stocks raised dividends, with Sheng Siong, First Resources and Olam showing different sources of cash behind their higher payouts.
Three SGX small-cap stocks doubled their interim dividends, but earnings and free cash flow reveal whether these higher payouts can last.
What drove PC Partnerโs profit to more than double?
PC Partner Group Ltd (SGX: PCT / OTCMKTS: PCPPF) designs, manufactures, and trades electronics and PC parts, with video graphics cards accounting for 92% of revenue.
The group delisted from the Hong Kong Exchange in January 2026 and now trades solely on the SGX.
Can China Sunsineโs cash reserves keep the dividends flowing?
China Sunsine Chemical Holdings (SGX: QES) produces rubber chemicals in the Peopleโs Republic of China for tyre makers such as Bridgestone and Pirelli.
For 1H2026, revenue climbed 19% YoY to RMB 2.0 billion.
Why did APAC Realtyโs dividend more than double when earnings fell?
APAC Realty Ltd (SGX: CLN) owns the master franchise rights to the ERA Real Estate brand across Asia Pacific, with brokerage services generating roughly 99% of revenue and Singapore contributing about 97%.
For 1H2026, revenue fell 3.6% YoY to S$329.3 million.
Get Smart: 3 questions to ask when any company doubles its dividend
Singtel alone accounted for S$948.6 million of the total โ representing nearly 45% of all on-market buybacks on the SGX in 8M26.
The telecom giant is executing these repurchases under its Value Realisation Share Buyback (VRSB) programme, which aims to return up to S$2 billion to shareholders over three years.
As of mid-2025 and early 2026, Temasek Holdings holds a 23.3% stake in SGX (via SEL Holdings), 36% in Seatrium, and approximately 40% in SATS.
Can SGX buy back shares and raise dividends at the same time?
SGX repurchased 2,063,000 shares for S$42.0 million in 8M26, and unlike many corporate peers, the exchange operator generates more than enough cash flow to fund both buybacks and higher dividends simultaneously.
What is driving SATSโ buyback amid negative free cash flow?
Ground handler and in-flight caterer SATS repurchased 9,554,200 shares for S$35.0 million in 8M26, even as its cash flow lagged behind top-line recovery.
What happens after Seatrium completes its S$100 million programme?
LREIT owns three Singapore retail properties โ Jem, 313@somerset and PLQ Mall โ along with three Grade A commercial buildings in Milan, Italy.
Whatโs powering AA REITโs payout growth?
AA REIT owns 27 industrial properties, with 24 in Singapore and three in Australia, including a 49% interest in Optus Centre.
The properties span logistics, warehouse, business park, industrial, and hi-tech assets, with total assets under management reaching around S$2.2 billion as of 30 June 2026.
What does CICTโs 1H2026 performance mean for income investors?
CICT ranks among Singaporeโs largest REITs, holding retail, office, and integrated development properties across Singapore, Germany, and Australia under the sponsorship of CapitaLand Investment Limited (SGX: 9CI).
CICT, FCT and MIT are three established Singapore REITs with different property portfolios, growth drivers and dividend profiles. Which offers the best combination of yield, growth and value today?
The blue-chip property developer and owner is prominent in Hong Kong but ignored by most investors.
If you are in Hong Kong, take a trip to Central MTR station and look around.
The office towers and shopping malls in front of you belong, for the most part, to Hongkong Land Holdings (SGX: H78 / LON: HKLJ / FRA: HLH / OTCMKTS: HKHGF / HNGKY) or HKLand.
DBS, OCBC and UOB are among Singaporeโs favourite dividend-paying blue chips. But if you invested S$10,000 in each bank, which one would generate the most dividend income today?
As the JB-Singapore RTS Link nears completion, three Singapore stocks could face slower growth as consumers gain easier access to cheaper alternatives in Johor.
A strong Singapore dollar against the Malaysian ringgit has long driven Singaporean consumers up north for necessities.
The completion of the Johor Bahru (JB)โSingapore Rapid Transit System (RTS) Link gives them more reasons to do so, resulting in a projected net S$290 million of outbound consumer spending in JB.
While JB businesses are expected to benefit, some Singaporean businesses could see growth derailed.
Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) โ Defensive Business Anchored by Fresh Produce and Government Vouchers
Renowned for its operational efficiencies, Sheng Siong now sees its 90 outlets across Singaporeโs HDB estates face a potential retail outflow as value hunters head north for their grocery fixes.
It doesnโt help that its footprint extends across heartland areas, which mostly include non-central regions that are vulnerable to the impact of consumer loss to JB.
However, it helps that the supermarket operatorโs revenue mix includes fresh produce like raw seafood, meat, fruits, and vegetables, which face strict customs restrictions.
DFI Retail Group(SGX: D01 / FRA: DFA1 / OTCMKTS: DFIHY) โ Regional Diversification Could Cushion the Localised Singapore Headwinds
Despite DFIโs revenue dipping 6% to US$4.14 billion YoY following the divestment of its Singapore Food business (Cold Storage and Giant), its underlying profit for the six months ended 30 June 2026 (1H2026) surged 11% to US$117 million, thanks to sales recovery of existing divisions and effective cost optimisation measures.
The divestment announced in March 2025 saw the group selling Cold Storage and Giant for S$125 million, effectively removing much of the risk related to direct grocery price arbitrage.
With this divestment, 7-Eleven and Guardian anchor DFIโs Singapore presence in the convenience and drugstore sectors, respectively.
Get Smart: Distinguish the Resilient from the At-Risk
A 77% dividend increase is hard to ignore, but is it sustainable?
DFI Retail Group(SGX: D01 / FRA: DFA1 / OTCMKTS: DFIHY) raised its interim dividend from US$0.035 per share to US$0.062 for the first six months of 2026 (1H 2026).
Where did the 77% come from?
Can free cash flow carry the dividend?
Where does DFI earn its money now?
What should you watch from here?
Get Smart: Take a cue from Warren Buffett before you decide
Costco Wholesale Corporation (NASDAQ: COST) and Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) operate in different markets but share a powerful advantage: customers return frequently for everyday essentials. We compare their business models, competitive moats, financial strength and long-term growth prospects.
What Makes a Consumer Staples Business a โMoatโ?
Costco: The Membership Model as a Competitive Advantage
Sheng Siong: Building a Local Grocery Moat
What Happens During a Recession?
Dividend and Shareholder Returns
Which Consumer Staples Stock Would I Prefer?
Get Smart: Boring Businesses Can Build Powerful Moats
ST Engineering has transformed from a Singapore engineering company into a global aerospace, defence and technology group. We examine 10 years of results to uncover what has driven its growth and valuation.
ST Engineering 10 Years Ago vs Today โ How Much Has the Business Changed?
The First Decade-Long Driver: Aerospace
The Second Driver: Defence and Public Security
The Third Driver: A Much Larger Order Book
The Fourth Driver: Acquisitions and Portfolio Expansion
Profit Growth: Did the Bottom Line Keep Up?
Free Cash Flow: Is the Growth Real?
The Dividend Story โ How Has ST Engineering Rewarded Shareholders?
What About the Balance Sheet?
Why Has the Market Valued ST Engineering More Highly?
What Could Drive the Next 10 Years?
What Could Go Wrong?
Get Smart: The Business Behind the Bigger Price Tag
Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF) has been growing its dividend alongside its transformation into a global energy and infrastructure player. Can earnings and cash flow continue to support dividend growth in 2H2026 and beyond?
Sembcorp Industriesโ Transformation: From Utilities to a Global Energy Player
Has Sembcorpโs Earnings Growth Kept Pace With Its Dividend Growth?
The Dividend Story
Free Cash Flow: The Real Test of Dividend Sustainability
The Renewable Energy Growth Engine
What Could Drive Earnings in 2H2026?
The Risks to Dividend Growth
Is Sembcorp Becoming a Better Dividend Growth Stock?
Valuation: Has the Market Already Priced In the Growth?
What Should Investors Watch in 2H2026?
Get Smart: Dividend Growth Needs a Stronger Engine Behind It
No matter how you look at it, Grab Holdings Limited (NASDAQ: GRAB)is currently in a tough spot. It has seen a 53% drop over the past year. Is this just a setback, or a complete breach of trust? Letโs take a closer look…
Grab stock has fallen 53% from its high in September 2025. While the share price is plummeting, developments within the company are moving in the exact opposite direction. Today, I want to investigate the reasons why the stock has been punished so severely of late.
Adani Enterprises (NSE: ADANIENT / BOM: 512599) entered airport operations only in 2019โ20, but now manages eight airports and serves more than 23% of Indiaโs passenger traffic.
The business has evolved from operating terminals to monetising the entire passenger journey through retail, food and beverage, duty-free, digital services, ground handling, cargo and city-side real estate.
Alpha Wave Global, Premji Invest, Temasek and BlackRock-managed funds will invest Rs 9,825 crore of primary equity at an approximately USD 18 billion pre-money valuation.
Quality Power Electrical Equipments Ltd (NSE: QPOWER / BOM: 544367) is moving from a specialist component maker toward a broader high-voltage technology platform spanning reactors, instrument transformers, power electronics and insulators.
Q1 FY27 total income rose 32.1% YoY; the group order book reached Rs. 1,945.5 crore, extending visibility into FY28.
Growth visibility has strengthened, but acquisition accounting, Turkeyโs hyperinflation and a demanding valuation increase the importance of organic growth and operating cash flow.
Nephrocare Health Services Ltd (NSE: NEPHROPLUS / BOM: 544647), which operates under the NephroPlus brand, has built a network of 550 dialysis clinics across 357 cities and five countries.
International operations now contribute about 45% of revenue, compared with roughly 30% around 18 months earlier. Higher overseas realisations are lifting revenue per treatment and margins.
The moat is not the dialysis machine. It is the operating layer around it: procurement scale, trained manpower, an in-house biomedical team, payer relationships, clinical protocols and technology.
Tilaknagar Industries Ltd (NSE: TI / BOM: 507205)reduced Debt from INR 1,199 crore (March 2019) to INR 119 crore (March 2024), while Finance costs fell from INR 184 crore (FY19) to INR 27 crore (FY24).
The operating turnaround was driven by brandy leadership, better realisations, cost control and operating leverage. EBITDA moved from negative INR 52 crore in FY20 to INR 185 crore in FY24
The INR 4,150 crore Imperial Blue Acquisition changed the company from a South-focused brandy player into a Pan-India, Multi-category Spirits Platform.
A-One Steels Indiaoperates across the entire steel value chain across 6 manufacturing facilities in Karnataka and Andhra Pradesh. This vertical integration provides better cost control, product flexibility, and margin-protection.
In FY26, total revenue reached ~INR4,202 crore with an EBITDA margin of 7.29% (INR303.64 crore EBITDA) and PAT rising to INR127.41 crore, significantly boosting ROCE (12.86%) and ROE (14.76%).
Operating with an 83.20% green energy mix and 38 MW of captive-power-assets (saving ~INR2/unit) and backward-integration projects including a 6,00,000 MTPA iron ore beneficiation plant and a manganese mining lease.
Funds frozen or liquidated and 38 people referred to prosecutors as regulators move to restore calm
Turkish authorities have frozen trading in funds run by seven asset managers and ordered 130 funds to be liquidated, as part of efforts to contain the fallout from a speculative bubble that has shaken the Istanbul stock market and threatened the savings of thousands of investors.
๐ LPP SA (WSE: LPP / FRA: 1RY) – Polish family company that dresses customers in nearly 40 global markets. Largest fashion company in Central & Eastern Europe. 5 clothing brands: Reserved, Cropp, House, Mohito & Sinsay. ๐ผ๐ท๏ธ
A Family-Controlled Appliance Maker at 0.42x TB Trying to Rebuild Margins After Years Of Decline
Amica SA (WSE: AMC / FRA: 9R1) is a Polish household-appliance manufacturer best known for cooking equipment such as ovens, hobs and cookers, with a broad European sales footprint. AMC has traded below P/TB 0.50x on only 5% of the trading days since late 2016 and now trades at 0.42x. The 10-year median pre-tax ROCE is 11%, and shareholders have received dividends during nine of the last ten years.
H1 volumes improved while margins and cash conversion still failed to prove the economics of expansion
Dino shares rallied on 21 August after results that did not look worthy of celebration. Like-for-like sales grew 0.3%. The EBITDA margin fell by 56 basis points. First-half operating cash flow barely moved.
The reaction still made sense. Investors were not paying for a strong half-year. They were paying for the possibility that the earnings decline had reached its trough. One datapoint supported that view: Dino appears to have sold considerably more units even while prices fell.
Since Liberty Latin America Ltd (NASDAQ: LILA / LILAK) distributed $LILAP as a special dividend in May, six insiders have spent over $33M acquiring shares at an average price of $20.46.
John Malone is well known for complex financial restructuring of his Liberty Media Empire. Starting with Liberty Mediaโs separation from TCI in 1991, there have been approximately 60 securities (counting tracking stocks and A and B shares) that have been created since then. The newest security is the Liberty Latin America 9% cumulative preferred
Dlocal(NASDAQ: DLO) is down -77% over the past 5 years. Since Pedro Arnt (ex-CFO of MercadoLibre (NASDAQ: MELI)) took over the responsibility as CEO in March 2024, dLocal has quietly changed. I predict +90% Upside Potential!
Part I
Part I highlights the business overview, the total addressable market (TAM), key driver Pedro Arnt as CEO, and the results for the second quarter of 2026.
Business Overview
dLocal is a payment technology company specializing in emerging markets. Its platform enables global merchants to accept and make payments across Africa, Asia, the Middle East, and Latin America, all through a single integration, eliminating the need to connect dozens of local providers.
A new Goldman Sachs survey of 70 global investors found that half see at least 20% upside in EWZ, the US-listed Brazil equity ETF, by year-end if right-wing challenger Flรกvio Bolsonaro defeats socialist President Luiz Inรกcio Lula da Silva. The first round is scheduled for Oct. 4, with a potential runoff on Oct. 25.
We just did a survey with 70 global investors about their cross-asset views in Brazil, the bottom line:
Equities is the least owned asset class (60% are either โvery lightโ or โlightโ) and it is the vehicle this group sees the most upside (half see EWZ at least +20% by year end if Flavio wins) From my convos, local Equity investor positioning is a 6/10 while local Macro accounts are small in equities (3/10).
๐ 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. ๐ผ๐ท๏ธ
Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit โFilter,โ and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):
Frontier and emerging market highlights from IPOScoop.com and Investing.com (NOTE: For the latter, you need to go to Filter and โSelect Allโ countries to see IPOs on non-USA exchanges):
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:
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 (September 21, 2026) was also published on our website under the Newsletter category.
