This normally on Monday post took a bit longer given the length of material to include (e.g. earnings presentations posted on Seeking Alpha, etc.) plus Ramadan/Hari Raya holidays have come to an end. As I noted last week, I assumed the war in the Middle East would escalate when the holidays ended and so has the blatant in your face grifting/insider trading:
With the amount of money that will be made from such grifting, I don’t see a quick end in sight…
Meanwhile, the FT has pieces about How the Iran war could derail the AI boom 🗃️and how theIran war is a risk to the flow of Gulf funds around the globe🗃️while The Asset has noted thatGCC bond, sukuk issuances plunge amid Iran war🗃️.
Finally, Public Markets has a piece (The $200-a-Barrel Threat That Could Reshape Global Markets for a Decade) that noted:
Natural gas: QatarEnergy declared force majeure on March 4th after drones hit its facilities. Qatar supplies 20% of global LNG. There is no pipeline alternative. EU gas storage was at 30%, the lowest since 2022.
Refined fuel: 30% of Europe’s diesel and half its jet fuel came from the Gulf. You can’t put diesel in a crude oil pipeline.
Cooking gas: India imports 90% of its LPG through Hormuz. Ten thousand restaurants closed in Tamil Nadu. Iconic chains in Kolkata and Lucknow switched to wood fires and coal. The government invoked emergency powers.
Industrial commodities: 280 bulk carriers stranded. 18% of global iron ore pellets and nearly 10% of aluminum production disrupted.
Oil has a bandaid. Everything else is exposed. And “everything else” is where the asymmetric investment opportunity is.
$ = behind a paywall
🇰🇷 Korean Stock Picks (February 2026) Partially $
Chong Kun Dang Pharmaceutical Corp, LG H&H, Kolmar Korea, Seegene, BH Co Ltd, Samsung Electronics, SK Oceanplant, SK Hynix, Classys, Samsung Fire & Marine, DB Insurance, Vatech, DIO Corp, Samsung SDI, i-SENS, CS Wind, Vieworks, Soop, Meritz Financial Group, Doosan Enerbility, PearlAbyss Corp, Kakao Corp, Samsung Securities, Korea Investment Holdings, Shift Up, Wemade, Yuhan, Neowiz, Pan Ocean, NCsoft, OCI Holdings, HMM, KEPCO Engineering & Construction Co Inc, Kakao Games, BGF Retail, CJ Logistics, Krafton, Dong-A ST, Daewoo Engineering & Construction Co Ltd, Hanwha Aerospace, ST Pharm, Shinsegae Inc, NH Investment & Securities, iM Financial Group, Industrial Bank of Korea, BNK Financial Group, Woori Financial Group, NAVER, DL E&C, APR, JB Financial Group, GS Engineering & Construction Corp, Amorepacific Corp, SK Biopharmaceuticals, Netmarble, Hanmi Pharmaceutical, Hanwha Solutions, Korea Aerospace Industries, Shinhan Financial Group, KB Financial Group, Hanwha Ocean, Hyundai Engineering & Construction, PharmaResearch, Lotte Chemical, Kiwoom Securities, Koh Young Technology, Hanon Systems, POSCO Future M, Hotel Shilla, Cosmecca Korea, LX International, LG Energy Solution, Hyundai Steel, Samsung Heavy Industries, Hyundai Rotem, Hana Financial Group, Haesung DS & Samwha Capacitor
🤖 DeepSeek Analysis
Beneficiaries of the “Shareholder Return” Reform (Value + Income)
Direct Beneficiaries of Government Policy (Restructuring & Access)
High-Growth & Thematic Exposure (KMCA ETF)
Defensive Value with Low Multiples
Biotech & Pharma with Specific Catalysts
Digital Dentistry & Medical Tech (Niche Growth)
Summary of Investment Angles
🌐 EM Fund Stock Picks & Country Commentaries (March 22, 2026) Partially $
3 big themes in Asian equities, Asia’s tech boom, EM debt & controlling FX, De-Americanization of globalization, EM index concentration, Middle east war updates, February fund updates, etc.
$ = 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
🇯🇵 Why Japan’s Top Fund Manager Says Older People Shouldn’t Invest in Japan (KonichiValue Japan) $
or hold any stocks for that matter…
I recently read a deeply fascinating interview in Diamond.jp featuring Tatsuro Kiyohara, a man often described as Japan’s legendary salaryman investor. Over a 25-year career, he turned a single fund into 93 times its original value, amassing a personal fortune of over 90 billion yen in the process. He is a master of bottom-fishing and finding deep value where others see nothing.
However, his core message in the Diamond.jp piece is surprisingly doompilled: If you are over 70 years old, you have absolutely no reason to hold Japanese stocks right now.
Kiyohara summed up his view of the current Japanese stock market with one phrase: “A star shines brightest before it burns out.”
Japan Stock Feed@TeddyOkuyama
Latest Tatsuro Kiyohara interview on Diamond Online just dropped. Here’s a summary.
—–
Tatsuro Kiyohara on Japanese Stocks: “Bullish in the Long Run,” with Insights on Risk Management and Small-Cap Value Investing
Interview with Tatsuro Kiyohara, Former Head of Investment
10:50 PM · Mar 12, 2025 · 43.8K Views
6 Replies · 16 Reposts · 98 Likes
🇨🇳 SEC urged to restrict Chinese companies’ access to US capital markets (FT) $ 🗃️
Fear of national security risks and investor protections spurs rare bipartisan call for action from financial regulator
The lawmakers cited as an example opaque corporate structures called variable interest entities, which allow Chinese companies to circumvent rules on foreign ownership of certain industries and assets to list on US exchanges.
🇨🇳 Chinese IPOs in US falter amid scrutiny of manipulation schemes (FT) $ 🗃️
Regulators crack down after trading in ‘toxic’ small-cap stocks from China inflicted losses on US investors
Just two Chinese companies have listed in New York since the start of January, compared with 19 in the same period last year, according to an FT analysis of public records. A record 126 Chinese initial public offerings occurred across 2024 and 2025.
🇨🇳 China Fiscal Spending Pace Hits Five-Year High (Caixin) $
China front-loaded fiscal spending at the fastest pace for the start of a year in five years, underscoring efforts to support growth even as revenue remained subdued.
Fiscal outlays under the general public budget (GPB) — the largest of the four budgets in China’s fiscal system — rose 3.6% year-on-year to 4.67 trillion yuan ($678 billion) in January-February, according to finance ministry data.
🇨🇳 The Dip Before The Re-Rate, Xiaomi’s Window Of Maximum Pessimism(Seeking Alpha) $ 🗃️
🌐 Xiaomi (HKG: 1810 / SGX: HXXD / FRA: 3CP / OTCMKTS: XIACF) 🇰🇾 – Consumer electronics & smart manufacturing company. Smartphones & smart hardware connected by an IoT platform at its core. 🇼🏷️
🇨🇳 Alibaba: Shockingly Bad Q3, Yet Astoundingly Good Buy (Rating Upgrade) (Seeking Alpha) $ 🗃️
🇨🇳 Alibaba: On Track To $100B In Cloud Revenue (Seeking Alpha) $ 🗃️
🇨🇳 Alibaba Is On Sale Again As AI Fears Spread (Seeking Alpha) $🗃️
🇨🇳 Alibaba’s Next AI Bet Could Change How You Buy Everything! (Smartkarma) $
Alibaba (NYSE: BABA)’s latest AI move matters less as a corporate reshuffle and more as a signal about where digital commerce may be heading next.
The company has created Alibaba Token Hub to bring its AI operations under one umbrella, with Chief Executive Eddie Wu taking direct control at a moment when AI agents are moving beyond text generation and toward real-world digital tasks.
That shift changes the Alibaba story.
🇨🇳 Alibaba (9988.HK, BABA): Not as Bad as It Looks, Neither Top Line and Nor Bottom Line (Smartkarma) $
Excluding “others” revenues, Alibaba (NYSE: BABA)’s pro forma revenues grew by 9% YoY in 3Q26.
The disposals of Sun Art and Intime will no long impact the revenue growth after 1Q27.
Quick Commerce’s market share caught up with Meituan (HKG: 3690 / 83690 / SGX: HMTD / FRA: 9MD / OTCMKTS: MPNGF / MPNGY) in the quarter ended December 2025.
🇨🇳 JD.com: Leveraging AI, Logistics, and Merchant Infrastructure to Reinvent E-Commerce! (Smartkarma) $
JD.com(NASDAQ: JD / SGX: HJDD) reported its financial results for the fourth quarter and full year 2025, illustrating a mixed performance characterized by solid long-term strategic progress amid short-term challenges.
The company’s diversified growth approach, particularly its focus on general merchandise and service revenue, remained robust, while categories like electronics and home appliances faced headwinds due to high base comparisons.
Revenue for JD.com increased by 2% year-on-year to RMB 352 billion in the fourth quarter, with full-year revenue growing by 13% to RMB 1.3 trillion.
🇨🇳 Bilibili: Still A ‘Buy’ Amid DAU Growth And Ad Surge (Seeking Alpha) $🗃️
🇨🇳 Bilibili (NASDAQ: BILI) – Video sharing website (animation, comics & games) + streaming platforms serving videos on demand. 🇼🏷️
🇨🇳 Tencent: Strong Q4 Reinforces China’s Undervalued AI And Cloud Growth Story (Seeking Alpha) $ 🗃️
🇨🇳 Tencent (700 HK): 2025, Game Back After Advertising (Smartkarma) $
Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) achieved the first two-digit year after the lockdown in 2022.
Online game came back to be a rapid business again.
The operating margin improved by 2 ppt because of continuous cost cuts.
🇨🇳 Tencent Music: Revenue Beat Is Overshadowed By Reporting Framework Shift (Seeking Alpha) $ 🗃️
🇨🇳 The next Manus? Deepexi navigates difficult AI agent market (Bamboo Works)
The operator of AI agents that help companies organize and analyze their data reported its revenue grew 70% last year, but the growth rate slowed sharply in the second half
Deepexi Technology Co Ltd (HKG: 1384)’s revenue grew 70% last year, as its newer FastAGI data analytics product accounted for 61% of the total just two years after its launch
The company’s stock has been very volatile in the five months since its IPO, showing investors are having difficulty valuing an emerging field of pure-play AI agent operators
🇨🇳 Xunlei: Stock Continues To Lack Near-Term Catalysts – Hold (Seeking Alpha) $ 🗃️
🇨🇳 Xunlei Limited: Still Offers Good Value In Spite Of All The Volatility (Seeking Alpha) $ 🗃️
🇨🇳 Cango eyes high-performance computing scale-up after turning a tight corner (Bamboo Works)
The bitcoin miner took a series of major write-offs last year, many in the fourth quarter, and received some major new investment to shore up its finances heading into a new chapter
Cango (NYSE: CANG) recorded a $622 million loss last year, much of that from write-downs and other charges, but remained EBITDA positive for the period
The company has validated and is now preparing to scale up a new business that converts idle bitcoin mining space to use for high-performance AI computing
🇨🇳 Circuit Fabology etches a path to a Hong Kong IPO (Bamboo Works)
The maker of high-precision lithography tools for the chip industry has built a firm foundation in an expanding global market but faces cash flow challenges
Measured by 2024 revenue, Circuit Fabology Microelectronics Equipment Co Ltd (SHA: 688630) held a 15% share of the global market for direct-imaging equipment used to make printed circuit boards (PCBs)
Its turnover jumped nearly 48% last year and net profit surged 80% amid rising demand for specialized semiconductor lithography
🇨🇳 ZTO Express: A ‘Buy’ On Earnings Beat And Appealing Yield (Rating Upgrade)(Seeking Alpha) $ 🗃️
🇨🇳 ZTO Express Q425 Results | Margins Declined Again | Focus No Longer On Growth, Just Capital Returns (Smartkarma) $
Core Adjusted EBITDA margins worsened again in Q425, down -650 bps Y/Y
FY26 guidance calls for tepid volume growth (10-13% Y/Y), slower than in FY25
ZTO Express (NYSE: ZTO) focus has shifted from growth to higher rates of shareholder returns
🇨🇳 China battery trio gain $70bn as Iran war sparks ‘paradigm shift’ (FT) $ 🗃️
🇨🇳 In Depth: For China’s Battery Giants, Power Comes With a Price (Caixin) $
Chinese companies continued to lead the global electric vehicle (EV) battery market in 2025, with the combined share of Contemporary Amperex Technology Co. Ltd. (CATL) (SHE: 300750) and BYD Company (SHE: 002594 / HKG: 1211 / SGX: HYDD / OTCMKTS: BYDDY / BYDDF), rising to 55.6% of installed capacity, according to Seoul-based consultancy SNE Research.
Their dominance was also evident in the energy storage battery sector last year, when Chinese firms accounted for more than 90% of global shipments of such batteries, according to Shenzhen-based consultancy Gaogong Industry Institute.
In 2025, EV battery sales maintained rapid growth while demand for energy storage batteries exceeded expectations, a source from an industry group said. By the fourth quarter of the year, the industry’s capacity utilization had improved significantly, with leading manufacturers’ order books nearly filled well into 2026, the source added.
🇨🇳 Huaming rides power equipment boom to Hong Kong IPO (Bamboo Works)
The Shenzhen-traded company has filed for a second listing in more internationally focused Hong Kong, seeking to tap soaring investor interest in power equipment stocks
Huaming Power Equipment Co Ltd (SHE: 002270) has filed to list in Hong Kong, reporting its profit climbed nearly 17% last year on strong demand for its power equipment segment
The company’s Shenzhen-listed stock currently trades at a premium valuation, while its future profitability could hinge on copper and aluminum prices
🇨🇳 High Templar Tech: AI Pivot With A Hefty Cash Balance (Seeking Alpha) $ 🗃️
🇨🇳 China Auto Dealers Sink Deeper Into Losses Amid Brutal Price War (Caixin) $
More than half of auto dealers in China operated at a loss in 2025, as intense competition forced them to sell vehicles below cost.
The China Automobile Dealers Association said in a report that 55.7% of dealerships lost money last year, up 14 percentage points from 2024. Only 44.3% of dealers met their annual sales targets, down 3.9 percentage points year on year.
🇨🇳 China Carmakers Accelerate Overseas Push as Domestic Growth Slows (Caixin) $
Major Chinese carmakers are setting ambitious overseas sales and localized production targets for 2026 to offset a cooling domestic market.
Hong Kong-listed Chery Automobile Co Ltd (HKG: 9973), the country’s top auto exporter, aims to ship more than 1.5 million vehicles overseas in 2026. The company saw its 2025 exports jump 33.2% year on year to 1.3 million units. Overseas markets accounted for 49.2% of its sales volume and 52.4% of its revenue last year, driving its profit growth as domestic vehicle retail sales rose by just 1%. Chery currently operates 10 manufacturing plants in countries including Spain and Brazil.
🇨🇳 Niu Technologies charges into 2026 with big growth targets (Bamboo Works)
China’s fourth largest e-scooter maker forecast revenue growth of 40% to 60% this year, as its move into electric motorcycles and expanded store network gain traction
Niu Technologies (NASDAQ: NIU) reported its revenue fell 17.4% in the fourth quarter, as it fell into the red with the implementation of tougher standards for e-bikes in China
The company forecast a return to strong growth this year, following an overhaul including a shift towards higher-end models and a big expansion of its retail network
The electric vehicle maker impressed investors by reporting its deliveries doubled last year, as it achieved its first-ever annual profit
Zhejiang Leapmotor Technology Co Ltd (HKG: 9863) recorded an annual net profit of 540 million yuan last year, as its revenue doubled and its other key metrics performed strongly
The electric vehicle maker led the field among China’s new energy vehicle startups last year
🇨🇳 Voyah Auto (7489 HK): Index & Flow Implications (Smartkarma) $
🇨🇳 Dongfeng Motor (489 HK): Thoughts on VOYAH’s Listing on 19 March (Smartkarma) $
On 9 March, the vote on the Dongfeng Motor Group Co Ltd (HKG: 0489 / FRA: D4D / D4D0 / OTCMKTS: DNFGF / DNFGY) comfortably passed. The offer is HK$6.68 per H Share + 0.3552608 VOYAH H Shares per H Share.
VOYAH Automobile Technology Company (HKSE: 7489) is set to be listed on 19 March. At the Dongfeng’s last close price of HK$9.54, the implied value of VOYAH is HK$8.05.
Despite the market turmoil, VOYAH’s peers have fared well, up 7% since the vote. My VOYAH valuation range is HK$10.76 to HK$14.01, with a midpoint of HK$12.45.
🇨🇳 Geely: Positive On Profit Surge And Favorable Prospects (Seeking Alpha) $🗃️
🇨🇳 BYD Tech Advances, Interest In Racing Are Clues To Further International Expansion (Seeking Alpha) $ 🗃️
🇨🇳 Xpeng Q4 Earnings Preview: Chinese EV Landscape Turned Unfavorable (Seeking Alpha) $🗃️
🇨🇳 Futu delivers more blockbuster results as pivot from China pays off (Bamboo Works)
The online brokerage gained significant traction in its new markets in the fourth quarter, just three years after hitting a regulatory brick wall in its original home China market
Online brokerage Futu Holdings Ltd (NASDAQ: FUTU)’s revenue jumped 45% year-on-year, and its net profit surged 80% in the fourth quarter of 2025
The company’s overseas moomoo brand accounts for 55% of total funded accounts, with Malaysia becoming a major growth driver just three years after Futu entered the market
🇨🇳 FinVolution: Global Expansion And Massive Buybacks Forge Asymmetric Upside (Seeking Alpha) $🗃️
🇨🇳 KE Holdings: In-Line Results Support A ‘Hold’ Rating (Seeking Alpha) $🗃️
🇨🇳 KE Holdings (NYSE: BEKE) – Integrated online & offline platform for housing transactions & services. Operates Lianjia, China’s leading real estate brokerage brand & an integral part of its Beike platform. 🇼🏷️
🇨🇳ATRenew: 2025 Was Just The Beginning Of A Turnaround (Seeking Alpha) $ 🗃️
🇨🇳 Trip.com: Good Prospects, Undemanding Valuation(Seeking Alpha) $ 🗃️
🇨🇳 H World Group Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)
🇨🇳 Atour Lifestyle: Hotel Expansion Remains On Track (Seeking Alpha) $🗃️
🇨🇳 Analysis: Chinese Milk Tea Makers Push Farther Afield as Southeast Asia Gets Crowded (Caixin) $
Chinese tea chain Chagee Holdings is preparing to open its first store in South Korea, becoming the latest mainland beverage brand to enter a market that is drawing growing interest as expansion in Southeast Asia becomes more competitive.
The move would make Chagee the newest entrant in South Korea among Chinese tea brands including Heytea, MIXUE Group (HKG: 2097 / OTCMKTS: MXUBY), ChaPanda and Auntea Jenny. For an industry that once saw Southeast Asia as the obvious first stop overseas, Japan, South Korea, the U.S., Europe and Central Asia are increasingly emerging as the next targets.
🇨🇳 Which of China’s milk tea makers might line up for Gong Cha sale? (Bamboo Works)
Chagee and Chabaidao look the most suitable to make potential bids for the majority stake in the premium tea pioneer being sold by TA Associates
TA Associates has hired JPMorgan to explore a possible sale of its majority stake in Gong Cha, one of the world’s oldest milk tea chains with roots dating back to the 1990s
Gong Cha’s strong global footprint and focus on the premium end of the market look like strong fits for Chinese chains Chagee and Chabaidao
🇨🇳 Here Group Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)
🇨🇳 Bloks Group’s super-sized profit shows its toys aren’t just child’s play (Bamboo Works)
The toymaker’s 634 million yuan profit for 2025 reversed losses in the previous four years, but its new, ultra-low-priced segment is dragging down margins
Bloks Group Ltd (HKG: 0325) swung to the black last year with a profit of nearly $100 million, buoyed by overseas sales and introduction of rock-bottom-priced toys
Low-priced toys accounted for nearly 20% of the company’s revenue just one year after the introduction of its blind box products priced at just 9.9 yuan
🇨🇳 Tong Ren Tang kicks off IPO leveraging time-honored medicinal brand to offer healthcare (Bamboo Works)
One of China’s oldest medical names has applied to list its Tong Ren Tang Healthcare Investment unit, which is building an integrated healthcare system
Top-rated non-public traditional Chinese healthcare service provider Beijing Tong Ren Tang Healthcare (HKG: 2667) has kicked off its IPO, aiming to raise up to HK$897.7 million
The company plans to acquire and build 10 medical institutions by 2029 to drive growth of its healthcare network
🇨🇳 Maintaining RLX Technology At ‘Strong Buy’ (Seeking Alpha) $🗃️
🇨🇳 Jacobio Pharma poised to turn a profit from precision cancer drugs (Bamboo Works)
The Chinese firm is pocketing an upfront payment for a gene-focused drug under development and anticipates rising sales of an approved treatment for lung cancer
Early clinical data for the company’s pan-KRAS inhibitor indicate the targeted cancer drug is safe and effective
Revenue tumbled in 2025 but Jacobio Pharmaceuticals Group Co Ltd (HKG: 1167 / FRA: 77V / OTCMKTS: JBPHF) is projecting a profit for this year and a surging cash balance
🇭🇰 Analysis: Are Hong Kong Tech Stocks Testing a Bottom? (Caixin) $
Hong Kong’s benchmark tech stocks have retreated sharply from recent highs, leaving global investors with a pressing question: is the sell-off nearing a bottom?
The Hang Seng Tech Index had dropped about 24% from its October peak as of March 17, underperforming major global indexes.
The slump reflects a convergence of pressures. Escalating Middle East tensions have pushed up oil prices, stoking inflation concerns that could delay Federal Reserve rate cuts, bolster the U.S. dollar and drain liquidity from Hong Kong’s offshore markets.
🇭🇰 China curbs ‘low-quality’ listings to cool Hong Kong IPO boom (FT) $ 🗃️
Regulator targets some opaque ‘red-chip’ structures but signals the market for new issues is still open
China has moved to stop “low-quality” companies from listing in Hong Kong as it seeks to slow but not halt an IPO boom.
The China Securities Regulatory Commission (CSRC) has blocked listings by some companies with opaque offshore structures, while stressing that the market remains open for business.
🇭🇰 Lion Rock Group Ltd (smallvalue.)
Solid company, top-tier management, mature sector, high tariff risk.
Brief Summary: Lion Rock Group Ltd (HKG: 1127) is a founder-led, vertically integrated global book printing and publishing platform, specialising in illustrated, educational, and speciality titles. Founded by Chuk Kin Lau and listed on the Hong Kong Stock Exchange, the Group has grown through disciplined acquisitions and strategic geographic diversification. With steady revenue and EBITDA growth, a strong net cash position, and a focus on resilient niches, the company currently trades at an EV/EBITDA of 2.0x, P/E of 5.3x, offers a dividend yield of approximately 8%, and a free cash flow yield above 12%.
🇭🇰 Cathay Pacific’s horizon clouded by surging oil prices, fading fare premiums (Bamboo Works)
The Hong Kong airline’s business has rebounded post-pandemic, but investors are reassessing its profitability as fare premiums diminish and the risk from oil price volatility intensifies
Leading Hong Kong airline Cathay Pacific Airways Ltd (HKG: 0293 / FRA: CTY / CTYA / OTCMKTS: CPCAY / CPCAF) recorded a net profit of HK$10.83 billion last year, up 9.5% year-on-year
The company’s passenger yield declined by 10.3% year-over-year in 2025, while passenger revenue per available seat kilometer also fell by 8%
🌐 CK Asset Holdings (HKG: 1113 / FRA: 1CK / OTCMKTS: CHKGF) 🇰🇾 – Property development & investment, hotel & serviced suite ops, property & project management, pub operation & investment in infrastructure & utility asset operation. 🇼🏷️
🇭🇰 uCloudlink Group Inc. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)
🇭🇰 The Hongkong and Shanghai Hotels, Limited 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)
🇲🇴 February, including CNY, saw 33pct y-o-y growth in Macau visitor arrivals (GGRAsia)
Macau’s visitor arrivals for February increased 32.6 percent year-on-year “driven by the lunar new year holidays,” stated the city’s government in a Friday update.
The month’s aggregate was just over 4.17 million, said the Statistics and Census Service.
The portion of visitors from the Chinese mainland increased 43.6 percent year-on-year, to just over 3.29 million, or 78.9 percent of all visitors in February.
🇲🇴 Macau 2026 GGR growth may ‘outperform’ Singapore and Las Vegas, but with weak EBITDA gains: MS (GGRAsia)
Macau casino gross gaming revenue (GGR) growth this year may “outperform” that in the casino duopoly Singapore and the United States hub of Las Vegas, Nevada, says banking group Morgan Stanley.
“We forecast Macau industry growth of circa 6 percent year-on-year in 2026. This is higher than [Las] Vegas and Singapore, roughly 1 percent each,” stated the institution in a Wednesday note.
Macau’s 2025 GGR was up 9.1-percent year-on-year, at MOP247.40 billion (US$30.63 billion currently), according to data from the city’s government.
🇲🇴 Macau’s premium mass solid in March, volume of high-value players up from a year ago: Citi (GGRAsia)
Banking institution Citigroup has observed a year-on-year improvement in average wager per premium mass player, as well as in volume of high-value players and average mass baccarat minimum bets in March. That is according to the institution’s latest monthly survey of the city’s premium baccarat play.
“We think this bodes well for Macau’s chances of delivering year-on-year GGR [gross gaming revenue] growth of low-to-mid teens for the third consecutive quarter in first-quarter 2026,” wrote analysts George Choi and Timothy Chau in a recent note. The banking group estimates a 13-percent year-on-year increase in first-quarter GGR this year.
🇲🇴 Fitch affirms MGM Resorts rating at ‘BB-’, expects steadier growth in Macau (GGRAsia)
Fitch Ratings Inc has affirmed MGM Resorts International’s and its subsidiaries’ issuer default ratings at ‘BB-’, with a ‘stable’ outlook.
MGM Resorts is the parent of Macau casino licensee MGM China Holdings Ltd. The parent is also developing with partners the JPY1.51-trillion (US$9.49-billion currently) MGM Osaka, a casino resort in Japan, due to open in late 2030.
MGM Resorts additionally runs casinos in the United States and operates a growing digital business.
🇲🇴 MGM China announces 2025 final dividend of US$0.04 per share (GGRAsia)
MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY) announced on Thursday a final dividend for the year ending December 31, 2025, at HKD0.353 (US$0.04) per ordinary share.
It is due to be ratified by the board of the Macau casino operator on May 20, and the planned payment date is June 3.
The divided for 2025 amounts to just over HKD1.34 billion in aggregate, “representing approximately 26.4 percent” of the firm’s HKD5.07-billion profit attributable to its owners last year, MGM China stated.
🇲🇴 Wynn Macau Ltd declares US$0.028 final dividend for 2025 (GGRAsia)
Macau casino operator Wynn Macau Ltd (HKG: 1128 / FRA: 8WY / OTCMKTS: WYNMY / WYNMF) announced on Friday a final dividend of HKD0.223 (US$0.028) per share for the year ended December 31, 2025. That compared with a final dividend of HKD0.185 per share paid for full-year 2024.
The firm said it expects to pay the 2025 dividend – which is subject to shareholders’ approval – on June 16, according to a filing to the Hong Kong Stock Exchange.
Wynn Macau Ltd operates the Wynn Palace resort on Cotai, and also runs the Wynn Macau resort (pictured) on the city’s peninsula. The company is a unit of U.S.-based casino developer Wynn Resorts Ltd.
🇹🇼 Fubon Financial Holding Co., Ltd. (FUISF) Presents at BofA Securities Asia Tech Conference 2026 – Slideshow (Seeking Alpha)
🇹🇼Foxconn Technology Co., Ltd. (FXCOF) Presents at BofA Securities Asia Tech Conference 2026 – Slideshow (Seeking Alpha)
🇹🇼 Hon Hai Precision: Strong Q4 Results And Positive Outlook (Seeking Alpha)
🇹🇼 Hon Hai Precision Industry Co., Ltd. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha)
🇹🇼 Himax: Stealth Supplier for NVIDIA’s Optics Revolution (Hunterbrook)
$HIMX appears to be manufacturing critical optical components for NVIDIA’s AI data center supply chain. Clues indicate it may be supplying Apple’s new smart glasses, too.
Until that moment, it had been a sleepy earnings call.
After detailing the inventory levels of car dashboards and the “seasonal softness” of tablet displays, Himax CEO Jordan Wu sprinkled breadcrumbs that lead straight to the center of the AI revolution.
For over 20 years, Himax Technologies (NASDAQ: HIMX) has been a quiet semiconductor play — a reliable manufacturer of low-margin chips that tell pixels what color to display. To the market, Himax is a relic of the liquid crystal display (LCD) era: the firm that powered the digital photo frame on your grandmother’s mantle and the Face ID on the iPhone X.
But on February 12, Wu signaled a massive opportunity years in the making.
He described an optical product for “the GPU market” that Hunterbrook’s research indicates could one day eclipse his company’s entire $832 million revenue base. He also confirmed a mass-production ramp for a “leading brand’s” smart glasses entering the market this year.
🇰🇷 Korean Regulators to Create a Two-Tier KOSDAQ Market (Douglas Research Insights) $
On 18 March, the Korean financial regulators announced that they are seeking to create a two-tier KOSDAQ market.
KOSDAQ will be divided into two tier system, including the premium market for large companies and the standard market for promising companies.
The introduction of a two-tier KOSDAQ system would have significant implications for valuation dynamics, raising valuations of companies included in the premium market and lowering valuations in standard market.
Number of companies and market caps of KOSPI and KOSDAQ exchange (as of 18 March 2026; Source: Korea Exchange)
🇰🇷 Korea Electric Power: The Turbine That Supplies The Global Market HBM(Seeking Alpha) $ 🗃️
🇰🇷 KEPCO (NYSE: KEP / KRX: 015760 / FRA: KOP) or Korea Electric Power Corporation – Integrated electric utility company. Generation, transmission & distribution of electricity in Korea where it’s the largest electric utility. 🇼🏷️
🇰🇷 KOSDAQ150 Index Adhoc Rebalance: ITCenGlobal (124500) Could Replace UTI (179900) In 3 Days (Smartkarma) $
🇰🇷 Higher Valuation for SpaceX IPO and Mirae Asset Securities Ordinary Vs Preferred Shares Gap to Close (Douglas Research Insights) $
Elon Musk is seeking an IPO of SpaceX this summer. The valuation that Musk and other major shareholders of SpaceX is seeking has risen from US$1.5 trillion to US$1.75 trillion.
Right now, the Mirae Asset Securities ordinary/preferred shares ratio is more than 2 standard deviations. This ratio is nearly at its highest ratio in the past five years.
We believe this GAP is excessive. The higher probability scenario is for this gap to narrow in the next 3-9 months.
🇰🇷 Korea Small Cap Gem #59: Shinsegae I&C [10 Trillion Won Investment in AI Data Center in Korea] (Douglas Research Insights) $
On 17 March, the Shinsegae Group announced that it is partnering with US based Reflection AI to build one of the largest AI data centers in Korea.
The total investment in this AI data center is expected to exceed 10 trillion won (US$6.7 billion).
This JV between the Shinsegae Group and Reflection AI is likely to have a major POSITIVE impact on Shinsegage I&C.
🇰🇷 Important Highlights of Samsung Electronics AGM (New Share Buyback of 7.2 Trillion Won) (Douglas Research Insights) $
Samsung Electronics announced a new share buyback program of nearly 7.2 trillion won to be used for executive compensation.
This 7.2 trillion won share buyback program includes just the common shares; it excludes preferred shares.
Samsung Electronics Pref Shares (005935 KS) is up 3.7% while Samsung Electronics (005930 KS) (common) is down 3.7% since the outbreak of war in Iran to 18 March.
🇰🇷 Samsung Life Insurance and Samsung F&M Plan to Sell 1.5 Trillion Won Worth of Samsung Electronics (Douglas Research Insights) $
After the market close on 19 March, Samsung Life Insurance and Samsung Fire & Marine Insurance announced that they plan to sell 1.5 trillion won worth of Samsung Electronics.
Under the current Financial Holding Company Act, it restricts financial affiliates from holding up to 10% of the shares of non-financial affiliates.
The sale of 1.3 trillion won and 0.2 trillion won in Samsung Electronics by Samsung Life Insurance and Samsung F&M Insurance represents 2.8% and 1% of their market caps, respectively.
🇰🇷 Asian Dividend Gems: Prosperous Industrial Holdings (Douglas Research Insights) $
Prosperous Industrial Holdings (1731 HK) is a Hong Kong listed contract manufacturer specializing in the design, development, and production of bags and lifestyle accessories for global brands.
The company’s operating margins have improved significantly in the past five years. Operating margin increased from 1.6% in 2021 to 6.2% in 2023, 11.75% in 2024, and 10.9% in TTM.
It is trading at P/E of 4.3x, P/B of 0.6x, and EV/EBITDA of 0.7x. It also has high dividend yield of 9.3%. Net cash is 79% of its market cap.
🇰🇷 Anam Electronics: Tender Offer of 33.3% of Outstanding Shares (Douglas Research Insights) $
On 18 March, Anam Electronics (008700 KS) announced a tender offer for 25.657 million common shares (33.3% of outstanding shares) at 1,560 won per share.
Anam Electronics also plans to cancel the treasury shares acquired through this tender offer. The planned acquisition amount is approximately 40 billion won.
Valuations are not compelling. Its current price is also 14% higher than tender offer price.
🇰🇷 KT&G: Share Cancellation of 1.7 Trillion Won and a Potential Hike in Cigarette Prices in 2026 (Douglas Research Insights) $
This past week, KT&G Corporation (033780 KS) announced that it will cancel its entire treasury shares (9.5% of outstanding shares).
This share cancellation amount is nearly 1.7 trillion won (US$1.1 billion), representing one of the largest share cancellation amounts among Korean companies.
I am positive on the company’s decision to cancel its entire treasury shares as it will result in higher ROE, higher ownership among existing shareholders, and higher EPS.
🇰🇷 A Partial Tender Offer of 8.4% Stake in Saramin (Douglas Research Insights) $
Kim Ik-Rae (former chairman of Daum Kiwoom Group) announced a partial tender offer for 0.9 million shares (8.4% stake) in Saramin. Tender offer price is 18,000 won per share.
The total purchase amount is 16.2 billion won. Following this tender offer, Kim Ik-Rae’s stake in Saramin will increase from 3.38% to 11.77%.
I am positive on this partial tender offer. Although the share price of Saramin increased by 18.3% post tender offer announcement, it is still trading 5.7% below tender offer price.
🇰🇷 SK Hynix To Announce ADR Listing at AGM? (Positives of ADR Listing Vs Negatives of Share Dilution) (Douglas Research Insights) $
According to numerous local media sources, SK Hynix is pursuing the issue of ADRs. Listing of ADR could get announced at its AGM on 25 March.
The issuance is expected to represent approximately 2.4% of the total outstanding shares which is now worth 16 trillion won (US$10.7 billion).
All in all, I think that the positives (reduce valuation gap with global peers and inclusion in major global indices) clearly outweigh the negatives (a small amount of share dilution).
🇰🇭 NagaCorp posts US$310mln profit for 2025, declares final dividend (GGRAsia)
Cambodian casino operator NagaCorp (HKG: 3918 / FRA: N9J / OTCMKTS: NGCRF) reported a net profit of US$309.9 million for full-year 2025, compared with a US$109.6-million profit a year earlier. In 2024, the company had recognised a non-cash asset impairment loss of US$89.1 million, relating to the group’s resort project in Vladivostok, Russia.
The Hong Kong-listed firm has a long-life casino monopoly in the Cambodian capital Phnom Penh, where it runs the NagaWorld casino resort (pictured).
🇮🇩 Crackdown or land grab? The Asian leader targeting resource companies (FT) $ 🗃️
🇮🇩 PT Bank Negara Indonesia (Persero) Tbk (PTBRY) Shareholder/Analyst Call – Slideshow (Seeking Alpha)
🇲🇾 Crisis in the Gulf can create opportunities for Malaysia (Murray Hunter)
🇲🇾 Why David Kuo is Investing in Malaysia and Why You Should Consider It Too (The Smart Investor)
Discover why David Kuo invests in Malaysia’s dividend giants and how Singaporean investors can find familiar “money machines” across the Causeway.
In Singapore, the three biggest telcos are Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel, StarHub (SGX: CC3 / FRA: RYTB / OTCMKTS: SRHBY / SRHBF), and M1, which is pending regulatory approval for a landmark merger with SIMBA Telecom.
Malaysia’s landscape has consolidated, headlined by the merged giant CelcomDigi Bhd (KL: CDB / OTCMKTS: DIGBF), alongside Maxis Bhd (KLSE: 6012), Telekom Malaysia Bhd (KLSE: TM / OTCMKTS: MYTEF), and Axiata Group Bhd (KLSE: AXIATA / OTCMKTS: AXXTF).
As network infrastructure does not come cheap, these players hold a reasonable amount of debt, just like their Singapore counterparts.
Feasting On Your Favourite Brands
Familiar Names In The Malaysia Stock Market
Familiar Hopes
In Malaysia, however, you have Sports Toto Bhd (KLSE: 1562).
With over 600 outlets spread across Malaysia, the group also has a presence in the Philippines and the United Kingdom.
🌐 Top Glove Corporation (KLSE: TOPGLOV / SGX: BVA / OTCMKTS: TPGVF) – World’s largest manufacturer of gloves. Manufacturing operations in Malaysia, Thailand, Vietnam & China + marketing offices in these countries, USA, Germany & Brazil. 🇼🏷️
🇵🇭 DFNN to convert US$10mln of liabilities due to creditors into common, preferred shares (GGRAsia)
Philippine information technology firm DFNN Inc (PSE: DFNN) says it will convert up to PHP600-million (US$10.0-million) of “existing liabilities owed to various creditors” into up to 500 million common shares and 100 million preferred shares.
The moves were approved by the group on March 5. The company confirmed in a Friday filing to the Philippine Stock Exchange that the debt-to-equity conversion will be used to “retire existing debts” of DFNN.
Via subsidiaries, DFNN has licences for electronic gaming machines, a sports betting exchange, and digit and pari-mutuel games, with the nation’s gaming regulator, the Philippine Amusement and Gaming Corp (Pagcor).
🇵🇭 DigiPlus 4Q net income down 36pct from a year earlier, firm declares US$64mln in 2025 dividend (GGRAsia)
Philippines-listed licensed online gaming operator DigiPlus Interactive (PSE: PLUS) said its fourth-quarter net income “moderated 36 percent year-on-year” to PHP2.5 billion (US$41.9 million).
Total revenues for the three months to December 31 reached PHP17.3 billion, down 27 percent from the prior-year period, according to a Tuesday filing to the Philippine Stock Exchange.
In the Philippines, DigiPlus runs BingoPlus, described as the country’s first government-approved online bingo platform. It also operates ArenaPlus, a sportsbook, and GameZone, a platform for casual and arcade gaming. One of the group’s other units operates casino slot arcades in the country.
DigiPlus said previously that the group’s performance had been affected due to the “impact of tighter regulation” for the country’s online gaming industry.
🇵🇭 PLDT: Defensive With Its Solid Fundamentals And Continued Data Center Investment (Seeking Alpha) $🗃️
🇸🇬 STI Pulls Back From 5,000: 3 Singapore Stocks to Watch (The Smart Investor)
The STI hit 5,000 twice this year. We analyse three Singapore blue chips to watch during this pullback.
Today, we look at three blue-chip heavyweights that recently dropped their full-year results, and see if they are still worth your attention.
🇸🇬 Singapore’s February visitor tally up 9pct y-o-y as arrivals from Chinese mainland rise 61pct (GGRAsia)
Singapore saw a 9.0-percent year-on-year rise in visitor arrivals from abroad in February, led by 61.3-percent volume growth from the city-state’s top feeder market, mainland China, show the latest data from Singapore Tourism Board (STB).
February arrivals tallied 1.50 million, though that was flat sequentially. Overnight visitors accounted for 1.11 million of them, a 6.2-percent year-on-year increase.
Average stay length across all international markets was 3.39 days in February, a 2.3-percent shortening year-on-year.
Vicom Ltd (SGX: WJP) (the “Company”) delivered strong set of results for 2025. However, this was driven by the on-board unit (“OBU”) business mandated by the government. The key question is whether this was a one-off event, as OBU installation has hit 93% as of 6 February 2026. There are also a number of unanswered questions, due to the very limited transparency from the company.
Corporate Monitor Ltd (CML) issued a report on VICOM in August 2025, where we raised questions about:
Its diversification into the non-vehicle testing services which have not resulted in much growth but needed substantial capital expenditure (“capex”) (~S$27 million over 3 years).
Its refusal to provide segment financials on the non-vehicle testing services which was over 53% of total revenue in 2024, based on CML’s research.
Its insistence on using all equity to fund capex, most of which was for the non-vehicle testing services division.
Low dividend declared, despite a cash balance of S$57.9 million as of December 2025. In fact, VICOM could have declared a higher dividend by reducing its capex on the nonvehicle testing business and/or judiciously using some debt.
It used to be that if you wanted to get good audio on your computer, you had to get a sound card. And if you needed a sound card, there was just one choice: Sound Blaster. The company behind this iconic brand, Creative Labs or Technology [Creative Technology Ltd (SGX: C76 / FRA: CTL / OTCMKTS: CREAF)], actually came from the city of the Merlion: Singapore. Their fortunes rose and fell with that of their most iconic product. In today’s video, a look at Singapore’s sound card tech hero.
Unlike other firms with big booms and bust, Creative did not collapse or go bankrupt. The company continued working on sound cards, and settled into the audiophile and gaming niche markets. Since its launch in 1989, the Sound Blaster brand had sold about 400 million units. Sim never liked how digital motherboard audio sounded – arguing that signal interference from onboard Wi-Fi and Bluetooth ruined audio signal quality. He argued that if gamers can shell out for a top of the line graphics card, they should also consider doing the same for a top discrete sound card too. In 2023, Wong Hoo Sim unexpectedly passed away at the age of 67. His death came as a bit of a shock, as he wasn’t that old and he seemed to be in good health. Rest in peace. Many people remain nostalgic about these sound cards – swearing that Sound Blaster or Aureal delivered the best audio they ever experienced in their life. For me, the rise and fall of the sound card is a fascinating tale about integration and the power of digital compute.
🇸🇬 China Yuchai International: Why I Don’t Foresee Another Upswing In 2026 (Seeking Alpha) $ 🗃️
🇸🇬 Grab: A Quality Compounder On Sale – I’m Officially Staking My Claim (Seeking Alpha) $ 🗃️
🇸🇬 Why Fintech And Advertising Could Unlock The Next Leg Of Growth For Grab Holdings (Seeking Alpha) $ 🗃️
🇸🇬 Grab to acquire Foodpanda delivery business in Taiwan (The Asset) 🗃️
US$600 million deal first for Singapore superapp outside of Southeast Asia, opportunity to grow food, groceries delivery scene
The closing of the acquisition expected to take place in the second half of 2026, after which Grab Holdings Limited (NASDAQ: GRAB) will have a presence across 21 cities in Taiwan.
🇸🇬 BW LPG: Times Might Be Shaky Now, But Long-Term Looks Solid (Seeking Alpha) $ 🗃️
🇨🇳 UP Fintech: The Market Still Misprices This Higher-Quality Fintech (Seeking Alpha) $🗃️
🇸🇬 Investing this Aidilfitri: How the FTSE ST Singapore Shariah Index Selects its Stocks (The Smart Investor)
The FTSE ST Singapore Shariah Index follows strict Islamic investment principles, screening companies to identify stocks that meet Shariah-compliance standards.
Consequently, Shariah investments are prohibited from earning interest and investing in restricted activities – filtering out companies that are not suitable and shaping how portfolios are constructed.
In Singapore, a benchmark designed to support this approach is the FTSE ST Singapore Shariah Index (SGX: FSTAS).
The index is designed to track companies on the Singapore Exchange Limited(SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) that meet Islamic investment standards.
The FTSE ST Singapore Shariah Index
First Step – Business Activity Screening
Second Step – Financial Ratios Screening
Review Frequency
Why Shariah Screening Can Appeal to Wider Audience
Things to Consider
Get Smart: Faith and Financial Discipline in Investing
🇸🇬 3 Reliable Singapore REITs With Distribution Yields of 5% or More (The Smart Investor)
A 5% yield sounds attractive, but reliability matters more than headline numbers. These three Singapore REITs combine steady cash flow with sustainable distributions.
Here are three reliable Singapore REITs yielding 5% or more.
CapitaLand Ascendas REIT (CLAR) is Singapore’s largest listed business and industrial REIT, owning assets spanning data centres, commercial properties and logistics facilities.
Frasers Logistics and Commercial Trust, or FLCT, owns 113 logistics, industrial, and commercial properties worth S$6.9 billion across Australia, Germany, Singapore, the United Kingdom, and the Netherlands.
Get Smart: Yield is only as strong as the cash flow behind it
🇸🇬 3 Singapore Dividend Stocks Paying More Than the STI — But Can They Keep It Up? (The Smart Investor)
Compare the dividend sustainability of three SGX small caps yielding more than the Straits Times Index.
We look under the hood to see which of these payouts stand on firm ground and which might be skating on thin ice.
Delfi Limited (SGX: P34 / OTCMKTS: PEFDF): The Quiet Fortress
Civmec Ltd (SGX: P9D / ASX: CVL / FRA: 1CV): The Pipeline Play
Civmec, the construction and engineering services provider headquartered in Australia, posted a weaker first half for its fiscal year ending June 2026 (1HFY2026).
Tai Sin Electric Ltd (SGX: 500): The Yield Trap Risk
At first glance, Tai Sin Electric appears to tick every box for a yield-hungry investor.
The group offers a trailing yield of approximately 4.5%, which is the highest of the three stocks mentioned here.
However, once you dig into the earnings quality, the story becomes a bit more uncomfortable.
Get Smart: Don’t Let a High Yield Do Your Thinking
🇸🇬 Keppel DC REIT vs. Digital Core REIT: Which Data Center King Rules in 2026? (The Smart Investor)
Data center REITs are gaining attention as AI demand surges, but between Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF) and Digital Core REIT(SGX: DCRU / OTCMKTS: DGTCF), which offers the stronger income and growth outlook in 2026?
Business Overview
Although both REITs are in the business of owning and operating data centers, there are some key differences between them.
Portfolio Comparison
Taking a deeper look at each REIT’s assets, we find that Keppel DC REIT has 25 properties, which is significantly higher than Digital Core REIT’s 11.
Financial Snapshot
Growth Drivers & Key Risks
Valuation Comparison
Which REIT Fits Which Investor?
Get Smart: The REIT to Choose Depends On Your Risk Appetite
🇸🇬 Oil Prices Spike: Which Singapore Stocks Could Be Affected? (The Smart Investor)
A surge in oil prices can ripple across the entire economy. From airlines to energy producers, these Singapore stocks could feel the impact.
Marco Polo Marine Ltd (SGX: 5LY / OTCMKTS: MRPMF), or MPM – Surfing the Wave of Higher Oil Prices
MPM is a prime beneficiary of higher oil prices.
As oil prices stay elevated, the group benefits from increased pricing power (higher charter rates) and stronger demand (higher fleet utilisation rates) for its fleet of offshore vessels (OSVs), which primarily provide logistics and operational support to the offshore oil & gas and renewable energy sectors.
Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF), or SIA – Double Whammy of Higher Costs and Softer Demand
DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF), or DBS – Possible Increase of Non-Performing Loans
Get Smart: Follow the Ripple Effects
🇸🇬 Why Some High-Dividend Singapore Stocks Cut Payouts and Others Don’t (The Smart Investor)
High dividend yields can be tempting, but the difference between steady payouts and painful cuts lies in cash flow strength, balance sheet discipline, and business resilience.
Here is what separates stable dividend payers from “dividend traps”.
The Dividend Trap: Why High Yield Can Be Misleading
Factor #1: Free Cash Flow Coverage
Factor #2: Balance Sheet Strength
HRNetGroup (SGX: CHZ) is a model of strength – with zero debt and a deep cash moat of approximately S$336 million (including cash, T-Bills, and gold), it can maintain payouts even if recruitment activity dips temporarily.
Factor #3: Business Model Resilience
Warning Signs Before a Dividend Cut
How Investors Can Protect Their Income
Get Smart: Sustainable Dividends Come From Strong Fundamentals
🇸🇬 Oil Price Above US$100: Should You Buy Keppel Stock Now? (The Smart Investor)
With oil prices surging above US$100, investors are revisiting energy-linked stocks like Keppel — but does the company still benefit from higher oil prices today?
Crude oil prices soared above US$100 for the first time in years earlier this month, driven by war in the Middle East and supply disruptions.
In the past, this would likely have boosted the share price of Singaporean blue-chipKeppel Ltd (SGX: BN4 / FRA: KEP / KEP1 /OTCMKTS: KPELY / KPELF), which was a major player in the offshore and marine (O&M) industry.
How Keppel’s Business Has Evolved
Potential Benefits of Higher Oil Prices
Keppel: A Financial Snapshot
Key Growth Drivers Beyond Oil
Risks Investors Should Consider
Get Smart: Look Past the Oil Price
🇸🇬 Why Asian Healthcare Growth Is Accelerating (The Smart Investor)
🇸🇬 Forget 2.5%: These 5 SGX Stocks Pay Double Your CPF OA (The Smart Investor)
CPF OA pays 2.5% per year, but some SGX-listed stocks offer dividend yields well above that. Here’s how to evaluate five stocks yielding roughly double — without ignoring the risks.
In light of this, here are five SGX-listed companies currently offering dividend yields in the 5% range to consider.
DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF): The Blue-Chip Dividend Anchor
CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF): Industrial REIT with Strong Yield and Growth
CapitaLand Ascendas REIT (CLAR) offers investors a diversified portfolio of business space, logistics, industrial and data‑centric assets across Singapore, Australia, the UK and the US.
Mapletree Logistics Trust (MLT) provides investors with exposure to a diversified portfolio of logistics and warehouse properties across the Asia-Pacific region, supported by structural demand from e-commerce and global supply chain shifts.
Frasers Centrepoint Trust (SGX: J69U / OTCMKTS: FRZCF): Steady Income from Suburban Malls
🇻🇳 Vietnam: Global Index Inclusion Probability Jumps; Updated Names & Flows (Smartkarma) $
Last October, a global index provider announced that Vietnam would be added to their index in September 2026 as long as progress was made on one key issue.
On 2 February, the Ministry of Finance issued a circular that allows foreign investors to place orders through global brokers, in addition to trading through local brokers.
That should clear the way for inclusion of Vietnam stocks in the global index in September. Inclusion should take place in more than 1 tranche to minimise market impact.
🇮🇳 Indian IT Sector: The Bottom Made? (Smartkarma) $
The Nifty IT index plummeted over 20% recently on fears that generative AI will fundamentally destroy the traditional headcount driven IT services model
While some warn of 14-16% deflation, integrating complex artificial intelligence into enterprise systems actually unlocks a massive $300 to $400 billion incremental addressable market
Top management confirms structurally sound demand with zero or avoidable accelerated pricing deflation, viewing the AI transition as a massive volume tailwind instead of a threat.
🇮🇳 Infosys: A Solid Company At An Attractive Discount, If One Can Hedge For The Rupee Depreciation(Seeking Alpha) $ 🗃️
🇮🇳 India Top Longs | Execution Alpha in a Turning Market (Smartkarma) $
Structural tailwinds across electrification, transmission, data centers, and specialty pharma remain intact, but these are now consensus trades with expectations fully embedded in earnings and multiples.
Our long basket—ABB India (NSE: ABB / BOM: 500002), Hitachi Energy India Ltd (NSE: POWERINDIA / BOM: 543187), Cummins India(NSE: CUMMINSIND / BOM: 500480), and Sun Pharmaceutical Industries Ltd (NSE: SUNPHARMA / BOM: 524715) —represents high-quality proxies where delivery, not discovery, will drive relative outperformance
If markets turn, these businesses remain best positioned given strong balance sheets, visible demand, and execution track record—making them relative winners even in a tougher environment.
🇮🇳 NSE’s GOLD10G: A Structural Crack in MCX’s Bullion Kingdom (Smartkarma) $
NSE launched GOLD10G, a SEBI-approved 10-gram gold futures contract with compulsory delivery, on March 16, 2026, directly targeting retail participants underserved by Multi Commodity Exchange Of India (NSE: MCX / BOM: 534091)’s larger lot structures.
MCX controls ~98% of India’s commodity futures market and 100% of precious metals derivatives. NSE’s entry is the most credible structural challenge to that dominance of MCX’s existence.
MCX’s smaller gold contracts already suffer from thin liquidity; NSE’s GOLD10G targets the same retail gap.
🇮🇳 Ola Electric: Balloon or Only Air? (Smartkarma) $
Q3 FY26 revenue crashed 55% YoY to INR 470 crore; market share collapsed from 35% in 2024 to under 4% in February 2026.
India’s E2W market expanded 45.6% YoY to 1,11,709 units in Feb 2026. Ola Electric Mobility Ltd (NSE: OLAELEC / BOM: 544225), once the undisputed #1, sold just 3,968 units, ranking 6th behind TVS, Bajaj, Ather, Hero etc.
Ola Electric is shrinking in a growing market. The structural reset- store closures, layoffs, and a breakeven target revised thrice downward, signals execution failure, not a temporary blip.
🇮🇳 The Great Wall of Cameras: The Policy Tailwind Powering Aditya Infotech/ CP Plus (Smartkarma) $
India’s MeitY mandated STQC certification for all CCTV products from 9-Apr-25, effectively banning non-compliant Chinese hardware from government procurement while simultaneously unlocking Rs 1.64 lakh crore in Smart Cities infrastructure.
Aditya Infotech Ltd (NSE: CPPLUS / BOM: 544466), with 39% market share and the largest STQC-certified portfolio in India, is structurally positioned to capture the lion’s share.
CP Plus’s IPO debuted at a 50% premium, and management guided 25-30% revenue growth for FY26 and 30-35% Revenue Growth in FY27.
🇰🇿 Kaspi.kz: A Dominant Super App Cheaper Than PayPal (Seeking Alpha) $ 🗃️
🇰🇿 Kazakhstan’s Petro-Economy Status Makes Kaspi.kz Tactically Sensible (Upgrade)(Seeking Alpha) $ 🗃️
🌍 How the Iran war could derail the AI boom (FT) $ 🗃️
🌍 Iran war is a risk to the flow of Gulf funds around the globe (FT) $ 🗃️
World has come to depend on capital from the region more deeply than many realise
Having travelled to the region for decades, I found the sheer density of bankers, advisers and asset managers in the “waiting rooms” of Gulf countries in the past few years particularly striking. In the offices of sovereign wealth funds, family offices, pension funds and local banks, global financiers gathered in droves — either to report on existing portfolios or to pitch for fresh allocations.
The net result? “Higher-for-longer” borrowing costs that have a disruptive impact on virtually every country, corporation and household, which compounds the longer the war lasts. It’s an environment that also risks aggravating existing financial fragilities — such as those associated with the AI bubble, certain segments of private credit and some sovereign debt concerns — while potentially exposing new ones.
🌍 GCC bond, sukuk issuances plunge amid Iran war (The Asset) 🗃️
Fitch sees no market-wide sell-offs, but ultimate impact will depend on scope and duration of conflict
New US dollar bond and sukuk issuances from Gulf Cooperation Council ( GCC ) markets have fallen significantly since the start of the Iran war, after presenting strong credit fundamentals ahead of the outbreak, a new report says.
Many deals remain on hold due to the economic uncertainties and volatility. This will affect debt issuance trends in emerging markets ( EM ) as the GCC accounts for about 40% of all EM dollar issued so far in 2026 ( excluding China ), according to Fitch Ratings.
“Historically, regional debt capital market ( DCM ) issuances have typically rebounded swiftly once tensions eased following previous geopolitical conflicts in the Middle East. However, the ultimate effect will depend on the scope and duration of the Iran war,” says Bashar Al Natoor, managing director, global head of Islamic finance, at Fitch.
🌍 The $200-a-Barrel Threat That Could Reshape Global Markets for a Decade (Public Markets)
Inside the energy chokepoint crisis — and the infrastructure plays the market hasn’t discovered yet.
Natural gas: QatarEnergy declared force majeure on March 4th after drones hit its facilities. Qatar supplies 20% of global LNG. There is no pipeline alternative. EU gas storage was at 30%, the lowest since 2022.
Refined fuel: 30% of Europe’s diesel and half its jet fuel came from the Gulf. You can’t put diesel in a crude oil pipeline.
Cooking gas: India imports 90% of its LPG through Hormuz. Ten thousand restaurants closed in Tamil Nadu. Iconic chains in Kolkata and Lucknow switched to wood fires and coal. The government invoked emergency powers.
Industrial commodities: 280 bulk carriers stranded. 18% of global iron ore pellets and nearly 10% of aluminum production disrupted.
Oil has a bandaid. Everything else is exposed. And “everything else” is where the asymmetric investment opportunity is.
🇮🇱 Tower Semiconductor: Buy The Story, Respect The Risks (Seeking Alpha) $ 🗃️
🇮🇱 Elbit Systems Execution Remains Strong But Expectations Run High (Seeking Alpha) $ 🗃️
🇮🇱 Ituran’s Strong Cash Flow And Recurring Revenue Support Further Upside(Seeking Alpha) $ 🗃️
🇮🇱 🇧🇷Ituran Location And Control Ltd (NASDAQ: ITRN) – Leader in the emerging mobility technology field, providing value-added location-based services, including a full suite of services for the connected-car. 🇼🏷️
🇮🇱 Teva: Shedding The Generics Skin To Reveal A Fairly Priced, Branded Powerhouse(Seeking Alpha) $ 🗃️
🇦🇪Yalla: The Social Status Economy Trading At A Deep Discount(Seeking Alpha) $ 🗃️
🇿🇦 Exxaro Resources(JSE: EXX / FRA: LCQ / OTCMKTS: EXXAF) – Diversified resources company with a coal business & acquisitive growth prospects in minerals & energy. Exxaro is among the top 5 coal producers in South Africa. 🇼🏷️
🇨🇿 CEZ, a. s. 2025 Q4 – Results – Earnings Call Presentation (Seeking Alpha) $⛔🗃️
🇪🇺🏛️ CEZ as (PSE: CEZ / WSE: CEZ / FRA: CEZ / OTCMKTS: CZAVF) – Generation, distribution, trading & sale of electricity & heat; trading & sale of natural gas; provision of comprehensive energy services from the new energy sector & coal mining. One of the 10 largest energy companies in Europe. 🇼🏷️
🇵🇱 GPW – the changing fortunes of the Warsaw Stock Exchange (Undervalued Shares)
In case you are curious about the company, it trades under its official name: Giełda Papierów Wartościowych w Warszawie SA (ISIN PLGPW0000017, WAR:GPW) [Gielda Papierów Wartosciowych w Warszawie SA (GPW SA) (WSE: GPW / FRA: WSX / LON: 0P2A)].
The company is set to release its latest quarterly results shortly. Thanks to the growth of its business since I first reported on it, the dividend yield still stands at around 5% – even after the share price has doubled.
🇦🇷 🇧🇷 🇺🇾 Adecoagro Sa (NYSE: AGRO) – Luxembourg HQ’s agro industrial company that produces & manufactures food & renewable energy. 3 segments: Farming; Sugar, Ethanol & Energy; & Land Transformation. 🏷️
🌎 Millicom: The Acquisition Playbook That Could Unlock $330M In Incremental EFCF (Seeking Alpha) $ 🗃️
🌎 Millicom (NASDAQ: TIGO) – Fixed & mobile, telecommunications services, cable & satellite TV, mobile financial services & local content such as music & sports in Latin America. 🇼🏷️
🌎 Arcos Dorados Holdings Inc (NYSE: ARCO) – World’s largest independent McDonald’s franchisee. Exclusive right to own, operate & grant franchises of McDonald’s restaurants in 20 Latin American & Caribbean countries & territories. 🇼🏷️
Dlocal(NASDAQ: DLO) just reported earnings. I don’t really care what the market says or does, but I’m impressed.
They beat both on revenue and EBITDA.
Most important metrics to watch usually are: TPV, Revenue, Margins and Gross profit.
🌎 MercadoLibre: Playing Chess, Not Checkers (Seeking Alpha) $ 🗃️
🌎 MercadoLibre: The Ultimate Flywheel Of South America (Seeking Alpha) $🗃️
🌎MercadoLibre (MELI) (Miller Value Partners)
Despite accelerating dominance and business diversification, MELI trades at a forward (FY27) EV/Sales multiple of 2.0x, a level only reached at the trough of the global financial crisis.
🌎 Gran Tierra: Another Incident In The Wrong Direction (Seeking Alpha) $ 🗃️
🇨🇦 🇨🇴 🇪🇨 Gran Tierra Energy (TSX: GTE / NYSE: GTE / LSE: GTE) – Calgary based. An independent international exploration & production company with onshore oil production focused in Colombia & Ecuador. 🇼🏷️
🇦🇷 IRSA: Asymmetrical Call Option On Argentina’s Real Estate Renaissance (Seeking Alpha) $ 🗃️
🇧🇷 AXIA Energia: New Deal Confirms Continuation Of Strategy (Seeking Alpha) $ 🗃️
🇧🇷🅿️ AXIA Energia SA (NYSE: AXIA) – Formerly Centrais Elétricas Brasileiras SA (NYSE: EBR / EBR.B / BVMF: ELET3 / ELET5 / ELET6) or Eletrobras. Electric power holding company. Largest generation & transmission company in Brazil. 🇼
🌎 Minerva Sa (BVMF: BEEF3) – 32 industrial unitsstrategically located near the main export ports, domestic markets & its broad supplier base.3 are protein processing plants. 🇼🏷️
🇧🇷 Companhia Paranaense de Energia – COPEL (ELPC) Discusses Results and Strategic Impact of ANEEL Capacity Reserve Auction No. 02/2026 – Slideshow (Seeking Alpha)
🇧🇷 Vale: The Biggest Bargain In The Mining Sector (Seeking Alpha) $ 🗃️
🌐 Vale (NYSE: VALE) – Iron Solutions & Energy Transition Materials segments. Produces & sells iron ore, iron ore pellets, nickel, copper etc + related logistic service. 🇼🏷️
🇧🇷 Petrobras: Compelling Valuation At Current Price Level (Seeking Alpha) $🗃️
🇧🇷 Nu Holdings: Strong Credit Expansion A Catalyst (Seeking Alpha) $🗃️
🇧🇷 Nu Holdings (NU) (Patient Capital Fund Newsletter)
The Past, Present, and Future of Latin America’s Largest Digital Bank
Let’s jump to today: Nu Holdings (NYSE: NU) is the largest private financial institution in Brazil by number of customers, offering a full suite of banking products, including its savings account “NuConta”, personal loans and investments. It serves 131m customers – 113m in Brazil, 14m in Mexico, and 4m in Colombia – and generates $15.8/2.9bn in revenue/net income as of FY25. The total credit portfolio stands at $32.7bn, of which $21.8bn are credit card receivables, against $41.9bn in customer deposits.
Nubank’s rise rests on structural cost advantages – primarily in customer acquisition, cost to serve, cost of risk, and funding. These advantages enable reinvestment into lower product prices or superior customer service. The table below illustrates the magnitude of this edge in the form of a 21% efficiency ratio (non-interest expenses relative to revenue), a 30% return on equity (ROE) and revenue per employee five times that of peers.
🇨🇱 Los Andes Copper Ltd. (LA:CA) Presents at 2026 Swiss Mining Institute Conference – Slideshow (Seeking Alpha)
🇨🇱 Los Andes Copper Ltd (CVE: LA / FRA: L41A / OTCMKTS: LSANF) – Acquires, explores & develops copper deposits. Chile’s Vizcachitas copper-molybdenum project.
🇨🇴 GeoPark: Take The Profits(Seeking Alpha) $ 🗃️
🌎 GeoPark Ltd (NYSE: GPRK / LON: 0MDP / FRA: G6O) – Leading independent Latin American oil & gas explorer in Colombia, Ecuador, Chile & Brazil. 🏷️
🇲🇽 Grupo Aeroportuario del Centro Norte (OMAB) Coverage Initiation Report (Horizons Investing)
A Durable Compounder Benefiting from the Mexican Nearshoring Boom
I first heard about Grupo Aeroportuario del Centro Norte or OMA(NASDAQ: OMAB / BMV: OMA) from the Chit Chat Stocks podcast about eight months ago. One of the cohosts was pitching the company, and I really liked the pitch. That commenced my following of the company. I was and continue to be shocked by the unit economics of OMAB. Gross margins are 69%, operating margins are 56%, free cash flow margins are 30%, and Return on Invested Capital (ROIC) is 29%. This company pumps out dividends every year, never missing an increase, and, for good reason, the stock price chart reflects this shareholder friendliness. The reason for this is that OMAB is an airport, the toll road of the skies, and the epitome of a good business model.
🇵🇦 Copa Holdings: I Believe This Is A Potential Diamond In The Rough(Seeking Alpha) $ 🗃️
🌐 The Big Mac Index: Global Currency Analysis (2000–2026) (The Emerging Markets Investor)
The rankings of the index for the past 25 years for a selection of emerging markets (EM) and developed countries are shown in the table below. The table is color-coded: developed countries in black, EM commodity producers in red, and the remaining EM countries in green. This period spans an extraordinarily turbulent economic environment, including the China “Shock,” the commodity super-cycle, the Great Financial Crisis, the COVID-19 shock, and the beginning of deglobalization.
The table highlights several trends over this period, best observed through the color-coded categories:
🌐 Nebius: Positioned To Win In Any Eventuality From The $27B Meta Deal (Seeking Alpha) $ 🗃️
🌐 Nebius: Implications Of The $27 Billion Meta Deal (Seeking Alpha) $ 🗃️
🌐 Nebius: Buy On Game-Changing Updates (Seeking Alpha) $ 🗃️
🌐 Nebius: Meta’s $27B Deal Is The Ultimate Proof-Of-Concept (Seeking Alpha) $ 🗃️
🌐 Nebius: Demand Is There, But CapEx Is The Key Variable (Seeking Alpha) $ 🗃️
🌐 Nebius Group NV (NASDAQ: NBIS) – AI-centric cloud platform built for intensive AI workloads. Sold Yandex to a consortium of Russian investors. Retains several businesses outside of Russia. 🇼🏷️
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Note: Investing.com has a full calendar for most global stock exchanges BUT you may need an Investing.com account, then hit “Filter,” and select the countries you wish to see company earnings from. Otherwise, purple (below) are upcoming earnings for US listed international stocks (Finviz.com):
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):
(Incorporated in Nevada)We are a luxury vehicle exporter. Through our subsidiary, Hillhouse Capital Group, we run a vehicle export business that specializes in finding premium vehicles in the U.S. and facilitating their shipment to Hong Kong to our client, who distributes the vehicles to its clients in the People’s Republic of China (PRC).In 2024, Hillhouse Capital Group did 67 vehicle transactions, including 34 with authorized dealerships and 33 with independent dealers. We worked with 15 purchasing agents.We specialize in exporting U.S. luxury vehicles having MSRPs of at least $80,000, targeting affluent consumers and dealers seeking premium luxury brands, such as Mercedes-Benz, BMW, Audi and Cadillac. Unlike smaller industry participants—typically family-run businesses that rely on informal sourcing networks—we operate through a structured purchasing model with authorized dealerships (i.e., purchasing from them through their designated purchasing agents) and independent dealers, ensuring a stable and scalable supply chain.Fenglong Ma has served as our CEO and our chairman of the board since October 2022. He is a seasoned entrepreneur in international trade and automotive sales. He founded our company in October 2022, leading its strategy, operations, and entry into automotive exports. Previously, he co-founded Qingdao High-End Vehicle Trading Co., and served as general sales manager from January 2020 to September 2022. He was responsible for sales, market expansion, and supply chain management of high-end imported vehicles, establishing strong global partnerships and optimizing procurement processes. He received an associate degree in business management from Mudanjiang Forestry Vocational and Technical College. Mr. Ma is a citizen of the PRC and currently resides in the PRC.Zheng Wen Tong has served as our chief operating officer since November 2024, overseeing vehicle procurement, logistics, and financial transactions. She has extensive experience in automotive trade and supply chain management. Before this, she was an office manager at TW&EW Service from April 2024 to October 2024 and was employed by Wave Capital Management from January 2022 to March 2024, where she oversaw administrative and supply chain operations. From January 2020 to March 2020, she served as an office manager at Luxury Unlimited Group. She received a diploma in accounting from Shanghai Business Trade College in July 1994. Ms. Tong is a citizen of the United States and currently resides in the United States.Chihyuan Lin has served as our CFO since February 2025, overseeing financial strategy and operations. He is an experienced financial executive with expertise in strategic financial management, accounting, and SEC reporting. Before joining us, he founded Linck Consulting Inc. in September 2024 and has been serving as its CEO, providing accounting and tax consulting services. From September 2023 to September 2024, he worked as a consultant at 8020 Consulting LLC, focusing on SEC reporting and financial advisory services. Prior to that, from October 2022 to September 2023, he was the senior manager of financial reporting and technical accounting at Tattooed Chef, where he managed SEC filings, financial reporting, and statement consolidation. From October 2021 to October 2022, he held the role of senior manager of financial reporting and analysis at HF Foods Group Inc., overseeing financial reporting and compliance matters. Earlier, from February 2018 to October 2021, he served as the assistant director of finance and assistant controller at Ta Chen International Inc., specializing in operational accounting and financial statement consolidation. Mr. Lin earned a Master of Science degree in accounting from the University of Texas at Dallas on August 12, 2011, and a Master of Science degree in Finance from the University of Illinois Urbana-Champaign on May 16, 2010. Mr. Lin is a citizen of the United States and currently resides in the United States.For the nine months ended Sept. 30, 2025, we completed 55 vehicle transactions, all with independent dealers, and did not engage any purchasing agents. We intend to continue to maintain both sourcing models in the future– through independent dealers and authorized dealerships – and select the most cost effective option based on prevailing market conditions. During the first, second and third quarters of 2025, we sourced vehicles exclusively from independent dealers because their vehicle prices were more favorable to those of the authorized dealerships. We intend to maintain our sourcing relationships as we believe access to both channels is critical to our maintaining an uninterrupted supply of vehicles.For the nine months ended Sept. 30, 2024, we completed 52 transactions.Note: Net income and revenue are in U.S. dollars for the 12 months that ended Sept. 30, 2025.(Note: Hillhouse Frontier Holdings increased its IPO’s size to 3.75 million shares – triple its size in its initial filing – and kept the price range at $4.00 to $6.00 – to raise $18.75 million, according to an S-1/A filing dated Jan. 15, 2026. Background: Hillhouse Frontier Holdings filed its S-1 for its IPO on July 21, 2025, and disclosed the terms: 1.25 million shares at a price range of $4.00 to $6.00 to raise $6.25 million, if priced at the $5.00 mid-point of its range.)
Riku Dining GroupRIKU Eddid Securities USA, 5.0M Shares, $4.00-6.00, $25.0 mil, 3/23/2026 Week of
(Incorporated in the Cayman Islands)We operate and franchise Japanese-style restaurants in Canada and Hong Kong:In Canada – Ajisen Ramen is our franchise. We run four restaurants and we franchise nine more restaurants across Ontario.In Hong Kong – We have seven restaurants under three franchised brands – Yakiniku Kakura, Yakiniku 802 and Ufufu Cafe.Note: Net income and revenue are in U.S. dollars for the 12 months that ended March 31, 2025.(Note: Riku Dining Group more than doubled its IPO’s size – to $25 million – up from $11.25 million – in an F-1/A filing on March 16, 2026: The company now plans to offer 5.0 million shares – up from 2.25 million shares previously – at a price range of $4.00 to $6.00 – the same as before – to raise $25 million, according to its March 16, 2026, F-1/A filing. Earlier today, the company withdrew its previous IPO filing. Background: Riku Dining Group disclosed the terms for its IPO in an Oct. 8, 2025, filing with the SEC: The company is offering 2.25 million shares at a price range of $4.00 to $6.00 to raise $11.25 million. Background: Riku Dining Group filed its F-1 for its IPO in September 2025 without disclosing the terms. Estimated IPO proceeds are $16 million.)
(Incorporated in the British Virgin Islands)Headquartered in Tokyo, Japan, we are an international recycling company dedicated to advancing sustainable material solutions across East Asia and Southeast Asia. As a committed advocate for environmental sustainability, we have devoted ourselves to promoting the development of a low-carbon and zero-waste global green circular economy by engaging in the trading of recyclable resources such as waste paper and scrap metal.Our operations are structured around two core business segments: waste paper recycling and scrap metal recycling.Under our waste paper recycling business, we operate across both the domestic Japanese and international markets by trading two main product categories: waste paper and paper pulp. We source waste papers from collection companies in Japan and supply them to recycled pulp mills or trading companies. In parallel, we purchase paper pulps from recycled pulp mills and supply them to paper manufacturers or trading companies. While our waste paper transactions are primarily domestic, our paper pulp exports serve a broad customer base across East Asia and Southeast Asia.We also conduct cross-border transactions under our waste paper recycling business by procuring waste paper from suppliers in the U.S. and arranging for direct shipments to pulp mills or paper manufacturers in Malaysia.Our scrap metal recycling business focuses on the trade of dismantled metal wires and old metal appliances such as motors, engines, air conditioners and refrigerators. For old metal appliances, we acquire these materials from collection companies and supply them to smelters or trading companies, while for dismantled metal wires, we purchase processed and dismantled metal wires such as copper wires, aluminum wires, brass wires and iron wires, from dismantling factories, and then sell them to smelters, or trading firms. While the operations under our scrap metal recycling business are primarily concentrated within Japan due to the heavier nature of these materials, we also export a portion of our dismantled metal wires to our customers in East Asia and Southeast Asia.For export transactions, we manage the full logistics chain from supplier pickup and port delivery to international shipping, allowing us to ensure timely and cost-effective deliveries.Note: Net income and revenue are for the fiscal year that ended March 31, 2025.(Note: Seahawk Recycling Holdings, Inc. nearly doubled the size of its small IPO to raise $19 million – up from $10 million originally – according to its F-1/A filing on Jan. 7, 2026. Seahawk Recycling Holdings now plans to offer 3.75 million shares – up from 2.0 million shares originally – at the price range of $4.00 to $6.00 (same price range as in its initial filing) – to raise $18.75 million, according to its F-1/A filing dated Jan. 7, 2026. Background: Seahaawk Recycling Holdings, Inc. filed its F-1 for its small-cap IPO and disclosed the terms: 2 million shares at a price range of $4.00 to $6.00 to raise $10 million, according to its SEC filing on Sept. 25, 2025.)
DT House Ltd.DTDT American Trust Investment Services, 5.0M Shares, $5.00-5.50, $26.3 mil, 4/6/2026 Week of
(Incorporated in the Cayman Islands)DT House Ltd. is the holding company of UHAD, UHHK and UFox, our wholly owned subsidiaries. We are headquartered in the UAE.We began with the establishment of UHHK in 2020. We provide corporate consultancy services in the UAE and Hong Kong on environmental, social and governance (ESG) themes. As part of that work, we provide travel-related services for leisure travelers in the UAE, which includes primarily the sale of tickets to tourist attractions. Our clients are public companies in the United States and Hong Kong, as well as small and medium-sized enterprises and private corporations in the UAE, Hong Kong and Southeast Asia. We have our own AI-driven cloud-based software program.In June 2024, we launched our travel-related services by acquiring UFox, a company principally engaged in travel-related services in the UAE, with a particular emphasis on eco-friendly and sustainable travel practices. UFox maintains close business relations with various organizations in the MENA Region such as the Union of Overseas Chinese in Saudi Arabia. We believe that our travel-related services could potentially bring about a synergistic effect with our corporate consultancy services if we follow the same set of ESG principles in both segments. Our current plan is to design travel programs based on the sustainable travel concept, such as using alternative transport modes with lower carbon footprints and partnering with eco-friendly hotels.We offer customizable and hassle-free sustainable travel experiences. Our clients can customize their own tours or subscribe to services on a segmented basis. The major customers of our travel-related services are two online leisure travel platforms, namely, Trip.com Group Limited (Nasdaq: TCOM) and Fliggy international platform (fliggy.com, a member of Alibaba Group (NYSE: BABA) and an online marketplace of tourism products).Note: Net income and revenue are in U.S. dollars for the 12 months that ended Sept. 30, 2025.(Note: DT House Ltd. more than doubled its IPO’s size – to 5.0 million shares – up from 2.0 million shares – in an F-1/A filing on Jan. 20, 2026 – after the previous IPO plan was withdrawn, at the company’s request. The new price range is $5.00 to $5.50 – an increase from the previous range of $4.00 to $5.00.. Under the new terms, DT House Ltd. would raise $26.25 million, if the IPO is priced at $5.25, the mid-point of its new range. Background: DT House Ltd. increased its IPO’s size to 2.0 million shares – up from 1.875 million shares initially – and kept the price range at $4.00 to $5.00 – to raise $9.0 million, according to its F-1/A filing dated Oct. 24, 2025. DT House Ltd. has also named American Trust Investment Services as the sole book-runner, replacing Revere Securities. Background: DT House Ltd. filed its F-1 on March 3, 2025, and disclosed the terms for its IPO: The company is offering 1.875 million shares at a price range of $4.00 to $5.00 to raise $8.44 million, if priced at the mid-point of its range.)
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:
03/15/2024 – Polen Capital China Growth ETF – PCCE – Active, equity, China
03/04/2024 – Simplify Tara India Opportunities ETF – IOPP – Active, equity, India
02/07/2024 – Direxion Daily MSCI Emerging Markets ex China Bull 2X Shares – XXCH – Equity, leveraged, China
01/11/2024 – Matthews Emerging Markets Discovery Active ETF – MEMS – Active, equity, small caps
01/10/2024 – Matthews China Discovery Active ETF – MCHS – Active, equity, small caps
Frontier and emerging market highlights:
Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).
I have changed the front page of www.emergingmarketskeptic.com to mainly consist of links to other emerging market newspapers, investment firms, newsletters, blogs, podcasts and other helpful emerging market investing resources. The top menu includes links to other resources as well as a link to a general EM investing tips / advice feed e.g. links to specific and useful articles for EM investors.
Disclaimer. The information and views contained on this website and newsletter is provided for informational purposes only and does not constitute investment advice and/or a recommendation. Your use of any content is entirely at your own risk and it is your sole responsibility to evaluate the accuracy, completeness and usefulness of the content. Seek a duly licensed professional for any investment advice. I may have positions in the investments covered. This is not a recommendation to buy or sell any investment mentioned.
Emerging Market Links + The Week Ahead (March 23, 2026) was also published on our website under the Newsletter category.
