Emerging Market Links + The Week Ahead (July 20, 2026)

Two interesting stories this week: The FT has reported that the USA is pressuring Brazil with tariffs to make usuary great again by targeting a government-run payment app that’s a threat to the hegemony of American Big Tech and card networks (The payments darling in Trump’s crosshairs 🗃️)

• US tariff threats against Brazil over payments platform Pix provoke a political storm ahead of elections

• Pix, as the government-run service is called, is virtually ubiquitous across the country’s continental territory, from remote rainforest to urban favelas.

• Free for consumers and low-cost for businesses, the digital money transfer tool is credited with boosting financial inclusion in one of the world’s most unequal societies since being launched in late 2020.

• Supporters of the leftwing government in Brasília suggest it is because the popular payments instrument challenges American card networks Visa and Mastercard, as well as other US payments and technology companies.

• A US Trade Representative investigation last month into alleged unfair trade practices claimed Brazil gave preferential treatment to its “national champion” to the disadvantage of US payments providers, encouraging Pix’s use over competitors by capping fees. All financial institutions with more than half a million customers must offer the tool to their customers.

Meanwhile in Malaysia, there is a controversy over something called the Network School (NS). American tech bro Balaji Srinivasan, the former CTO of Coinbase, set up a branch of it on what he/they called “an island near Singapore” – apparently failing to mention in their marketing materials, etc. that the island (the troubled Forest City project) is actually Malaysia.

An anonymous Twitter account then accused the school of harboring dual Israeli citizens (as its illegal for Israeli passport holders to enter Malaysia but they can enter on their other passports – NS should have cited Malaysian law on their site concerning this). Naturally that, along with seemingly trying to hide that NS is located in Malaysia and the fact that Balaji coined the loaded term “Tech Zionism,” caused an online firestorm.

Balaji’s combative responses and direct appeal on Twitter to the PM has further rubbed Malaysians on Twitter the wrong way:

Balaji@balajis

Should the global tech community continue investing in Malaysia?

Given recent events, I raise this question respectfully for the consideration of Prime Minister Yang Amat Berhormat Dato’ Seri Anwar bin Ibrahim (@anwaribrahim), for the people of Malaysia, and for our friends in

11:54 AM · Jul 16, 2026 · 3.59M Views

1.43K Replies · 551 Reposts · 3.57K Likes

I don’t particularly like or trust many tech/crypto bros, their weird political fetishes (e.g. transhumanism, etc.) and had never heard of this guy/Network School/“Network State”/“Tech Zionism,” etc. before.

However, those who are cynical (Singaporeans…) and/or have been in SE Asia for a long time are speculating about what else could be going on here:

degentrading@degentradingLSD

There are 2 kinds of corruption – there is one where you make a deal with a big crocodile and it doesnt bite you. There is another where there are many small crocodiles trying to bite you and you dont know who to make a deal with. Or you can simply pay more and not have to deal

wassieloyer @wassielawyer

Balaji is getting the Malaysia special.

Malaysia Protest 4 Palestine isn’t the issue here. It’s Malaysian Pay 4 Play. You can’t do anything in the country without making sure you “align interests” with the right people.

Lots of people clowning on Balaji but he’s not retarded.

9:46 AM · Jul 18, 2026 · 15.2K Views

5 Replies · 2 Reposts · 39 Likes

In the past and in pre-social media days, the sort of thing discussed above would be “settled” quietly behind closed doors with fixers intermediaries (and then be gossiped about at cocktail parties/dinners) – not escalated into a toxic Twitter spectacle in front of and involving the public (as that makes it more difficult to “settle” or “do a new deal” – which is generally what everyone wants).

However, my suspicion is that Balaji might have failed to “support” or help some local tech bros or other small time local piranha with their projects who then started the controversy to get even with him and now the politicians/officials are in a bind as they must address the public concerns raised…

For the record, Malaysian officials have publicly been very professional in their response as Forest City is a very important project for Johor (frankly, too important to play the sort of games the Malaysia hating cynics in Singapore think are being played…) e.g.:

Onn Hafiz Ghazi@onnhafiz

KENYATAAN MEDIA
PERKEMBANGAN TERKINI ISU NETWORK SCHOOL DI FOREST CITY

1. Berhubung isu melibatkan Network School di Forest City baru-baru ini, sebarang perkara berkaitan kemasukan warga asing ke negara ini adalah tertakluk di bawah bidang kuasa Kementerian Dalam Negeri (KDN).

2:43 PM · Jul 17, 2026 · 912K Views

199 Replies · 319 Reposts · 817 Likes

Balaji though has responded by publicly playing hardball – no doubt to try and keep most of his existing sweetheart deal (e.g. no taxes as Forest City is a special economic or finance zone).

However, I do doubt Balaji has actually invested/spent RM100M (or whatever he claims as that might be the accounting entries on his books) to set up and operate what amounts to co-working/co-living/networking space in the still mostly empty Forest City and the USD his business earns is no doubt being paid and kept offshore.

IF he packs up and leaves, Forest City will mostly revert back to golfers, YouTubers doing ghost city videos, weekenders from Singapore, etc. for the near term. And although the Indonesians have some “islands near Singapore” where he can set up shop, he will then have to do a new deal with… Indonesians… and he may not get as good of a sweetheart (no tax) deal out of them (and there are always alot of hungry crocodiles/piranhas in the jungles of Indonesia…)…

Again, I suspect this is more of a case of some small piranhas turning into crocodiles by using the big megaphone of Twitter/social media (and the politicians/officials getting caught off guard and caught in the middle of this new social media dynamic). So it will be interesting to see what happens in this saga and whether it gets settled to the mutual benefit of everyone…

$ = behind a paywall

• 🌐 Emerging Market Stock Picks (First Half July 2026) Partially $

  • Marc Faber bullish on Thai stocks

  • SE Asia

    • 🇮🇩 Indonesia – Indonesia Macro Updates, Aspirasi Hidup Indonesia Tbk PT, Unilever Indonesia, Pertamina Geothermal Energy PT Tbk, PT Indosat Ooredoo Hutchison Tbk, Merdeka Copper Gold Tbk PT, Nusantara Sejahtera Raya Tbk PT, Sarana Menara Nusantara Tbk PT, Energi Mega Persada Tbk PT, PT Erajaya Swasembada Tbk, Pantai Indah Kapuk Dua Tbk PT, Bank Rakyat Indonesia Tbk PT, Kalbe Farma Tbk PT & Bayan Resources Tbk PT

    • 🇲🇾 Malaysia – CNMC Goldmine Holdings Ltd

    • 🇸🇬 Singapore – Maybank lowers STI target, Singapore Airlines, Lum Chang Creations, Ever Glory United Holdings Ltd, DBS Group / Oversea-Chinese Banking Corp (OCBC) / United Overseas Bank, Food Empire Holdings Ltd, Centurion Corporation Ltd, Keppel DC REIT, HRNetGroup, Raffles Medical Group, Soilbuild Construction Group Ltd, UOB-Kay Hian Holdings Ltd, China Sunsine Chemical Holdings, Parkway Life Real Estate Investment Trust, Sheng Siong Group, Sembcorp Industries, United Hampshire US REIT, Addvalue Technologies Ltd & SATS Ltd

    • Singapore Broker’s Digest

    • 🇹🇭 Thailand – Thai retail / bank / real estate updates, Tidlor Holdings PCL, Home Product Center PCL, TISCO Financial Group PCL, Bangkok Dusit Medical Services PCL, Delta Electronics Thailand PCL, Charoen Pokphand Foods PCL, Siam Cement PCL, Aeon Thana Sinsap Thailand PCL, CP ALL PCL, CP Axtra PCL, SCG Packaging PCL, Gunkul Engineering PCL, PTT Exploration & Production PCL, Thai Union Group PCL, Advanced Info Services PCL, Plan B Media PCL, Com7 PCL & Bumrungrad Hospital PCL

  • Middle East

  • Africa

  • Eastern Europe & Emerging Europe

  • Latin America

• 🌐 EM Fund Stock Picks & Country Commentaries (July 19, 2026) Partially $

  • Surging demand for Asia’s AI hardware, America’s frontier-market origin story, rethinking US exceptionalism, getting Brazil to grow at 4.0%, intro to infrastructure debt, more fund updates, etc. Contents

$ = 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

🇨🇳 Analysis: China’s Appetite for Overseas Investment Grows as Beijing Readies Guardrails (Caixin) $

• After China’s foreign exchange regulator in March added $5.3 billion to the quota for a program that lets domestic investors put money into overseas markets, it got snapped up almost instantly. Investors increased purchases of overseas assets so quickly that managers of Qualified Domestic Institutional Investor (QDII) funds had to institute purchase limits, with some suspending purchases entirely.

🇨🇳 U.K. to Ease Audit Rules for Chinese Listings as London Battles IPO Slump (Caixin) $

• (London) — The U.K. will temporarily allow eligible Chinese companies listed in London to use their home auditing standards, easing compliance burdens as the city battles an IPO slump.

• Finalized by the Financial Reporting Council in July, the two-year exemption takes effect Sept. 1. It allows Chinese issuers of global depositary receipts on the London Stock Exchange’s Stock Connect to bypass International Standards on Auditing.

🇨🇳 Baidu Q2 2026 Preview: Upgrade To HOLD; Focus On AI Catalysts (Seeking Alpha) $ 🗃️

• 🇨🇳 Baidu (NASDAQ: BIDU) 🇰🇾 – Internet-related services, products & AI. Chinese search engine, Baidu Maps, etc. 🇼 🏷️

🇨🇳 Baidu (9888 HK): Secondary to Dual Primary Conversion; US$1.5bn Passive Buy + Stock Connect (Smartkarma) $

• Baidu (NASDAQ: BIDU) is looking to convert from a Secondary Listing to a Dual Primary Listing on the HKEX before the end of the year.

• Baidu should be added to the Southbound Stock Connect Buy-and-Sell list at the next rebalance of the Hang Seng Composite Index (HSCI) following the conversion.

• A float increase in the Hang Seng family and another index inclusion will bring in estimated passive buying of HK$11.8bn (US$1.5bn) along with buying from mainland investors via Stock Connect.

🇨🇳 Tencent Q2 2026 Preview: Balanced Quarter Ahead; Waiting For Clearer AI Monetization (Seeking Alpha) $ 🗃️

🇨🇳 Tencent (700 HK) Tactical Outlook: Imminent Pullback, Buy Entry Ahead of Q2 Earnings (Smartkarma) $

• Tencent (HKG: 0700 / LON: 0LEA / FRA: NNND / SGX: HTCD / OTCMKTS: TCEHY) is scheduled to report its H1 / Q2 2026 financial results on August 11–12, 2026.

• The stock went a bit lower since our BUY signal in early May 2026, but not dramatically lower, current price is virtually the same as early May.

• Consensus ratings: overwhelmingly bullish. 43 out of 47 institutional analysts track the stock as a “Buy” or “Strong Buy”.

🇨🇳 Tencent Music: SENDing Immersive Audio To The Masses; Reiterate Buy On Ecosystem Premiumization (Seeking Alpha) $ 🗃️

🇨🇳 HUYA: AI VAM 1.0 Unlocks The $14bn Virtual Persona Market, Reiterate Buy (Seeking Alpha) $ 🗃️

🇨🇳 VNET Group: Signed Capacity Can Drive The Next Earnings Ramp (Seeking Alpha) $ 🗃️

🇨🇳 Chipmaker CXMT seeks $10bn in largest China IPO since 2010 (FT) $ 🗃️

🇨🇳 Kinwong runs hot on AI boom, cold on plunging margins (Bamboo Works)

• The PCB maker’s Hong Kong IPO looks aimed at tapping demand for AI concept stocks, even though related high-end products make up a relatively low proportion of its revenue

• Shenzhen Kinwong Electronic Co Ltd (SHA: 603228) has filed for a Hong Kong IPO, reporting its gross margin fell from 23.2% in 2023 to 18.7% in the first four months of this year

• The PCB maker’s revenue grew 18% in the first four months of this year, but its profit declined by 25%

🇨🇳 GigaDevice’s profit soars as celebrity founder sells down stake (Bamboo Works)

• The memory chip maker’s stock has risen exponentially since its IPO in January as its profit soared in the first half of this year

• GigaDevice Semiconductor Inc (SHA: 603986 / HKG: 3986 / OTCMKTS: GIDHF) said it expects to report its profit surged 11-fold year-over-year in the first half of 2026

• The memory chip maker’s founder and Chairman Zhu Yiming has reduced his shareholdings twice since the company’s January IPO

🇨🇳 MiniMax (100 HK): Focus on Technical Advantages After Big Share Unlock (Smartkarma) $

(MiniMax Group (HKG: 0100 / FRA: E5A))

• The stock plunged further after the company unlocked 48.9% of its total equity.

• However, the company still has tech advantages globally and domestically, especially in voice.

• Given sales based multiples, we believe there is limited downside risk remaining for the stock.

🇨🇳 XPeng: A Weak Quarter Masks A Strong Year Ahead (Seeking Alpha) $ 🗃️

🇨🇳 XPeng: Strong June Deliveries Create Upside (Seeking Alpha) $ 🗃️

• 🌐 XPeng (NYSE: XPEV) 🇨🇳 – Designs, develops, manufactures & markets Smart EVs. 🇼 🏷️

🇨🇳 Xpeng says China close to building ‘killer’ rival to Tesla Model Y (FT) $ 🗃️

🇨🇳 Xiaomi: Downgrade To HOLD; Sky Nomad Fills The Gaps But The 2026 Volume Target Remains A Tall Order (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. 🇼 🏷️

🇨🇳 China Automotive Systems: Macro Concerns (Seeking Alpha) $ 🗃️

🇨🇳 BYD’s Growing Exports Meet Cash Flow/Balance Sheet Risks – Growth Pains Persist (Seeking Alpha) $ 🗃️

🇨🇳 Beijing light aircraft crash slows China’s eVTOL ambitions (Bamboo Works)

• The accident has put China’s low-altitude aviation dream under new scrutiny just as eVTOL pioneer EHang Holdings (NASDAQ: EH) is struggling to turn flight certificates into passengers and sales

• A high-profile light-aircraft crash in Beijing exposed safety concerns that could slow development of China’s low-altitude economy, including for eVTOL makers

• EHang is China’s most advanced eVTOL company in terms of regulatory approvals, but weak deliveries and lack of ticketed flights show commercialization remains distant

🇨🇳 Dekon swings to the red on Chinese pork glut (Bamboo Works)

• The major hog producer said it expects to report a net loss of up to 1.4 billion yuan in the first half of 2026, reversing a 1.23 billion yuan profit a year earlier

• DEKON Food and Agriculture Group (HKG: 2419) swung sharply into the red in the first half of 2026, as prices for its core hog-raising business plunged 32.7% in June compared with a year earlier

• The company’s hog output rose 25.6% in June year-on-year despite the plunging prices, showing the industry remains heavily oversupplied

🇨🇳 AI flap spotlights blue-collar image holding back China’s homegrown Red Bull (Bamboo Works)

• Weak investor sentiment has dogged Eastroc Beverage Group Co Ltd (SHA: 605499) since its Hong Kong IPO in February, even as the energy drink maker reports strong growth

• Eastroc lost over $1 billion in market cap over five days as its Shanghai- and Hong Kong-listed stocks tanked after the release of an AI-generated video involving its chairman

• Sentiment towards the stock was already weak even before the selloff, possibly reflecting the company’s struggles to shed the working-class image of its signature energy drink

🇨🇳 China Shengmu (1432): China Modern Dairy Closes In On 50% (Hong Kong/China M&A/Events) $

• On the 30th October 2025, China Modern Dairy Holdings Ltd (HKG: 1117 / FRA: 07M / OTCMKTS: CMDKF) (CMD) entered into a SPA to acquire 1.28% in China Shengmu Organic Milk Ltd (HKG: 1432 / FRA: 7OM), the completion of which triggered a MGO.

• The Composite Doc was dispatched on the 30th June 2026, with a First Close on the 21st July. 31st August is the final close – unless unconditional 14 days beforehand.

• CMD intends to Shengmu’s maintain listing. The Offer is conditional on CMD holding 50%. By my estimate, ~14.4% of shares out have now tendered, lifting CMD’s stake to ~45.66%.

• China Shengmu Organic Milk (1432 HK) (CSM) is pretty illiquid. Look away now if this is not your bag.

🇨🇳 China Shengmu (1432): China Modern Dairy’s Offer Is (Shortly) Unconditional (Hong Kong/China M&A/Events) $

• China Modern Dairy Holdings Ltd (HKG: 1117 / FRA: 07M / OTCMKTS: CMDKF) (CMD)’s 30th October 2025 SPA dovetailed into a conditional MGO for China Shengmu Organic Milk Ltd (HKG: 1432 / FRA: 7OM) (CSM). That Offer is now effectively unconditional.

• According to CCASS, CMD controls ~71.2% – at least. The first close is the 21st July. The MGO may be declared unconditional today.

• CMD intends to maintain CSM’s listing. This Offer will likely close on the 4th August.

• China Shengmu Organic Milk (1432 HK) (CSM) is pretty illiquid. Look away now if this is not your bag.

🇨🇳 Yum China Q2 Preview: Pizza Hut Catalyst Balanced By Macro Headwinds (Rating Downgrade) (Seeking Alpha) $ 🗃️

• 🇨🇳 YUM China (NYSE: YUMC) 🇺🇸 – China’s largest restaurant company. Exclusive right to operate & sub-license KFC, Pizza Hut & Taco Bell + owns Little Sheep & Huang Ji Huangt. Partnered with Lavazza. 🇼 🏷️

🇨🇳 Jiumaojiu’s Tai Er chain builds momentum after major brand refresh (Bamboo Works)

• Same-store sales for the ‘sauerkraut fish’ chain rose 6.1% in the second quarter, marking a second quarter of growth after a double-digit decline in 2025

• Jiumaojiu International Holdings (HKG: 9922 / FRA: 3YU)’s Tai Er restaurant chain posted a second consecutive quarter of same-store sales growth in the second quarter, as its other metrics were also generally positive

• The chain launched a major brand refresh last year, and has closed about a quarter of its outlets since the end of 2024

🇨🇳 JF SmartInvest harnesses AI in drive into lucrative financial intelligence services (Bamboo Works)

• The company unveiled an AI-powered terminal at its new showroom in Hong Kong’s financial district as it chases high-net-worth individuals seeking investment advice

• JF SmartInvest Holdings Ltd (HKG: 9636) opened a physical store in Hong Kong where visitors can try out its new AI-powered terminal for investment portfolio analysis

• The company is pivoting from its traditional focus on investor education to the higher-margin business of providing financial information and advice

🇨🇳 Online Broker Futu Sued in U.S. Over Undisclosed China Regulatory Risks (Caixin) $

• An investor has filed a securities class-action lawsuit in the U.S. against online brokerage Futu Holdings Ltd (NASDAQ: FUTU) and its top executives, alleging they concealed the regulatory risks of its Chinese mainland operations.

• The complaint, filed in the Southern District of New York, names Futu, CEO Leaf Hua Li and Chief Financial Officer Arthur Yu Chen. It claims they violated the U.S. Securities Exchange Act by failing to adequately disclose the dangers of offering services in China.

🇨🇳 Xinyi Energy’s profit dives as China suffers from ‘solar hangover’ (Bamboo Works)

• The solar farm operator said it expects to report its profit fell between 25% and 35% in the first half of this year

• Xinyi Energy Holdings (HKG: 3868) said its profit fell sharply in the first half of 2026, as its margins declined on falling prices with the phasing out of government subsidies for solar power

• China added a massive 315 GW of solar capacity last year, causing the abandonment rate for new plants to rise above 6% as the grid struggled to accommodate new supply

🇨🇳 Insilico revenue soars above $100 million on AI drug partnerships (Bamboo Works)

• The developer of the world’s first end-to-end AI drug has projected a big leap in half-year earnings, driven by lucrative collaborations with multinationals

• Insilico Medicine Cayman TopCo (HKG: 3696) expects to power into the black after cashing in on drug partnerships this year with Eli Lilly, Takeda and SK Biopharmaceuticals (KRX: 326030)

• Its flagship drug, which was discovered and developed using AI, has entered Phase Three trials but substantive results are not expected before late 2027

🇨🇳 Lingbao glitter fades with gold peak’s passing (Bamboo Works)

• The gold producer’s profit boomed in the first half of this year on record gold prices, but it faces an uncertain future with the precious metal’s recent pullback

• Lingbao Gold Group Co Ltd (HKG: 3330) said it expects to report its profit jumped about 50% in the first half of 2026

• The company’s outlook is cloudy as gold prices move sharply lower from record highs reached early this year

🇨🇳 Hutchmed: Bullish On Their Commercial Prospects And Pipeline Catalysts (Seeking Alpha) $ 🗃️

• 🌐 Hutchmed (NASDAQ: HCM) 🇰🇾 – Commercial-stage biopharmaceutical company. Global development of targeted therapies & immunotherapies for the treatment of cancer & immunological diseases. CK Hutchison Holdings (HKG: 0001 / FRA: 2CKA / OTCMKTS: CKHUY / CKHUF) controlled.🏷️

🇭🇰 Johnson Electric Holdings Limited 2027 Q1 – Results – Earnings Call Presentation (Seeking Alpha)

🇭🇰 Get Nice (64 HK): Hung’s (Expected) Low-Balled Offer. It Is What It Is (Hong Kong/China M&A/Events) $

• As discussed in Get Nice (64 HK): Expect A Founder’s Scheme, following Get Nice Holdings Ltd (HKG: 0064)‘s (GNH) suspension, an Offer from Hung Hon Man, GNH’s chairman (& founder), was expected.

• And that is what unfolded late Friday night (17th July). Hung is Offering HK$4/share, comprising a HK$2 consideration + HK$2 special dividend. Terms appear not to be final.

• Terms are also low-balled. A 17.6% premium to undisturbed. And a 62.8% discount to NAV. Yet minorities are indifferent looking at AGM voting. I’m guessing this gets up, as is.

• Get Nice (64 HK) (GNH) is illiquid. Look away now if this is not your bag.

🇲🇴 Melco Resorts & Entertainment: The Worst Is Behind Us (Seeking Alpha) $ 🗃️

🇲🇴 Macau July 1-12 GGR seen at US$904mln, Citi keeps monthly forecast (GGRAsia)

• Banking group Citi said it was maintaining its forecast for Macau’s July casino gross gaming revenue (GGR) at MOP21.0 billion (US$2.6 billion), representing a 5-percent year-on-year decline, as it expected the city’s gaming revenue to recover further once the FIFA World Cup 2026 concludes.

🇲🇴 CLSA cuts Macau 2026 GGR growth forecast to 2pct as July revenue seen down 12pct (GGRAsia)

• Macau’s July casino gross gaming revenue (GGR) is likely to fall 12 percent year-on-year, mirroring the decline recorded in June, says brokerage CLSA Ltd.

• “We lower our projection for July and we think consensus downward revision is possible,” wrote analysts Jeffrey Kiang and Evan Wan in a Friday note.

• “As we insert the June actual GGR and lower our July forecast to -12 percent year-on-year, we cut our 2026 GGR forecast by 2 percent,” CLSA added.

🇹🇼 Taiwan Semiconductor: The Buildout Is Still Accelerating (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: The AI Supercycle Just Got Stronger (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: The Market Is Punishing The Wrong AI Stock (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: Ignore The Noise; Time To Back Up The Truck (Seeking Alpha) $ 🗃️

🇹🇼 TSMC: AI Capex Fatigue Meets Foundry Competition And Margin Fears – Reiterate Buy (Seeking Alpha) $ 🗃️

🇹🇼 TSMC Q2: Still One Of The Best AI Stocks To Own (Seeking Alpha) $ 🗃️

🇹🇼 TSMC Q2: The AI Panic Creates Your Second Chance (Seeking Alpha) $ 🗃️

🇹🇼 TSMC Q2 Earnings Review: There’s No Stopping The Juggernaut (Seeking Alpha) $ 🗃️

🇹🇼 Wall Street Breakfast Podcast: TSMC Chips In $100B More (Seeking Alpha) $ 🗃️

🇹🇼 Taiwan Semiconductor Manufacturing Company Limited 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇹🇼 Taiwan Semiconductor: Prepare For A Big Surprise (Seeking Alpha) $ 🗃️

🇹🇼 Taiwan Semiconductor: Q2 Earnings Could Be Another Step Toward $500 (Seeking Alpha) $ 🗃️

🇹🇼 ASE Technology: An $8.5 Billion Capex Gamble Fueled By Excessive AI Optimism (Seeking Alpha) $ 🗃️

🇰🇷 ‘A casino for investors’: leverage brings huge swings to world’s best-performing market (FT) $ 🗃️

• South Korean regulators fear single-stock leveraged ETFs are fuelling volatility

• The unusually sharp swings in the world’s two largest memory chipmakers, which together account for half of the Kospi, prompted President Lee Jae Myung this week to order swift measures to curb what he called the products’ destabilising effects.

🇰🇷 Jeju’s foreign-tourist volume up nearly 22pct y-o-y in Jan to May, with China top source market (GGRAsia)

• South Korea’s Jeju Island – a foreigner-only casino hub – saw a 21.5 percent year-on-year growth in overseas tourist volume for the first five months of this year, to just under 1 million. The Chinese mainland continued to be the leading source market for foreign arrivals.

• Jeju is home to eight foreigner-only casino licences, although some venues have periodically been inactive.

🇰🇷 S.Korea mulls big rise in tourism levy on peninsula’s foreigner-only casinos to maximum 15pct of annual revenue (GGRAsia)

• A local government official in South Korea has confirmed to GGRAsia that the country’s Ministry of Culture, Sports and Tourism has proposed the government increases the maximum Tourism Promotion and Development Fund contribution payable by Korean-mainland foreigner-only casinos from 10 percent of annual gaming revenue, to 15 percent.

• The proposal had been reported on Tuesday by online business-news outlet Edaily.

🇰🇷 POSCO Holdings: Encouraging Investor Event Takeaways (Seeking Alpha) $ 🗃️

• 🌐 POSCO Holdings (NYSE: PKX) – Integrated steel producer. 6 segments: Steel, Trading, Construction, Logistics & Others, Green Materials & Energy & Others. 🇼 🏷️

🇰🇷 KT Corporation: Turning Bullish On New AI Investments (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇰🇷 Align Partners Proposes A Merger Between JB Financial and BNK Financial (Douglas Research Insights) $

• On 14 July, Align Partners sent open letters to the BODs of JB Financial Group (KRX: 175330) and BNK Financial Group (KRX: 138930) proposing a merger of the two companies.

• Align Partners highlighted recent mergers among regional banks in Japan in the past several years as benchmarks.

• I have a positive view on such a merger. Nonetheless, I think the probability of this merger occurring in the next 1-2 years is less than 20%.

🇰🇷 Top Five Reasons Why Samsung Electronics Should List Its Shares as ADRs in the U.S. (Douglas Research Insights) $

• Bloomberg published an article today that Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) is in early discussions of a potential listing of ADRs in the U.S.

• The number one reason why Samsung Electronics should list its shares in the U.S. is that this could reduce the valuation discount on the company relative to its global peers.

• In terms of Samsung Electronics completing an ADR listing, I think the overall process could take about 2-3 years.

🇰🇷 A Pair Trade Between Samsung Electronics and Samsung Electro-Mechanics (Douglas Research Insights) $

• The core investment thesis of this insight is a pair trade (long Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) and short Samsung Electro-Mechanics Co Ltd (KRX: 009150 / 005935) (SEMCO).

• My argument for the long-short trade is mainly due to two main factors. First, I think the valuations for Samsung Electronics is now more compelling relative to SEMCO.

• Second, there are early signs of a potential slowdown in demand for AI infrastructure buildout by hyperscalers. In such a scenario, I think Samsung Electronics could perform better than SEMCO.

🇰🇷 Pricing Discrepancies of U.S. Listed 2x SK Hynix ADR Linked ETFs Vs 2x Leveraged SK Hynix Korea ETFs (Douglas Research Insights) $

• This insight provides an analysis of the seven major 2x single stock leveraged ETFs for SK Hynix (KRX: 000660) ADRs in the U.S. including trading volume, trading value, and price discrepancies.

• Total trading value of these seven ETFs were $826 million on 15 July and $522 million on 14 July, representing 6.2% and 4.0% of SK Hynix ADR shares, respectively.

• Investors are trying to exploit volatile cross-border price gaps between SK Hynix local shares, U.S. ADRs, and 2x leveraged ETFs in both markets to maximize arbitrage returns.

🇰🇷 New SK Hynix ADRs are trading at a BIG premium (FT) $ 🗃️

🇰🇷 Korea Small Cap Gem #66: Gamsung Corporation (Douglas Research Insights) $

• Gamsung Corporation Co Ltd (KOSDAQ: 036620) has posted excellent growth in sales and profits in Korea in the past several years driven by the premium outdoor lifestyle brand Snow Peak.

• Gamsung Corporation has attractive valuations. It is currently trading at P/E of 7.6x (2026E) and 6.0x (2027E) based on consensus earnings estimates.

• Exports as a percentage of sales increased from 0.7% in 2024 to 3.1% in 2025 and 10% in 1Q 2026. Total exports increased by 262% YoY in 1Q 2026.

🇰🇷 A Partial Tender Offer of Gabia by Macquarie (Douglas Research Insights) $

• On 20 July, Macquarie Korea Opportunities Private Equity Fund No. 6, managed by Macquarie Asset Management announced that it is conducting a tender offer for Gabia Inc (KOSDAQ: 079940) shares.

• The tender offer price is 48,000 won per share and the tender offer period lasts from 20 July to 17 September. Post tender offer, Macquarie plans to delist Gabia.

• I believe this partial tender offer of Gabia by Macquarie could trigger a potential M&A fight for the control of the company, leading to much higher share price.

🇲🇾 DKSH Holding AG 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇾 Malayan Banking Berhad (MLYBY) Shareholder/Analyst Call – Slideshow (Seeking Alpha)

🇵🇭 Alliance Global completes acquisition of Travellers Intl stake from Genting HK as first agreed in May 2023 (GGRAsia)

• Genting Hong Kong Ltd has formally disposed of its remaining stake in the operator of the Newport World Resorts casino complex and associated firms. That was more than three years after agreeing to dispose of its interest in the Manila project to long-standing joint venture partner Alliance Global Group (PSE: AGI / OTCMKTS: ALGGF / ALGGY).

• According to a Wednesday filing with the Philippine Stock Exchange, Alliance Global subsidiary Newport World Resorts Properties Inc (NWRPI) assumed ownership of the shares held by Star Cruises Philippines Holdings BV, Asian Travellers Ltd and Premium Travellers Ltd in resort operator Travellers International Hotel Group Inc.

• Genting Hong Kong – part of Malaysian conglomerate Genting Berhad (KLSE: GENTING / OTCMKTS: GEBHY) and formerly a cruise casino operator – entered liquidation in January 2022, following the insolvency of a German shipbuilding company it controlled, which in turn triggered cross-default events across the group.

🇸🇬 Singapore’s 1H visitor arrivals down 1.7pct to 8.19mln, as volume dips from major markets Indonesia and India (GGRAsia)

• Singapore recorded 1.18 million international visitor arrivals in June, down 4.9 percent year-on-year. It was also the lowest monthly tally throughout the first half of this year, according to the latest data from the Singapore Tourism Board (STB).

• Overnight visitors accounted for 850,380 arrivals in June, down by 8.0 percent from a year ago. Average length of stay across all international markets was 3.59 days, down 3.0 percent year-on-year.

• Singapore’s tourism offer includes a casino duopoly consisting of the Resorts World Sentosa property of Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY), and Marina Bay Sands, controlled by Las Vegas Sands (NYSE: LVS).

🇸🇬 Singapore’s Marina Bay Sands 2Q EBITDA likely down 5pct y-o-y: JP Morgan (GGRAsia)

• JP Morgan Securities LLC forecasts second-quarter property-level earnings before interest, taxation, depreciation, and amortisation (EBITDA) at Marina Bay Sands are likely to have stood at US$727 million. The brokerage said in a note on Wednesday that this would represent a 5-percent year-on-year decline.

• Las Vegas Sands (NYSE: LVS) controls the Marina Bay Sands casino complex, one half of Singapore’s casino duopoly. The firm is also the parent company of Macau-based casino operator Sands China (HKG: 1928 / FRA: 599A / OTCMKTS: SCHYY / OTCMKTS: SCHYF).

🇸🇬 Karooooo’s Q1 Earnings: Core Growth Remains Intact, Despite Its FX Headwind (Seeking Alpha) $ 🗃️

🇸🇬 Karooooo Ltd. 2027 Q1 – Results – Earnings Call Presentation (Seeking Alpha)

• 🇸🇬 🇿🇦 Karooooo (NASDAQ: KARO / JSE: KRO) – Leading provider of an on-the-ground operations cloud that maximizes the value of data. The Cartrack SaaS platform provides insightful real-time data analytics & business intelligence reports. 🏷️

🇸🇬 Sea Limited: 3 Growth Engines, 1 Undervalued Stock (Seeking Alpha) $ 🗃️

• 🌏 Sea Limited (NYSE: SE) – 3 core businesses: Garena (global online games developer & publisher), Shopee (largest pan-regional e-commerce platform in SE Asia & Taiwan), SeaMoney (leading digital payments & financial services provider in SE Asia). 🇼 🏷️

🇸🇬 BW LPG: The Most Benefited From The Strait of Hormuz Closure Despite Increasing Risks (Seeking Alpha) $ 🗃️

🇸🇬 Old Chang Kee – A Snack Food Powerhouse (Corporate Monitor)

• 🌏 Old Chang Kee (SGX: 5ML) – Outlets selling fried snacks (signature curry puffs, etc.) + manufactures seafood, chicken, desserts & breakfast products. 🇼 🏷️

🇸🇬 Top Stock Market Highlights of the Week: Sheng Siong, PayPal, Netflix and Gold Prices (The Smart Investor)

• We look at the largest-ever investment by a local supermarket operator, a mega-bid in the payments space, and why the yellow metal has lost its shine.

  • Sheng Siong commits S$520 million to automated distribution hub

    • Sheng Siong (SGX: OV8) broke ground on 13 July 2026 on a new integrated headquarters and distribution centre (IHDC) in Sungei Kadut, part of a S$520 million investment to support its next phase of growth.

    • It will be able to support more than 120 stores across Singapore, up from the group’s current network of 90 outlets.

  • PayPal’s board sees Stripe-Advent bid as undervaluing the company

  • Streaming giant’s outlook underwhelms as engagement reporting is pared back

  • Middle East tensions lift oil, denting the yellow metal’s appeal

🇸🇬 Dividends for Life: How to Turn Your CPF Excess into a Monthly Cash Machine (The Smart Investor)

• Once your retirement needs are on track, excess CPF savings could become a source of lifelong passive income. Here’s how some investors use CPFIS to build a portfolio of dividend-paying assets.

• Here are examples of good businesses that are CPFIS-eligible dividend investments.

🇸🇬 Top 3 SGX REITs to Watch This Week (The Smart Investor)

• Keppel DC REIT, Suntec REIT and MIT are in focus this week, with upcoming earnings offering fresh insights into their growth outlook.

  • Keppel DC REIT: Can the Momentum Keep Its Pace?

    • Keppel DC REIT (SGX: AJBU / OTCMKTS: KPDCF) owns 25 data centres across 10 countries, with assets under management (AUM) of around S$6.3 billion.

    • Its last set of numbers ran hot.

  • Suntec REIT: How Much of the DPU Jump Repeats?

    • Suntec Real Estate Investment Trust (SGX: T82U / OTCMKTS: SURVF) is Singapore’s first composite REIT, with 10 properties across Singapore, Australia and the UK and AUM of S$12.2 billion.

    • Its last DPU came in at S$0.01936, up 23.9% compared to a year ago.

    • That headline looks strong.

    • The operating numbers tell a quieter story.

  • Mapletree Industrial Trust: Does the Repositioning Begin to Show?

    • Mapletree Industrial Trust (SGX: ME8U / OTCMKTS: MAPIF), or MIT, holds 136 industrial properties across Singapore, North America and Japan.

    • Its S$8.3 billion portfolio spans data centres, hi-tech buildings and general industrial space.

    • The last quarter came in softer.

  • Get Smart: Read the Driver, Not Just the Headline

🇸🇬 With Oil and Inflation Rising, Are Singapore REITs at Risk? (The Smart Investor)

• Higher oil prices can fuel inflation and keep interest rates elevated, creating headwinds for S-REITs. Here’s what investors should understand before reacting to the headlines.

  • Higher Electricity Prices and Inflation – Who Bears the Burden?

  • The “Higher-for-Longer” Interest Rate is Here to Stay

  • What Should REIT Investors Look For?

  • Which REIT Could Win?

    • When it comes to leverage, AIMS APAC REIT (SGX: O5RU / OTCMKTS: ACIRF), or AAREIT, shines with its comparatively low leverage of 26.8% in the fiscal year ended 31 March 2026 (FY2026).

    • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT, maintains a manageable balance sheet in the first quarter of 2026 (1Q2026) with 38.5% leverage and a decent 3.8x ICR.

    • Looking for a financial fortress? Parkway Life Real Estate Investment Trust (SGX: C2PU), with its whopping 8.6x ICR and modest 33.4% gearing in the second half ended 31 December 2025 (2H2025), is what you are looking for.

  • Get Smart: Patience Over Panic

🇸🇬 Don’t Miss This Dividend-Paying Growth Stock with Massive Potential (The Smart Investor)

• Investors often believe they must choose between growth and dividends. But some companies offer both. This stock combines strong earnings growth with a growing dividend, making it a compelling candidate for long-term investors.

• We look at how Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering, or STE, could be one of those rare companies that combine both earnings and dividend growth.

  • Why Growth and Dividends Can Be a Powerful Combination

  • ST Engineering Ltd

    • STE stands out with multi-year tailwinds across its key operating segments: commercial aerospace (CA), defence and public security (DPS), and urban solutions & satcom (USS).

    • All three industries are enjoying strong secular growth trends; the surge in global defence spending is expected to continue, especially given recent tensions in the Middle East.

  • What Could Drive the Next Phase of Growth?

  • What Are the Risks?

  • Get Smart: The Best Dividend Stocks Often Start as Great Growth Stocks

🇸🇬 Building Your Core: 5 Reliable Dividend Stocks for a Long-Term Income Portfolio (The Smart Investor)

🇸🇬 Top 6 Temasek-Backed SGX Blue-Chip Stocks (The Smart Investor)

• Three Temasek blue-chips reported results within weeks of each other. One raised its dividend, one doubled it, and one cut it after record revenue. Here’s what income investors should take from each.

• As we layer in these next three heavyweights, a familiar truth emerges for income investors: headline earnings numbers rarely capture the full story.

  • Which company made the cleanest case for its dividend?

    • Sembcorp Industries (SGX: U96 / FRA: SBOA / OTCMKTS: SCRPF) is an energy and urban solutions provider that operates across Singapore, India, China, the United Kingdom, Vietnam and the Middle East.

  • Can Seatrium keep doubling its dividend?

    • Seatrium Ltd (SGX: SE2 / FRA: S8N / OTCMKTS: SMBMF) provides engineering solutions to the offshore, marine and energy industries across 20 countries.

  • Why did Singapore Airlines (SIA) cut its dividend after record revenue?

    • Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF) runs a dual-brand strategy with full-service SIA and low-cost Scoot, plus an engineering arm and a 25% stake in Air India.

  • Get Smart: Read past the headline number

🇸🇬 Top 3 Temasek-Backed SGX Blue-Chip Stocks (The Smart Investor)

• Temasek’s three largest SGX holdings are worth S$104.7 billion combined. All three just reported — and all three pay dividends built from more than one part.

• As at 31 March 2026, the investment company held stakes in DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF), Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel, and Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering worth roughly S$104.7 billion combined.

  • Where is DBS finding growth when rates fall?

  • Can Singtel’s overseas units keep carrying the group?

  • What does ST Engineering’s order book tell us?

  • Get Smart: Read the dividend, not just the total

🇸🇬 Hidden Gems: 3 Debt-Free Stocks for Paying More than Your CPF (The Smart Investor)

🇸🇬 Singtel vs StarHub: Examining Free Cash Flow Payout Ratios for Income Investors (The Smart Investor)

• Dividend yields grab attention, but free cash flow determines whether those payouts can last. Here’s how Singtel and StarHub compare for long-term income investors.

• Today, we will compare Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel to see how these local telecom giants fare in terms of their FCF payout ratios.

  • Company Overview

    • Singtel is Singapore’s largest telecommunications company.

    • Aside from its local telecom operations and its Optus subsidiary in Australia, the group derives a significant portion of its earnings from its associates in regional telcos such as India’s Bharti Airtel and Indonesia’s Telkomsel.

    • Turning to StarHub, other than providing broadband and mobile services, the group’s top-line profile is increasingly driven by its enterprise cybersecurity and information communication technology (ICT) solutions.

  • Singtel: Is the Dividend Well Supported?

  • StarHub: Does the Cash Flow Tell a Different Story?

  • Beyond Free Cash Flow: Other Factors That Matter

  • Which Company Looks Better for Income Investors?

  • Common Mistakes Income Investors Make

  • Get Smart: Follow the Cash, Not the Yield

🇸🇬 Sheng Siong’s S$520 million Bet: What Investors Need to Know (The Smart Investor)

• Sheng Siong just broke ground on the biggest investment in its history. Here’s why the supermarket operator is spending S$520 million now.

• On 13 July 2026, Sheng Siong Group (SGX: OV8 / OTCMKTS: SHSGF) broke ground on a new Integrated Headquarters and Distribution Centre in Sungei Kadut.

• At S$520 million, it is the largest investment the supermarket operator has made in its history.

• The scale is deliberate.

• The new facility will sit on a site about two and a half times the size of Sheng Siong’s existing distribution centre in Mandai Link.

  • So why commit now?

  • Free Cash Flow: The Lifeblood of Dividends

  • What Lies Ahead

  • Get Smart: Big Investment Signals Strong Expansion

🇸🇬 Top 8 SGX Blue-Chip Stocks that Beat the Market YTD (The Smart Investor)

• Eight SGX blue-chips beat the index this year, but half of them did it with flat or falling profits. Here is what the market was really pricing.

  • Which names ran furthest ahead?

  • Where did earnings clearly do the work?

  • What about the ones whose profits did not rise?

  • Get Smart: One index, two ways to beat it

🇸🇬 Beyond the STI: 3 Stocks That Doubled (or More!) over the Past Year (The Smart Investor)

• The STI delivered respectable returns, but these three Singapore stocks went much further, each doubling or more over the past year.

• MoneyMax Financial Services (SGX: 5WJ), Oiltek International Ltd (SGX: HQU), and ISDN Holdings Ltd (SGX: I07 / HKG: 1656 / FRA: I8D) each more than doubled over the same six months.

• None sits in the Straits Times Index (SGX: ^STI).

  • What did Oiltek do to earn a second look?

    • Oiltek supplies process technology to the global vegetable oils industry, and it has commissioned plants in more than 37 countries.

    • Its FY2025 numbers favour quality over headline growth.

  • Why did MoneyMax post the biggest return of the three?

    • MoneyMax runs pawnbroking, retail and trading of gold and luxury items, and secured lending across Singapore and Malaysia.

    • Its FY2025 growth was the strongest of the group.

  • Was ISDN’s profit drop as bad as it looked?

    • An Asian industrial automation firm dual-listed in Singapore and Hong Kong, ISDN’s renewable energy arm builds mini-hydropower plants in Indonesia.

    • The headline looked weak.

  • What connects the three?

  • Get Smart: Look Deeper Than Just Doubling Prices.

🇸🇬 If You Bought DBS at Its Peak, What Would Your Returns Look Like Today? (The Smart Investor)

• What happens if you buy DBS at its highest price? The answer may surprise long-term investors once dividends are included.

• In this article, we examine what would have happened if you had bought DBS Group (SGX: D05 / FRA: DEVL / DEV / OTCMKTS: DBSDY / DBSDF) at its previous peak.

  • The Scenario: Buying at the Worst Possible Time

  • Why Great Companies Recover

  • What Happened After the Peak?

  • What Made This Blue-Chip So Resilient?

  • Lessons for Today’s Investors

  • When Buying at the Peak Doesn’t Work

  • Get Smart: Time Is Often the Best Cure for Bad Timing

🇸🇬 Top 3 SGX Blue-Chip Stocks that Delivered Twice the STI’s Returns YTD (The Smart Investor)

• SGX, OCBC and ST Engineering have outperformed the STI in 2026. Discover the business strengths driving their impressive market-beating returns.

• Here’s the twist: three STI components out of the 30 left it well behind.

• Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) delivered a total return of 43.3% over the same stretch.

• Oversea-Chinese Banking Corp (OCBC) (SGX: O39 / FRA: OCBA / FRA: OCBB / OTCMKTS: OVCHY) returned 36.2%.

• Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering came in at 33.7%.

  • Why did SGX outrun the field?

  • Is ST Engineering’s strength built to last?

    • ST Engineering sells into defence, aerospace and urban systems across more than 100 countries.

    • Two of those markets are running hot.

  • Can OCBC keep growing without rate support?

  • Get Smart: One Index, Three Engines

🇹🇭 PTT Exploration and Production Public Company Limited (PEXNY) Analyst/Investor Day – Slideshow (Seeking Alpha)

🇮🇳 Corporate India’s record outbound investments add pressure to rupee (FT) $ 🗃️

🇮🇳 ICICI Bank Limited 2027 Q1 – Results – Earnings Call Presentation (Seeking Alpha)

🇮🇳 India presses banks to court diaspora for deposits to support rupee (FT) $ 🗃️

🇮🇳 Choice International: India’s Fastest-Growing Financial Supermarket (Smartkarma) $

• Choice International Ltd (NSE: CHOICEIN / BOM: 531358) closed FY26 with consolidated revenue of Rs.1,145 crore (up 24% YoY) and PAT of INR 238 crore (up 46% YoY), extending five-year run of near-halving profit doubling cycles.

• A segment-level unpacking of broking, advisory, NBFC and the new asset-management bet, plus the cash-flow and institutional-ownership signals that sit awkwardly next to the headline growth.

• The stock trades near 80 times trailing earnings, a multiple that presumes uninterrupted execution across four structurally different financial-services businesses at once.

🇮🇳 Schneider Electric Infrastructure: An Electricity Demand Proxy in India! (Smartkarma) $

• Schneider Electric Infrastructure Ltd (NSE: SCHNEIDER / BOM: 534139) closed FY26 with orders surging 27.4% YoY to Rs. 3,430 Cr and a 50% jump in order backlog, even as a commodity-hit Q4 compressed near-term profits.

• New Vadodara switchgear and Kolkata breaker plants commissioning in FY27 will nearly 9x breaker capacity, unlocking revenue and margin expansion that current financials do not yet reflect.

• FY26’s muted PAT is a transition cost, not a structural break. FY27 capacity additions meeting a Rs. 3,400+ Cr order book is a classic inflection setup worth tracking closely.

🇮🇳 Sai Parenterals: From Injectables Niche to a Global Formulations Platform (Smartkarma) $

• FY26 revenue jumped 140% to Rs. 381 crore on the back of the Noumed Australia consolidation, but EBITDA margin nearly halved to 10%.

• Sai Parenteral’s Ltd (NSE: SAIPARENT / BSE: SAIPARENT) is converting from a Hyderabad-centric injectables maker into a regulated-market CDMO and consumer-health platform, funded by a fresh IPO and a large FY27 capex plan.

• Execution on Noumed integration, plant capacity ramp-up and cash conversion will decide whether the premium valuation is earned or borrowed.

🇮🇳 RateGain Travel Technologies: The $1 Billion Ambition by One of the Largest SaaS Providers (Smartkarma) $

• Rategain Travel Technologies Ltd (NSE: RATEGAIN / BOM: 543417) closed FY26 with operating revenue of Rs.1,823.6 crore, up 69.4% year-on-year, powered by the November 2025 Sojern acquisition, even as reported net profit slipped to Rs.194.4 crore.

• Sojern doubled RateGain’s revenue base and made it the world’s largest source of travel-intent data, but it also depressed near-term margins and reported profit through acquisition and integration costs.

• With cost synergies, cross-sell across 13,000-plus customers and a stated 18-20% sustainable margin target, FY27 is the year that tests whether RateGain’s scale converts into durable earnings power.

🇮🇳 Tejas Networks: Tata Group’s Research Company, Beyond Bharatnet! (Smartkarma) $

(Tejas Networks (NSE: TEJASNET / BOM: 540595))

• FY26 revenue fell to Rs.1,103 crore from Rs.8,923 crore in FY25, with a full-year net loss of Rs.909 crore as the BSNL 4G supply cycle wound down.

• The order book climbed 49% YoY to Rs. 1,514 crore, but Rs. 3,531 crore of net debt means execution speed, not order wins, now decides solvency.

• Wireless exports and BharatNet routers are the two levers management is pulling: whether they scale fast enough is the thesis worth stress-testing.

🇮🇳 Ather Energy: EL Platform Opens the Next Phase of Mass-Market Growth (Smartkarma) $

• Ather Energy Ltd (NSE: ATHERENERG / BOM: 544397), an Indian electric-scooter manufacturer, will unveil its first EL-platform model on 29 August, entering the INR 1-1.25 lakh mass-market segment before end-2026 commercialisation.

• Steel unibody, simpler transmission, 15% faster assembly and 10,000-km service intervals target affordability and ownership friction, expanding volumes with limited cannibalisation of Rizta and 450.

• Ather’s product gap is narrowing, but Factory 3.0’s Q3 FY27 start, five-lakh capacity, launch-to-delivery timing, quality, distribution throughput and margin retention now determine EBITDA breakeven.

🇮🇳 IGX IPO: Can India’s Gas Market Shift from Bilateral Deals to Exchange Trading? (Smartkarma) $

• Indian Gas Exchange, India’s only authorised national physical-delivery gas exchange, filed a 100% OFS for 1.671 crore shares, reducing IEX’s holding from 47.28% to 25%.

• IGX combines monopoly status, asset-light debt-free economics, 35% PAT CAGR and 69.1% FY26 EBITDA margin, with CRISIL projecting 37% volume CAGR through FY30.

• The IPO is price-sensitive: no growth capital enters IGX, while INR 340 implies nearly 60x FY26 earnings, liquidity, approvals and transaction-led growth must justify the premium.

🇮🇳 Pace Digitek: Bigger Orders, Lower Margins and Rising Receivables (Smartkarma) $

• Energy has become the growth engine, accounting for 78.1% of the Rs.11,338 crore executable order book, even though Telecom & ICT still contributed 54.6% of FY26 revenue.

• Pace Digitek Ltd (NSE: PACEDIGITK / BOM: 544550) is attempting a rapid shift from project execution toward an integrated BESS platform spanning manufacturing, EPC and selected build-own-operate assets.

• Revenue visibility is strong, but the investment case now depends on margin discipline, receivable conversion, timely capacity commissioning and reduced dependence on imported cells and containers.

🇮🇳 NELCO: The Upcoming SpaceX of India (Smartkarma) $

• Q1 FY27 revenue rose 7% YoY to 80.03 crore, while consolidated net profit increased 30% to 2.34 crore.

• Nelco Ltd (NSE: NELCO / BOM: 504112) has signed with Eutelsat OneWeb and tested LEO connectivity, placing it close to India’s upcoming multi-orbit opportunity.

• The earnings base is still small, but regulatory clearance for commercial LEO services can improve growth, bandwidth usage and operating leverage.

🇮🇱 Tower Semiconductor Stock Exploded—Has The Market Gone Too Far? (Smartkarma) $

• Tower Semiconductor (NASDAQ: TSEM) has become one of the semiconductor market’s most dramatic momentum stories after announcing a major expansion of its manufacturing operations in Japan.

• The company plans to invest $3 billion to increase production capacity, supported by a $1 billion grant from the Japanese government.

• The announcement sent its U.S.-listed shares up more than 18% in premarket trading, extending a rally that had already lifted the stock by over 95% since the beginning of the year.

🇦🇪 Wynn UAE still on track for 2027 opening, analyst David Bain says (GGRAsia)

• Brokerage Texas Capital Securities says it “still anticipates” that Wynn Al Marjan Island (pictured in a file photo), a new US$5.1-billion casino resort in the United Arab Emirates (UAE), will open within 2027, despite “geopolitical events” that have delayed the stock momentum of the property’s 40-percent equity owner and operator, Wynn Resorts Ltd (NASDAQ: WYNN).

• Wynn Resorts, parent of Macau operator Wynn Resorts Ltd (NASDAQ: WYNN), had previously flagged an opening in spring 2027.

• Texas Capital Securities’ analyst David Bain wrote in a Monday note: “We believe geopolitical events have likely delayed stock momentum over the last few months which would have been driven by Wynn’s UAE integrated resort casino opening originally slated for first quarter 2027.

🇵🇱 LPP SA 2027 Q1 – Results – Earnings Call Presentation (Seeking Alpha)

• 🌍 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. 🇼 🏷️

🌎 Latin America’s anti-corruption fight in 2026 (Latin America Risk Report)

• Writing about Guatemala’s recent improvements inspired me to make a map about everywhere else.

• Several countries could defensibly wear more than one color. Mexico could arguably be brown, yellow, orange, or red depending on which parts of the politics and huachicol narrative you weigh most heavily. Brazil could be blue or yellow, and the Bolsonaro family would certainly file it under orange. Costa Rica could be blue or yellow; I lean yellow because of how much the Chaves government weakened what had been one of the region’s stronger accountability systems.

🌎 The LatAm Yield: How to Buy the LatAm HY Market (TheOldEconomy Substack)

🌎 Globant: A Strong Way To Play The ‘Software Isn’t Dead’ Case (Seeking Alpha) $ 🗃️

🇧🇷 The payments darling in Trump’s crosshairs (FT) $ 🗃️

• US tariff threats against Brazil over payments platform Pix provoke a political storm ahead of elections

• Pix, as the government-run service is called, is virtually ubiquitous across the country’s continental territory, from remote rainforest to urban favelas.

• Free for consumers and low-cost for businesses, the digital money transfer tool is credited with boosting financial inclusion in one of the world’s most unequal societies since being launched in late 2020.

• Supporters of the leftwing government in Brasília suggest it is because the popular payments instrument challenges American card networks Visa and Mastercard, as well as other US payments and technology companies.

• A US Trade Representative investigation last month into alleged unfair trade practices claimed Brazil gave preferential treatment to its “national champion” to the disadvantage of US payments providers, encouraging Pix’s use over competitors by capping fees. All financial institutions with more than half a million customers must offer the tool to their customers.

🇧🇷 Trump administration slaps 25% tariff on Brazil as bilateral ties deteriorate (FT) $ 🗃️

🇧🇷 Sigma Lithium: Under The Radar Lithium Expansion (Seeking Alpha) $ 🗃️

🇧🇷 Sigma Lithium: Enormous Growth Potential, But Without The Breathing Room To Count On It (Seeking Alpha) $ 🗃️

🇲🇽 Vista Energy, S.A.B. de C.V. 2026 Q2 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇽 Vista Energy: Production Growth Drives Increasing Free Cash Flow (Seeking Alpha) $ 🗃️

• 🇦🇷 🇲🇽 Vista Energy (NYSE: VIST / FRA: 1CIA / BMV: VISTAA)’s – Mexico HQ’d. Main asset in Argentina is the largest shale oil & shale gas play under development outside North America. 🏷️

🇲🇽 FEMSA: Eyes On Credit Partnership And Potential Catalysts (Seeking Alpha) $ 🗃️

🇵🇦 Bladex: BBB+ Upgrade, Cleaner Credit, Still Cheap (Seeking Alpha) $🗃️

• 🌎 Banco Latinoamericano (NYSE: BLX) or the Foreign Trade Bank of Latin America or Bladex – Founding shareholders were the Central Banks & government entities of 23 countries in the region. Specialized in addressing trade finance needs. 🇼 🏷️

🌐 Institutional Investors Starting to Push Back on the Excessive Debt Issuance by the Hyperscalers (Douglas Research Insights) $

• Hyperscalers are expected to issue more than $300 billion (up 148% YoY) in corporate bonds in 2026.

• Amazon’s $25B debt issuance on 7 July drew weak investor demand, signaling a potentially cold reception for future large-scale capital raises by tech hyperscalers in the coming months.

• This is one of the signs that the investors are pushing back on the excessive debt issuance by the hyperscalers.

🌐 Nebius: Thank You, Mr. Market (Rating Upgrade) (Seeking Alpha) $ 🗃️

🌐 Nebius: My Highest-Conviction AI Stock (Seeking Alpha) $ 🗃️

🌐 Nebius: Meta Fears Create A Buying Opportunity (Seeking Alpha) $ 🗃️

🌐 Nebius 3.6 Shows How It Plans To Compete For AI Cloud Customers (Seeking Alpha) $ 🗃️

🌐 Why Nebius Is Perfectly Positioned For The Open-Source AI Shift (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):

MetaOptics (Uplisting) MOT Roth Capital Partners/The Benchmark Company, 3.0M Shares, $5.00-7.00, $18.0 mil, 7/20/2026 Week of

Note: This is NOT an IPO. This is a NASDAQ Uplisting – a public offering – from the Singapore Stock Exchange, where MetaOptics’ ordinary shares have been listed on the Catalist of the Singapore Exchange Securities Trading Limited (the “SGX-ST”) since Sept. 9, 2025, under the ticker symbol “9MT” – according to the prospectus.

(Incorporated in the Cayman Islands)

We are a Singapore-based company that designs and manufactures metalenses – ultra-thin flat optical lenses that are smaller, lighter and more power efficient than traditional curved lenses.

Making Miniaturization Possible is our mission.

Note: MetaOptics says its metalens technology accommodates the demand for smaller and lighter lenses in smartphones, automotive technology and other uses.

From the prospectus:

We are a vertically integrated metalens technology company, combining core competencies across metalens equipment, foundry, products, and metaoptics artificial intelligence (“AI”). We conduct our operations through our wholly-owned subsidiaries in Singapore and the United States.

Metalenses are ultra-thin flat-surface lenses which are smaller, lighter, consume less power, and offer a wider field of view, compared to conventional optical lenses. The unique flatness of metalenses enables the correction of optical defects, delivering reasonable quality color images. Leveraging our AI-based algorithm and processing software, which incorporates several advanced algorithms to enhance the optical design and image processing, our metalens technology can further sharpen the images to achieve higher resolution and enhanced image quality, and allow users to manipulate the individual red, green and blue (“RGB”) channels to edit the color images through computational reconstruction. We believe that our innovations have transformative potential in shaping next-generation optical systems.

Our operations are centered on the design and manufacture of metalenses and metalens prototypes, and to demonstrate the viability, efficacy, applications and use cases of our metalenses, we have expanded our operations to include the development of metalens camera modules and metalens Internet of Things (“IoT”) products, such as infrared metalens cameras, pico projectors, and IoT metalens color cameras. Our metalenses have also been integrated into a wide range of applications by our customers, including fifth generation (“5G”) smartphones, contactless three-dimensional (“3D”) biometric modules, projectors, and for industrial applications such as IoT devices, light detection and ranging (“LiDAR”) devices and heads-up displays (“HUDs”) for planes and self-driving cars, and augmented reality/virtual reality (“AR/VR”) devices. To date, although we have achieved mass production capabilities for our metalens prototypes (“mass production” in our perspective refers to the shipment of one million metalens units per year), we have not yet received a critical mass of purchase orders from our customers necessitating mass production of our metalenses.

To facilitate small-scale production of our metalenses to fulfil purchase orders, reduce concentration risk and diversify our supply chain, and to demonstrate the manufacturing capabilities for our metalenses, we also design and produce equipment for the manufacture of metalenses, in particular 4-inch direct laser writers (“DLWs”). Our 4-inch DLWs enable our customers to revise specifications and design of metalenses directly, reducing the lead time and providing for a shorter turnaround time from prototyping to testing and deployment into end products. In addition, our metalens equipment offerings have grown to include the design and production of metalens automatic testers, for use by our customers to ensure quality control of metalenses prior to shipment. These capabilities enable us to serve as a one-stop provider of metalens and metalens IoT products, offer customers comprehensive end-to-end services, and preserve and grow our competitive advantage in the industry.

We offer our products to manufacturers of automotives, AR/VR devices, consumer electronic appliances, end-customers, and traders for the distribution of such products. While we offer our products worldwide, our existing customers for metalens equipment, metalenses and IoT products are mainly located in Singapore, Japan, South Korea, China, Taiwan, the United States, and several countries in Europe.

We intend to use the net proceeds from this offering primarily to support our expansion plans in the United States. See “Use of Proceeds.”

Note: Net loss and revenue are in U.S. dollars (converted from Singapore dollars) for the year that ended Dec. 31, 2025.

(Note: MetaOptics cut its NASDAQ Uplisting deal’s size to 3 million American Depositary Shares (ADS) – down from 4 million ADS – and disclosed a price range of $5.00 to $7.00 – a change from the assumed price of $8.15 per share – to raise $18 million, according to an F-1/A filing dated June 10, 2026. Each ADS equals 12 ordinary shares.)

(Background: MetaOptics disclosed the terms for its NASDAQ Uplisting – a small public offering – on May 18, 2026, in an F-1/A filing: 4 million ADS at an assumed price of $8.15 to raise $32.6 million. The price – $8.15 – is the as-converted last price of MetaOptics’ shares on May 15, 2026, on the Singapore Exchange. Initial Filing: MetaOptics filed its F-1 for its uplisting to the NASDAQ – an offering that MetaOptics calls its IPO – on May, 4, 2026, without disclosing the terms. MetaOptics’ stock is listed on the Singapore Stock Exchange under the ticker “9MT” – according to the prospectus. Estimated proceeds for the NASDAQ uplisting – public offering – were up to $23 million.)

Ticketplus TP Roth Capital/Bancroft Capital/MDB Capital Group, 1.8M Shares, $13.00-15.00, $25.0 mil, 7/20/2026 Week of

(Incorporated in the Cayman Islands)

We are a Latin American marketplace for live event tickets and we also provide event software. We provide a full-stack event platform for the live entertainment industry in Latin America.

We are a technology company focused on powering the live entertainment industry across Latin America. We provide a proprietary, full-stack event platform that supports event discovery, primary ticketing, access control, payments, analytics, and post-event insights for promoters, venues, sports organizations, and ticketing companies. Since our founding in 2014 in Chile, we have expanded through a dual business model strategy: (1) a full-operations model in Chile, our home market, where we act as the primary ticketing platform and deliver end-to-end infrastructure and services and (2) a white-label software-as-a-service, or SaaS, model where we license our platform to regional ticketing companies, venues, and promoters who operate under their own brands while using our technology. Our platform is designed to increase attendance and maximize revenue for our clients by combining reliable transaction processing with data-driven pricing, personalization, and conversion-optimized experiences.

We believe the Latin American live events market represents one of the most attractive growth opportunities globally, with smart ticketing (as defined below) adoption outpacing global averages and a market structure that remains highly fragmented versus North America and Europe. We believe our technology, localized operating expertise, and flexible commercial models position us to capture a greater share of the region’s expanding value, while our capital-light white-label business will enable rapid, margin-accretive expansion.

The term “smart ticketing” refers to the integration of digital technology platforms across the full lifecycle of live event management, from event creation, inventory management, and dynamic pricing through distribution, transaction processing, real-time access control, cashless payments, and post-event analytics. Unlike traditional ticketing systems, which rely on physical tickets or basic online distribution with limited data capture and minimal operational integration, smart ticketing platforms are built on cloud infrastructure with mobile-first interfaces, QR code or NFC validation, multi-channel payment processing, AI-driven demand forecasting, and integrated operational tools that provide end-to-end event management capabilities. We use the term “smart ticketing market” to describe the segment of the broader live events industry that has adopted or is transitioning to these technology-enabled, data-driven platform solutions.

We do not compete on scale alone, but on adaptability and infrastructure depth. The Company’s model is designed to operate where global incumbents face structural limitations, combining global-grade technology with local market understanding and operational flexibility. Ticketplus seeks to position itself as the underlying infrastructure of the live entertainment industry in Latin America, with the ambition to extend this role globally. The Company’s expansion strategy is designed to begin leveraging its existing white-label ecosystem to identify consolidation and acquisition opportunities among operators already running on its platform. This approach is intended to significantly reduce integration and diligence risk, while reinforcing capital efficiency and scalability.

We believe with our robust technological foundation, proven scalability, and a growing data-driven ecosystem, we are positioned to become one of the leading technology platforms emerging from Latin America in the global capital markets—representing the convergence of engineering, live entertainment, and digital transformation.

Note: Net income and revenue are in U.S. dollars for the 12 months that ended March 31, 2026.

(Note: Ticketplus is offering 1.79 million shares at a price range of $13.00 to $15.00 to raise $25.01 million, if priced at the $14.00 mid-point of its range. Background: Ticketplus changed its listing venue to the NYSE-American Exchange (the NYSE-AmEx) from the NASDAQ, according to an S-1/A filing dated June 30, 2026.)

IMC Rare Earths Ltd. IMC Roberts & Ryan/Revere Securities, 4.0M Shares, $4.00-6.00, $20.0 mil, 7/27/2026 Week of

(Incorporated in the Cayman Islands)

We are a mineral exploration and development company dedicated to developing rare earth elements in Brazil. We are a pre-revenue company. We aim to develop an alternative to Chinese supply of rare earth elements – with a focus on supplying Western markets.

Our primary asset is the Itarantim Project, an adsorption clay deposit overlapping the states of Bahia and Minas Gerais in Brazil. Itarantim has about 1.1 billion metric tons of an identified mineral resource.

Our goal is to develop a supply of magnet rare earth elements – neodymium, praseodymium, dysprosium and terbium – used in permanent magnets that are components of electric vehicles (EVs), wind turbines, defense systems and consumer electronics.

Note: Net loss is for the year that ended on March 31, 2026. The company has no operating revenues.

(Note: IMC Rare Earths Ltd. is offering 4 million shares at a price range of $4.00 to $6.00 to raise $20 million, according to its F-1/A filing dated July 14, 2026.)

Web3Labs Global Inc. MDAT Eddid Securities USA, 6.3M Shares, $4.00-5.00, $28.1 mil, 7/27/2026 Week of

(Incorporated in the Cayman Islands)

We are a Hong Kong-based company that provides Web3-related business services to support blockchain companies and decentralized tech enterprises, including start-ups.

We aim to create a Web3 entrepreneurial platform through diverse services, investment acceleration, and technical collaboration.

We are an innovative Hong Kong-based Web3 service provider dedicated to empowering enterprises including start-ups in the blockchain space through comprehensive, tailored support. Web3 ecosystem refers to industries focused on the decentralized evolution of the internet, powered by blockchain technology, enabling user-owned data, peer-to-peer transactions, and trustless systems without intermediaries. We seek to promote the adoption of and commercialization of decentralized solutions by facilitating a robust ecosystem of resources, expertise, and opportunities. Since our inception, we have supported many enterprises in Web3 including many start-ups with incubation, consultation and operational services, and are working to establish an active presence through regional hubs in Asia. By fostering innovation, collaboration, and compliance, we seek to serve as a catalyst for the growth of the blockchain industry in Asia, helping enterprises transform forward-thinking ideas into scalable realities.

Our comprehensive service offerings in the Web3 ecosystem primarily include (i) strategic consulting services (such as producing feasibility reports and consultation regarding business models in the Web3 industry), (ii) acceleration program management services, where we bridge early-stage companies to blockchain infrastructures, bolstering the companies’ development in their applications including decentralized solutions and their commercialization through token generation events and market integration, and (iii) general business services including marketing, market research and other business consulting services provided to third-party startup entities (such as market trend analysis and marketing strategy support, coordination of collaboration opportunities, which serve to facilitate such early-stage companies in accessing infrastructure, industry resources, and applicable policies). We provide companies with services from the formation of a start-up through later stages of corporate development, and we are dedicated to helping companies establish their presence in Hong Kong.

As of the date of this prospectus, we have established relationships with eight public blockchains (a decentralized and open network that allows anyone to participate, read, and write data without requiring permission from a central authority) and an affiliate of another public blockchain in the Web3 ecosystem, including Neo, Zetrix, Ton, Mango, and Plume.

In addition, we aim to create a dynamic ecosystem that connects enterprises, investors, and regulators through venues including policy forums (such as the co-hosted real-world assets (“RWA”) policy forum) and advisory reports, aiming to promote the integration of decentralized technologies with traditional industries. This vision drives our efforts to foster sustainable growth and global connectivity for Web3 enterprises.

In the face of global technological competition in the cryptocurrency ecosystem, we strive to stay at the forefront of the market and have a deep understanding of the needs and challenges of entrepreneurs in the Web3 ecosystem. We are dedicated to facilitating a legitimate, comprehensive, professional, and in-depth entrepreneurial environment in the Web3 economy.

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

(Note: Web3Labs Global Inc. filed its F-1 on May 13, 2026, for its IPO and disclosed the terms: 6.25 million shares at a price range of $4.00 to $5.00 to raise $28.13 million, if priced at the $4.50 mid-point of its range.)

Climate change and ESG are some recent flavours of the month for most new ETFs. Nevertheless, here are some new frontier and emerging market focused ETFs:

Frontier and emerging market highlights:

Check out our emerging market ETF lists, ADR lists (updated) and closed-end fund (updated) lists (also see our site map + list update status as most ETF lists are updated).

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 (July 20, 2026) was also published on our website under the Newsletter category.

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