EM Fund Stock Recommendations and Country Commentary (December 14, 2025)

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As of mid-December, some November fund updates were available. The post with all the funds is here . – The September study has been removed and next week’s post will provide better, up-to-date information. New studies starting with non-EM parts are also provided.

Asia Frontier Capital‘S Latest updates are from November:
- 🗄️🌏 AFC Asia Frontier Fund‘S recent Monthly newsletter (detailed economics and portfolio) Start with words November(AFC Iraq Fund continues positive momentum – Updated November 2025) It was a stable month for the frontier markets, a recent visit to Sri Lanka was discussed and whether Bangladesh was in a position to be reassessed following parliamentary elections in February 2026. The drivers of performance were Mongolia, Iraq, Papua New Guinea, Cambodia, Sri Lanka and Uzbekistan, while negative contributors were Bangladesh, Vietnam and Kazakhstan. Performers/transactions with or without names discussed or mentioned (you can guess):
  - 📈🇱📈 Commercial Bank of Ceylon PLC (CSE: comb / COMBt) or combank – Best private commercial bank. Small business loans. 🇼
  - 📈🇱📈 hatton national bank (CSE: CNB / HNBT) – The first private commercial bank to introduce housing loans. 🇼
  - 📈🇲🇳 Convenience store operator (?🇲🇳 Premium Nexus Jsc (MSE: semen) – Convenience store operator. Owned by Korea’s CU BGF Retail (KRX: 282330). 🇼?)
  - 📈🇵🇬 Gold explorers in Papua New Guinea
  - 📈🇲🇳 Mongolia Stock Exchange Operator
  - 📈🇵🇬 Gold producers in Papua New Guinea
  - 📈🇭 Cambodian Gold Producers
  - 🏧🇲🇳 Mongolian fintech company
  - 🏧🇵🇬 Cement producers in Papua New Guinea
  - 🇵instagram Cement producers in Pakistan
  - 🇺🇿 Bank of Uzbekistan
- 🗄️🇮🇶 AFC Iraq Fund‘S November Newsletter (Economy and Portfolio) Major markets remained indifferent to the election and said the country was enjoying the fruits of solid stability and strong economic growth over the past three years.
- 🗄️🇺🇿 AFC Uzbekistan Fund‘S November newsletter Discussed the announcement of new entrants to Uzbekistan’s capital markets regulatory sandbox (preparing for more local businesses through IPOs and bond issuances): Auerbach Grayson (Agco), Central Depository of Armenia JSC and Tbc Bank Group Plc (theory: TBC /OTCMKTS: Tbccf).
- 🗄️🇻🇳 AFC Vietnam Fund‘S November newsletter discussed Market developments, President Trump signs 0% tariff order on Vietnamese agricultural products, VND weakness strongly supports export growth, Vanguard opens trading account in Vietnam, 2026 GDP growth target is 10%, Severe floods hit central Vietnam. Stocks discussed or mentioned:
  - 📈🇻🇳 Minh Phu Seafood Corporation (HNX: MPC) – Shrimp farming and processing.
  - 📈🇻🇳 Tng Investment & Trade JSC (HNX: TNG) – Clothing maker.
  - 📈🇻🇳 Pheu Thai Co., Ltd. (hose: PTB) – Manufacturing and trading of stone and wood products.
  - 🇻🇳 Minh Phu Seafood Corporation (HNX: MPC) – Shrimp farming and processing.
  - 🇻🇳 Agricultural Bank Insurance JSC (HNX: ABI) – insurance.
  - 🇻🇳 Lam Dong Minerals and Building Materials JSC (hose: LBM) – Precast concrete, tuinel bricks, building stones, refractory materials, kaolin and bentonite.
  - 🇻🇳 Tng Investment & Trading JSC (HNX: TNG) – Clothing maker.
  - 🇻🇳 Thien Long Group (hose: TLG) – Stationery maker.
  - 🇻🇳 Vietnam Dairy JSC (hose: VNM / set: VNM19) or Vinamilk – Vietnam’s largest dairy company. 🇼
  - 🇻🇳 Vingroup JSC (hose: big) – Diversified conglomerates: industrial and technology, real estate and services, social enterprises. 🇼
  - 🇻🇳 Hoa Phat Group JSC (hose: HPG) – Trade and production of furniture, steel pipes, steel, refrigeration, real estate and agriculture.
  - 🇻🇳 FPT Co., Ltd. (hose: FPT / set: FPTVN19) – It is one of Korea’s largest digital IT service companies with more than 100 of the Fortune 500 companies as customers. 🇼 🏷️
  - 🇻🇳 Mobile World Investment Corporation (hose: performance / set: MWG19) – Multi-category retail platform.
  - 🇻🇳 Vinhome JSC (hose: VHM) – Residential housing sector of large private companies Vingroup. 🇼
Asia Frontier Capital Additionally, studies have shown that:
- 🎬 Day 01 Session 03 – In-Depth Industry Analysis II: Capital Markets – Catalyst for Growth (Ceylon Chamber of Commerce) 14:08 Minutes – We remain positive towards Sri Lanka, Ruchir said in his speech at the Sri Lanka Economic and Investment Summit organized by the Ceylon Chamber of Commerce and Industry. The summit was attended by over 850 participants from Sri Lanka and around the world, a strong reflection of Sri Lanka’s positive long-term economic outlook.
- 📰🇱🇰 Investors remain bullish on frontier markets even after banner year. (Bloomberg) – Asia Frontier Capital Ltd., a Hong Kong-based fund manager focused on the region’s high-growth economies, is buying stocks in Sri Lanka and Bangladesh. Aberdeen Group Plc sees bond upside in Argentina, Ghana and Ecuador next year, while Federated Hermes Inc. is increasing its exposure to frontier bonds and prefers debt from Nigeria, Sri Lanka, Pakistan and Ecuador.
- 📰🇱🇰 Foreign funds say Sri Lanka is now one of their top choices. (Daily FT)
  - It cites stability and the stock as undervalued compared to its fundamentals and regional peers.
  - They say the structural benefits of a pool of well-run companies with corporate governance, transparency and strong brands are underutilized.
  - “It is up to Sri Lanka not to drop the ball here,” he warned.
    - AFC Asia Frontier Fund co-fund manager Ruchir Desai on Tuesday gave an optimistic assessment of Sri Lanka’s capital market outlook, noting that the country is entering its most promising phase in a decade, with political stability, macroeconomic recovery and undervalued stocks creating a “strong growth platform”.
- 📰🇮🇶 Tabaqchali: Election Kerfuffle, What Kerfuffle!!! (Iraq Business News)
- 🎙️🇮🇶 Economic developments or pressures in Iraq – Ahmed Tabaqchali on the “Majlis & Markets” podcast (via Asia Frontier Capital) 1:01:31 min – 🎙️Economic development or pressure in Iraq – Ahmed Tabaqchali, Chief Strategist, AFC Iraq Fund, “Majlis & Markets” podcast