Emerging Market Links + The Week Ahead (July 6, 2026)

The AI bubble is increasingly swallowing whole sectors and financial markets around the world as Caixin has reported that China’s AI Frenzy Drives Massive Chasm in Mutual Fund Returns and the AI Frenzy Crowns Electronics as China’s Biggest Stock Sector:

• A historic pivot toward computing power in China’s equity markets has created a stark divide, with top artificial intelligence-focused mutual funds outperforming traditional portfolios in returns by more than 200 percentage points during the first half of the year.

• The tech-heavy STAR 50 Index surged 64% as AI euphoria reshaped market hierarchies. The electronics sector eclipsed banks to become the largest in the Chinese mainland market by total capitalization.

In addition, China Financial Stocks Slump Despite Massive Dividend Payout:

• Chinese mainland-listed financial companies have earmarked more than 800 billion yuan ($118 billion) in cash dividends for 2025, but the sector continues to slump as the technology industry siphons off market liquidity.

• The stark divergence underscores deep investor apathy toward traditional stocks. Despite the massive payouts, mainland-listed banks have dropped an average of about 9% this year, while four of the five listed insurers have plunged more than 20%.

Anybody who remembers the dot.com bubble (or has read about the tulip, railroad, Florida land, US housing, etc. bubbles in the distant past) knows how this will eventually end. And with China still grappling with the fallout from the property bubble, the last thing the country needs is an AI bubble on top of it…

$ = behind a paywall

• 🌐 Emerging Market Stock Picks (2nd Half June 2026) Partially $

  • Asia

    • East Asia

    • SE Asia

      • Three implications as the Super El Niño heats up

      • 🇮🇩 Indonesia – Indonesia Equity Market Reform / Commodity Export Controls / Auto Sales, Bank Negara Indonesia, Nusantara Sejahtera Raya Tbk PT, Impack Pratama Industri Tbk PT, PT Bach Multi Global Tbk, VKTR Teknologi Mobilitas Tbk PT, Bank Tabungan Negara (Persero) Tbk PT, ESSA Industries Indonesia Tbk PT, Mitra Keluarga Karyasehat Tbk PT, Bank Central Asia (BCA) Tbk PT, Chandra Asri Pacific PT Tbk, First Resources Ltd, Mayora Indah Tbk PT, Sido Muncul (Sido) Tbk PT, Japfa Comfeed Indonesia Tbk PT, Telkom Indonesia Persero Tbk PT, Barito Renewables Energy, Bank Mandiri Tbk PT & Solusi Sinergi Digital Tbk PT

      • 🇲🇾 Malaysia

      • 🇵🇭 Philippines

      • 🇸🇬 Singapore – Singapore Exchange Limited, SATS Ltd, OUE Real Estate Investment Trust, CapitaLand Integrated Commercial Trust & City Developments Limited, CapitaLand Ascott Trust & Far East Hospitality Trust, CapitaLand Investment Limited, Info-Tech Systems, Singapore Telecommunications Ltd, Food Empire Holdings Ltd, ComfortDelGro Corporation, Olam Group Ltd, CSE Global Ltd, DBS Group and Oversea-Chinese Banking Corp (OCBC), UOB-Kay Hian Holdings Ltd, Starhill Global Real Estate Investment Trust, Delfi Limited, UI Boustead REIT & Lincotrade & Associates Holdings Ltd

      • Singapore Broker’s Digest

      • 🇹🇭 Thailand – Thai Retail / Banking / Property Research, i-Tail Corporation PCL, Bangkok Expressway and Metro PCL, Thai Beverage PCL, Airports of Thailand PCL, Betagro PCL, Bank of Ayudhya, Star Petroleum Refining PCL, Delta Electronics Thailand PCL, Central Pattana PCL, True Corporation PCL, Gulf Development PCL, Aeon Thana Sinsap Thailand PCL, TMBThanachart Bank PCL, PTT Oil & Retail Business PCL, PTT Global Chemical PCL, Electricity Generating PCL, TISCO Financial Group PCL, PTT Exploration & Production PCL & Plan B Media PCL

      • 🇻🇳 Vietnam – Vietnam Dairy Products JSC

    • South Asia

  • Africa

  • Eastern Europe & Emerging Europe

  • Latin America

  • 🤖 DeepSeek Summary/Analysis

• 🌐 EM Fund Stock Picks & Country Commentaries (July 5, 2026) Partially $

  • Revisiting the “Guthrie Dawn Raid,” China’s next generation of innovators, India’s “unconvincing” economic façade, beyond EM index giants, El Niño is coming, 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

🌏 Fuel prices, Middle-East conflict are macro challenges for Asia-Pacific gaming in next 12 months: S&P Global (GGRAsia)

• The Asia-Pacific gaming sector is likely to experience “moderate demand amid macro challenges” over the next 12 months, says credit specialist S&P Global in a third-quarter roundup of industrial sectors in the region.

• “If high oil prices persist, travel demand may soften as consumers cut discretionary leisure spending,” suggested the sectoral summary from primary credit analyst Flora Chang, based in Hong Kong.

• She added: “Gaming demand from the more price-sensitive base mass players would be more affected than premium mass or VIP.”

• She further noted that Wynn Resorts Ltd (NASDAQ: WYNN) could also be affected by geopolitics: “If regional conflicts continue, it could delay projects or raise doubt on long-term operational safety in its United Arab Emirates (UAE) property.”

🌏 GGR in Asia to grow around 5pct over next 18 months, but with variations from market to market: Moody’s (GGRAsia)

• Moody’s Ratings expects gaming revenue across Asia to grow by around 5 percent to 6 percent over the next 12 to 18 months. However, the ratings agency warns that the pace of expansion is likely to vary by market, depending on the sensitivity of each market’s core customers to fuel-price changes.

• “Gaming revenue will continue to grow moderately, though uncertainty over fuel prices will have a lesser impact on demand within Macau than in Southeast Asia,” Moody’s said in a sector in-depth report on the region’s casino gaming industry, released on Tuesday.

• The ratings agency forecast that Macau’s casino sector would lead regional growth, “while Southeast Asia’s growth will moderate”.

🌏 Vietnam, Macau to lead Asia-Pacific tourist arrival growth in period up 2027: PATA (GGRAsia)

• Vietnam and Macau – two jurisdictions boasting sizeable casino industries – are expected to post the fastest growth in tourist arrivals in the Asia-Pacific region across the period from 2025 to 2027.

• That is according to the “PATA Asia Pacific Visitor Forecasts 2026-2028: Mid-Year Update”. The report was produced by the Pacific Asia Travel Association (PATA) in collaboration with the Research Centre for Digital Transformation of Tourism at the School of Hotel and Tourism Management of The Hong Kong Polytechnic University.

• One of the report’s findings is the growing divergence in tourist-destination performance across Asia Pacific. The organisation said that while the industry region-wide was “expanding”, some destinations “are significantly outperforming others in terms of growth and recovery” in the post-Covid-19 period. That was per a PATA press release issued this week.

🇨🇳 Wall Street banks recover in China amid trading boom (FT) $ 🗃️

• China securities units of Goldman Sachs, Morgan Stanley and JPMorgan posted record profits last year

• The Wall Street recovery stands in contrast with European rivals such as HSBC and Deutsche Bank, whose onshore China securities units continued to underperform.

🇨🇳 China’s AI Frenzy Drives Massive Chasm in Mutual Fund Returns (Caixin) $

• A historic pivot toward computing power in China’s equity markets has created a stark divide, with top artificial intelligence-focused mutual funds outperforming traditional portfolios in returns by more than 200 percentage points during the first half of the year.

• The tech-heavy STAR 50 Index surged 64% as AI euphoria reshaped market hierarchies. The electronics sector eclipsed banks to become the largest in the Chinese mainland market by total capitalization.

🇨🇳 AI Frenzy Crowns Electronics as China’s Biggest Stock Sector (Caixin) $

• An explosive AI rally propelled electronics past banking to become the largest sector in the Chinese mainland’s stock market in the first half of the year, underscoring a stark investment divide amid sluggish domestic demand.

• Valued at 27.6 trillion yuan ($4.1 trillion) by the end of June, the electronics sector almost doubled the banking industry’s shrinking market capitalization of 14.6 trillion yuan.

🇨🇳 Analysis: China’s Accelerated IPO Clearances Highlight Focus on Tech (Caixin) $

• China is accelerating the review and registration process for IPOs in strategic technology sectors, capitalizing on a booming secondary market to channel capital toward AI, robotics and semiconductors.

• The accelerated pace was highlighted this week when the China Securities Regulatory Commission (CSRC) cleared the IPO registration for Unitree Robotics, also known as Yushu Technology Co. Ltd., just 73 days after its application was accepted. The turnaround beats the previous record of 88 days on Shanghai’s tech-heavy STAR Market set by Moore Threads Technology Co. Ltd.

🇨🇳 Alibaba: Buybacks Overpower Anthropic Spat (Seeking Alpha) $ 🗃️

🇨🇳 Tencent: Take Advantage Of This Opportunity (Seeking Alpha) $ 🗃️

🇨🇳 Baidu: Deeply Mispriced As The AI Pivot Accelerates (Seeking Alpha) $ 🗃️

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

🇨🇳 JD: A Deeply Undervalued Big Tech Play (Seeking Alpha) $ 🗃️

🇨🇳 NetEase: Primary Conversion and Connect Inclusion Analysis (Smartkarma) $

• NetEase (NASDAQ: NTES) announced on 26 Jun 2026 that its HK primary conversion will be effective on 30 Jun 2026. This note assesses the Connect eligibility path and inclusion timeline.

• NetEase has no WVR, but Alibaba (NYSE: BABA) ’s recent regular-cycle ADD keeps September as the base case.

• Prior Connect ADD cases show southbound inflows after ADD and positive returns post inclusion.

🇨🇳 In Profile: The Man Behind China’s Leading Memory Chipmaker (Caixin)

• China’s securities regulator approved memory chipmaker Changxin Memory Technologies (CXMT)’s IPO registration on June 12, clearing the way for what would be the largest-ever listing on Shanghai’s tech-focused STAR Market.

• Many investors see CXMT, a leading producer of dynamic random-access memory (DRAM), as central to driving the current bull run in domestic technology stocks, with a shortage-fueled financial turnaround boosting expectations that its market value could reach into the trillions of yuan.

• Behind the company — now the world’s fourth-largest DRAM-maker by sales — is serial entrepreneur Zhu Yiming who has spent two decades navigating the capital-intensive, high-stakes memory chip industry.

🇨🇳 Ubtech charms investors with companion robots – until reality sinks in (Bamboo Works)

• The humanoid robot maker’s stock jumped as much as 18% the day it unveiled a new line of companion models, only to give back all the gains the next trading day

• Ubtech Robotics Corp Ltd (HKG: 9880) has unveiled a new line of companion robots aimed at the elderly and lonely, complementing its existing line of industrial-use humanoid models

• The company’s robot sales soared last year as its industrial-use robots went into mass production, but its models are generally more expensive than rival products

🇨🇳 The Debt-Fueled Collapse of China’s Top Machine Tool Maker (Asianomety) 37:33 Minutes

• In December 2012, Guan Xiyou, Chairman of Shenyang Machine Tool Group, was honored by Chinese state media CCTV as one of its 2012 China Economic People of the Year. Guan received the award for taking control of a failing machine tool company and turning them around into a $2.8 billion giant. Or so it seems. Even as Guan received this award, his company was on the decline and eventually fall into insolvency. In today’s video, we profile the debt-fueled fall of a Chinese machine tool giant.

🇨🇳 Luxshare Precision (2475 HK): Index Inclusion Timeline for US$3.6bn Offering; Tighter H/A Discount (Smartkarma) $

• Luxshare Precision Industry (SHE: 002475) could raise up to HK$27.9bn (US$3.6bn) in its H-share offering if the Overallotment Option is exercised.

• The cornerstone investor allocation will be around 42% of the maximum offering size and those shares will be locked up for 6 months. Fast entry index inclusion probability is small.

• The H-shares are priced at a 17.2% discount to the A-shares last close and that is tighter than other large issues. Stock Connect from the open on 6 August.

🇨🇳 Guangdong DTech IPO: Focus On High-End Products, Capacity Expansion Plans Will See This Through (Smartkarma) $

• Guangdong Dtech Technology Co Ltd (SHE: 301377) launched Hongkong IPO to raise nearly HK$4.7B. They provide precision manufacturing solutions, bringing together tools, materials and intelligent equipment for key process segments of PCB fabrication value chain.

• Company intends to use the proceeds for enhancing production capacity, for technology R&D, for strategic acquisition/investment, for enterprise-wide digitalization and working capital.

• The valuation that Guangdong DTech is seeking through this issue seems relatively premium, but that’s justifiable given the company’s market leadership position.

🇨🇳 BYD: Export Cheer, Domestic Despair (Seeking Alpha) $ 🗃️

🇨🇳 Li Auto: Growth And Margin Challenged (Seeking Alpha) $ 🗃️

🇨🇳 Li Auto Breaches Historical Floor; Reversal Hinges On L Series Execution (Seeking Alpha) $ 🗃️

• 🌐 Li Auto (NASDAQ: LI) 🇰🇾 – Designs, develops, manufactures & sells premium smart electric vehicles. 🇼 🏷️

🇨🇳 XPeng: Waiting For The Robotaxi (Downgrade To Hold) (Seeking Alpha) $ 🗃️

🇨🇳 Trip.com: Regulatory Scrutiny Leaves A Sour Aftertaste; Downgrade To Hold (Seeking Alpha) $ 🗃️

🇨🇳 Trademark tussle could further dilute Helen’s incredible shrinking bar tab (Bamboo Works)

• The operator of China’s largest bar chain lost a key trademark court battle, as it brought in two new co-CEOs to try to revive its sinking business

• Helens International Holdings Co Ltd (HKG: 9869 / FRA: 5ZW) replaced founder Xu Bingzhong with two new co-CEOs days after the company lost a case involving its namesake trademark

• The bar chain operator’s revenue fell 28% last year, while its adjusted profit was mostly stagnant

🇨🇳 Lululemon’s latest struggle: slowing sales in key China market (FT) $ 🗃️

🇨🇳 Regina Miracle gets a profit uplift as Victoria’s Secret partner (Bamboo Works)

(Regina Miracle International (Holdings) Limited (HKG: 2199 / FRA: RMT))

• The underwear maker defied a challenging market to post higher net profits, thanks to a tie-up with the U.S. underwear brand, but its overall business was under pressure

• The firm’s annual revenue slipped and operating profit tumbled, as garment orders were hit by trade frictions and weakening consumer demand

• Victoria’s Secret China enjoyed rising sales, but the overall underwear segment was still sluggish

🇨🇳 China’s baby bust drives Kidswant pivot to scalp care (Bamboo Works)

• The company has filed for a Hong Kong IPO, cultivating a second growth curve in high-margin areas like scalp care, as its core maternal and infant products business stagnates

• Kidswant Digital Technology Co Ltd (SHE: 301078) has filed to list in Hong Kong, reporting its revenue rose above 10 billion yuan last year, even as growth for its core maternal and infant business slows

• The company is looking for new growth engines in high-margin businesses such as scalp care and marketing services

🇨🇳 China Financial Stocks Slump Despite Massive Dividend Payout (Caixin) $

• Chinese mainland-listed financial companies have earmarked more than 800 billion yuan ($118 billion) in cash dividends for 2025, but the sector continues to slump as the technology industry siphons off market liquidity.

• The stark divergence underscores deep investor apathy toward traditional stocks. Despite the massive payouts, mainland-listed banks have dropped an average of about 9% this year, while four of the five listed insurers have plunged more than 20%.

🇨🇳 China’s Giant Insurers Boost Dividends as Smaller Peers Hoard Cash (Caixin) $

• China’s top listed insurers are doling out fatter dividends following a banner year for investment returns, diverging sharply from smaller rivals forced to hoard cash to weather a low-interest-rate environment.

• The “Big Five” Chinese mainland-listed giants — including China Life Insurance (SHA: 601628 / HKG: 2628 / OTCMKTS: CILJF) and Ping An Insurance (SHA: 601318 / HKG: 2318 / SGX: HPAD / OTCMKTS: PNGAY) — reported a combined 2025 net profit of 425.3 billion yuan ($60 billion), up 22.4%.

🇨🇳 Citic Bank breezes into China’s insular tobacco sector with new investment (Bamboo Works)

• The bank seized on a local government debt crunch to buy a stake in regional lender Hongta Bank, providing a conduit into China’s recession-proof cigarette monopoly

• China CITIC Bank (SHA: 601998 / HKG: 0998 / OTCMKTS: CHCJY / CHBJF) will acquire 14.5% of Yunnan Hongta Bank, which is closely connected to China’s tobacco monopoly

• The move could give Citic Bank, one of China’s more entrepreneurial national lenders, a conduit into supply chain finance across the country’s vast tobacco ecosystem

🇨🇳 Futu Holdings: ECM And Enterprise Services Primed To Defy Regulatory Drag (Seeking Alpha) $ 🗃️

🇨🇳 China Resources New Energy Soars 137% in Shenzhen Debut After Record IPO (Caixin) $

• Shares of China Resources New Energy Holdings (SHE: 001248) more than doubled in their Shenzhen trading debut on Thursday after the state-owned clean energy producer raised a record 24.5 billion yuan ($3.6 billion) in its initial public offering.

• The spinoff from Hong Kong listed CR Power (HKG: 0836 / FRA: CRP / CRP0 / OTCMKTS: CRPJY / CRPJF) surged 137% to close at 23.95 yuan, giving the wind and solar operator a market capitalization exceeding 300 billion yuan.

🇨🇳 JBM Healthcare gets bitter pill from investors on anemic performance (Bamboo Works)

• Shares of the over-the-counter traditional Chinese medicine company tumbled after it reported sequential revenue and profit declines in the second half of its fiscal year

• Jbm (Healthcare) Ltd (HKG: 2161)’s profit edged up 1.9% in its latest fiscal year through March

• The over-the-counter traditional Chinese medicine company’s full-year dividend payout ratio reached a generous 70%.

🇨🇳 Alebund soars in Hong Kong debut on kidney treatment hopes (Bamboo Works)

• The drug developer stood out from the IPO crowd of unprofitable biotechs due to its existing revenue stream and a focus on novel remedies for renal disease

• Alebund Pharmaceuticals (Jiangsu) Ltd (HKG: 9637) plans to prioritize getting Chinese approval next year for its core product and is aiming for a U.S. launch in 2029

• The IPO drew 11 cornerstone backers including prominent names in global finance and biopharma investment

🇨🇳 Legend Biotech’s In Vivo CAR-T Pipeline: Could BCMA And GPRC5D Reset The Story? (Smartkarma) $

• Legend Biotech (NASDAQ: LEGN) reported its first quarter of 2026 financial and operational results marked by continued commercial expansion of its lead product, CARVYKTI, and advancing development of its broader pipeline, including several in vivo CAR-T therapy programs.

• During the quarter, CARVYKTI generated approximately $597 million in net trade sales, representing a 52% year-over-year increase.

• Growth drivers included a 36% increase in U.S. sales and over 200% growth internationally, with availability now expanded across 18 markets and more than 300 treatment sites globally.

🇭🇰 PwC Lifts Hong Kong IPO Proceeds Forecast to $49 Billion for 2026 (Caixin) $

• PricewaterhouseCoopers (PwC) expects initial public offering proceeds in Hong Kong to reach at least HK$380 billion ($48.5 billion) in 2026, the most bullish forecast among global leading accounting firms, as the city draws mega-listings and overseas issuers despite market headwinds.

• The forecast, released July 2, marks a sharp upgrade from PwC’s January estimate of HK$320 billion to HK$350 billion and would keep Hong Kong among the world’s top three listing venues by fundraising.

🇭🇰 HKEX Moves to Lower Stock-Trading Entry Barriers (Caixin) $

• Hong Kong Exchanges and Clearing will cut the minimum value guideline for stock trading lots by half and standardize board-lot sizes, in a move aimed at making the city’s equity market easier for smaller investors to access.

• The exchange said on June 30 that the lower guideline will take effect from July 2, 2026, reducing the minimum board-lot value to HK$1,000 ($128) from HK$2,000. For stocks with board lots of more than 100 shares, HKEX will also introduce a maximum board-lot value guideline of HK$50,000.

🇭🇰 Analysis: How Hong Kong’s New Tax Rules Will Transform Cross-Border Wealth Management (Caixin) $

• Hong Kong is moving to implement a major overhaul of its global tax reporting rules, known as the Common Reporting Standard 2.0 (CRS 2.0). This revised framework, designed by the OECD to combat cross-border tax evasion, expands the scope of information that banks and other financial institutions must report to tax authorities.

• On April 1, Hong Kong submitted the “Inland Revenue (Amendment) (Automatic Exchange of Information) Bill 2026” to its Legislative Council, paving the way for the full implementation of CRS 2.0 by 2028. Singapore plans to implement the framework in 2027, while the British Virgin Islands and the Cayman Islands have rolled it out this year.

🇭🇰 Far East Consortium International Limited 2026 Q4 – Results – Earnings Call Presentation (Seeking Alpha)

🇲🇴 Macau’s June casino GGR down 12.1pct y-o-y to US$2.29bln: govt (GGRAsia)

• Casino gross gaming revenue (GGR) in Macau fell 12.1 percent year-on-year in June, to MOP18.52 billion (US$2.29 billion), showed data released on Wednesday by the city’s Gaming Inspection and Coordination Bureau.

• June GGR was 18.1 percent down on May’s MOP22.61 billion.

• A number of investment analysts had mentioned in June commentary that the FIFA World Cup 2026 football tournament co-hosted by the United States, Canada and Mexico – from June 11 to July 19 – might depress demand for Macau casino gambling during that period.

🇲🇴 FIFA World Cup to drag Macau GGR during July, but concert-led recovery expected at month-end: Citi (GGRAsia)

• Banking group Citi says it expects the ongoing FIFA World Cup 2026 football tournament to “continue to drag” Macau gross gaming revenue (GGR) until the final match on July 19.

• Nonetheless, the institution anticipated a recovery in the city’s daily GGR rate in the latter part of July, as high-profile concerts were expected to draw gamblers to the city’s casino resorts.

• Citi gave the comment in a Wednesday memo, after Macau officially released its June gaming data. The data showed that GGR fell 12.1 percent year-on-year and was 18.1 percent down sequentially on May’s tally.

🇲🇴 Mainland Chinese patrons keep travel plans, gaming budgets intact, supporting ‘steady’ Macau GGR outlook: CLSA survey (GGRAsia)

• Macau’s casino industry is set for a “steady” gaming revenue performance in the near term, according to brokerage CLSA Ltd, whose latest survey of mainland Chinese consumers suggests that demand for visits to the city remains resilient.

• The survey found that most respondents intended to maintain both their travel and gaming budgets for trips to Macau over the next 12 months.

• A “healthy majority” of respondents – 79 percent – said they planned to visit Macau during the coming 12 months, with 27 percent of the total saying they expected to make multiple trips to the city, CLSA said.

🇲🇴 Jay Chun ups stake in Paradise Ent to 65pct after series of share purchases since late March (GGRAsia)

• Jay Chun, chairman and managing director of Hong Kong-listed Paradise Entertainment Ltd (HKG: 1180 / FRA: LIL3 / OTCMKTS: PDSSF), now owns 65.36 percent of the casino technology firm’s shares following a series of share purchases since late March and up to last week. That is according to share disclosure records filed with the Hong Kong bourse.

• Paradise Entertainment is the parent of Macau-based electronic casino games specialist LT Game Ltd

🇲🇴 Paradise Ent boss Jay Chun says upping his stake as stock value ‘underappreciated’ (GGRAsia)

• Jay Chun, chairman and managing director of Hong Kong-listed gaming technology group Paradise Entertainment Ltd (HKG: 1180 / FRA: LIL3 / OTCMKTS: PDSSF), told GGRAsia he has been increasing his stake in the firm because he thinks its current stock valuation is “underappreciated” relative to the entity’s growth potential.

• The group intends to capitalise on demand for “new and replacement” live multi-game (LMG) systems and machines in Macau, while exploring overseas demand for this line of products, Mr Chun stated in the firm’s 2025 annual report, filed in late April.

🇲🇴 Moody’s reduces Wynn group credit outlook from ‘positive’ to ‘stable’ as leverage remains elevated (GGRAsia)

• Moody’s Ratings has adjusted its outlook on three Wynn group entities, including Wynn Macau Ltd (HKG: 1128 / FRA: 8WY / OTCMKTS: WYNMY / WYNMF), the Macau casino operating unit, from ‘positive’ to ‘stable’.

• The other units given that assessment are Wynn Resorts Finance LLC and Wynn Las Vegas LLC.

• The stable outlooks reflect the fact that the Wynn group “has not reduced leverage to well below 6 times,” stated Moody’s in a Thursday note.

• The institution added: “While Wynn’s performance has improved since 2025, leverage still remains elevated as compared to our prior expectations.”

• Moody’s nonetheless affirmed the ‘B1’ corporate family credit rating of Wynn Resorts Finance, as well as Wynn Macau Ltd’s and Wynn Las Vegas LLC’s respective ‘B1’ senior unsecured notes ratings.

🇲🇴 MGM China acquires Diaoyutai MGM Hospitality business from parent MGM Resorts for US$20 million (GGRAsia)

• Macau-based casino operator MGM China Holdings Ltd (HKG: 2282 / FRA: M04 / OTCMKTS: MCHVF / MCHVY) has acquired the interest held by parent company MGM Resorts International (NYSE: MGM) in Diaoyutai MGM Hospitality, a mainland-China business, in a US$20 million deal.

• The news was confirmed by Hong Kong-listed MGM China in a filing to the bourse on Tuesday.

• MGM Asia Pacific focuses on “light-asset hospitality management”. It operates through MGM Hospitality Group (Asia Pacific), formerly known as Diaoyutai MGM Hospitality. The platform has been “developed over approximately 19 years as an independently operated hospitality platform for MGM-branded projects in mainland China,” the filing stated.

🇹🇼 TSMC: Even In CapEx Normalization, The Messiah Of Manufacturing Rules (Seeking Alpha) $ 🗃️

🇹🇼 ChipMOS Technologies: A Hidden Memory Supercycle Play (Seeking Alpha) $ 🗃️

🇰🇷 2X Single Stock Leveraged ETFs Now Account for More than 25% of All ETF Trading Value in Korea (Douglas Research Insights) $

• It has been reported that the 2x single stock leveraged ETFs for Samsung Electronics (KRX: 005930 / 005935 / LON: BC94 / FRA: SSUN / OTCMKTS: SSNLF) and SK Hynix (KRX: 000660) now account for more than 25% of all ETF trading value in Korea.

• High demand for the 2x single stock leveraged products has been one of the key reasons for the higher volatility in the Korean stock market in the past several weeks.

• The 2x single stock leveraged products have significantly UNDERPERFORMED both Samsung Electronics and SK Hynix from 27 May to 3 July.

🇰🇷 June casino sales at Jeju Dream Tower up 36pct y-o-y to US$31mln as table-game hold, foot traffic improved (GGRAsia)

• June casino sales for South Korea’s Lotte Tour Development (KRX: 032350) grew 36.1 percent year-on-year to KRW48.72 billion (US$31.3 million) as its foreigner-only casino at the company’s Jeju Dream Tower resort (pictured) saw improved table-game hold rate and higher visitor traffic.

• That is according to a Wednesday filing with the Korea Exchange, and supplementary business data.

• Judged sequentially, Lotte Tour’s June casino sales were down 1.4 percent from May’s KRW49.42 billion. The May casino-sales tally had been the best monthly performance in first-half 2026.

🇰🇷 GKL, Paradise Co see sharp m-o-m dips in casino sales for June (GGRAsia)

• South Korea’s Grand Korea Leisure Co Ltd (KRX: 114090) and market rival Paradise Co Ltd (KOSDAQ: 034230) both reported month-on-month declines in casino sales for June. However, the two companies recorded single-digit year-on-year growth in first-half 2026 sales.

• That is according to Thursday filings to the Korea Exchange.

🇰🇷 Update: Saramin (143240 KS) (Asian Century Stocks) $

• South Korea’s leading HR-tech company

• South Korean online recruitment platform Saramin Co Ltd (KOSDAQ: 143240) is highly unusual. It operates in an oligopoly together with private equity-owned JobKorea. It has high margins and a high return on capital.

• Despite all this, Saramin trades at a discount to its net cash position. This will be the subject of today’s post.

• Saramin runs the largest online job board in Korea, with 2.5 million monthly active users. Users upload their resumes to the database, and employers use the search engine or matching algorithms to find potential hires. Its business model is very similar to Japan’s Recruit or Australia’s Seek.

• On the saramin.co.kr website, you can search for jobs via profession, region, through personality-based AI matching, etc. You can also find graduate events and intakes. You can also find company reviews, anonymous salary information and a community where you can ask career-related questions.

🇰🇷 Ecopro BM: Rights Offering of 1.2 Trillion Won (Douglas Research Insights) $

• On 30 June, Ecopro BM Co Ltd (KOSDAQ: 247540) announced that it will conduct a rights offering capital raise worth 1.2 trillion won.

• The planned issue price for the rights offering is 121,200 won, and the final issue price will be determined on October 12.

• Despite its expected better sales and profits in 2027, the company’s valuation multiples are unattractive. It is trading at P/E of 143.6x in 2027 and 75.6x in 2028.

🇰🇷 SK Hynix: Details of F-6 Filing and Key Investment Risks (Douglas Research Insights) $

• On 3 July, it was reported that Blackstone-owned QTS has abandoned the construction project for world’s largest data center (2,100 acre Virginia Digital Gateway) mainly due to concerns about lawsuits.

• My overall assessment of SK Hynix (KRX: 000660) over the next 3 months is that the positives outweigh the negatives.

• Cancellations of AI data centers construction in the U.S. and Apple potentially using China’s CXMT/YMTC memory chips pose real concerns for SK Hynix.

🇰🇷 SK Telecom/SK Group: 1,000 Trillion Won Investment in AI Data Centers by 2035 (Douglas Research Insights) $

• SK Telecom (NYSE: SKM / KRX: 017670 / FRA: KMBA)/SK Group announced plans to invest 1,000 trillion won in AI data centers in Korea by 2035.

• U.S. data center capacity could reach 78GW by 2035. If SK Telecom/SK Group could reach 15GW of AIDC capacity by 2035, this would represent 19% of U.S. AIDC capacity.

• Major risk factors include stable electricity, large-scale financing, technology (rapid improvements in AI hardware efficiency such as breakthroughs in quantum computing), customer concentration, and international competition.

🇲🇾 Genting Malaysia shelves Empire Resorts’ recapitalisation after repayment of US$300mln notes (GGRAsia)

• Genting Malaysia (KLSE: GENM OTCMKTS: GMALY / GMALF) says it has shelved plans to recapitalise its U.S.-based subsidiary Empire Resorts Inc after the latter repaid the debt that had formed the basis of the proposed restructuring.

• In a filing with Bursa Malaysia on Friday, Genting Malaysia said Empire Resorts had redeemed the full principal amount of its US$300-million 7.75-percent senior secured notes due on November 1, 2026. The redemption was completed on July 2.

• Empire Resorts owns three businesses in the U.S. state of New York: the upstate casino complex Resorts World Catskills (pictured in a file photo); Resorts World Hudson, a casino offering video lottery terminals; and the mobile sports betting operation Resorts World Bet.

• The repayment of the notes removed the debt underpinning the capital-enhancement proposal first announced by Genting Malaysia in August last year.

🇸🇬 Grab Holdings: Southeast Asia’s Super-App Is Getting Stronger (Rating Upgrade) (Seeking Alpha) $ 🗃️

🇸🇬 Top Stock Market Highlights of the Week: Singapore Electricity Tariffs, Foundation Healthcare IPO and Tesla (The Smart Investor)

• We look at the latest utility price hike hitting Singapore households, a Temasek-backed healthcare listing on the SGX, and a puzzling sell-off in one of the world’s best-known electric vehicle makers.

  • Higher fuel costs push power and gas bills up for households

  • Temasek-backed specialist network heads for a S$1 billion SGX debut

    • Foundation Healthcare Holdings, a private healthcare group backed by Temasek’s SeaTown, lodged a preliminary prospectus for a mainboard listing on the Singapore Exchange and has since priced its offering.

    • The company priced its IPO at S$0.76 a share, the floor of its S$0.76 to S$0.92 range, raising around S$242 million and valuing the group near S$1 billion — the largest healthcare IPO since IHH Healthcare Bhd (KLSE: IHH / SGX: Q0F / OTCMKTS: IHHHF) 2012 dual-listing.

    • Trading is expected to begin on 8 July 2026.

🇸🇬 Beyond the STI: 3 SGX Stocks to Watch in July 2026 (The Smart Investor)

• Lower headline figures grabbed attention, but these three SGX stocks may offer stronger stories beneath the surface this July.

  • Elite UK REIT (SGX: MXNU)

  • First Real Estate Investment Trust (SGX: AW9U / OTCMKTS: FESNF)

    • First REIT is Singapore’s first healthcare REIT.

    • It holds 31 properties worth S$1.02 billion across Indonesia, Japan and Singapore.

    • Its latest quarter delivered the sharpest headline drop of the three – DPU fell 13.8% YoY to S$0.00500.

  • United Overseas Insurance (SGX: U13 / FRA: IZB)

    • United Overseas Insurance, or UOI, sits within the UOB Group.

    • It underwrites general insurance across retail and commercial segments and runs a reinsurance arm.

    • It is the most cautionary of the three.

  • Get Smart: Read past the headline

🇸🇬 Hold or Sell? 3 Blue-Chip Stocks that Lagged the STI by 20% or More for 1H 2026 (The Smart Investor)

• The STI returned 13.1% in the first half of 2026. These three stocks went the other way — and the reasons behind each decline are not the same.

• Three names went the other way.

• Genting Singapore (SGX: G13 / FRA: 36T / OTCMKTS: GIGNF / GIGNY) delivered negative 13.4% in total returns over the half.

• Mapletree Pan Asia Commercial Trust (SGX: N2IU / OTCMKTS: MPCMF), or MPACT, returned negative 9.7%.

• CapitaLand Ascendas REIT (SGX: A17U / OTCMKTS: ACDSF), or CLAR, came in at negative 8.1%.

  • Is Genting’s earnings drop the whole story?

    • Genting Singapore owns and operates Resorts World Sentosa, home to Universal Studios Singapore, the Singapore Oceanarium, hotels, dining, and one of Singapore’s two licensed casinos.

  • Did MPACT’s headline numbers tell the truth?

    • MPACT holds 15 commercial properties across Singapore, Hong Kong, Mainland China, Japan, and South Korea, with assets under management (AUM) of S$15.2 billion.

  • Why did CLAR fall when its numbers held firm?

    • CLAR is Singapore’s oldest industrial REIT, with 229 properties across Singapore, the US, Australia, and the UK/Europe, and AUM of S$18.6 billion as at 31 March 2026.

  • Get Smart: The market’s verdict is not always the final word

🇸🇬 3 SGX Blue-Chip Rewarding Investors with Bonus Dividends (The Smart Investor)

• Special dividends can boost yields, but these three Singapore blue chips show why recurring payouts matter more for income investors.

• Singapore Telecommunications Ltd (SGX: Z74 / FRA: SIT / SIT4 / OTCMKTS: SGAPY / SNGNF) or Singtel, Singapore Technologies Engineering Ltd (SGX: S63 / FRA: SJX / OTCMKTS: SGGKF) or ST Engineering and Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF) each added a special or value-realisation dividend on top of their ordinary payout this cycle.

  • Singtel: A Core You Can Plan Around

  • ST Engineering: Strong Order Book, But A Special You Should Not Bank On

  • Singapore Airlines: Don’t Count On The Special Dividend

  • Get Smart: Retiring On Dividends

🇸🇬 Singapore’s Next 50: 3 Cash-Rich Billionaire Stocks That Hiked Their Dividends (The Smart Investor)

• Three SGX-listed companies raised their dividends while holding net cash, but the cash behind each raise tells a very different story.

  • Which company funded its raise from rising cash?

    • Hong Leong Asia Ltd (SGX: H22 / FRA: HOM) is an investment holding company with two main units.

    • Yuchai makes engines and brings in around 86% of group revenue, while the building materials arm produces cement, concrete and quarry products.

    • The balance sheet did the heavy lifting here.

  • Can a bigger raise rest on a smaller cash flow?

    • SIA Engineering Company (SGX: S59 / FRA: O3H / OTCMKTS: SEGSF), or SIAEC, is a maintenance, repair and overhaul specialist serving airlines across Asia-Pacific.

    • Its balance sheet is the cleanest of the three.

  • What does an 84% payout tell us?

    • Raffles Medical Group (SGX: BSL / FRA: 02M1 / OTCMKTS: RAFLF), or RMG, runs four hospitals and over 100 clinics across Singapore, China, Vietnam, Cambodia and Japan.

    • It carries the most debt of the three, though cash still covers it several times over.

  • Get Smart: A raise is only as good as the cash behind it

🇸🇬 3 Blue Chip SGX Stocks That Outran The Market by 7.8% or more (The Smart Investor)

• The STI barely moved in June. So how did these three blue chips leave it behind?

• SATS Ltd (SGX: S58 / FRA: W1J / OTCMKTS: SPASF) led with a total return of 14.7%, and Singapore Airlines (SGX: C6L / FRA: SIA1 / OTCMKTS: SINGY / SINGF) followed at 13.1%.

• Singapore Exchange Limited (SGX: S68 / FRA: SOU / SOUU / OTCMKTS: SPXCF / SPXCY) came in at 9.6%.

  • Why did SATS climb the most?

  • Why did SIA rise despite a profit plunge?

    • Singapore Airlines reported a 57.4% drop in net profit for the year ending 31 March 2026.

    • The share price still rose over the month.

    • The headline hid the real story.

  • Why did SGX join the leaders?

    • Singapore Exchange runs the country’s only stock market.

    • That gives it a steady, toll-booth quality, and its first-half numbers showed it working.

  • What did the three have in common?

  • Get Smart: read past the headline

🇸🇬 3 SGX Stocks that Delivered Twice the STI’s Returns for 1H 2026 (The Smart Investor)

• The STI ETF returned 13.1% in the first half. These three SGX small-caps did at least twice as well. Here is what pushed them ahead, and what could still trip them up.

• Micro-Mechanics (Holdings) Ltd (SGX: 5DD / OTCMKTS: MCRNF) delivered 78.1% in total returns over the same period.

• Civmec Ltd (SGX: P9D / ASX: CVL / FRA: 1CV) returned 52.5%, while Valuetronics Holdings (SGX: BN2 / FRA: GJ7) came in at 26.7%.

  • Why did a semiconductor tools supplier double?

    • Micro-Mechanics designs and makes consumable tools and parts used in critical semiconductor processing.

    • The business runs on chip demand, and chip demand is running hot.

  • How did Civmec rise while earnings fell?

    • This is the odd one.

    • Civmec’s share price rose 52.5% even as its results weakened.

    • The integrated construction and engineering group serving the energy, resources, infrastructure, and marine & defence sectors saw revenue fall 24.3% YoY to A$380.4 million in its first half of the fiscal year ended 31 December 2025 (1H2026).

  • What is driving Valuetronics’ re-rating?

    • Valuetronics is an electronics manufacturing services provider running two segments, Consumer Electronics and Industrial and Commercial Electronics, from plants in China and Vietnam.

    • Net profit dropped 33.1% to HK$111.4 million, dragged by a HK$48.4 million net loss tied to its Trio AI investment.

    • Strip out Trio AI and adjusted net profit was HK$159.9 million.

  • Get Smart: One theme, three routes

🇸🇬 Singapore REITs Sector – Return ON Capital or Return OF Capital? (Corporate Monitor)

🇸🇬 June 2026: 3 Blue Chip SGX REITs That Pipped the Market (The Smart Investor)

• Three SGX blue-chip REITs beat the index in June 2026. The reasons behind the run say more than the returns.

• CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF) led the pack with a 3.9% total return.

• Mapletree Logistics Trust (SGX: M44U / OTCMKTS: MAPGF) followed at 2.5%.

• Mapletree Pan Asia Commercial Trust (SGX: N2IU / OTCMKTS: MPCMF) returned 2.4%

  • Did CICT earn its lead?

    • Net property income (NPI) rose 7.9% to S$314.4 million.

    • The lift came from taking full ownership of CapitaSpring in August 2025 and a first income contribution from Gallileo.

  • Why did MLT rise on a weaker headline?

  • Can MPACT sustain its turn?

  • Get Smart: One month rarely settles anything

🇸🇬 REITs vs. Rental Property: Why Your First “Investment Home” Should Be a CapitaLand REIT (The Smart Investor)

• Many Singaporeans dream of owning an investment property to generate rental income. But investors may want to consider a simpler and more accessible alternative: owning a CapitaLand-backed REIT.

• For investors who want property exposure without becoming landlords, a CapitaLand-backed REIT offers a smoother first step.

  • The Appeal of Owning a Rental Property

  • The Hidden Challenges of Rental Property Investing

  • Enter the REIT Alternative

  • Comparing REITs and Rental Properties

  • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT – A Better First Step

    • It is one of Singapore’s largest REITs with a diversified portfolio of retail malls, offices, and integrated developments, giving investors property exposure without having to buy an actual unit.

  • But REITs Are Not Perfect Either

  • Who Should Consider Each Option?

  • The Bigger Lesson: Invest Before You Upgrade

  • Get Smart: You Don’t Need a Second Property to Become a Property Investor

🇸🇬 3 Industrial S-REITs Paying Above 6% (The Smart Investor)

🇸🇬 Why Singapore Banks Remain the Market’s Shock-Proof Income Engine (The Smart Investor)

• Discover why resilient Singapore banks consistently deliver stable profits and attractive dividends, making them the ultimate defensive income engine for your investment portfolio.

  • What Makes Singapore Banks Different?

  • How Banks Survive Economic Shocks

  • Why Singapore Banks Have Become Income Machines

  • The Three Key Drivers Investors Should Watch

  • Are Singapore Banks Truly “Shock-Proof”?

  • Why Many Long-Term Investors Still Prefer Banks

  • Common Misconceptions About Bank Stocks

  • Get Smart: Resilience Makes Banks Special

🇸🇬 Blue-Chip Stocks in Singapore: What Investors Should Watch Now (The Smart Investor)

• Singapore’s blue-chip stocks have long been favourites among income and long-term investors. But with changing interest rates, shifting economic conditions, and new growth opportunities emerging, what should investors be paying attention to today?

  • The Key Trends Shaping Singapore Blue Chips

  • United Overseas Bank (SGX: U11 / FRA: UOB / UOB0 / OTCMKTS: UOVEY / UOVEF), or UOB

    • Part of the trio of local banks, UOB has been under investors’ spotlight in the last year, given the surprising increase in pre-emptive credit allowances in the quarter ending 30 September 2025 (3Q2025), sending net profits down by a startling 72% to S$443 million.

    • Since then, UOB has steadied its ship.

  • CapitaLand Integrated Commercial Trust (SGX: C38U / OTCMKTS: CPAMF), or CICT

    • CICT owns a well-diversified portfolio that includes prime office space (CapitaSpring), popular shopping malls (Tampines Mall), and integrated developments like Plaza Singapura.

  • DFI Retail Group (SGX: D01 / FRA: DFA1 / OTCMKTS: DFIHY), or DFI Retail

    • Finally, DFI Retail stands out, being the operator of popular consumer brands such as Guardian, 7-Eleven, and IKEA.

    • Since 2021, overall turnover has been stable as DFI retail adjusts its portfolio of brands.

  • What Makes a Blue-Chip Stock Attractive Today?

  • Common Mistakes Investors Make

  • Building a Blue-Chip Portfolio for the Future

  • Get Smart: Blue Chips Still Deserve a Place in Your Portfolio

🇸🇬 Still a Bargain: 3 Quality Dividend Stocks That Haven’t Skyrocketed Yet (The Smart Investor)

• Many dividend stocks have rallied lately, which makes hunting for good deals tougher. But a few solid companies paying steady dividends are still flying under the radar. These overlooked picks might deserve a second look if you’re after both income and value.

  • What Makes a Dividend Stock a Bargain?

  • NetLink NBN Trust (SGX: CJLU / OTCMKTS: NETLF), or NetLink

    • NetLink owns the backbone of Singapore’s broadband – the passive fibre network infrastructure that keeps the nation online.

    • NetLink isn’t in the business of explosive tech growth. Even though it’s central to Singapore’s digital foundation, it’s more of a stable workhorse than a rocket ship.

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

    • OCBC is one of Singapore’s three major banks, covering everything from consumer and corporate banking to wealth management and insurance.

    • Still, OCBC’s fundamentals remain strong.

  • Parkway Life Real Estate Investment Trust (SGX: C2PU), or PLife REIT

    • PLife REIT owns healthcare properties, such as hospitals, medical centres, and nursing homes, across Singapore, Japan, and France.

    • Its portfolio is defensive because demand for healthcare services tends to be resilient across economic cycles.

  • Comparing the Three Opportunities

  • What Could Go Wrong?

  • Get Smart: Sometimes the Best Opportunities Are Hiding in Plain Sight

🇸🇬 Which Singapore Marine Stock Is a Better Buy: Yangzijiang or Seatrium? (The Smart Investor)

• Both Yangzijiang Shipbuilding Holdings (SGX: BS6 / FRA: B8O / OTCMKTS: YSHLF) and Seatrium Ltd (SGX: SE2 / FRA: S8N / OTCMKTS: SMBMF) stand to benefit from a marine and offshore recovery, but their business models, profitability, and risk profiles are very different.

  • A Quick Look at the Businesses

    • YZJ is one of the largest private shipbuilders in China.

    • The company’s shipbuilding segment focuses mainly on large and medium-sized commercial vessels such as container ships, bulk carriers, and oil tankers.

    • Meanwhile, Seatrium is more focused on offshore and marine engineering; it is similar to YZJ in that it has a shipbuilding segment as well, but Seatrium mainly produces vessels suitable for offshore energy needs (oil and gas, alongside offshore wind).

    • The company’s order book is strong, last valued at S$15.5 billion as of 31 March 2026 (1Q2026).

    • Seatrium also provides services relating to repairs and upgrades, and the conversion of vessels.

    • In sum, YZJ is more tied to the shipbuilding and chartering cycles, while Seatrium’s performance is more closely linked to energy investment cycles.

  • The Industry Tailwinds Supporting Both Stocks

  • Why Investors Like Yangzijiang

  • Why Investors Like Seatrium

  • The Risks Investors Should Consider

  • Valuation: Which Stock Looks More Attractive?

  • Which Stock Fits Different Investors?

  • Could Investors Own Both?

  • Get Smart: Which Marine Stock Comes Out Ahead?

🇸🇬 Get Smart: I Visited a Fintech Office. Here’s What its Balance Sheet Couldn’t Tell Me. (The Smart Investor)

• The best businesses don’t just meet your expectations. They surprise you on the upside — in ways no spreadsheet could have predicted.

• The company is iFAST Corporation Limited (SGX: AIY / FRA: 1O3 / OTCMKTS: IFSTF).

  • The things you learn by showing up

    • Most people think of iFAST as a brokerage or a fund platform.

    • The surprise?

    • It is also, quietly, a software company that builds and controls its own technology.

  • Surprised on the upside

  • The Sweet Spot of Capital Gains and Dividends

  • Get Smart: Demand quality, not certainty

🇮🇳 A Foot In The Future And The Past: Genpact Limited (Seeking Alpha) $ 🗃️

🇮🇳 Vedanta prices largest-ever US dollar Indian corporate bond (The Asset) 🗃️

• Resource conglomerate’s US$1.75 billion offering comes amid 15% YoY H1 rise in Asian international bond issuance

• Indian natural resources and mining conglomerate Vedanta Ltd (NSE: VEDL / BOM: 500295)’s has priced the largest-ever US dollar Indian corporate bond and the first-ever triple-tranche high-yield US dollar bond from India with its US$1.75 billion offering.

• The offering, Vedanta Resources Finance II, is a finance vehicle for the Vedanta Group and a wholly owned subsidiary of Vedanta Resources. The Vedanta Group is a globally diversified natural resource group engaged in exploring, extracting and processing minerals and oil and gas.

• The group, which has operations in India, Namibia, Ireland, South Africa, Liberia, UAE, Zambia, Japan, South Korea and Taiwan, is primarily engaged in the businesses that involve aluminium, zinc, lead, silver, oil and gas, copper, iron ore, steel and commercial power generation.

🇮🇳 KPIT Tech: Investor Day and Earnings Update (Smartkarma) $

• KPIT Technologies (NSE: KPITTECH / BOM: 542651) reported a strong Q4FY26 suggesting that the demand is reviving back allaying macroeconomic concerns. Deal wins came in at an all-time high of $349mm.

• KPIT’s Q4FY26 revenue grew at 1.8% QoQ in constant currency (CC), higher than the 1.5% we projected. Growth was led by off-highway and trucks followed by cloud-based connected services.

• KPIT has been pivoting towards solutions and products, whose contribution to revenues is expected to grow at 30%+ CAGR. 21% of the total pipeline is already from solutions and products.

🇮🇳 Astral Ltd: Can the Demerger Unlock Value Across Pipes and Chemicals? (Smartkarma) $

• Astral Ltd (NSE: ASTRAL / BOM: 532830)’s board approved a composite scheme on June 25, 2026, to demerge chemicals into Astral Chemie and merge Al-Aziz Plastics into the parent.

• FY26 consolidated revenue stood at INR 6,569 crore, with plumbing contributing around 71% and chemicals around 29%. Separate listings can improve business-level valuation clarity.

• The timing looks strategic. Chemicals reported INR 1,861 crore revenue and INR 192 crore EBITDA, while CPVC integration and DSS specialty chemicals remain key future triggers.

🇮🇳 Heritage Foods Ltd: FY26 Was a Margin Reset, Not a Demand Problem (Smartkarma) $

• Heritage Foods (NSE: HERITGFOOD / BOM: 519552) crossed Rs. 4,526 crore FY26 revenue, but PAT fell 20% to Rs. 150 crore as 8% higher milk procurement costs pushed Q4 EBITDA margins to a record-low 4.5%.

• Heritage is betting on premiumization, with Rs. 300 crore capex, Get-A-Way acquisition, and organic milk expansion in Bengaluru to offset dairy supply pressures.

• FY27 is Heritage’s key test: easing milk costs or premium products must offset margin pressure. At a Rs. 3,058 crore market cap, risk-reward appears balanced.

🇮🇳 Seshaasai Technologies: India’s Quiet Backbone of the Payment Card Economy (Smartkarma) $

• Seshaasai Technologies Ltd (NSE: STYL / BOM: 544533) listed in September 2025 at Rs. 423/share, raised Rs. 813 crore, and now trades around Rs. 309 still below IPO price, but with Q4FY26 earnings showing stronger momentum.

• FY26 PAT rose 8% YoY to Rs. 240 crore despite a 1.5% revenue decline, while EBITDA margin expanded to 27.4% showing mix-led margin resilience.

• High client stickiness, a net-cash post-IPO balance sheet, and faster IoT/CFS contribution make this a recurring-revenue infrastructure story worth tracking closely.

🇮🇳 Genus Power: GIC Exit, HNI Buying and the ₹25,173 Crore Order Book (Smartkarma) $

• Genus Power Infrastructures Ltd (NSE: GENUSPOWER / BOM: 530343), a smart-metering player, saw GIC affiliate Chiswick sell 11.03% worth INR 955.6 crore on June 30 after a INR 267.5 crore deal, Madhusudan Kela and Akash Bhansali bought.

• The exit came after Genus’ strongest year: FY26 standalone revenue rose 94%, PAT grew 106%, and its smart-meter order book stood at INR 25,173 crore.

• Ownership churn, the unresolved Patna ED case and FY27 margin guidance need monitoring before treating Genus as a simple re-rating story.

🇮🇳 GNA Axles Ltd: A Forging Specialist With Global Growth Potential (Smartkarma) $

• GNA Axles Ltd (NSE: GNA / BOM: 540124), an auto-component maker focused on axle shafts, closed FY26 with INR 1,478.42 crore revenue and INR 116.95 crore PAT, and approved INR 25 crore for GNA Mobility.

• Profitability remained resilient despite weakness in exports. The US-India tariff truce in February 2026 could support export recovery, especially as the US remains a key growth market.

• Q4 margins weakened sharply, with a 454 bps sequential contraction. With a large FY27 capex plan ahead, the next two quarters will be critical for execution and margin recovery.

🇬🇪 Lion Finance Group PLC (BDGSF) Analyst/Investor Day – Slideshow (Seeking Alpha)

🇮🇱 G. Willi-Food: A Kosher Growth Story Worth Watching (Seeking Alpha) $ 🗃️

🇹🇷 TAV Airports: Profitability Still Depressed, But Cycle Is Turning (Seeking Alpha) $ 🗃️

🇿🇦 Sasol Limited: Lackluster Outlook For Ethylene Markets Warrants A Sell (Seeking Alpha) $ 🗃️

• 🌐 Sasol (NYSE: SSL) – Global chemicals & energy company. 3 distinct market-focused businesses, namely: Chemicals, Energy & Sasol ecoFT. 🇼 🏷️

🇿🇦 Valterra Platinum: A Newly Independent Tollgate On A Tightening PGM Market (Seeking Alpha) $ 🗃️

🇿🇦 Sibanye Stillwater: De-Risked And Undervalued (Seeking Alpha) $ 🗃️

• 🌐 Sibanye Stillwater Ltd (JSE: SSW / NYSE: SBSW) – World’s largest primary producers of platinum, palladium & rhodium & is a top-tier gold producer. Projects & investments across 5 continents. 🇼 🏷️

🇿🇦 Impala Platinum: Flat Production, Higher PGM Prices, Vulnerable To Volatility (Seeking Alpha) $ 🗃️

• 🌐 Impala Platinum Holdings (JSE: IMP / LON: 0S2J / FRA: IPHB / OTCMKTS: IMPUY / IMPUF) – South African holding company who is a leading producer of platinum group metals (PGMs), structured around 6 mining operations & Impala Refining Services, a toll refining business. 🇼 🏷️

🇿🇦 Naspers Limited 2026 Q4 – Results – Earnings Call Presentation (Seeking Alpha) $

🇿🇦 Gold Fields: Where Long-Term Buyers Could Step In, A Gold-Industry Value (Seeking Alpha) $ 🗃️

• 🌐 Gold Fields (JSE: GFI / NYSE: GFI) – One of the world’s largest gold mining firms. 9 operating mines in Australia, Peru, South Africa & Ghana (including the Asanko JV) & 2 projects in Canada & Chile. 🇼 🏷️

🇿🇲 ZCCM – is the Zambian mining giant finally awakening? (Undervalued Shares)

• In June 2022, I published: “Forgotten microcaps (part 1): ZCCM – the secret mining giant of Africa“.

• As I said back then, even hardened micro-cap investors were unlikely to have heard of ZCCM Investments Holdings PLC (EPA: MLZAM / OTCMKTS: ZCCMF) (ISIN ZM0000000037, Euronext:MLZAM).

• With a market cap of just EUR 233m (USD 250m) at the time, and only 7% of its shares in free float, this was never a liquid stock that you could easily buy and sell. There was also no conventional analyst coverage.

• However, the company came with a strong endorsement.

• When I asked my old friend Axel Krohne of Krohne Capital about the company, he called it “the most undervalued (copper) mine in the world“.

• ZCCM Investments Holdings traces its origins to the Zambia Consolidated Copper Mines. During the British colonial era, mining operations in the region that today encompasses Zimbabwe, Zambia, Botswana, and parts of South Africa were gradually consolidated.

• Unusually, ZCCM has long maintained listings on multiple stock exchanges: Lusaka (Zambia), Paris (Euronext), and London.

🌎 Revisiting the Strait of Hormuz crisis impact on Latin America three months later (Latin America Risk Report)

🌎 Daniel Zovatto: Why Latin America’s Electoral Pendulum Is Swinging to the Right (Confidencial)

• Right-wing ideology, public concern over insecurity, and a protest vote against left-wing governments. The “final” will come in October in Brazil: “the mother of all elections.”

🌎 Ternium Looks Like A Bargain Despite Ongoing Economic Uncertainties (Seeking Alpha) $ 🗃️

• 🌎 Ternium S.A. (NYSE: TX) 🇱🇺 – Manufactures & processes steel products (including for oil & gas) with 18 production centers in Argentina, Brazil, Colombia, United States, Guatemala & Mexico. Subs. of Argentine-Italian conglomerate Techint. 🇼 🏷️

🌎 Mercado Libre’s Margin Compression May Be A New Normal – Potential Technical Bottoming (Seeking Alpha) $ 🗃️

🌎 MercadoLibre: Why Strong Growth Opportunities Make The Capex Worth It (Seeking Alpha) $ 🗃️

🌎 MercadoLibre: The Dip Is Here, But So Is A New Problem (Seeking Alpha) $ 🗃️

🌎 MercadoLibre: Scaling Tremendously Ahead Of A Rotation Trade (Seeking Alpha) $ 🗃️

🌎 DLocal: Wall Street Is Turning More Bullish (Seeking Alpha) $ 🗃️

🇦🇷 IRSA: Scarce Hard Assets, A Wide Moat, And A 9% Yield (Seeking Alpha) $ 🗃️

🇧🇷 PagSeguro Digital: Built To Benefit From Brazil’s Next Rate-Cutting Cycle (Seeking Alpha) $ 🗃️

🇧🇷 Embraer: Ready To Take Off Again (Seeking Alpha) $ 🗃️

🇧🇷 Telefonica Brasil: That’s Why Starlink Is Not A Threat (Seeking Alpha) $ 🗃️

🇧🇷 Atlas Lithium Corporation: A Speculative Buy As Neves Moves Closer To Production (Seeking Alpha) $ 🗃️

• 🇧🇷 Atlas Lithium Corporation (NASDAQ: ATLX) – Exploration projects for lithium & other battery minerals in Brazil + nickel, rare earths, titanium, graphite, gold, diamond & industrial sand.

🇧🇷 Bradesco: The ROAE Spread Is Turning Positive Again (Seeking Alpha) $ 🗃️

🇧🇷 Petrobras: Buy This Bargain As Dividends Will Soar (Seeking Alpha) $ 🗃️

🇧🇷 Banco Santander (Brasil): An Ugly Transition With A 9% Yield (Seeking Alpha) $ 🗃️

🇵🇪 Conservative Keiko Fujimori wins knife-edge election in Peru (FT) $ 🗃️

🌐 Nebius: The Meta Cloud Selloff Exposes A Deeper Problem (Seeking Alpha) $ 🗃️

🌐 Nebius: Meta Clouds Signal Hidden AI Demand Surge (Seeking Alpha) $ 🗃️

🌐 Prosus: Proving It’s More Than Just A Tencent Holding Company (Seeking Alpha) $ 🗃️

🌐 Nebius: The $15 Billion Catch That’s Not Priced In (Seeking Alpha) $ 🗃️

🌐 Nebius: A Bigger Question Behind The Growth (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, 7/6/2026 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.)

Tarsier Pharma TARX Konik Capital Partners (A Division of T.R. Winston), 5.0M Shares, $8.00-10.00, $45.0 mil, 7/9/2026 Thursday

(Incorporated in Israel)

We are a Phase 3 biotech developing steroid-free therapies to treat autoimmune and inflammatory eye diseases that can cause blindness. We are based in Israel.

Our leading drug candidates are based on dazdotuftide to treat non-infectious anterior uveitis without using steroids, which can increase the risk of glaucoma. We are developing an eye drop, known as TRS01, and an injectable drug, known as TRS02, to decrease inflammation without risking the side effects of steroids.

Ocular inflammations are a group of diseases affecting the front and back of the eye. Non-infectious anterior and posterior uveitis are the most known ocular inflammatory diseases. However, ocular inflammation is a critical underlying mechanism in the pathology of other inflammatory eye diseases, such as non-evaporative dry eye, diabetic macular edema (DME), and dry age-related macular degeneration (AMD). Hundreds of millions of people in all age groups are suffering from ocular inflammatory diseases worldwide, conditions that pose severe risks of vision loss and blindness.

(Note: Tarsier Pharma disclosed the terms for its small IPO on May 18, 2026, in an F-1/A filing: 5 million shares at a price range of $8.00 to $10.00 to raise $45 million. This is an NYSE-American Exchange listing.)

SK hynix (NASDAQ Uplisting) SKHY BofA Securities/Citigroup/Goldman Sachs/J.P. Morgan, 0.0M Shares, $0.00-0.00, $29000.0 mil, 7/10/2026 Friday

Note: This is an offering of American Depositary Shares (ADS) on the NASDAQ. Our common shares are listed on the KRX KOSPI Market of the Korea Exchange (the “KRX KOSPI Market”) under the identification code “000660.” (Source: F-1 filing dated June 24, 2026)

(Incorporated in the Republic of Korea)

We are one of the world’s largest memory semiconductor companies and engage in the design, manufacture and sale of advanced memory semiconductors. In the DRAM market that includes HBM, we were ranked second globally based on revenue with a market share of 29.1% in the first quarter of 2026, according to market research conducted by IDC. In the HBM market, we were ranked first globally based on revenue with a market share of 56.4% in the first quarter of 2026, according to IDC. In addition, we were the second largest supplier of NAND flash memory based on revenue, with a worldwide market share of 18.5% in the first quarter of 2026, according to IDC.

Our memory products can be used in virtually all electronic devices, including graphics cards, personal computers (“PCs”), data center servers, mobile devices such as smartphones and tablets, and other consumer electronics products. We also conduct our foundry business through SK hynix system ic Inc. (“SK hynix system ic”) and SK keyfoundry Inc. (“SK keyfoundry”), our wholly-owned subsidiaries.

We sell a wide variety of DRAM and NAND flash memory products with various configuration options, architectures and performance characteristics tailored to meet application- and customer-specific needs. We believe that we are one of the world’s leading companies in developing DRAMs with advanced specifications, particularly those requiring higher density, faster data-processing speed and lower power consumption. We are continually developing higher-density DRAM modules, SSDs and other advanced DRAM and NAND flash memory products that are optimized for our customers’ specific applications. In recent years, we have substantially increased our sales of HBMs. HBMs are advanced memory semiconductors designed to deliver fast data transfers while using less power, making them especially useful in high-performance applications such as GPUs, AI and high-performance computing.

Note: Revenue is in U.S. dollars for the 12 months that ended on March 31, 2026.

Note: The Wall Street Journal reported that SK hynix is “looking to raise 45.453 trillion won, equivalent to $29.65 billion, by issuing American depositary receipts on the Nasdaq market, according to a regulatory filing to the Korea Exchange on Wednesday.” The company has set a trade date of July 10, The WSJ reported.

Note: Bloomberg has estimated that SK hynix could raise about US$29 billion in its public offering of ADS in connection with its uplisting to the NASDAQ.

(Note: SK hynix disclosed its plans to list its stock – American Depositary Shares (ADS) – on the NASDAQ in a NASDAQ Uplisting – a U.S. public offering – in an F-1 filing on June 24, 2026, without disclosing the terms. However, the SK hynix filing said the maximum number of shares would be 17.79 million shares, representing 2.5 percent of its total issued and outstanding common stock on that date. Note: Bloomberg has estimated that SK hynix could raise about US$29 billion (45.45 trillion won) in its public offering of ADS in connection with its uplisting to the NASDAQ. )

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 6, 2026) was also published on our website under the Newsletter category.

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