Stocks · Theme
Emerging-market stocks · 23 research notes
23 Emerging markets stocks with a dated research note: thesis, kill line and next catalyst.
Earlier themeNot among the research's active themes (last active 26 October 2026). Each stock's note below is dated on its own.
All 23 have a dated research note with a published kill line: the note's own test, stated in advance, of what would prove it wrong: a price level, a business fact, or both.
All stocksCHAChagee HoldingsMedium Chagee Holdings is modestly more likely to lead the S&P 500 over three months: its shares cleared $14.00 on a $1.95 special dividend. The third-quarter report, expected around 27 November 2026, shows whether China same-store sales, down…MNSOMINISO Group HoldingMedium MINISO's 25%-30% mainland China sales growth, against a share price that already reflects lower full-year profit, gives the shares a modest edge; the 17 November 2026 third-quarter report shows whether margins stabilise.VEONMedium VEON raised the floor of its 2026 revenue and EBITDA growth guidance on 6 November 2026 as digital profit outgrew digital sales, backing its shift from mobile carrier to digital operator; the 16 November 2026 Capital Markets Day tests the…BZKanzhunLow Kanzhun (BOSS Zhipin) shares are more likely to lag the S&P 500 over three months after an unexplained fall to a record-low $12.49 close on 12 November 2026; the third-quarter 2026 report, expected in late November 2026, shows whether…NUNu HoldingsLow Nu Holdings shares are more likely to lag the S&P 500 over the next three months, as rising 90-day delinquencies and a post-election Brazil discount outweigh record profit. The 8 December 2026 Investor Day is the next test of that view.KAROKaroooooMedium Karooooo's record quarterly operating profit and 18% subscriber growth make the shares modestly more likely than not to beat the S&P 500 over three months; the third-quarter fiscal 2027 report, estimated for about 19 January 2027, shows…BAKBraskemLow Braskem's creditor talks have no agreement and shareholders withdrew their funding offer on 6 November 2026, so heavy dilution for the listed ADR is likelier than a clean deal; the creditor-support deadline of about 22 November 2026…BBARBanco BBVA ArgentinaLow Banco BBVA Argentina's US-listed shares are more likely to lag the S&P 500 because they trade on Argentine sovereign risk, which hit 831 basis points on 3 November 2026; the third-quarter report on 24 November 2026 shows whether credit…BMABanco MacroLow Banco Macro's shares are more likely to lag the S&P 500: they closed at a 52-week closing low of $57.23 on 11 November 2026 despite a buyback. The third-quarter results, not yet confirmed for a date, settle whether bad loans are rising.GGALGrupo Financiero GaliciaLow Grupo Financiero Galicia's US-listed shares are more likely to lag the S&P 500 over three months because Argentine sovereign risk, not bank earnings, drives them; October inflation of 2.2% beat forecasts, and third-quarter results (~24…INTRInterLow Inter & Co.'s shares are more likely to lag the S&P 500 over three months: profit grew 26% in the 12 November 2026 report, but late overdue loans rose to 5.3% and Brazilian rates and the real set the price. The fourth-quarter report,…ITUBItau Unibanco HoldingLow Itaú Unibanco still earns a 23.6% return on equity, in line with forecasts, but its US shares trade on Brazil's fiscal risk and sit at $7.39, level with 28 October 2026; the fourth-quarter report and Lula's economic team settle the case.KCKingsoft Cloud HoldingsLow Kingsoft Cloud's shares are more likely to lag the S&P 500: AI-cloud billings and a first operating profit have not stopped a 25.3% three-month fall; the 24 November 2026 Q3 report shows whether the profit repeats.LILALiberty Latin AmericaLow Liberty Latin America's shares are more likely to lag the S&P 500 over three months: the 4 November 2026 quarterly report missed estimates and the Liberty Puerto Rico restructuring is unresolved. A signed deal on the parent's stake in the…MMYTMakeMyTripLow MakeMyTrip's shares rebounded to $51.60 on 10 November 2026 with no new results; 20.9% constant-currency bookings growth sits against a 2.5% revenue rise and falling air demand, and the late-January 2027 report settles it.PAGSPagSeguro DigitalLow PagSeguro Digital's shares are more likely to lag the S&P 500, with payments growth stalled, overdue loans rising and Citigroup and UBS at Neutral with $8 targets. The 16 November 2026 third-quarter report tests whether volume and credit…PBRPetroleo Brasileiro S.A.-PetrobrasLow Petrobras shares are more likely to lag the S&P 500 after a third-quarter dividend below bank forecasts and higher 2026 capital-spending guidance. The 2027–2031 strategic plan, due on 23 November 2026, shows whether payouts recover.SBSLow Sabesp's ADS are more likely to lag the S&P 500 over three months: third-quarter net income fell 35.7% on financing costs, and the shares trade below their 200-day average. Lula's term on 5 January 2027 tests federal policy toward the…SESeaLow Sea Limited's Q3 report on 10 November 2026 beat on revenue and showed Shopee profit rising, but Monee's bad-loan ratio rose to 1.3% and EPS missed, so a rebound from $76.80 is unproven. The Q4 report, due around March 2027, settles…SSLSasolLow Sasol Limited's shares are more likely to lag the S&P 500 over three months: the ADR is 21.2% below its October high and the fiscal 2026 recovery is priced in; interim results due around 23 February 2027 test net debt against US$3 billion.STNEStoneCoLow StoneCo's shares are more likely to lag the S&P 500 over three months: its over-90-day loan-loss ratio rose to 9.92% in the third quarter and adjusted gross profit fell 8.0%, despite a raised 2026 earnings outlook. Brazil's late-January…UGPUltrapar ParticipacoesLow Ultrapar's shares are more likely to lag the S&P 500: its 11 November 2026 third-quarter report showed recurring EBITDA down 15% from the second quarter and net debt up to R$11.0 billion. The fourth-quarter Ipiranga fuel margin decides…XPLow XP Inc. is more likely to lag the S&P 500 over three months: Brazil's fiscal and rate outlook worsened after Lula's 25 October 2026 win and four brokers cut targets. The 17 November 2026 third-quarter report shows whether inflows held near…