Vietnam’s market surges 83%! Seeking the next Southeast Asian dark horse...

In 2024, Infosys reported revenue of approximately USD 18.7 billion and net profit of about USD 3.4 billion, ranking among the top ten globally in profitability among IT services firms. 6. Astra International—PT Astra (P/E: 7.0, P/B: 1.12) Astra is dubbed Indonesia’s ‘automotive empire’—selling cars, manufacturing motorcycles, providing auto financing, and offering insurance... It ranks among Indonesia’s largest listed companies, employing nearly 200,000 people. In Indonesia, eight out of ten motorcycles are sold by Astra, and half of all new vehicles are distributed through its dealerships (including Toyota and Daihatsu); even auto loans and insurance can be arranged via Astra... At its core, Astra operates largely as a distributor—hence its valuation remains relatively modest. Other constituents of the Southeast Asian tech index won’t be detailed individually—for instance, GOTO, an index component, is often described as Indonesia’s version of [Alibaba + Tencent + Meituan]. Broadly speaking, this index functions as a Southeast Asian counterpart to China’s Hang Seng Tech Index. 02 Emerging Asia Select QDII Fund (Fund Code: 520580) If the Southeast Asian Tech Index is the overseas equivalent of the Hang Seng Tech Index, then the Emerging Asia Select 50-tracking fund—Emerging Asia—can be understood as the Southeast Asian counterpart to China’s SSE 50 Index. It is an FOF (fund-of-funds) structured product, with over 99% of its assets invested in the Singapore-listed SGX Emerging Asia Select 50 ETF (EAA). This index covers India, Indonesia, Malaysia, and Thailand, selecting the 50 largest and most liquid publicly traded companies from these countries. Note: Emerging Asia includes relatively few emerging-sector stocks; instead, financials—especially banks (accounting for over 40% of the index)—and traditional industries dominate. Next, we highlight several key constituents: 1. Reliance Industries (P/E: 22.8, P/B: 2.21) Reliance’s business scope is exceptionally broad. Put simply, it is an Indian conglomerate spanning oil refining, smartphone manufacturing, supermarket retail, and new-energy development. More vividly: Reliance is akin to a merger of Sinopec, China Mobile, Yonghui Superstores, and CATL. Its operations permeate every facet of Indian life, and the Ambani family—thanks to Reliance—has become one of Asia’s wealthiest families, earning it the moniker ‘India’s Samsung.’ The Thai Charoen Pokphand Group—a family-controlled conglomerate—is also a constituent; its diversified operations won’t be elaborated further here. 2. Housing Development Finance Corporation Bank (HDFC Bank) (P/E: 22.5, P/B: 2.9) HDFC Bank resembles China Merchants Bank in India, specializing in retail banking services such as lending, credit cards, and savings accounts. It is India’s second-largest bank by asset size—and the largest by market capitalization. 3. ICICI Bank (P/E: 18.1, P/B: 2.90) If HDFC Bank is the ‘king of retail banking,’ ICICI Bank is India’s ‘champion of corporate banking.’ Other constituents include Bank Central Asia (BCA) of Indonesia (P/E: 16.7) and Bank Rakyat Indonesia (BRI) (P/E: 9.1)—analogous respectively to China Merchants Bank and Postal Savings Bank of China in Indonesia, with BCA focusing on urban markets and BRI on rural ones. The index also includes Malaysia’s Maybank (P/E: 11.7), a hybrid resembling both China Merchants Bank and ICBC.

Jio, backed by Meta and Google, surges post-IPO—India’s largest IPO ever

The stock closed at INR 1,362, significantly above its issue price of INR 1,119. This performance surpassed broad institutional expectations: Nomura Securities assigned Jio Platforms a ‘Buy’ rating on Wednesday, with a target price of INR 1,340—implying 19.7% upside from the issue price—yet the actual share price has already breached that target. This IPO raised INR 302 billion (approximately USD 3.2 billion), attracting over 22 times subscription. Global top-tier funds—including BlackRock, Capital Group, and Singapore’s Government Investment Corporation (GIC)—participated in the anchor investor allocation. This landmark listing has injected strong confidence into large-scale transactions within India’s capital markets. India’s Largest IPO Ever—Fully Subscribed in Just 95 Minutes Jio Platforms offered 270 million shares at an issue price of INR 1,119 per share, setting a new record for IPO fundraising in India. According to data from the Bombay Stock Exchange (BSE), the public subscription phase saw overall oversubscription exceeding 22 times. Qualified Institutional Buyers (QIBs) subscribed 70.55 times, while retail investors subscribed 2.72 times—demonstrating markedly stronger institutional demand than retail interest. Akash Ambani, Managing Director of Jio Platforms and son of Indian billionaire Mukesh Ambani, stated ahead of the listing ceremony that, following the opening of subscriptions on October 21, the entire offering was fully subscribed within just 95 minutes.

Reliance Industries Beats Profit Estimates on Strong Refining and Jio Listing

21 hours ago

Reliance Industries reported a 41% surge in net income, beating estimates due to high diesel refining margins and strong telecom performance from its newly listed unit Jio Platforms. Its market value surpassed Tata Group following the blockbuster IPO.

bloomberg

2026-10-30

Reliance Industries Beats Profit Estimates on Strong Refining and Jio Listing

Reliance Industries Beats Profit Estimates on Strong Refining and Jio Listing

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