Undervalued assets such as new exchanges coming onto the market place is a good long term investment. I think Vietnam and possibly Cuba, when it embraces capitalism. If you look at the trends, world wide exchange seat prices are going through the roof. Exchange seat prices can only go up iuntil they get incorporated into worldwide net. Recent stakes purchased on the Mumbai Exchange, just shows that this investment theme will continue. Since hedgefunds are branching into off-field ventures for returns, this is a more market related possibility.
When emerging exchanges turn into submerging exchanges, be careful, be very careful. The countries you mentioned could be listed on an existing exchange instead of forming their own.