Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>FIIs sold US$23.5bn Asian equity in September and US$9.4bn till 8th October. September's selling was primarily in Korea (US$16.9bn), India (US$3.75bn), Taiwan (US$1.3bn). Thailand (US$793m), Indonesia (US$577m), Philippines (US$135m) too.</li>
<li>In early October there's an acceleration in FII exodus from India (sold US$4.6bn). The pace of selling in Korea remains unaltered (sold US$4.7bn). Taiwan was bought in small measure (US$28m).</li>
<li>Among North Asian tech titans, FIIs clearly prefer Taiwan over Korea. If US yields spike further, we'd be cautious about India, Indonesia, Philippines. Korea could continue to get sold too.</li>
</ul>


FIIs sold US$23.5bn Asian equity in September and US$9.4bn till 8th October. September's selling was primarily in Korea (US$16.9bn), India (US$3.75bn), Taiwan (US$1.3bn). Thailand (US$793m), Indonesia (US$577m), Philippines (US$135m) too.
In early October there's an acceleration in FII exodus from India (sold US$4.6bn). The pace of selling in Korea remains unaltered (sold US$4.7bn). Taiwan was bought in small measure (US$28m).
Among North Asian tech titans, FIIs clearly prefer Taiwan over Korea. If US yields spike further, we'd be cautious about India, Indonesia, Philippines. Korea could continue to get sold too.


Asian Equities: Ferocious Foreign Selling in September and Early October; Only Taiwan Seems Immune

Equity Long-Short

Mo Aziz

Thematic (Sector/Industry)

<ul>
<li>Samsung printed a record ₩107.4tn Q3 operating profit, in line with the lowered bar, and fell 2.4%. Two record prints in eight days, Micron then Samsung, bought nothing.</li>
<li>Second straight down week: coverage −5.9% as the S&amp;P rose 1.2%. Korea led (KOSPI −5.4%) as Solidigm hired IPO banks; NAND followed spot prices lower; Taiwan held.</li>
<li>Ratings and TPs held. Stay long Micron (TP $1,375), add at ≤$975; hold SK Hynix, no add before Q3 on 27 Oct. Nanya’s 12 Oct margin is next.</li>
</ul>


Samsung printed a record ₩107.4tn Q3 operating profit, in line with the lowered bar, and fell 2.4%. Two record prints in eight days, Micron then Samsung, bought nothing.
Second straight down week: coverage −5.9% as the S&amp;P rose 1.2%. Korea led (KOSPI −5.4%) as Solidigm hired IPO banks; NAND followed spot prices lower; Taiwan held.
Ratings and TPs held. Stay long Micron (TP $1,375), add at ≤$975; hold SK Hynix, no add before Q3 on 27 Oct. Nanya’s 12 Oct margin is next.


SEMICONDUCTOR MEMORY CYCLE MONITOR — Issue #15 | 4-10 Oct 2026.

APAC Capital Markets, Guzzler Chronicles

Anshul Trivedi

APAC Capital Markets

Guzzler Chronicles

Why "The Guzzler Chronicles"? This note sets out my current state of mind, and that view rests on several conditions: where yields sit, which way inflation is moving, how concentrated earnings growth is, and how stretched the charts are. Those conditions will change as the data and my analysis change, and my view will change with them. This is the first instalment of a series. Later notes will go deeper into individual topics raised here and will refer back to this one as the baseline.

<ul>
<li>Gold: GLD/SPY is +0.35 SD from its 5-year mean, about 31% below the February high and is almost back to mean. </li>
<li>Beta is "off the charts": SPHB/SPLV is +2.6 SD on the 5-year view, above the +2 SD band and about 3% below the 2 Oct high. </li>
<li>Central banks remain steady buyers: the World Gold Council expects about 850t in 2026, close to 2025's ~863t</li>
</ul>


Gold: GLD/SPY is +0.35 SD from its 5-year mean, about 31% below the February high and is almost back to mean. 
Beta is "off the charts": SPHB/SPLV is +2.6 SD on the 5-year view, above the +2 SD band and about 3% below the 2 Oct high. 
Central banks remain steady buyers: the World Gold Council expects about 850t in 2026, close to 2025's ~863t


Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Shionogi is acquiring CNS biopharmaceutical company IntraBio for an upfront consideration of $2B. Ono Pharmaceutical entered exclusive license agreement with Biohaven to develop and commercialize Biohaven’s IgG degrader portfolio.</li>
<li>Celltrion launched first Xolair biosimilar in the U.S. at 15% discount to the original product. Hanmi Pharmaceutical received domestic marketing approval for Eppe (Epeglenatide), a new GLP-1 class obesity drug.</li>
<li>CSL is mutually terminating the supply agreement with Terumo and is transitioning to Haemonetics platform. The company stuck new drug development deal with Alentis Therapeutics.</li>
</ul>


Shionogi is acquiring CNS biopharmaceutical company IntraBio for an upfront consideration of $2B. Ono Pharmaceutical entered exclusive license agreement with Biohaven to develop and commercialize Biohaven’s IgG degrader portfolio.
Celltrion launched first Xolair biosimilar in the U.S. at 15% discount to the original product. Hanmi Pharmaceutical received domestic marketing approval for Eppe (Epeglenatide), a new GLP-1 class obesity drug.
CSL is mutually terminating the supply agreement with Terumo and is transitioning to Haemonetics platform. The company stuck new drug development deal with Alentis Therapeutics.


APAC Healthcare Weekly (Oct 11) – Shionogi, Terumo, Ono Pharma, Celltrion, Hanmi Pharm, CSL

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>DC company share prices are rolling over, foreshadowing increasing pressure on their hyperscaler customers.  Since the July swoon in semiconductor stocks, the DC sector has underperformed both hyperscalers and semiconductors.</li>
<li>DC players face strong headwinds on multiple fronts, including high leverage/circular financing, supply chain delays, public opposition, and questions about aggressive forecasts of future compute demand.</li>
<li>Leverage is the most prominent risk in the DC sector, with questions looming about completion dates and customers' ability to meet their contracted offtake agreements.</li>
</ul>


DC company share prices are rolling over, foreshadowing increasing pressure on their hyperscaler customers.  Since the July swoon in semiconductor stocks, the DC sector has underperformed both hyperscalers and semiconductors.
DC players face strong headwinds on multiple fronts, including high leverage/circular financing, supply chain delays, public opposition, and questions about aggressive forecasts of future compute demand.
Leverage is the most prominent risk in the DC sector, with questions looming about completion dates and customers' ability to meet their contracted offtake agreements.


DATA CENTER SECTOR: From the Tip of the Spear to Canary in the Coal Mine