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

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Oct 2nd. The aggregated short interest was USD19.5bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in HLB, DWEC, NAVER, Samsung Elec (PREF), Doosan Enerbility.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 2nd. The aggregated short interest was USD19.5bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in HLB, DWEC, NAVER, Samsung Elec (PREF), Doosan Enerbility.


KRX Short Interest Weekly (Oct 2nd): HLB, DWEC, NAVER, Samsung Elec (PREF), Doosan Enerbility

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

Samsung Electronics Pref Shares / Equity Bottom-Up

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Samsung Electronics Pref Shares (005935 KS)

<ul>
<li>In this insight, I discuss numerous gap trade opportunities involving Korean preferred and common shares in 4Q 2026.</li>
<li>Preferred companies' share price discount (relative to the common shares) on the 27 pairs below was 46.9% as of 1 October 2026, down slightly from 47.2% on 3 July 2026. </li>
<li>There has been an increasing number of pairs (such as Samsung Electronics pref) where the preferred shares are starting to outperform their common share counterparts in the past three months. </li>
</ul>


In this insight, I discuss numerous gap trade opportunities involving Korean preferred and common shares in 4Q 2026.
Preferred companies' share price discount (relative to the common shares) on the 27 pairs below was 46.9% as of 1 October 2026, down slightly from 47.2% on 3 July 2026. 
There has been an increasing number of pairs (such as Samsung Electronics pref) where the preferred shares are starting to outperform their common share counterparts in the past three months. 


Gap Trade Opportunities in Korean Prefs Vs Common Share Pairs in 4Q 2026

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of Sep 18th. The aggregated short interest was USD18.1bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in SK Hynix, DB HiTek, SIMMTECH, JEL, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Sep 18th. The aggregated short interest was USD18.1bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in SK Hynix, DB HiTek, SIMMTECH, JEL, Samsung Elec (PREF).


KRX Short Interest Weekly (Sep 18th): SK Hynix, DB HiTek, SIMMTECH, JEL, Samsung Elec (PREF)

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Sep 18th. The aggregated holding was USD1,670.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD8,838mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Samsung Elec (PREF), DOOSAN, Doosan Enerbility.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Sep 18th. The aggregated holding was USD1,670.3bn.
We estimate that foreign flows to be outflows of USD8,838mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Samsung Elec (PREF), DOOSAN, Doosan Enerbility.


KRX Foreign Holding Weekly (Sep 18th): SK Hynix, Samsung Electronics, Samsung Elec (PREF), DOOSAN