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>In May, foreign investors sold US$24.17bn of Asian equities, US$28.17bn in Korea, US$3.45bn in India and US$151m in Philippines. They bought US$7.5bn in Taiwan and US$104m in Thailand.</li>
<li>This is the heaviest FII selling episode. In 2026 YTD, FIIs have sold US$102.2bn in Asia-6, after US$45.3bn selling in 2025. In 2022, the worst year recently, FIIs sold US$52.14bn</li>
<li>Our indicator of cumulative 6-month selling as percentage of market cap indicates that Korea, India and Indonesia are clearly oversold. Taiwan recently bounced back from oversold territory.</li>
</ul>


In May, foreign investors sold US$24.17bn of Asian equities, US$28.17bn in Korea, US$3.45bn in India and US$151m in Philippines. They bought US$7.5bn in Taiwan and US$104m in Thailand.
This is the heaviest FII selling episode. In 2026 YTD, FIIs have sold US$102.2bn in Asia-6, after US$45.3bn selling in 2025. In 2022, the worst year recently, FIIs sold US$52.14bn
Our indicator of cumulative 6-month selling as percentage of market cap indicates that Korea, India and Indonesia are clearly oversold. Taiwan recently bounced back from oversold territory.


Asian Equities: Another Month of Huge Foreign Selling; Taiwan and Thailand the Only Exceptions

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>Innovent Biologics enters global licensing and collaboration agreement with Pfizer for the R&amp;D of 12 promising breakthrough early-stage and de novo cancer medicines. Total value of the deal is $10.5B.</li>
<li>Olympus has decided to acquire Israel-based medical devices manufacturer BioProtect for $270M. GC Biopharma announced that Eli Lilly is acquiring entire stake of its U.S. affiliate Curevo Vaccine for $1.5B.</li>
<li>Daewoong Pharmaceutical received approval for its type 2 diabetes drug Enblo in Mexico. Dong-A ST announced that MetaVia’s obesity drug candidate DA-1726 demonstrated safety and tolerability in Phase 1 trial.</li>
</ul>


Innovent Biologics enters global licensing and collaboration agreement with Pfizer for the R&amp;D of 12 promising breakthrough early-stage and de novo cancer medicines. Total value of the deal is $10.5B.
Olympus has decided to acquire Israel-based medical devices manufacturer BioProtect for $270M. GC Biopharma announced that Eli Lilly is acquiring entire stake of its U.S. affiliate Curevo Vaccine for $1.5B.
Daewoong Pharmaceutical received approval for its type 2 diabetes drug Enblo in Mexico. Dong-A ST announced that MetaVia’s obesity drug candidate DA-1726 demonstrated safety and tolerability in Phase 1 trial.


APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

Global Mobility/Transport, Equity Long-Short

Mo Aziz

<ul>
<li>SOH transits collapsed 46% WoW in Week 21 to just 34 vessels; over half now routed via Iran’s dictated corridor, with dark traffic masking the true severity of the disruption.</li>
<li>Iran’s Persian Gulf Strait Authority (PGSA) has been OFAC-designated, escalating legal and sanctions risk for owners, operators, and banks coordinating with Tehran on safe passage.</li>
<li>India’s $1.5bn Bharat Maritime Insurance Pool goes live, filling the war-risk cover gap left by IG P&amp;I clubs — a model other Gulf-exposed nations may urgently replicate.</li>
</ul>


SOH transits collapsed 46% WoW in Week 21 to just 34 vessels; over half now routed via Iran’s dictated corridor, with dark traffic masking the true severity of the disruption.
Iran’s Persian Gulf Strait Authority (PGSA) has been OFAC-designated, escalating legal and sanctions risk for owners, operators, and banks coordinating with Tehran on safe passage.
India’s $1.5bn Bharat Maritime Insurance Pool goes live, filling the war-risk cover gap left by IG P&amp;I clubs — a model other Gulf-exposed nations may urgently replicate.


Strait of Hormuz: Traffic Collapse Deepens, PGSA Sanctioned, India Fills the Insurance Void

<ul>
<li>Forward PE and forward P/BV multiples for Asia ex Japan, especially the latter, are significantly above their long-term averages. Though earnings estimates continue to rise, some caution is warranted.</li>
<li>Historically, Asia and each of the constituent markets have been driven predominantly by earnings. Currently, upgrades to forward EPS are robust, but the AxJ index has overshot the underlying EPS.</li>
<li>EPS estimates for India and China are rolling over. On growth-adjusted PE and ROE-adjusted P/BV, India, Taiwan, Onshore China appear overvalued. Korea, HK, Indonesia, Philippines appear undervalued on both parameters.</li>
</ul>


Forward PE and forward P/BV multiples for Asia ex Japan, especially the latter, are significantly above their long-term averages. Though earnings estimates continue to rise, some caution is warranted.
Historically, Asia and each of the constituent markets have been driven predominantly by earnings. Currently, upgrades to forward EPS are robust, but the AxJ index has overshot the underlying EPS.
EPS estimates for India and China are rolling over. On growth-adjusted PE and ROE-adjusted P/BV, India, Taiwan, Onshore China appear overvalued. Korea, HK, Indonesia, Philippines appear undervalued on both parameters.


Asian Equities: Above-Average Valuations Tell Us Asia Is Fully Valued; Few RV Trades Look Appealing

Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

<ul>
<li>Huawei introduced the “Tau Scaling Law” under which chip designers optimise for the time taken for elements of a chip to communicate, rather than for the space between transistors. </li>
<li>Huawei’s next-generation Kirin SoC, due autumn 2026, will be the first commercial chip to fully adopt the resulting architecture, which Huawei is calling “LogicFolding.”</li>
<li>Huawei chips designed under this framework will deliver transistor density equivalent to a 1.4nm process by 2031, three years after TSMC’s publicly stated 2028 timeline for its A14 (1.4nm) node.</li>
</ul>


Huawei introduced the “Tau Scaling Law” under which chip designers optimise for the time taken for elements of a chip to communicate, rather than for the space between transistors. 
Huawei’s next-generation Kirin SoC, due autumn 2026, will be the first commercial chip to fully adopt the resulting architecture, which Huawei is calling “LogicFolding.”
Huawei chips designed under this framework will deliver transistor density equivalent to a 1.4nm process by 2031, three years after TSMC’s publicly stated 2028 timeline for its A14 (1.4nm) node.


Huawei’s “Tau Scaling Law” and “LogicFolding”. Desperation, A Genuine Breakthrough Or Both?

Sri Lanka
Insights on Sri Lanka

Asian Equities: Another Month of Huge Foreign Selling; Taiwan and Thailand the Only Exceptions

FIIs sold $24.17bn in Asian equities in May. Korea (-$28.2bn) & India (-$3.45bn) were sold heavily while Taiwan (+$7.5bn) & Thailand (+104m) were...

Manishi Raychaudhuri

APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

Innovent stuck $10.5B outlicensing deal with Pfizer. Olympus will acquire BioProtect. Eli Lilly is acquiring GC Bio’s US affiliate. Dong-A’s...

Tina Banerjee

Strait of Hormuz: Traffic Collapse Deepens, PGSA Sanctioned, India Fills the Insurance Void

SOH transits decline sharply, majority now through Iran's corridor; PGSA OFAC-designated, increasing legal risk; India's new insurance pool fills...

Mo Aziz

Asian Equities: Above-Average Valuations Tell Us Asia Is Fully Valued; Few RV Trades Look Appealing

Fwd multiples in Asia ex JP are above long-term means. Caution is advised despite rising EPS est. IN & CN EPS est. are declining. IN, CN, TW...

Manishi Raychaudhuri

Huawei’s “Tau Scaling Law” and “LogicFolding”. Desperation, A Genuine Breakthrough Or Both?

Huawei chips designed under this framework will deliver transistor density equivalent to a 1.4nm process by 2031, three years after TSMC’s publicly...

William Keating

Asian Equities: Another Month of Huge Foreign Selling; Taiwan and Thailand the Only Exceptions

​FIIs sold $24.17bn in Asian equities in May. Korea (-$28.2bn) & India (-$3.45bn) were sold heavily while Taiwan (+$7.5bn) & Thailand (+104m) were...

Manishi Raychaudhuri

APAC Healthcare Weekly (May 31) – Innovent Biologics, Junshi Bio, Henlius Bio, Olympus, GC Bio

Innovent stuck $10.5B outlicensing deal with Pfizer. Olympus will acquire BioProtect. Eli Lilly is acquiring GC Bio’s US affiliate. Dong-A’s...

Tina Banerjee

Strait of Hormuz: Traffic Collapse Deepens, PGSA Sanctioned, India Fills the Insurance Void

​SOH transits decline sharply, majority now through Iran's corridor; PGSA OFAC-designated, increasing legal risk; India's new insurance pool fills...

Mo Aziz

Asian Equities: Above-Average Valuations Tell Us Asia Is Fully Valued; Few RV Trades Look Appealing

​Fwd multiples in Asia ex JP are above long-term means. Caution is advised despite rising EPS est. IN & CN EPS est. are declining. IN, CN, TW...

Manishi Raychaudhuri

Huawei’s “Tau Scaling Law” and “LogicFolding”. Desperation, A Genuine Breakthrough Or Both?

Huawei chips designed under this framework will deliver transistor density equivalent to a 1.4nm process by 2031, three years after TSMC’s publicly...

William Keating

FIIs sold $24.17bn in Asian equities in May. Korea (-$28.2bn) & India (-$3.45bn) were sold heavily while Taiwan (+$7.5bn) & Thailand (+104m) were...

SOH transits decline sharply, majority now through Iran's corridor; PGSA OFAC-designated, increasing legal risk; India's new insurance pool fills...

Fwd multiples in Asia ex JP are above long-term means. Caution is advised despite rising EPS est. IN & CN EPS est. are declining. IN, CN, TW...