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>India's recent outperformance coincided with AI capex anxiety. Simultaneously, macro-economic data points like bank loan growth and GFCF growth are improving. Valuations are higher than averages but not egregiously so.</li>
<li>On growth-adjusted PE, basic materials, financials, consumer durables, transportation, industrial services, telecommunication stand out as cheaper than the market. Consensus EPS estimates of several sectors are beginning to get upgraded.</li>
<li>On strong growth forecasts, reasonable valuations, healthy balance sheets and EPS upgrades over last 6 months, we screen 20 stocks - from financials, industrials, basic materials, utilities, healthcare and hardware.</li>
</ul>


India's recent outperformance coincided with AI capex anxiety. Simultaneously, macro-economic data points like bank loan growth and GFCF growth are improving. Valuations are higher than averages but not egregiously so.
On growth-adjusted PE, basic materials, financials, consumer durables, transportation, industrial services, telecommunication stand out as cheaper than the market. Consensus EPS estimates of several sectors are beginning to get upgraded.
On strong growth forecasts, reasonable valuations, healthy balance sheets and EPS upgrades over last 6 months, we screen 20 stocks - from financials, industrials, basic materials, utilities, healthcare and hardware.


Asian Equities: A Close Look at India - Identifying Opportunities in a Well-Diversified Market

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Derivatives

<ul>
<li>In this insight, I argue how crushing losses and changing regulations are likely to lead to lower demand (especially among retail investors) for 2x single, stock leveraged ETFs in Korea. </li>
<li>These 2x single stock leveraged ETFs have received a major blame as to why Samsung Electronics and SK Hynix's share prices have been so volatile in the past two months.</li>
<li>Korean regulators are making new rules including a 20% cap on individual investments in single-stock leveraged ETFs to reduce excessive trading of these products, especially among retail investors. </li>
</ul>


In this insight, I argue how crushing losses and changing regulations are likely to lead to lower demand (especially among retail investors) for 2x single, stock leveraged ETFs in Korea. 
These 2x single stock leveraged ETFs have received a major blame as to why Samsung Electronics and SK Hynix's share prices have been so volatile in the past two months.
Korean regulators are making new rules including a 20% cap on individual investments in single-stock leveraged ETFs to reduce excessive trading of these products, especially among retail investors. 


Crushing Losses and New Laws to Lead to Lower Demand for 2x Single Stock Leveraged ETFs in Korea

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>Following large moves in <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK hynix (000660 KS)</a> , CSOP will allow leverage across its twelve single-asset 2x leveraged products to fall as low as 1.1x.</li>
<li>Flexible leverage in the largest listed leveraged product on SK hynix may reduce hedging and rebalancing pressure during periods of market stress.</li>
<li>The change adds manager discretion, may limit participation in subsequent rebounds and reinforces that these are ultra-short-term trading products.</li>
</ul>


Following large moves in SK hynix (000660 KS) , CSOP will allow leverage across its twelve single-asset 2x leveraged products to fall as low as 1.1x.
Flexible leverage in the largest listed leveraged product on SK hynix may reduce hedging and rebalancing pressure during periods of market stress.
The change adds manager discretion, may limit participation in subsequent rebounds and reinforces that these are ultra-short-term trading products.


SK Hynix (000660 KS): Large Moves Prompt Largest 2x Product to Reduce Leverage

Equity Bottom-Up

<ul>
<li>Since the last rebalancing of our portfolio on 5th September, it has returned 13.5% vs 9.5% from MSCI-Asia-ex-Japan. Since inception (15th May), our portfolio has appreciated 20.1% vs MXASJ's 18.6%.</li>
<li>Six stocks, SK Hynix, TSMC, Samsung Electronics, Alibaba, China Hongqiao, Tencent, contributed almost the entire return of our portfolio. Overweight on Korea drove more than half the portfolio's return.</li>
<li>We turn more selective on Chinese discretionary consumption and step into the Korean defense sector. We exclude Anta Sports and Mediatek and include Hyundai Rotem and Hon Hai Precision.</li>
</ul>


Since the last rebalancing of our portfolio on 5th September, it has returned 13.5% vs 9.5% from MSCI-Asia-ex-Japan. Since inception (15th May), our portfolio has appreciated 20.1% vs MXASJ's 18.6%.
Six stocks, SK Hynix, TSMC, Samsung Electronics, Alibaba, China Hongqiao, Tencent, contributed almost the entire return of our portfolio. Overweight on Korea drove more than half the portfolio's return.
We turn more selective on Chinese discretionary consumption and step into the Korean defense sector. We exclude Anta Sports and Mediatek and include Hyundai Rotem and Hon Hai Precision.


Asian Equities: Model Portfolio Outperformed Sharply; Less China Consumption, More Korea Defence

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>SK hynix reported another stunning quarter: revenue up 39% YoY, Operating Profit up 62%</li>
<li>The soft guidance for 2026 points to increasing bit growth and we know that ASP are increasing. As SK hynix says "explosive AI growth".  </li>
<li>Best 2 Memory stocks 1. SK hynix 2. Micron.  Samsung? we still need a bit more clarity on HBM3E / 4  qualifications</li>
</ul>


SK hynix reported another stunning quarter: revenue up 39% YoY, Operating Profit up 62%
The soft guidance for 2026 points to increasing bit growth and we know that ASP are increasing. As SK hynix says "explosive AI growth".  
Best 2 Memory stocks 1. SK hynix 2. Micron.  Samsung? we still need a bit more clarity on HBM3E / 4  qualifications


SK Hynix 3Q25: Another Stunning Quarter. More Upside in 2026.

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

SK Hynix (000660 KS)

Asian Equities: A Close Look at India - Identifying Opportunities in a Well-Diversified Market

India is outperforming due to AI capex anxiety &, improving macro data. Some sectors cheaper than market on growth-adjusted PE. 20 stocks screened...

Manishi Raychaudhuri

Crushing Losses and New Laws to Lead to Lower Demand for 2x Single Stock Leveraged ETFs in Korea

In this insight, I argue how crushing losses and changing regulations are likely to lead to lower demand (especially among retail investors) for 2x...

Douglas Kim