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.

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.

<ul>
<li>2Q was a small miss, 5% below Consensus, as DRAM ASP increased less than Commodity DRAM. That’s mostly because of Long Term Agreements that are “designed to address price volatility”. </li>
<li>Add timing issues, HBM4 ramp, tech migrations to 1c-node for DRAM and 321-layer NAND and Management says that 2H26 will see 1) higher bit growth and 2) higher blended ASP. </li>
<li>In the meantime, the stock is crashing and trading at 5x 2026 EPS, 3.4x 2027.</li>
</ul>


2Q was a small miss, 5% below Consensus, as DRAM ASP increased less than Commodity DRAM. That’s mostly because of Long Term Agreements that are “designed to address price volatility”. 
Add timing issues, HBM4 ramp, tech migrations to 1c-node for DRAM and 321-layer NAND and Management says that 2H26 will see 1) higher bit growth and 2) higher blended ASP. 
In the meantime, the stock is crashing and trading at 5x 2026 EPS, 3.4x 2027.


SK Hynix: A Little Miss and a Big Correction

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>SK Hynix missed its 2Q 2026 earnings. Sales of 79.3 trillion won was 5.5% lower than consensus and operating profit of 60.5 trillion won was 6.8% lower than consensus.</li>
<li>Most importantly, the company did not adequately address oversupply concerns, in my view.</li>
<li>Ongoing concerns regarding ultra-aggressive capex spending by CXMT and YMTC combined with heightened concerns about the excessive capex spending on AI infrastructure by the hyperscalers could negatively impact SK Hynix. </li>
</ul>


SK Hynix missed its 2Q 2026 earnings. Sales of 79.3 trillion won was 5.5% lower than consensus and operating profit of 60.5 trillion won was 6.8% lower than consensus.
Most importantly, the company did not adequately address oversupply concerns, in my view.
Ongoing concerns regarding ultra-aggressive capex spending by CXMT and YMTC combined with heightened concerns about the excessive capex spending on AI infrastructure by the hyperscalers could negatively impact SK Hynix. 


Major Highlights of SK Hynix 2Q 2026 Earnings

Equity Long-Short

Mo Aziz

<ul>
<li>2Q26 operating profit of KRW60.5tn missed the ~KRW64tn street but printed a record 76% margin, landing in our KRW58–61tn "bear miss" band.</li>
<li>Ignore the 118% net margin — it is inflated by a ~KRW63tn one-off investment gain. The operating quarter, ~10 customer LTAs and HBM4 mass shipment are the real read.</li>
<li>Reiterate BULLISH, Fair Value KRW3,500,000 (10.5x FY2026E EPS KRW300,355), ~+126% upside. The 28 July flush to KRW1,550,000 (~5.2x) triggered our add; net cash is a third of market cap.</li>
</ul>


2Q26 operating profit of KRW60.5tn missed the ~KRW64tn street but printed a record 76% margin, landing in our KRW58–61tn "bear miss" band.
Ignore the 118% net margin — it is inflated by a ~KRW63tn one-off investment gain. The operating quarter, ~10 customer LTAs and HBM4 mass shipment are the real read.
Reiterate BULLISH, Fair Value KRW3,500,000 (10.5x FY2026E EPS KRW300,355), ~+126% upside. The 28 July flush to KRW1,550,000 (~5.2x) triggered our add; net cash is a third of market cap.


SK HYNIX (000660KS, SKHY US) 2Q26 Results: The Consensus Miss We Flagged — And Why We Add Into It

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.

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SK Hynix (000660 KS)

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

China's economic data (FAI & industrial growth sharply lower than expected, retail sales growth underwhelming) underscores the need for nuanced...

Manishi Raychaudhuri

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

SK hynix's impressive quarter results show significant revenue and profit growth, with a positive outlook for the future driven by increasing bit...

Nicolas Baratte

SK Hynix: A Little Miss and a Big Correction

2Q missed Consensus by 5% due to lower DRAM ASP increase, attributed to Long Term Agreements. Stock crashing, trading at low multiples, but...

Nicolas Baratte

Major Highlights of SK Hynix 2Q 2026 Earnings

SK Hynix missed its 2Q 2026 earnings. Most importantly, the company did not adequately address oversupply concerns, in my view.

Douglas Kim