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>After buying Asian equities for three months, FIIs sold Asia in the three weeks of August: notably India (-$2.53bn) and Korea (-$298m). Taiwan (+1.6bn) was the only large market bought.</li>
<li>It's too early to call a trend change. Our FII gauge of 6-month cumulative buying as percentage of the market's capitalization indicates that most markets are neither overbought nor oversold.</li>
<li>Even though FIIs have bought the large Asian markets lately, none of them are overbought. Taiwan's FII gauge is relatively closer to the upper limit. Indonesia is unequivocally oversold.</li>
</ul>


After buying Asian equities for three months, FIIs sold Asia in the three weeks of August: notably India (-$2.53bn) and Korea (-$298m). Taiwan (+1.6bn) was the only large market bought.
It's too early to call a trend change. Our FII gauge of 6-month cumulative buying as percentage of the market's capitalization indicates that most markets are neither overbought nor oversold.
Even though FIIs have bought the large Asian markets lately, none of them are overbought. Taiwan's FII gauge is relatively closer to the upper limit. Indonesia is unequivocally oversold.


Asian Equities: FIIs Selling Asia in August; Only Taiwan Still Being Bought

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>With the averaging period for the October rebalance starting in two weeks, we forecast 2 changes for the FnGuide Semiconductor Top10 Index at the upcoming rebalance.</li>
<li>Based on the passive assets tracking the index, there will be between 1.5-4.7x ADV to trade in the forecast changes.</li>
<li>On average, the forecast adds have outperformed the forecast deletes by a wide margin over the last 3 months and could reverse some of the changes from the April rebalance.</li>
</ul>


With the averaging period for the October rebalance starting in two weeks, we forecast 2 changes for the FnGuide Semiconductor Top10 Index at the upcoming rebalance.
Based on the passive assets tracking the index, there will be between 1.5-4.7x ADV to trade in the forecast changes.
On average, the forecast adds have outperformed the forecast deletes by a wide margin over the last 3 months and could reverse some of the changes from the April rebalance.


FnGuide Semiconductor Top10 Index Rebalance Preview: Two Changes Likely in September

Macroeconomics

<ul>
<li>Rapid decline in Asian inflation is opening up space for central banks to cut rates further. India's real policy rate is almost at record high and so's China's.</li>
<li>Fiscal space exists in economies with low public debt and low fiscal deficit - Korea, Indonesia, Thailand. China and India have implemented and articulated fiscal expansion intentions.</li>
<li>Monetary policy easing supports consumption/investments through lower cost of capital and drives funds into risk assets. In last twenty years, rate cut episodes in Asia unfailingly led to equity booms.</li>
</ul>


Rapid decline in Asian inflation is opening up space for central banks to cut rates further. India's real policy rate is almost at record high and so's China's.
Fiscal space exists in economies with low public debt and low fiscal deficit - Korea, Indonesia, Thailand. China and India have implemented and articulated fiscal expansion intentions.
Monetary policy easing supports consumption/investments through lower cost of capital and drives funds into risk assets. In last twenty years, rate cut episodes in Asia unfailingly led to equity booms.


Nosediving Inflation, More Rate Cuts, Selective Fiscal Stimuli – Asian Equities to Gallop Along

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Aug 15th. The aggregated holding was USD653.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD772mln. 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, NAVER, Samsung Electronics, Kakao, Hanwha Ocean.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Aug 15th. The aggregated holding was USD653.4bn.
We estimate that foreign flows to be inflows of USD772mln. 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, NAVER, Samsung Electronics, Kakao, Hanwha Ocean.


KRX Foreign Holding Weekly (Aug 15th): SK Hynix, NAVER, Samsung Electronics, Kakao, Hanwha Ocean

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

Will Semiconductor / Equity Capital Markets

<ul>
<li>
<strong>Omnivision (<a href="https://www.smartkarma.com/entities/will-semiconductor-co-ltd-shan" target="_blank" data-smartkarma-citation="entities:28274:1" rel="noopener">Will Semiconductor 603501 CH)</a> </strong> (OVIC, 603501 CH), a semiconductor company, aims to raise around US$1bn in its H-share listing.</li>
<li>OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan</li>
<li>In this note, we look at its past performance and other deal dynamics that might impact the listing.</li>
</ul>



Omnivision (Will Semiconductor 603501 CH)  (OVIC, 603501 CH), a semiconductor company, aims to raise around US$1bn in its H-share listing.
OVIC, is the world’s third largest smartphone CIS and the largest automotive CIS provider with a market share of 32.9% based on revenue in 2024, according to Frost &amp; Sullivan
In this note, we look at its past performance and other deal dynamics that might impact the listing.


OmniVision Integrated Circuits Group (Will Semicon) A/H Listing - Earnings Have Been Recovering

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: FIIs Selling Asia in August; Only Taiwan Still Being Bought

FIIs are selling Asian equities in August, particularly India (-2.5bn) & KR (-298m). TW (+1.6bn) is the only market being bought. Most markets are...

Manishi Raychaudhuri

FnGuide Semiconductor Top10 Index Rebalance Preview: Two Changes Likely in September

There could be 2 changes in Oct. The forecast adds have outperformed the forecast deletes by a wide margin over the last 3 months and could reverse...

Brian Freitas

Nosediving Inflation, More Rate Cuts, Selective Fiscal Stimuli – Asian Equities to Gallop Along

Asian central banks have room to cut rates further as inflation plunges, with fiscal space in some economies. Rate cut episodes over last 20 yrs...

Manishi Raychaudhuri

KRX Foreign Holding Weekly (Aug 15th): SK Hynix, NAVER, Samsung Electronics, Kakao, Hanwha Ocean

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, NAVER, Samsung Electronics, Kakao,...

Ke Yan, CFA, FRM

OmniVision Integrated Circuits Group (Will Semicon) A/H Listing - Earnings Have Been Recovering

Omnivision (Will Semiconductor 603501 CH) (OVIC, 603501 CH), a semiconductor company, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: FIIs Selling Asia in August; Only Taiwan Still Being Bought

​FIIs are selling Asian equities in August, particularly India (-2.5bn) & KR (-298m). TW (+1.6bn) is the only market being bought. Most markets are...

Manishi Raychaudhuri

FnGuide Semiconductor Top10 Index Rebalance Preview: Two Changes Likely in September

There could be 2 changes in Oct. The forecast adds have outperformed the forecast deletes by a wide margin over the last 3 months and could reverse...

Brian Freitas

Nosediving Inflation, More Rate Cuts, Selective Fiscal Stimuli – Asian Equities to Gallop Along

​Asian central banks have room to cut rates further as inflation plunges, with fiscal space in some economies. Rate cut episodes over last 20 yrs...

Manishi Raychaudhuri

KRX Foreign Holding Weekly (Aug 15th): SK Hynix, NAVER, Samsung Electronics, Kakao, Hanwha Ocean

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, NAVER, Samsung Electronics, Kakao,...

Ke Yan, CFA, FRM

OmniVision Integrated Circuits Group (Will Semicon) A/H Listing - Earnings Have Been Recovering

Omnivision (Will Semiconductor 603501 CH) (OVIC, 603501 CH), a semiconductor company, aims to raise around US$1bn in its H-share listing. In this...

Sumeet Singh

FIIs are selling Asian equities in August, particularly India (-2.5bn) & KR (-298m). TW (+1.6bn) is the only market being bought. Most markets are...

Asian central banks have room to cut rates further as inflation plunges, with fiscal space in some economies. Rate cut episodes over last 20 yrs...