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>Asia bottomed out in mid January and has been recovering on "Trump tariff" hesitation. But Deepseek's LLM threatens to upend US AI superiority and has dented the AI investment theme.</li>
<li>We think the AI story is far from over; the hyperscalers' investments should continue. We keep faith on the beneficiaries - TSMC and SK Hynix, and on Taiwan in particular.</li>
<li>Asian equities could run if foreign flows revive on USD moderation. But the earnings season underscores US earnings profile superiority. Asia seems pedestrian in comparison. Watch earnings estimate trajectories closely.</li>
</ul>


Asia bottomed out in mid January and has been recovering on "Trump tariff" hesitation. But Deepseek's LLM threatens to upend US AI superiority and has dented the AI investment theme.
We think the AI story is far from over; the hyperscalers' investments should continue. We keep faith on the beneficiaries - TSMC and SK Hynix, and on Taiwan in particular.
Asian equities could run if foreign flows revive on USD moderation. But the earnings season underscores US earnings profile superiority. Asia seems pedestrian in comparison. Watch earnings estimate trajectories closely.


Asian Equities: Markets Recovering Selectively, but Keep the Seatbelts Tightened

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>India Real Estate, South Korea Financials and Turkey Financials see big increases in ownership in 2024.</li>
<li>South Korea Materials, China Technology and China Health Care saw investment levels decline.</li>
<li>Sk Hynix saw the largest increase in fund ownership, but which stocks saw large decreases, and which look set for a promising 2025?</li>
</ul>


India Real Estate, South Korea Financials and Turkey Financials see big increases in ownership in 2024.
South Korea Materials, China Technology and China Health Care saw investment levels decline.
Sk Hynix saw the largest increase in fund ownership, but which stocks saw large decreases, and which look set for a promising 2025?


GEM Fund Positioning: The Big Rotations in 2024.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

<ul>
<li>SK Hynix Expects 100% HBM Revenue Growth in 2025E After a Massive 2024 -- Which Means Traditional DRAM Doesn't Matter as Much Anymore</li>
<li>DeepSeek Market Fears -- A Problem for HBM &amp; Enterprise SSD Memory?</li>
<li>AI Industry Opportunities Are Not a Fixed Size Pie -- Will DeepSeek Impact HBM DRAM TAM? Why We Don't Think So</li>
</ul>


SK Hynix Expects 100% HBM Revenue Growth in 2025E After a Massive 2024 -- Which Means Traditional DRAM Doesn't Matter as Much Anymore
DeepSeek Market Fears -- A Problem for HBM &amp; Enterprise SSD Memory?
AI Industry Opportunities Are Not a Fixed Size Pie -- Will DeepSeek Impact HBM DRAM TAM? Why We Don't Think So


Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron's HBM DRAM Growth?

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<ul>
<li>The HSTECH index is trading higher on higher breadth and momentum in January, up 6% so far.  Analysts project an upside of 23% over 12 months.</li>
<li>China's semiconductor sector is advancing this year from AI enthusiasm and accelerated localization in the chip industry.  <a href="https://www.smartkarma.com/entities/semiconductor-manufacturing-international-corp-smic" target="_blank" data-smartkarma-citation="entities:14231:1" rel="noopener">Semiconductor Manufacturing International Corp (SMIC) (981 HK)</a> shares have benefited from this trend.</li>
<li>
<a href="https://www.smartkarma.com/entities/sunny-optical-technology-group" target="_blank" data-smartkarma-citation="entities:13363:1" rel="noopener">Sunny Optical Technology Group (2382 HK)</a> benefits from China's announcement that it will subsidize more consumer products, including smartphones and new vehicles.
</li>
</ul>


The HSTECH index is trading higher on higher breadth and momentum in January, up 6% so far.  Analysts project an upside of 23% over 12 months.
China's semiconductor sector is advancing this year from AI enthusiasm and accelerated localization in the chip industry.  Semiconductor Manufacturing International Corp (SMIC) (981 HK) shares have benefited from this trend.

Sunny Optical Technology Group (2382 HK) benefits from China's announcement that it will subsidize more consumer products, including smartphones and new vehicles.



The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (January 25)

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

Thematic (Sector/Industry)

<ul>
<li>A new AI platform named DeepSeek threatens today's Large Language Model status quo</li>
<li>Certain chip companies have become over-dependent on AI, including Nvidia, Samsung, SK hynix, and Micron, and their stock has tumbled</li>
<li>It's too early to tell what will occur over the long term</li>
</ul>


A new AI platform named DeepSeek threatens today's Large Language Model status quo
Certain chip companies have become over-dependent on AI, including Nvidia, Samsung, SK hynix, and Micron, and their stock has tumbled
It's too early to tell what will occur over the long term


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: Markets Recovering Selectively, but Keep the Seatbelts Tightened

Asia gained on Trump tariff hesitation but paused on Deepseek's threat to US AI. The run could continue if foreign flows revive on USD moderation....

Manishi Raychaudhuri

GEM Fund Positioning: The Big Rotations in 2024.

India Real Estate, South Korea and Turkey Financials were the winners in 2024, but which sectors led the declines, and which stocks saw the...

Steven Holden

Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron's HBM DRAM Growth?

SK Hynix predicts 100% HBM revenue growth in 2025E, signaling a shift away from traditional DRAM importance. DeepSeek fears raise concerns for HBM...

Vincent Fernando, CFA

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (January 25)

HSTECH advances with good market breadth in January. SMIC is benefiting from AI advances as well as the localization trend in semi industry. ...

David Mudd

Semiconductor's Over-Dependency on AI

The emergence of DeepSeek AI platform threatens current Large Language Models, causing stock tumbles for chip companies like Nvidia and Samsung....

Jim Handy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Markets Recovering Selectively, but Keep the Seatbelts Tightened

​Asia gained on Trump tariff hesitation but paused on Deepseek's threat to US AI. The run could continue if foreign flows revive on USD moderation....

Manishi Raychaudhuri

GEM Fund Positioning: The Big Rotations in 2024.

​India Real Estate, South Korea and Turkey Financials were the winners in 2024, but which sectors led the declines, and which stocks saw the...

Steven Holden

Memory Monitor: Is DeepSeek a Problem for SK Hynix & Micron's HBM DRAM Growth?

​SK Hynix predicts 100% HBM revenue growth in 2025E, signaling a shift away from traditional DRAM importance. DeepSeek fears raise concerns for HBM...

Vincent Fernando, CFA

The Heat Is On: News Flow and Sentiment in CHINA / HONG KONG (January 25)

HSTECH advances with good market breadth in January. SMIC is benefiting from AI advances as well as the localization trend in semi industry. ...

David Mudd

Semiconductor's Over-Dependency on AI

​The emergence of DeepSeek AI platform threatens current Large Language Models, causing stock tumbles for chip companies like Nvidia and Samsung....

Jim Handy

Asia gained on Trump tariff hesitation but paused on Deepseek's threat to US AI. The run could continue if foreign flows revive on USD moderation....

India Real Estate, South Korea and Turkey Financials were the winners in 2024, but which sectors led the declines, and which stocks saw the...

SK Hynix predicts 100% HBM revenue growth in 2025E, signaling a shift away from traditional DRAM importance. DeepSeek fears raise concerns for HBM...

The emergence of DeepSeek AI platform threatens current Large Language Models, causing stock tumbles for chip companies like Nvidia and Samsung....